<PAGE>
[LOGO] MUTUAL FUNDS EDUCATION
EATON VANCE FOR PEOPLE [GRAPHIC]
------------- WHO PAY TAXES-Registered Trademark-
Mutual Funds
ANNUAL REPORT MARCH 31, 2000
CALIFORNIA
FLORIDA
EATON VANCE MASSACHUSETTS
LIMITED
MATURITY NEW JERSEY
MUNICIPALS
FUNDS NEW YORK
[GRAPHIC] OHIO
[GRAPHIC]75 YEARS OF EXECELLENCE PENNSYLVANIA
EATON VANCE
75TH ANNIVERSARY
[PHOTO]
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS as of March 31, 2000
--------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
--------------------------------------------------------------------------------
[PHOTO]
Thomas J. Fetter
President
The past year proved very challenging for bond investors, as a strong economy
led to higher interest rates and a difficult environment for fixed-income
vehicles. Amid a continuing robust economy, the Federal Reserve maintained a
watchful eye for any sign of inflation. On five occasions during the past 12
months, the Fed has raised its Federal Funds rate - a key barometer of
short-term interest rates - in an attempt to reduce the potential for inflation.
The bond markets - including the municipal market - were on the defensive for
much of the year and, in 1999, posted their worst showing since 1994. By early
February, however, yields had peaked, as the market began to rally in reaction
to the Fed's continued anti-inflation stance and increasing volatility in the
equity markets. By the end of March, yields had declined to their lowest levels
in six months, with municipal bond yields equalling Treasury yields.
A growing budget surplus suggests
a favorable long-term outlook for
municipal bonds...
A strong economy, combined with low inflation, has resulted in the first budget
surplus in a generation. Not surprisingly, the Treasury Department has announced
that it will start to selectively buy back outstanding debt issues. That could
well create a favorable long-term scenario for bonds. In addition, the forward
calendar of new municipal issuance is significantly lighter than in recent
years. That could be a positive factor for municipal bonds because the market
could be less impacted by supply pressures.
--------------------------------------------------------------------------------
INTERMEDIATE-TERM MUNICIPAL BONDS YIELD 79% OF TREASURY YIELDS
[GRAPHIC]
4.98% 8.25%
5 Year AAA-rated Taxable equivalent yield
General Obligation(Go) Bonds* in 39.6% tax bracket
6.31%
5-Year Treasury Bond
Principal and interest payments of Treasury securities are guaranteed by the
U.S. Government.
*GO yeilds are a compilation of a representative variety of general
obligations and are not necessarily representative of the fund's yield.
Statitics as of March 31, 2000.
Past performance is no guarantee of future results.
Source: Bloomberg L.P.
--------------------------------------------------------------------------------
Municipal bonds finance vital
public projects while providing
relief to tax-weary investors...
Through their purchases of municipal bonds, investors provide financing for a
broad array of vital public works, including those for transportation
facilities, highway construction and industrial development. These projects not
only improve our quality of life, but also promote private enterprise and create
new jobs.
Adding to their unique role, municipal bonds are among the few tax-advantaged
vehicles remaining for investors. Eaton Vance Limited Maturity Municipals Funds
will continue their traditional investment pursuit: maintaining a portfolio of
primarily high-quality, intermediate-term bonds with competitive levels of
tax-exempt income. Our goal remains to seek excellent income opportunities for
today's tax-burdened investors.
Sincerely,
/s/ Thomas J. Fetter
Thomas J. Fetter
President
May 10, 2000
--------------------------------------------------------------------------------
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
<PAGE>
EATON VANCE CALIFORNIA LIMITED MATURITY MUNICIPALS FUND as of March 31, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO]
Cynthia J. Clemson
Portfolio Manager
The Economy
----------------------------------------
- The California economic expansion continued its momentum in early 2000,
registering 3.1% employment growth over the past year. Job creation was
especially strong in construction and communications. Reflecting
California's surging economy, the state's March 2000 jobless rate was 4.9%,
down from 5.5% a year earlier.
- The surge in construction employment reflected the strong California housing
market. Despite rising interest rates, the state's housing sales rose 7.5%
in the past year, according to the California Association of Realtors. The
median home price rose 17%.
- An improving Asian economic outlook has resulted in stronger demand for
California's manufactured goods. The state's exports rose 2.4% in 1999, with
technology equipment enjoying especially strong demand.
The Fund
----------------------------------------
- During the year ended March 31, 2000, the Fund's Class A and Class B shares
had total returns of -1.88% and -2.58%, respectively.(1) These returns
resulted from a decrease in net asset value (NAV) per share to $9.70 on
March 31, 2000 from $10.35 on March 31, 1999, and the reinvestment of $0.450
and $0.380 per share, respectively, in tax-free income.(2)
- Based on the Fund's most recent dividends and NAVs on March 31, 2000 of
$9.70 per share for Class A and Class B, the Fund's distribution rates were
4.54% and 3.81%, respectively.(3) The distribution rates of Class A and
Class B are equivalent to taxable rates of 8.29% and 6.96%, respectively.(4)
- The SEC 30-day yields for Class A and B shares at March 31, 2000 were 4.40%
and 3.76%, respectively.(5) The SEC 30-day yields of Class A and Class B are
equivalent to taxable yields of 8.03% and 6.86%.(4)
--------------------------------------------------------------------------------
Fund Information
as of March 31,2000
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Performance(7) Class A Class B
--------------------------------------------------------------------------------
<S> <C> <C>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
One Year -1.88% -2.58%
Five Years N.A. 3.40
Life of Fund+ 4.16 3.82
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year -4.10% -5.39%
Five Years N.A. 3.40
Life of Fund+ 3.86 3.82
</TABLE>
+ Inception date: Class A: 6/27/96; Class B: 5/29/92
Management Update
----------------------------------------
- The Portfolio's largest holding was an issue for Stanford Hospital. The
facility provides more than 100 specialty care services, including advanced
obstetric, cancer and cardiac care. The Hospital also serves as a teaching
affiliate of Stanford's School of Medicine.
- Special tax revenue bonds remained a significant portion of the Portfolio.
These issues are used to finance infrastructure projects, including
transportation equipment, water and sewer facilities, and road
construction.
- Call protection remained an important structural consideration. As more
bonds have reached early redemption dates, management increased call
protection and added non-callable bonds.
Rating Distribution(6)
----------------------------------------
[CHART]
<TABLE>
<S> <C>
A 4.8%
AAA 58.1%
BBB 8.3%
Non-Rated 28.8%
</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 may be subject to federal and
state income tax and/or federal alternative minimum 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 maximum 45.22%
combined federal and state 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)
Rating Distribution is as of 3/31/00 only and may not be representative of
the Portfolio's current or future investments. In the opinion of management,
14.0% of the Portfolio's non-rated bonds (28.8%) would, if rated, warrant an
investment-grade rating.(7) 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.
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.
--------------------------------------------------------------------------------
Comparison of Change in Value of a $10,000 Investment in Eaton Vance
California Limited Maturity Municipals Fund Class B vs. the Lehman Brothers
7-Year Municipal Bond Index* May 31, 1992-March 31, 2000
[GRAPH]
<TABLE>
<CAPTION>
EATON VANCE
CALIFORNIA LIMITED LEHMAN BROTHERS
MATURITY MUNICIPALS 7-YEAR MUNICIPAL
FUND CLASS B BOND INDEX
<S> <C> <C>
5/31/92 $10,000 $10,000
6/30/92 $10,050 $10,159
7/31/92 $10,401 $10,462
8/31/92 $10,228 $10,354
9/30/92 $10,280 $10,438
10/31/92 $10,142 $10,368
11/30/92 $10,363 $10,522
12/31/92 $10,448 $10,608
1/31/93 $10,566 $10,763
2/28/93 $10,914 $11,093
3/31/93 $10,767 $10,947
4/30/93 $10,864 $11,015
5/31/93 $10,911 $11,048
6/30/93 $11,037 $11,250
7/31/93 $11,059 $11,252
8/31/93 $11,232 $11,451
9/30/93 $11,327 $11,577
10/31/93 $11,337 $11,607
11/30/93 $11,252 $11,505
12/31/93 $11,419 $11,716
1/31/94 $11,530 $11,840
2/28/94 $11,299 $11,583
3/31/94 $10,967 $11,274
4/30/94 $11,012 $11,356
5/31/94 $11,075 $11,413
6/30/94 $11,028 $11,392
7/31/94 $11,169 $11,553
8/31/94 $11,179 $11,613
9/30/94 $11,066 $11,502
10/31/94 $10,943 $11,387
11/30/94 $10,771 $11,221
12/31/94 $10,860 $11,391
1/31/95 $11,057 $11,604
2/28/95 $11,286 $11,866
3/31/95 $11,354 $11,989
4/30/95 $11,360 $12,021
5/31/95 $11,589 $12,341
6/30/95 $11,523 $12,330
7/31/95 $11,643 $12,487
8/31/95 $11,725 $12,634
9/30/95 $11,774 $12,683
10/31/95 $11,871 $12,793
11/30/95 $11,978 $12,934
12/31/95 $12,039 $13,003
1/31/96 $12,125 $13,129
2/29/96 $12,081 $13,084
3/31/96 $11,952 $12,956
4/30/96 $11,932 $12,932
5/31/96 $11,910 $12,913
6/30/96 $11,965 $13,012
7/31/96 $12,037 $13,120
8/31/96 $12,029 $13,127
9/30/96 $12,143 $13,246
10/31/96 $12,218 $13,388
11/30/96 $12,441 $13,612
12/31/96 $12,349 $13,570
1/31/97 $12,352 $13,619
2/28/97 $12,446 $13,732
3/31/97 $12,310 $13,554
4/30/97 $12,374 $13,624
5/31/97 $12,538 $13,795
6/30/97 $12,618 $13,927
7/31/97 $12,895 $14,249
8/31/97 $12,762 $14,149
9/30/97 $12,880 $14,298
10/31/97 $12,883 $14,383
11/30/97 $12,941 $14,434
12/31/97 $13,132 $14,610
1/31/98 $13,238 $14,763
2/28/98 $13,245 $14,777
3/31/98 $13,245 $14,777
4/30/98 $13,145 $14,691
5/31/98 $13,328 $14,907
6/30/98 $13,345 $14,949
7/31/98 $13,361 $14,999
8/31/98 $13,551 $15,227
9/30/98 $13,748 $15,423
10/31/98 $13,686 $15,445
11/30/98 $13,729 $15,487
12/31/98 $13,729 $15,520
1/31/99 $13,878 $15,747
2/28/99 $13,789 $15,657
3/31/99 $13,774 $15,652
4/30/99 $13,803 $15,689
5/31/99 $13,689 $15,611
6/30/99 $13,436 $15,386
7/31/99 $13,451 $15,490
8/31/99 $13,282 $15,455
9/30/99 $13,324 $15,512
10/31/99 $13,040 $15,446
11/30/99 $13,207 $15,559
12/31/99 $13,070 $15,498
1/31/00 $12,939 $15,460
2/29/00 $13,116 $15,523
3/31/00 $13,418 $15,743
</TABLE>
* Source: Tower Data Systems, Bethesda, MD. The chart compares the Fund's
total return with that of the Lehman Brothers 7-Year Municipal Bond Index, a
broad-based, unmanaged market index. Returns are calculated by determining the
percentage change in net asset value (NAV) with all distributions reinvested.
The lines on the chart represent total returns of $10,000 hypothetical
investments in the Fund and the Lehman Brothers 7-Year Municipal Bond Index.
The Index's total return does not reflect commissions or expenses that would
have been incurred if an investor individually purchased or sold the
securities represented in the Index. It is not possible to invest directly in
an Index. An investment in the Fund's Class A shares on 6/27/96 at net asset
value would have been worth $11,543 on March 31, 2000; $11,282, including
maximum 2.25% sales charge.
--------------------------------------------------------------------------------
Federal income tax information on distributions. For federal income tax
purposes, 95.05% of the total dividends paid by the Fund from net investment
income during the year ended March 31, 2000 is designated as an exempt-interest
dividend.
--------------------------------------------------------------------------------
3
<PAGE>
EATON VANCE FLORIDA LIMITED MATURITY MUNICIPALS FUND as of March 31, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO]
Cynthia J. Clemson
Portfolio Manager
The Economy
----------------------------------------
- Florida's job growth outpaced the southeast region's and the nation's as a
whole over the past year. The fastest job creation occurred in the Orlando
and Tampa areas, driven by continued theme park building. The state's March
2000 unemployment rate was 3.7%, down from 3.9% a year earlier.
- Florida's cruise industry continued to enjoy high occupancy rates in 1999,
despite the addition of more ships to the fleet. Strong future bookings for
2000 have encouraged cruise lines to add even more ships in the coming year.
The Fund
----------------------------------------
- During the year ended March 31, 2000, the Fund's Class A, Class B, and Class
C shares had total returns of -1.43%, -2.17%, and -2.21%, respectively.(1)
For Class A and Class B, these returns resulted from a decrease in net asset
value (NAV) per share to $9.67 on March 31, 2000 from $10.27 on March 31,
1999, and the reinvestment of $0.451 and $0.376 per share, respectively, in
tax-free income.(2) For Class C, this return resulted from a decrease in NAV
to $9.14 from $9.71, and the reinvestment of $0.354 per share in tax-free
income.(2)
- Based on the Fund's most recent dividends and NAVs on March 31, 2000 of
$9.67 per share for Class A and Class B, and $9.14 for Class C, the Fund's
distribution rates were 4.60%, 3.83% and 3.83%, respectively.(3) The
distribution rates of Class A, Class B and Class C are equivalent to taxable
rates of 7.62%, 6.34% and 6.34%, respectively.(4)
- The SEC 30-day yields for Class A, B and C shares at March 31 were 4.38%,
3.74% and 3.74%, respectively.(5) The SEC 30-day yields of Class A, Class B
and Class C are equivalent to taxable yields of 7.25%, 6.19% and 6.19%,
respectively.(4)
--------------------------------------------------------------------------------
Fund Information
as of March 31, 2000
<TABLE>
<CAPTION>
Performance(8) Class A Class B Class C
--------------------------------------------------------------------------------
<S> <C> <C> <C>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
One Year -1.43% -2.17% -2.21%
Five Years N.A. 3.01 2.96
Life of Fund+ 4.09 3.74 2.43
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year -3.68% -5.00% -3.15%
Five Years N.A. 3.01 2.96
Life of Fund+ 3.79 3.74 2.43
</TABLE>
+Inception Dates - Class A: 6/27/96; Class B: 5/29/92; Class C:12/8/93
Management Update
----------------------------------------
- Insured water and sewer bonds were the Portfolio's largest sector weighting
at March 31, 2000.(6) The state's continuing population surge has resulted
in increased funding needs for infrastructural improvements such as water,
roads and public power.
- The Portfolio benefited from the above-average yields provided by selected
special assessment bonds. Typically, special assessment issues are used to
finance the purchase of equipment and facilities for local transportation
and utility projects.
- Call protection remained an important component of management's strategy. As
more bonds have reached early redemption dates, management increased call
protection and added non-callable bonds.
Rating Distribution(7)
----------------------------------------
[CHART]
<TABLE>
<S> <C>
A 6.1%
AA 20.2%
AAA 50.8%
BBB 9.7%
Non-Rated 13.2%
</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 C shares.(2) A portion of the Fund's income may be subject to
federal and state income tax and/or alternative minimum 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 maximum 39.60% combined federal and state 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) Private insurance does not remove the
interest rate risks associated with these investments.(7) Rating
Distribution is as of 3/31/00 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. The one-year SEC return for Class C 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.
--------------------------------------------------------------------------------
Comparison of Change in Value of a $10,000 Investment in Eaton Vance
Florida Limited Maturity Municipals Fund Class B vs. the Lehman Brothers
7-Year Municipal Bond Index* May 31, 1992-March 31, 2000
[GRAPH]
<TABLE>
<CAPTION>
Eaton Vance
Florida Limited Lehman Brothers
Maturity Municipals 7-Year Municipal
Fund Class B Bond Index
<S> <C> <C>
5/31/92 $10,000 $10,000
6/30/92 $10,020 $10,159
7/31/92 $10,334 $10,462
8/31/92 $10,202 $10,354
9/30/92 $10,265 $10,438
10/31/92 $10,147 $10,368
11/30/92 $10,369 $10,522
12/31/92 $10,454 $10,608
1/31/93 $10,572 $10,763
2/28/93 $10,951 $11,093
3/31/93 $10,794 $10,947
4/30/93 $10,881 $11,015
5/31/93 $10,928 $11,048
6/30/93 $11,054 $11,250
7/31/93 $11,065 $11,252
8/31/93 $11,226 $11,451
9/30/93 $11,332 $11,577
10/31/93 $11,352 $11,607
11/30/93 $11,256 $11,505
12/31/93 $11,492 $11,716
1/31/94 $11,593 $11,840
2/28/94 $11,351 $11,583
3/31/94 $10,975 $11,274
4/30/94 $11,075 $11,356
5/31/94 $11,148 $11,413
6/30/94 $11,101 $11,392
7/31/94 $11,253 $11,553
8/31/94 $11,264 $11,613
9/30/94 $11,162 $11,502
10/31/94 $11,039 $11,387
11/30/94 $10,890 $11,221
12/31/94 $11,029 $11,391
1/31/95 $11,226 $11,604
2/28/95 $11,433 $11,866
3/31/95 $11,501 $11,989
4/30/95 $11,506 $12,021
5/31/95 $11,723 $12,341
6/30/95 $11,715 $12,330
7/31/95 $11,835 $12,487
8/31/95 $11,940 $12,634
9/30/95 $11,967 $12,683
10/31/95 $12,051 $12,793
11/30/95 $12,136 $12,934
12/31/95 $12,208 $13,003
1/31/96 $12,282 $13,129
2/29/96 $12,203 $13,084
3/31/96 $12,050 $12,956
4/30/96 $12,018 $12,932
5/31/96 $11,984 $12,913
6/30/96 $12,039 $13,012
7/31/96 $12,111 $13,120
8/31/96 $12,115 $13,127
9/30/96 $12,218 $13,246
10/31/96 $12,280 $13,388
11/30/96 $12,479 $13,612
12/31/96 $12,398 $13,570
1/31/97 $12,365 $13,619
2/28/97 $12,459 $13,732
3/31/97 $12,297 $13,554
4/30/97 $12,385 $13,624
5/31/97 $12,535 $13,795
6/30/97 $12,614 $13,927
7/31/97 $12,827 $14,249
8/31/97 $12,694 $14,149
9/30/97 $12,785 $14,298
10/31/97 $12,838 $14,383
11/30/97 $12,895 $14,434
12/31/97 $13,034 $14,610
1/31/98 $13,164 $14,763
2/28/98 $13,170 $14,777
3/31/98 $13,168 $14,777
4/30/98 $13,106 $14,691
5/31/98 $13,263 $14,907
6/30/98 $13,279 $14,949
7/31/98 $13,307 $14,999
8/31/98 $13,481 $15,227
9/30/98 $13,612 $15,423
10/31/98 $13,562 $15,445
11/30/98 $13,592 $15,487
12/31/98 $13,631 $15,520
1/31/99 $13,752 $15,747
2/28/99 $13,663 $15,657
3/31/99 $13,634 $15,652
4/30/99 $13,663 $15,689
5/31/99 $13,574 $15,611
6/30/99 $13,387 $15,386
7/31/99 $13,401 $15,490
8/31/99 $13,285 $15,455
9/30/99 $13,232 $15,512
10/31/99 $13,085 $15,446
11/30/99 $13,209 $15,559
12/31/99 $13,114 $15,498
1/31/00 $12,970 $15,460
2/29/00 $13,105 $15,523
3/31/00 $13,338 $15,743
</TABLE>
* Source: Tower Data Systems, Bethesda, MD. The chart compares the Fund's
total return with that of the Lehman Brothers 7-Year Municipal Bond Index, a
broad-based, unmanaged market index. Returns are calculated by determining
the percentage change in net asset value (NAV) with all distributions
reinvested. The lines on the chart represent total returns of $10,000
hypothetical investments in the Fund and the Lehman Brothers 7-Year
Municipal Bond Index. The Index's total return does not reflect commissions
or expenses that would have been incurred if an investor individually
purchased or sold the securities represented in the Index. It is not
possible to invest directly in an Index. An investment in the Fund's Class A
shares on 6/27/96 at net asset value would have been worth $11,385 on March
31, 2000; $11,130, including maximum 2.25% sales charge. An investment in
the Fund's Class C shares on 12/8/93 at net asset value would have been
worth $12,296 on March 31, 2000.
--------------------------------------------------------------------------------
Federal income tax information on distributions. For federal income tax
purposes, 98.72% of the total dividends paid by the Fund from net investment
income during the year ended March 31, 2000 is designated as an exempt-interest
dividend.
--------------------------------------------------------------------------------
4
<PAGE>
EATON VANCE MASSACHUSETTS LIMITED MATURITY MUNICIPALS FUND as of March 31, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO]
William H. Ahern
Portfolio Manager
The Economy
----------------------------------------
- The Massachusetts economy has continued to advance in 2000. Financial
services, retail trade, health services and technology were again among the
largest sources of new jobs. The March 2000 unemployment rate was 2.4%, a
significant decline from the 3.1% rate of a year ago.
- The Massachusetts Biomedical Initiative has been successful in luring
biotech firms to central Massachusetts. The area's affordable real estate,
educated workforce and location near top-ranked universities has allowed
companies to bring products to market faster than in less favorable business
locales.
The Fund
----------------------------------------
- During the year ended March 31, 2000, the Fund's Class A, Class B, and Class
C shares had total returns of -1.85%, -2.62%, and -2.51%, respectively.(1)
For Class A and Class B, these returns resulted from a decrease in net asset
value (NAV) per share to $9.68 on March 31, 2000 from $10.32 on March 31,
1999, and the reinvestment of $0.448 and $0.369 per share, respectively, in
tax-free income.(2) For Class C, this return resulted from a decrease in NAV
to $9.26 from $9.86, and the reinvestment of $0.352 per share in tax-free
income.(2)
- Based on the Fund's most recent dividends and NAVs on March 31, 2000 of
$9.68 per share for Class A and Class B, and $9.26 for Class C, the Fund's
distribution rates were 4.61%, 3.80% and 3.79%, respectively.(3) The
distribution rates of Class A, Class B and Class C are equivalent to taxable
rates of 8.11%, 6.68% and 6.66%, respectively.(4)
- The SEC 30-day yields for Class A, B and C shares at March 31 were 4.43%,
3.80% and 3.80%, respectively.(5) The SEC 30-day yields of Class A, Class B
and Class C are equivalent to taxable yields of 7.79%, 6.68% and 6.68%,
respectively.(4)
--------------------------------------------------------------------------------
Fund Information
as of March 31, 2000
<TABLE>
<CAPTION>
Performance(7) Class A Class B Class C
--------------------------------------------------------------------------------
<S> <C> <C> <C>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
One Year -1.85% -2.62% -2.51%
Five Years N.A. 3.17 3.16
Life of Fund+ 4.10 3.74 2.67
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year -4.08% -5.44% -3.45%
Five Years N.A. 3.17 3.16
Life of Fund+ 3.80 3.74 2.67
</TABLE>
+Inception Dates - Class A: 6/27/96; Class B: 6/1/92; Class C:12/8/93
Management Update
----------------------------------------
- The Portfolio made relatively few adjustments during the past year. Escrowed
bonds constituted a major weighting at March 31. Escrowed bonds are
pre-refunded in advance of their call date and, backed by Treasury bonds,
are deemed very high quality.
- Education bonds represented high quality investments for the Portfolio. The
Portfolio's education holdings included such well-regarded issues as Dana
Hall, The Park School and Wentworth Institute of Technology.
- Call protection remained an important component of management's strategy. As
more bonds have reached early redemption dates, management increased call
protection in an effort to improve the Portfolio's performance
characteristics.
Rating Distribution(6)
----------------------------------------
[CHART]
<TABLE>
<S> <C>
A 4.7%
AA 29.7%
AAA 32.9%
BB 0.9%
BBB 26.3%
Non-Rated 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 and C shares.(2) A portion of the Fund's income may be subject to federal
and state income tax and/or alternative minimum 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 maximum 43.13%
combined federal and state 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)
Rating Distribution is as of 3/31/00 only and may not be representative of
the Portfolio's current or future investments.(7) 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. The one-year SEC return for Class C 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.
--------------------------------------------------------------------------------
Comparison of Change in Value of a $10,000 Investment in Eaton Vance
Massachusetts Limited Maturity Municipals Fund Class B vs. the Lehman Brothers
7-Year Municipal Bond Index* June 30, 1992-March 31, 2000
[CHART]
<TABLE>
<CAPTION>
Eaton Vance
Massachusetts Limited Lehman Brothers
Maturity Municipals 7-Year Municipal
Fund Class B Bond Index
<S> <C> <C>
6/30/92 $10,000 $10,000
7/31/92 $10,278 $10,298
8/31/92 $10,136 $10,192
9/30/92 $10,178 $10,275
10/31/92 $10,070 $10,205
11/30/92 $10,270 $10,358
12/31/92 $10,355 $10,442
1/31/93 $10,462 $10,595
2/28/93 $10,798 $10,919
3/31/93 $10,652 $10,776
4/30/93 $10,739 $10,843
5/31/93 $10,786 $10,875
6/30/93 $10,900 $11,074
7/31/93 $10,911 $11,076
8/31/93 $11,094 $11,272
9/30/93 $11,180 $11,396
10/31/93 $11,201 $11,425
11/30/93 $11,117 $11,325
12/31/93 $11,300 $11,533
1/31/94 $11,399 $11,655
2/28/94 $11,180 $11,402
3/31/94 $10,838 $11,098
4/30/94 $10,917 $11,179
5/31/94 $10,979 $11,234
6/30/94 $10,933 $11,214
7/31/94 $11,085 $11,372
8/31/94 $11,107 $11,432
9/30/94 $10,995 $11,322
10/31/94 $10,884 $11,209
11/30/94 $10,746 $11,045
12/31/94 $10,903 $11,213
1/31/95 $11,077 $11,423
2/28/95 $11,295 $11,680
3/31/95 $11,363 $11,802
4/30/95 $11,369 $11,833
5/31/95 $11,575 $12,148
6/30/95 $11,533 $12,137
7/31/95 $11,641 $12,292
8/31/95 $11,747 $12,437
9/30/95 $11,795 $12,484
10/31/95 $11,878 $12,593
11/30/95 $11,996 $12,732
12/31/95 $12,043 $12,799
1/31/96 $12,116 $12,923
2/29/96 $12,058 $12,879
3/31/96 $11,940 $12,753
4/30/96 $11,883 $12,730
5/31/96 $11,860 $12,711
6/30/96 $11,925 $12,809
7/31/96 $11,996 $12,915
8/31/96 $11,999 $12,922
9/30/96 $12,111 $13,039
10/31/96 $12,208 $13,179
11/30/96 $12,380 $13,399
12/31/96 $12,298 $13,358
1/31/97 $12,300 $13,406
2/28/97 $12,405 $13,517
3/31/97 $12,268 $13,342
4/30/97 $12,354 $13,411
5/31/97 $12,504 $13,579
6/30/97 $12,595 $13,709
7/31/97 $12,794 $14,027
8/31/97 $12,722 $13,927
9/30/97 $12,800 $14,075
10/31/97 $12,815 $14,158
11/30/97 $12,883 $14,208
12/31/97 $13,059 $14,382
1/31/98 $13,150 $14,533
2/28/98 $13,169 $14,546
3/31/98 $13,166 $14,546
4/30/98 $13,079 $14,462
5/31/98 $13,259 $14,674
6/30/98 $13,262 $14,716
7/31/98 $13,276 $14,765
8/31/98 $13,462 $14,989
9/30/98 $13,618 $15,182
10/31/98 $13,567 $15,204
11/30/98 $13,572 $15,245
12/31/98 $13,637 $15,277
1/31/99 $13,771 $15,500
2/28/99 $13,670 $15,413
3/31/99 $13,641 $15,407
4/30/99 $13,683 $15,444
5/31/99 $13,593 $15,367
6/30/99 $13,379 $15,145
7/31/99 $13,419 $15,247
8/31/99 $13,275 $15,214
9/30/99 $13,222 $15,269
10/31/99 $13,060 $15,205
11/30/99 $13,170 $15,316
12/31/99 $13,075 $15,255
1/31/00 $12,944 $15,218
2/29/00 $13,065 $15,280
3/31/00 $13,283 $15,497
</TABLE>
* Source: Tower Data Systems, Bethesda, MD. The chart compares the Fund's
total return with that of the Lehman Brothers 7-Year Municipal Bond Index, a
broad-based, unmanaged market index. Returns are calculated by determining
the percentage change in net asset value (NAV) with all distributions
reinvested. The lines on the chart represent total returns of $10,000
hypothetical investments in the Fund and the Lehman Brothers 7-Year
Municipal Bond Index. The Index's total return does not reflect commissions
or expenses that would have been incurred if an investor individually
purchased or sold the securities represented in the Index. It is not
possible to invest directly in an Index. An investment in the Fund's Class A
shares on 6/27/96 at net asset value would have been worth $11,475 on March
31, 1999; $11,216, including maximum 2.25% sales charge. An investment in
the Fund's Class C shares on 12/8/93 at net asset value would have been
worth $11,806 on March 31, 2000.
--------------------------------------------------------------------------------
Federal income tax information on distributions. For federal income tax
purposes, 99.79% of the total dividends paid by the Fund from net investment
income during the year ended March 31, 2000 is designated as an exempt-interest
dividend.
--------------------------------------------------------------------------------
5
<PAGE>
EATON VANCE NEW JERSEY LIMITED MATURITY MUNICIPALS FUND as of March 31, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO]
William H. Ahern
Portfolio Manager
The Economy
----------------------------------------
- The New Jersey economy registered strong employment growth in the past year,
with the service sector driving job creation. Business services, finance and
wholesale trade were among the strongest industries. The state's March 2000
jobless rate fell to 3.7, down from 4.7% a year ago.
- New Jersey's construction sector slowed somewhat in 1999 in response to
rising interest rates. However, indications suggest that building activity
may revive in 2000. Building permits surged in January, with especially
strong activity in the multi-family housing sector.
- A recent New Jersey Wage Survey indicated that state employers generally pay
higher wages than their counterparts nationally. The difference ranged from
a 19.5% difference for nurses' aides to a 1.8% premium for computer
engineers.
The Fund
----------------------------------------
- During the year ended March 31, 2000, the Fund's Class A and Class B shares
had total returns of -0.70% and -1.48%, respectively.(1) These returns
resulted from a decrease in net asset value (NAV) per share to $9.78 on
March 31, 2000 from $10.32 on March 31, 1999, and the reinvestment of $0.464
and $0.386 per share, respectively, in tax-free income.(2)
- Based on the Fund's most recent dividends and NAVs on March 31, 2000 of
$9.78 per share, the Fund's distribution rates were 4.73% and 3.94%,
respectively.(3) The distribution rates of Class A and Class B are
equivalent to taxable rates of 8.36% and 6.97%, respectively.(4)
- The SEC 30-day yields for Class A and B shares at March 31, 2000 were 4.33%
and 3.66%, respectively.(5) The SEC 30-day yields of Class A and Class B are
equivalent to taxable yields of 7.66% and 6.47%.(4)
Fund Information as
of March 31, 2000
<TABLE>
<CAPTION>
Performance(8) Class A Class B
--------------------------------------------------------------------------------
<S> <C> <C>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
One Year -0.70% -1.48%
Five Years N.A. 3.37
Life of Fund+ 4.24 3.89
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year -2.96% -4.32%
Five Years N.A. 3.37
Life of Fund+ 3.94 3.89
</TABLE>
+Inception date: Class A: 6/27/96; Class B: 6/1/92
Management Update
----------------------------------------
- The Portfolio's largest sector weighting was insured general obligations,
which typically constitute a significant portion of New Jersey's municipal
issuance.(6) The Portfolio's bonds represented a diverse geographical mix
within the state.
- The Portfolio maintained a significant position in insured hospital bonds.
(6)Among the largest investments was an issue for Dover General hospital, a
360-bed, community hospital.
- Co-generation facilities were a significant weighting in the Portfolio. A
New Jersey EDA issue for Trigen-Trenton offered an attractive 6.10% yield,
while financing projects for cleaner, more efficient energy generation.
Rating Distribution(7)
----------------------------------------
[CHART]
<TABLE>
<S> <C>
A 9.0%
AA 10.7%
AAA 59.0%
B 1.7%
BB 3.1%
BBB 7.9%
Non-Rated 8.6%
</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 may be subject to
federal and state income tax and/or alternative minimum 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 maximum 43.45% combined federal and state 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) Private insurance does not remove the
interest rate risks associated with these investments.(7) Rating
Distribution is as of 3/31/00 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.
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.
--------------------------------------------------------------------------------
Comparison of Change in Value of a $10,000 Investment in Eaton Vance
New Jersey Limited Maturity Municipals Fund Class B vs. the Lehman Brothers
7-Year Municipal Bond Index* June 30, 1992-March 31, 2000
[GRAPH]
<TABLE>
<CAPTION>
Eaton Vance
New Jersey Limited Lehman Brothers
Maturity Municipals 7-Year Municipal
Fund Class B Bond Index
<S> <C> <C>
6/30/92 $10,000 $10,000
7/31/92 $10,358 $10,298
8/31/92 $10,215 $10,192
9/30/92 $10,257 $10,275
10/31/92 $10,118 $10,205
11/30/92 $10,328 $10,358
12/31/92 $10,422 $10,442
1/31/93 $10,540 $10,595
2/28/93 $10,896 $10,919
3/31/93 $10,739 $10,776
4/30/93 $10,825 $10,843
5/31/93 $10,871 $10,875
6/30/93 $11,006 $11,074
7/31/93 $11,016 $11,076
8/31/93 $11,167 $11,272
9/30/93 $11,250 $11,396
10/31/93 $11,249 $11,425
11/30/93 $11,174 $11,325
12/31/93 $11,345 $11,533
1/31/94 $11,455 $11,655
2/28/94 $11,225 $11,402
3/31/94 $10,894 $11,098
4/30/94 $10,971 $11,179
5/31/94 $11,033 $11,234
6/30/94 $10,986 $11,214
7/31/94 $11,115 $11,372
8/31/94 $11,136 $11,432
9/30/94 $11,045 $11,322
10/31/94 $10,922 $11,209
11/30/94 $10,773 $11,045
12/31/94 $10,941 $11,213
1/31/95 $11,125 $11,423
2/28/95 $11,308 $11,680
3/31/95 $11,387 $11,802
4/30/95 $11,381 $11,833
5/31/95 $11,597 $12,148
6/30/95 $11,531 $12,137
7/31/95 $11,639 $12,292
8/31/95 $11,720 $12,437
9/30/95 $11,781 $12,484
10/31/95 $11,888 $12,593
11/30/95 $12,030 $12,732
12/31/95 $12,079 $12,799
1/31/96 $12,152 $12,923
2/29/96 $12,073 $12,879
3/31/96 $11,932 $12,753
4/30/96 $11,865 $12,730
5/31/96 $11,831 $12,711
6/30/96 $11,920 $12,809
7/31/96 $12,051 $12,915
8/31/96 $12,019 $12,922
9/30/96 $12,143 $13,039
10/31/96 $12,205 $13,179
11/30/96 $12,390 $13,399
12/31/96 $12,357 $13,358
1/31/97 $12,409 $13,406
2/28/97 $12,501 $13,517
3/31/97 $12,353 $13,342
4/30/97 $12,391 $13,411
5/31/97 $12,541 $13,579
6/30/97 $12,645 $13,709
7/31/97 $12,894 $14,027
8/31/97 $12,749 $13,927
9/30/97 $12,865 $14,075
10/31/97 $12,893 $14,158
11/30/97 $12,937 $14,208
12/31/97 $13,088 $14,382
1/31/98 $13,205 $14,533
2/28/98 $13,199 $14,546
3/31/98 $13,185 $14,546
4/30/98 $13,098 $14,462
5/31/98 $13,292 $14,674
6/30/98 $13,308 $14,716
7/31/98 $13,323 $14,765
8/31/98 $13,497 $14,989
9/30/98 $13,615 $15,182
10/31/98 $13,591 $15,204
11/30/98 $13,582 $15,245
12/31/98 $13,596 $15,277
1/31/99 $13,731 $15,500
2/28/99 $13,657 $15,413
3/31/99 $13,642 $15,407
4/30/99 $13,685 $15,444
5/31/99 $13,597 $15,367
6/30/99 $13,411 $15,145
7/31/99 $13,453 $15,247
8/31/99 $13,351 $15,214
9/30/99 $13,313 $15,269
10/31/99 $13,181 $15,205
11/30/99 $13,292 $15,316
12/31/99 $13,199 $15,255
1/31/00 $13,139 $15,218
2/29/00 $13,234 $15,280
3/31/00 $13,440 $15,497
</TABLE>
* Source: Tower Data Systems, Bethesda, MD. The chart compares the Fund's
total return with that of the Lehman Brothers 7-Year Municipal Bond Index, a
broad-based, unmanaged market index. Returns are calculated by determining
the percentage change in net asset value (NAV) with all distributions
reinvested. The lines on the chart represent total returns of $10,000
hypothetical investments in the Fund and the Lehman Brothers 7-Year
Municipal Bond Index. The Index's total return does not reflect commissions
or expenses that would have been incurred if an investor individually
purchased or sold the securities represented in the Index. It is not
possible to invest directly in an Index. An investment in the Fund's Class A
shares on 6/27/96 at net asset value would have been worth $11,602 on March
31, 2000; $11,341, including maximum 2.25% sales charge.
--------------------------------------------------------------------------------
Federal income tax information on distributions. For federal income tax
purposes, 98.02% of the total dividends paid by the Fund from net investment
income during the year ended March 31, 2000 is designated as an exempt-interest
dividend.
--------------------------------------------------------------------------------
6
<PAGE>
EATON VANCE NEW YORK LIMITED MATURITY MUNICIPALS FUND as of March 31, 2000
-------------------------------------------------------------------------------
INVESTMENT UPDATE THE ECONOMY
-------------------------------------------------------------------------------
[PHOTO]
William H. Ahern
Portfolio Manager The Fund
The Economy
--------------------------------------------
- Reversing the trend of recent years, New York's 2.6% job growth rate far
exceeded that of the nation's in 1999, with 199,000 new jobs created. The
services, trade and construction sectors witnessed especially strong
growth. The state's unemployment rate declined to 4.6% in March 2000 from
5.2% a year earlier.
- Despite sharply higher interest rates, New York City's securities industry
registered record profits in 1999. Benefiting from low inflation and a
global economic integration, the industry is estimated to have doled out
bonuses of $13.6 billion during the year.
The Fund
--------------------------------------------
- During the year ended March 31, 2000, the Fund's Class A, Class B, and
Class C shares had total returns of -0.50%, -1.29%, and -1.22%,
respectively.(1) For Class A and Class B, these returns resulted from a
decrease in net asset value (NAV) per share to $10.03 on March 31, 2000
from $10.56 on March 31, 1999, and the reinvestment of $0.471 and $0.391
per share, respectively, in tax-free income.(2) For Class C, this return
resulted from a decrease in NAV to $9.51 from $10.00, and the reinvestment
of $0.364 per share in tax-free income.(2)
- Based on the Fund's most recent dividends and NAVs on March 31, 1999 of
$10.03 per share for Class A and Class B, and $9.51 for Class C, the Fund's
distribution rates were 4.69%, 3.89% and 3.82%, respectively.(3) The
distribution rates of Class A, Class B and Class C are equivalent to
taxable rates of 8.34%, 6.91% and 6.79%, respectively.(4)
- The SEC 30-day yields for Class A, B and C shares at March 31 were 5.01%,
4.37% and 4.37%, respectively.(5) The SEC 30-day yields of Class A, Class
B and Class C are equivalent to taxable yields of 8.91%, 7.77% and 7.77%,
respectively.(4)
-------------------------------------------------------------------------------
Fund Information
as of March 31, 2000
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Performance (7) Class A Class B Class C
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Average Annual Total Returns (at net asset value)
-------------------------------------------------------------------------------
One Year -0.50% -1.29% -1.22%
Five Years N.A. 3.84 3.82
Life of Fund+ 4.55 4.20 3.05
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
-------------------------------------------------------------------------------
One Year -2.72% -4.14% -2.18%
Five Years N.A. 3.84 3.82
Life of Fund+ 4.25 4.20 3.05
</TABLE>
+ Inception Dates - Class A: 6/27/96; Class B: 5/29/92; Class C:12/8/93
Management Update
--------------------------------------------
- Lease revenue/certificates of participation (COPs) remained a significant
weighting in the Portfolio. Typically, COPs are used to upgrade public use
facilities, such as highways or utilities, through the purchase of
transportation or energy generation equipment.
- The Portfolio added selectively to its hospital investments during the
year. Management focused on New York State Dormitory Authority bonds for
well-regarded, fundamentally sound institutions with highly marketable
health care specialties.
- Non-rated bonds provided an excellent income component for the Portfolio.
These research-intensive bonds included issues that financed assisted
living facilities and energy co-generation projects.
Rating Distribution(6)
--------------------------------------------
[CHART]
<TABLE>
<S> <C>
AAA 17.1%
AA 34.6%
A 28.4%
BBB 10.7%
Non-Rated 9.2%
</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 C shares. (2) A portion of the Fund's income may be subject
to federal and state income tax and/or alternative minimum 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 maximum 43.74% combined federal and state 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) Rating Distribution is as of 3/31/00 only
and may not be representative of the Portfolio's current or future
investments. (7) 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. The one-year SEC return for Class C 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.
-------------------------------------------------------------------------------
Comparison of Change in Value of a $10,000 Investment in Eaton Vance
New York Limited Maturity Municipals Fund Class B vs. the Lehman
Brothers 7-Year Municipal Bond Index* May 31, 1992 - March 31, 2000
[GRAPH]
<TABLE>
<CAPTION>
Eaton Vance
New York Limited Lehman Brothers
Maturity Municipals 7-Year Municipal
Fund Class B Bond Index
<S> <C> <C>
5/31/92 $10,000 $10,000
6/30/92 $10,010 $10,159
7/31/92 $10,312 $10,462
8/31/92 $10,220 $10,354
9/30/92 $10,274 $10,438
10/31/92 $10,135 $10,368
11/30/92 $10,368 $10,522
12/31/92 $10,464 $10,608
1/31/93 $10,603 $10,763
2/28/93 $10,962 $11,093
3/31/93 $10,795 $10,947
4/30/93 $10,871 $11,015
5/31/93 $10,908 $11,048
6/30/93 $11,055 $11,250
7/31/93 $11,076 $11,252
8/31/93 $11,258 $11,451
9/30/93 $11,342 $11,577
10/31/93 $11,351 $11,607
11/30/93 $11,265 $11,505
12/31/93 $11,437 $11,716
1/31/94 $11,548 $11,840
2/28/94 $11,305 $11,583
3/31/94 $10,952 $11,274
4/30/94 $11,030 $11,356
5/31/94 $11,103 $11,413
6/30/94 $11,078 $11,392
7/31/94 $11,208 $11,553
8/31/94 $11,218 $11,613
9/30/94 $11,106 $11,502
10/31/94 $10,983 $11,387
11/30/94 $10,788 $11,221
12/31/94 $10,952 $11,391
1/31/95 $11,149 $11,604
2/28/95 $11,366 $11,866
3/31/95 $11,434 $11,989
4/30/95 $11,440 $12,021
5/31/95 $11,657 $12,341
6/30/95 $11,626 $12,330
7/31/95 $11,734 $12,487
8/31/95 $11,839 $12,634
9/30/95 $11,866 $12,683
10/31/95 $11,974 $12,793
11/30/95 $12,093 $12,934
12/31/95 $12,154 $13,003
1/31/96 $12,228 $13,129
2/29/96 $12,148 $13,084
3/31/96 $12,019 $12,956
4/30/96 $11,975 $12,932
5/31/96 $11,942 $12,913
6/30/96 $12,020 $13,012
7/31/96 $12,091 $13,120
8/31/96 $12,070 $13,127
9/30/96 $12,195 $13,246
10/31/96 $12,281 $13,388
11/30/96 $12,478 $13,612
12/31/96 $12,409 $13,570
1/31/97 $12,387 $13,619
2/28/97 $12,480 $13,732
3/31/97 $12,355 $13,554
4/30/97 $12,443 $13,624
5/31/97 $12,606 $13,795
6/30/97 $12,722 $13,927
7/31/97 $13,034 $14,249
8/31/97 $12,925 $14,149
9/30/97 $13,042 $14,298
10/31/97 $13,069 $14,383
11/30/97 $13,126 $14,434
12/31/97 $13,315 $14,610
1/31/98 $13,407 $14,763
2/28/98 $13,426 $14,777
3/31/98 $13,424 $14,777
4/30/98 $13,324 $14,691
5/31/98 $13,518 $14,907
6/30/98 $13,547 $14,949
7/31/98 $13,562 $14,999
8/31/98 $13,762 $15,227
9/30/98 $13,932 $15,423
10/31/98 $13,881 $15,445
11/30/98 $13,900 $15,487
12/31/98 $13,941 $15,520
1/31/99 $14,063 $15,747
2/28/99 $14,016 $15,657
3/31/99 $13,988 $15,652
4/30/99 $14,031 $15,689
5/31/99 $13,957 $15,611
6/30/99 $13,759 $15,386
7/31/99 $13,801 $15,490
8/31/99 $13,673 $15,455
9/30/99 $13,649 $15,512
10/31/99 $13,462 $15,446
11/30/99 $13,575 $15,559
12/31/99 $13,482 $15,498
1/31/00 $13,395 $15,460
2/29/00 $13,532 $15,523
3/31/00 $13,808 $15,743
</TABLE>
* Source: Tower Data Systems, Bethesda, MD. The chart compares the Fund's
total return with that of the Lehman Brothers 7-Year Municipal Bond Index, a
broad-based, unmanaged market index. Returns are calculated by determining
the percentage change in net asset value (NAV) with all distributions
reinvested. The lines on the chart represent total returns of $10,000
hypothetical investments in the Fund and the Lehman Brothers 7-Year
Municipal Bond Index. The Index's total return does not reflect commissions
or expenses that would have been incurred if an investor individually
purchased or sold the securities represented in the Index. It is not
possible to invest directly in an Index. An investment in the Fund's Class
A shares on 6/27/96 at net asset value would have been worth $11,831 on
March 31, 1999; $11,566, including maximum 2.25% sales charge. An
investment in the Fund's Class C shares on 12/8/93 at net asset value would
have been worth $12,090 on March 31, 2000. Fund Information as of
March 31, 2000.
--------------------------------------------------------------------------------
Federal income tax information on distributions. For federal income tax
purposes, 98.65% of the total dividends paid by the Fund from net investment
income during the year ended March 31, 2000 is designated as an exempt-interest
dividend.
--------------------------------------------------------------------------------
7
<PAGE>
EATON VANCE OHIO LIMITED MATURITY MUNICIPALS FUND as of March 31, 2000
-------------------------------------------------------------------------------
INVESTMENT UPDATE
-------------------------------------------------------------------------------
[PHOTO]
William H. Ahern
Portfolio Manager
The Economy
--------------------------------------------
- The Ohio economy retained its strong momentum in the first quarter of 2000.
The service sector, especially business services, provided the largest
increase in new jobs, which rose by 212,000 during the year. The state's
March 2000 unemployment rate was 3.9%, down from 4.2% a year earlier.
- The Youngstown Business Incubator has announced an Electronic Superhighway
project to lure technology businesses. The $5 million effort will include
the installation of fiber optic cables in downtown buildings, creating an
advanced, broadband communications network.
- Ohio's steel producers are once again facing the challenge of cheap foreign
imports. According to the American Iron and Steel Institute, U.S. steel
buyers imported 3 million net tons in January 2000, an increase of 8.6%
over January 1999.
The Fund
--------------------------------------------
- During the year ended March 31, 2000, the Fund's Class A and Class B shares
had total returns of -2.22% and -2.94%, respectively.(1) These returns
resulted from a decrease in net asset value (NAV) per share to $9.43 on
March 31, 2000 from $10.11 on March 31, 1999, and the reinvestment of
$0.456 and $0.384 per share, respectively, in tax-free income.(2)
- Based on the Fund's most recent dividends and NAVs on March 31, 2000 of
$9.43 per share for Class A and Class B, the Fund's distribution rates were
4.72% and 3.98%, respectively.(3) The distribution rates of Class A and
Class B are equivalent to taxable rates of 8.45% and 7.12%,
respectively.(4)
- The SEC 30-day yields for Class A and B shares at March 31, 2000 were 4.37%
and 3.73%, respectively.(5) The SEC 30-day yields of Class A and Class B
are equivalent to taxable yields of 7.82% and 6.68%.(4)
-------------------------------------------------------------------------------
Fund Information
as of March 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
Performance (8) Class A Class B
-------------------------------------------------------------------------------
<S> <C> <C>
Average Annual Total Returns (at net asset value)
-------------------------------------------------------------------------------
One Year -2.22% -2.94%
Five Years N.A. 3.35
Life of Fund+ 3.57 3.22
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
-------------------------------------------------------------------------------
One Year -4.40% -5.74%
Five Years N.A. 3.35
Life of Fund+ 3.24 3.22
</TABLE>
+ Inception date: Class A: 10/22/96; Class B: 4/16/93
Management Update
--------------------------------------------
- Insured general obligations were the Portfolio's largest sector weighting
at March 31, 2000.(6) The Portfolio's holdings were composed predominantly
of local school district bonds, which constitute a large percentage of Ohio
general obligation debt.
- Life care, nursing home and industrial development revenue bonds (IDBs)
provided excellent income opportunities for the Portfolio. Life care issues
finance long-term health care alternatives, while IDBs financed projects
for companies like Emery Air Freight.
- Call protection remained an important structural consideration. As more
bonds reached early redemption dates, management increased call protection
in an effort to improve the Portfolio's performance characteristics.
Rating Distribution(7)
--------------------------------------------
[CHART]
<TABLE>
<S> <C>
A 15.3%
AA 16.2%
AAA 46.3%
BBB 10.0%
Non-rated 12.2%
</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 may be subject to federal and
state income tax and/or alternative minimum 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 maximum 44.13% combined federal
and state 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) Private
insurance does not remove the interest rate risks associated with these
investments.(7) Rating Distribution is as of 3/31/00 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.
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.
-------------------------------------------------------------------------------
Comparison of Change in Value of a $10,000 Investment in Eaton Vance
Ohio Limited Maturity Municipals Fund Class B vs. the Lehman
Brothers 7-Year Municipal Bond Index* April 30, 1993 - March 31, 2000
[GRAPH]
<TABLE>
<CAPTION>
Eaton Vance
Ohio Limited Lehman Brothers
Maturity Municipals 7-Year Municipal
Fund Class B Bond Index
<S> <C> <C>
4/31/93 $10,000 $10,000
5/31/93 $9,990 $10,030
6/30/93 $10,149 $10,213
7/31/93 $10,176 $10,215
8/31/93 $10,348 $10,396
9/30/93 $10,446 $10,510
10/31/93 $10,452 $10,537
11/30/93 $10,389 $10,444
12/31/93 $10,561 $10,636
1/31/94 $10,674 $10,749
2/28/94 $10,431 $10,516
3/31/94 $10,113 $10,235
4/30/94 $10,206 $10,310
5/31/94 $10,253 $10,361
6/30/94 $10,217 $10,343
7/31/94 $10,350 $10,488
8/31/94 $10,369 $10,543
9/30/94 $10,260 $10,442
10/31/94 $10,140 $10,337
11/30/94 $9,996 $10,187
12/31/94 $10,136 $10,341
1/31/95 $10,322 $10,535
2/28/95 $10,484 $10,772
3/31/95 $10,558 $10,884
4/30/95 $10,551 $10,913
5/31/95 $10,767 $11,204
6/30/95 $10,715 $11,194
7/31/95 $10,784 $11,336
8/31/95 $10,894 $11,470
9/30/95 $10,952 $11,514
10/31/95 $11,065 $11,614
11/30/95 $11,166 $11,742
12/31/95 $11,224 $11,804
1/31/96 $11,271 $11,919
2/29/96 $11,217 $11,878
3/31/96 $11,094 $11,762
4/30/96 $11,062 $11,740
5/31/96 $11,041 $11,723
6/30/96 $11,161 $11,813
7/31/96 $11,218 $11,911
8/31/96 $11,211 $11,917
9/30/96 $11,343 $12,025
10/31/96 $11,414 $12,154
11/30/96 $11,603 $12,357
12/31/96 $11,562 $12,319
1/31/97 $11,542 $12,364
2/28/97 $11,666 $12,467
3/31/97 $11,525 $12,305
4/30/97 $11,598 $12,368
5/31/97 $11,743 $12,524
6/30/97 $11,831 $12,643
7/31/97 $12,083 $12,936
8/31/97 $11,992 $12,845
9/30/97 $12,068 $12,981
10/31/97 $12,096 $13,057
11/30/97 $12,140 $13,103
12/31/97 $12,273 $13,264
1/31/98 $12,386 $13,403
2/28/98 $12,394 $13,415
3/31/98 $12,381 $13,416
4/30/98 $12,335 $13,338
5/31/98 $12,486 $13,534
6/30/98 $12,502 $13,572
7/31/98 $12,518 $13,617
8/31/98 $12,673 $13,824
9/30/98 $12,762 $14,002
10/31/98 $12,741 $14,022
11/30/98 $12,758 $14,060
12/31/98 $12,797 $14,090
1/31/99 $12,927 $14,295
2/28/99 $12,856 $14,214
3/31/99 $12,830 $14,209
4/30/99 $12,833 $14,243
5/31/99 $12,775 $14,173
6/30/99 $12,585 $13,968
7/31/99 $12,613 $14,062
8/31/99 $12,502 $14,031
9/30/99 $12,491 $14,082
10/31/99 $12,364 $14,023
11/30/99 $12,445 $14,125
12/31/99 $12,342 $14,070
1/31/00 $12,230 $14,035
2/29/00 $12,307 $14,093
3/31/00 $12,452 $14,293
</TABLE>
* Source: Tower Data Systems, Bethesda, MD. The chart compares the Fund's
total return with that of the Lehman Brothers 7-Year Municipal Bond Index, a
broad-based, unmanaged market index. Returns are calculated by determining
the percentage change in net asset value (NAV) with all distributions
reinvested. The lines on the chart represent total returns of $10,000
hypothetical investments in the Fund and the Lehman Brothers 7-Year
Municipal Bond Index. The Index's total return does not reflect commissions
or expenses that would have been incurred if an investor individually
purchased or sold the securities represented in the Index. It is not
possible to invest directly in an Index. An investment in the Fund's Class A
shares on 10/22/96 at net asset value would have been worth $11,465 on March
31, 2000; $11,212, including maximum 2.25% sales charge.
--------------------------------------------------------------------------------
Federal income tax information on distributions. For federal income tax
purposes, 99.60% of the total dividends paid by the Fund from net investment
income during the year ended March 31, 2000 is designated as an exempt-interest
dividend.
--------------------------------------------------------------------------------
8
<PAGE>
EATON VANCE PENNSYLVANIA LIMITED MATURITY MUNICIPALS FUND as of March 31, 2000
-------------------------------------------------------------------------------
INVESTMENT UPDATE
-------------------------------------------------------------------------------
[PHOTO]
Cynthia J. Clemson
Portfolio Manager
The Economy
--------------------------------------------
- Pennsylvania continued its economic expansion, with goods-producing
industries posting significant job gains. The construction and durable
goods areas were especially strong. The Commonwealth's March 2000
unemployment rate was 3.9%, down from 4.5% a year ago.
- Lehigh Valley communities have made a concerted effort in recent years to
draw technology to an area whose economy was once dominated by steel
production. The cities of Allentown, Easton and Bethlehem have created
nearly 40,000 new, high-tech jobs since the mid-1990s.
The Fund
--------------------------------------------
- During the year ended March 31, 2000, the Fund's Class A, Class B, and
Class C shares had total returns of -1.57%, -2.34%, and -2.29%,
respectively.(1) For Class A and Class B, these returns resulted from a
decrease in net asset value (NAV) per share to $9.87 on March 31, 2000 from
$10.50 on March 31, 1999, and the reinvestment of $0.463 and $0.384 per
share, respectively, in tax-free income.(2) For Class C, this return
resulted from a decrease in NAV to $9.34 from $9.93, and the reinvestment
of $0.362 per share in tax-free income.(2)
- Based on the Fund's most recent dividends and NAVs on March 31, 2000 of
$9.87 per share for Class A and Class B, and $9.34 for Class C, the Fund's
distribution rates were 4.67%, 3.87% and 3.85%, respectively.(3) The
distribution rates of Class A, Class B and Class C are equivalent to
taxable rates of 7.73%, 6.41% and 6.07%, respectively.(4)
- The SEC 30-day yields for Class A, B and C shares at March 31 were 4.56%,
3.92% and 3.92%, respectively.(5) The SEC 30-day yields of Class A, Class B
and Class C are equivalent to taxable yields of 7.55%, 6.49% and 6.18%,
respectively.(4)
-------------------------------------------------------------------------------
Fund Information
as of March 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
Performance (7) Class A Class B Class C
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Average Annual Total Returns (at net asset value)
-------------------------------------------------------------------------------
One Year -1.57% -2.34% -2.29%
Five Years N.A. 3.47 3.39
Life of Fund+ 4.42 4.06 2.84
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
-------------------------------------------------------------------------------
One Year -3.77% -5.16% -3.24%
Five Years N.A. 3.47 3.39
Life of Fund+ 4.11 4.06 2.84
</TABLE>
+ Inception Dates - Class A: 6/27/96; Class B: 6/1/92; Class C:12/8/93
Management Update
--------------------------------------------
- Escrowed bonds constituted a major investment for the Portfolio at March
31. Escrowed bonds are those that have been prerefunded and, backed by
Treasury bonds, are considered to be of the very highest quality.
- Life care bonds provided the Portfolio above-average coupons in non-rated
bonds. Life care facilities offer residents a range of health services
tailored to the individual's needs and are an increasingly popular health
care alternative for today's seniors.
- We are pleased to announce that, as of January 17, 2000, Cynthia J. Clemson
became the portfolio manager of Eaton Vance Pennsylvania Limited Maturity
Municipals Fund. Ms. Clemson is a Vice-President of Eaton Vance.
Rating Distribution(6)
--------------------------------------------
[CHART]
<TABLE>
<S> <C>
A 12.2%
AA 2.7%
AAA 48.9%
BBB 22.0%
Non-Rated 14.2%
</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 C shares.(2) A portion of the Fund's income may be subject to federal
and state income tax and/or alternative minimum 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 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) Rating Distribution is
as of 3/31/00 only and may not be representative of the Portfolio's current
or future investments.(7) 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. The
one-year SEC return for Class C 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.
-------------------------------------------------------------------------------
Comparison of Change in Value of a $10,000 Investment in Eaton Vance
Pennsylvania Limited Maturity Municipals Fund Class B vs. the Lehman
Brothers 7-Year Municipal Bond Index* June 30, 1992 - March 31, 2000
[GRAPH]
<TABLE>
<CAPTION>
Eaton Vance
Pennsylvania Limited Lehman Brothers
Maturity Municipals 7-Year Municipal
Fund Class B Bond Index
<S> <C> <C>
6/30/92 $10,000 $10,000
7/31/92 $10,357 $10,298
8/31/92 $10,206 $10,192
9/30/92 $10,268 $10,275
10/31/92 $10,121 $10,205
11/30/92 $10,351 $10,358
12/31/92 $10,435 $10,442
1/31/93 $10,563 $10,595
2/28/93 $10,898 $10,919
3/31/93 $10,722 $10,776
4/30/93 $10,819 $10,843
5/31/93 $10,866 $10,875
6/30/93 $10,991 $11,074
7/31/93 $11,003 $11,076
8/31/93 $11,186 $11,272
9/30/93 $11,271 $11,396
10/31/93 $11,282 $11,425
11/30/93 $11,198 $11,325
12/31/93 $11,403 $11,533
1/31/94 $11,502 $11,655
2/28/94 $11,274 $11,402
3/31/94 $10,924 $11,098
4/30/94 $11,013 $11,179
5/31/94 $11,065 $11,234
6/30/94 $11,030 $11,214
7/31/94 $11,182 $11,372
8/31/94 $11,193 $11,432
9/30/94 $11,082 $11,322
10/31/94 $10,961 $11,209
11/30/94 $10,803 $11,045
12/31/94 $10,969 $11,213
1/31/95 $11,142 $11,423
2/28/95 $11,359 $11,680
3/31/95 $11,416 $11,802
4/30/95 $11,434 $11,833
5/31/95 $11,650 $12,148
6/30/95 $11,609 $12,137
7/31/95 $11,705 $12,292
8/31/95 $11,799 $12,437
9/30/95 $11,838 $12,484
10/31/95 $11,934 $12,593
11/30/95 $12,053 $12,732
12/31/95 $12,103 $12,799
1/31/96 $12,166 $12,923
2/29/96 $12,100 $12,879
3/31/96 $11,984 $12,753
4/30/96 $11,918 $12,730
5/31/96 $11,897 $12,711
6/30/96 $11,964 $12,809
7/31/96 $12,036 $12,915
8/31/96 $12,053 $12,922
9/30/96 $12,167 $13,039
10/31/96 $12,241 $13,179
11/30/96 $12,427 $13,399
12/31/96 $12,383 $13,358
1/31/97 $12,399 $13,406
2/28/97 $12,493 $13,517
3/31/97 $12,358 $13,342
4/30/97 $12,422 $13,411
5/31/97 $12,573 $13,579
6/30/97 $12,690 $13,709
7/31/97 $13,002 $14,027
8/31/97 $12,883 $13,927
9/30/97 $13,000 $14,075
10/31/97 $13,029 $14,158
11/30/97 $13,087 $14,208
12/31/97 $13,264 $14,382
1/31/98 $13,395 $14,533
2/28/98 $13,390 $14,546
3/31/98 $13,415 $14,546
4/30/98 $13,330 $14,462
5/31/98 $13,499 $14,674
6/30/98 $13,529 $14,716
7/31/98 $13,507 $14,765
8/31/98 $13,695 $14,989
9/30/98 $13,801 $15,182
10/31/98 $13,765 $15,204
11/30/98 $13,771 $15,245
12/31/98 $13,799 $15,277
1/31/99 $13,935 $15,500
2/28/99 $13,876 $15,413
3/31/99 $13,862 $15,407
4/30/99 $13,906 $15,444
5/31/99 $13,844 $15,367
6/30/99 $13,645 $15,145
7/31/99 $13,660 $15,247
8/31/99 $13,531 $15,214
9/30/99 $13,493 $15,269
10/31/99 $13,306 $15,205
11/30/99 $13,431 $15,316
12/31/99 $13,310 $15,255
1/31/00 $13,195 $15,218
2/29/00 $13,303 $15,280
3/31/00 $13,537 $15,497
</TABLE>
* Source: Tower Data Systems, Bethesda, MD. The chart compares the Fund's
total return with that of the Lehman Brothers 7-Year Municipal Bond Index,
a broad-based, unmanaged market index. Returns are calculated by
determining the percentage change in net asset value (NAV) with all
distributions reinvested. The lines on the chart represent total returns of
$10,000 hypothetical investments in the Fund and the Lehman Brothers 7-Year
Municipal Bond Index. The Index's total return does not reflect commissions
or expenses that would have been incurred if an investor individually
purchased or sold the securities represented in the Index. It is not
possible to invest directly in an Index. An investment in the Fund's Class
A shares on 6/27/96 at net asset value would have been worth $11,642 on
March 31, 1999; $11,382, including maximum 2.25% sales charge. An investment
in the Fund's Class C shares on 12/8/93 at net asset value would have been
worth $11,930 on March 31, 2000.
-------------------------------------------------------------------------------
Federal income tax information on distributions. For federal income tax
purposes, 100.00% of the total dividends paid by the Fund from net investment
income during the year ended March 31, 2000 is designated as an exempt-interest
dividend.
-------------------------------------------------------------------------------
9
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS
STATEMENTS OF ASSETS AND LIABILITIES
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED LIMITED LIMITED
FUND FUND FUND
<S> <C> <C> <C>
-----------------------------------------------------------------------
Assets
-----------------------------------------------------------------------
Investment in corresponding
Portfolio --
Identified cost $22,965,155 $45,749,610 $44,984,018
Unrealized appreciation
(depreciation) (361,403) (726,911) (794,596)
-----------------------------------------------------------------------
TOTAL INVESTMENT IN PORTFOLIO,
AT VALUE $22,603,752 $45,022,699 $44,189,422
-----------------------------------------------------------------------
Receivable for Fund shares
sold $ 47,022 $ -- $ 60,791
-----------------------------------------------------------------------
TOTAL ASSETS $22,650,774 $45,022,699 $44,250,213
-----------------------------------------------------------------------
Liabilities
-----------------------------------------------------------------------
Payable for Fund shares
redeemed $ 47,528 $ 87,904 $ 161,356
Dividends payable 40,256 85,077 75,056
Payable to affiliate for
Trustees' fees 27 -- 32
Accrued expenses 26,697 45,413 42,549
-----------------------------------------------------------------------
TOTAL LIABILITIES $ 114,508 $ 218,394 $ 278,993
-----------------------------------------------------------------------
NET ASSETS $22,536,266 $44,804,305 $43,971,220
-----------------------------------------------------------------------
Sources of Net Assets
-----------------------------------------------------------------------
Paid-in capital $25,020,950 $49,072,818 $46,559,107
Accumulated net realized loss
from Portfolio (computed on
the basis of
identified cost) (2,083,025) (3,456,525) (1,784,192)
Accumulated distributions in
excess of net investment
income (40,256) (85,077) (9,099)
Net unrealized depreciation
from Portfolio (computed on
the basis of
identified cost) (361,403) (726,911) (794,596)
-----------------------------------------------------------------------
TOTAL $22,536,266 $44,804,305 $43,971,220
-----------------------------------------------------------------------
Class A Shares
-----------------------------------------------------------------------
NET ASSETS $20,448,463 $36,951,524 $37,410,779
SHARES OUTSTANDING 2,107,104 3,822,691 3,863,678
NET ASSET VALUE AND REDEMPTION
PRICE PER SHARE
(net assets DIVIDED BY
shares of beneficial
interest outstanding) $ 9.70 $ 9.67 $ 9.68
MAXIMUM OFFERING PRICE PER
SHARE
(100 DIVIDED BY 97.75 of
net asset value per
share) $ 9.92 $ 9.89 $ 9.90
-----------------------------------------------------------------------
Class B Shares
-----------------------------------------------------------------------
NET ASSETS $ 2,087,803 $ 4,906,916 $ 1,999,886
SHARES OUTSTANDING 215,137 507,638 206,508
NET ASSET VALUE, OFFERING
PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY
shares of beneficial
interest outstanding) $ 9.70 $ 9.67 $ 9.68
-----------------------------------------------------------------------
Class C Shares
-----------------------------------------------------------------------
NET ASSETS $ -- $ 2,945,865 $ 4,560,555
SHARES OUTSTANDING -- 322,453 492,419
NET ASSET VALUE, OFFERING
PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY
shares of beneficial
interest outstanding) $ -- $ 9.14 $ 9.26
-----------------------------------------------------------------------
</TABLE>
On sales of $100,000 or more, the offering price of Class A shares is
reduced.
SEE NOTES TO FINANCIAL STATEMENTS
10
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED LIMITED LIMITED LIMITED
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
-----------------------------------------------------------------------------------
Assets
-----------------------------------------------------------------------------------
Investment in corresponding
Portfolio --
Identified cost $34,847,824 $51,667,462 $19,304,175 $39,216,139
Unrealized appreciation
(depreciation) 273,082 7,699 (438,160) (581,131)
-----------------------------------------------------------------------------------
TOTAL INVESTMENT IN PORTFOLIO,
AT VALUE $35,120,906 $51,675,161 $18,866,015 $38,635,008
Receivable for Fund shares
sold $ 30,765 $ 12,313 $ -- $ --
-----------------------------------------------------------------------------------
TOTAL ASSETS $35,151,671 $51,687,474 $18,866,015 $38,635,008
-----------------------------------------------------------------------------------
Liabilities
-----------------------------------------------------------------------------------
Payable for Fund shares
redeemed $ 70,230 $ 85,351 $ -- $ 29,472
Dividends payable 62,560 94,567 42,220 71,792
Payable to affiliate for
Trustees' fees -- -- -- 30
Accrued expenses 37,745 53,285 22,209 38,362
-----------------------------------------------------------------------------------
TOTAL LIABILITIES $ 170,535 $ 233,203 $ 64,429 $ 139,656
-----------------------------------------------------------------------------------
NET ASSETS $34,981,136 $51,454,271 $18,801,586 $38,495,352
-----------------------------------------------------------------------------------
Sources of Net Assets
-----------------------------------------------------------------------------------
Paid-in capital $36,883,263 $52,841,441 $20,483,299 $40,339,157
Accumulated net realized loss
from Portfolio (computed on
the basis of
identified cost) (2,134,152) (1,327,068) (1,312,169) (1,283,813)
Accumulated undistributed
(distributions in excess
of) net investment income (41,057) (67,801) 68,616 21,139
Net unrealized appreciation
(depreciation) from
Portfolio (computed on the
basis of identified cost) 273,082 7,699 (438,160) (581,131)
-----------------------------------------------------------------------------------
TOTAL $34,981,136 $51,454,271 $18,801,586 $38,495,352
-----------------------------------------------------------------------------------
Class A Shares
-----------------------------------------------------------------------------------
NET ASSETS $32,709,561 $45,773,344 $16,760,502 $31,851,222
SHARES OUTSTANDING 3,343,378 4,563,693 1,777,860 3,227,402
NET ASSET VALUE AND REDEMPTION
PRICE PER SHARE
(net assets DIVIDED BY
shares of beneficial
interest outstanding) $ 9.78 $ 10.03 $ 9.43 $ 9.87
MAXIMUM OFFERING PRICE PER
SHARE
(100 DIVIDED BY 97.75 of
net asset value per
share) $ 10.01 $ 10.26 $ 9.65 $ 10.10
-----------------------------------------------------------------------------------
Class B Shares
-----------------------------------------------------------------------------------
NET ASSETS $ 2,271,575 $ 3,959,631 $ 2,041,084 $ 2,422,882
SHARES OUTSTANDING 232,171 394,781 216,507 245,504
NET ASSET VALUE, OFFERING
PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY
shares of beneficial
interest outstanding) $ 9.78 $ 10.03 $ 9.43 $ 9.87
-----------------------------------------------------------------------------------
Class C Shares
-----------------------------------------------------------------------------------
NET ASSETS $ -- $ 1,721,296 $ -- $ 4,221,248
SHARES OUTSTANDING -- 181,078 -- 451,939
NET ASSET VALUE, OFFERING
PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY
shares of beneficial
interest outstanding) $ -- $ 9.51 $ -- $ 9.34
-----------------------------------------------------------------------------------
</TABLE>
On sales of $100,000 or more, the offering price of Class A shares is
reduced.
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED LIMITED LIMITED
FUND FUND FUND
<S> <C> <C> <C>
---------------------------------------------------------------------------------
Investment Income
---------------------------------------------------------------------------------
Interest allocated from Portfolio $ 1,400,770 $ 2,821,157 $ 2,613,076
Expenses allocated from Portfolio (167,749) (307,178) (276,630)
---------------------------------------------------------------------------------
NET INVESTMENT INCOME FROM PORTFOLIO $ 1,233,021 $ 2,513,979 $ 2,336,446
---------------------------------------------------------------------------------
Expenses
---------------------------------------------------------------------------------
Trustees fees and expenses $ 263 $ 1,695 $ 717
Distribution and service fees
Class A 35,030 64,636 61,243
Class B 19,877 47,651 21,867
Class C -- 31,943 42,511
Legal and accounting services 15,065 15,993 9,206
Printing and postage 4,696 7,939 8,679
Custodian fee 6,001 8,225 7,452
Transfer and dividend disbursing agent
fees 22,498 43,117 41,511
Registration fees 1,300 8,926 4,598
Miscellaneous 7,942 9,568 10,421
---------------------------------------------------------------------------------
TOTAL EXPENSES $ 112,672 $ 239,693 $ 208,205
---------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 1,120,349 $ 2,274,286 $ 2,128,241
---------------------------------------------------------------------------------
Realized and Unrealized Gain (loss) from Portfolio
---------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 61,725 $ 121,278 $ (18,066)
Financial futures contracts 12,791 35,679 73,715
---------------------------------------------------------------------------------
NET REALIZED GAIN $ 74,516 $ 156,957 $ 55,649
---------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(1,788,105) $(3,456,340) $(3,171,171)
Financial futures contracts (25,295) -- (16,566)
---------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(1,813,400) $(3,456,340) $(3,187,737)
---------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(1,738,884) $(3,299,383) $(3,132,088)
---------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (618,535) $(1,025,097) $(1,003,847)
---------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED LIMITED LIMITED LIMITED
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------
Investment Income
---------------------------------------------------------------------------------------------
Interest allocated from Portfolio $ 2,092,243 $ 3,194,169 $ 1,183,382 $ 2,504,956
Expenses allocated from Portfolio (224,877) (337,123) (138,615) (272,605)
---------------------------------------------------------------------------------------------
NET INVESTMENT INCOME FROM PORTFOLIO $ 1,867,366 $ 2,857,046 $ 1,044,767 $ 2,232,351
---------------------------------------------------------------------------------------------
Expenses
---------------------------------------------------------------------------------------------
Trustees fees and expenses $ 169 $ 2,362 $ 171 $ 715
Distribution and service fees
Class A 52,107 77,141 28,314 55,148
Class B 23,060 37,575 18,243 25,735
Class C -- 18,649 -- 43,021
Legal and accounting services 14,702 15,708 14,063 15,641
Printing and postage 8,131 11,684 4,000 9,433
Custodian fee 5,433 8,999 5,169 7,537
Transfer and dividend disbursing agent
fees 35,480 56,334 15,181 43,823
Registration fees 2,300 3,600 3,626 1,799
Miscellaneous 9,353 10,960 6,736 10,331
---------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 150,735 $ 243,012 $ 95,503 $ 213,183
---------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 1,716,631 $ 2,614,034 $ 949,264 $ 2,019,168
---------------------------------------------------------------------------------------------
Realized and Unrealized Gain (loss) from Portfolio
---------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 114,201 $ 139,518 $ 5,685 $ (277,931)
Financial futures contracts 53,392 92,218 28,679 61,345
---------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 167,593 $ 231,736 $ 34,364 $ (216,586)
---------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(2,198,319) $(3,399,494) $(1,501,614) $(2,749,901)
Financial futures contracts (12,048) (19,578) (5,980) --
---------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(2,210,367) $(3,419,072) $(1,507,594) $(2,749,901)
---------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(2,042,774) $(3,187,336) $(1,473,230) $(2,966,487)
---------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (326,143) $ (573,302) $ (523,966) $ (947,319)
---------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED LIMITED LIMITED
INCREASE (DECREASE) IN NET ASSETS FUND FUND FUND
<S> <C> <C> <C>
----------------------------------------------------------------------------------
From operations --
Net investment income $ 1,120,349 $ 2,274,286 $ 2,128,241
Net realized gain 74,516 156,957 55,649
Net change in unrealized appreciation
(depreciation) (1,813,400) (3,456,340) (3,187,737)
----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (618,535) $ (1,025,097) $(1,003,847)
----------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $(1,052,128) $ (1,955,213) $(1,821,278)
Class B (82,331) (200,764) (90,577)
Class C -- (134,482) (176,411)
In excess of net investment income
Class A (12,866) -- --
Class B (2,761) (1,305) --
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $(1,150,086) $ (2,291,764) $(2,088,266)
----------------------------------------------------------------------------------
Transactions in shares of beneficial
interest --
Proceeds from sale of shares
Class A $ 886,377 $ 3,665,937 $ 5,334,999
Class B 800,153 1,462,072 1,175,085
Class C -- 1,222,113 1,299,646
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 449,095 774,887 978,392
Class B 33,184 49,957 60,905
Class C -- 47,478 104,816
Cost of shares redeemed
Class A (5,428,140) (14,101,420) (9,718,317)
Class B (1,004,654) (2,592,550) (1,815,073)
Class C -- (2,038,651) (1,758,342)
Net asset value of shares exchanged
Class A 291,488 1,572,009 1,179,357
Class B (291,488) (1,572,009) (1,179,357)
----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $(4,263,985) $(11,510,177) $(4,337,889)
----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(6,032,606) $(14,827,038) $(7,430,002)
----------------------------------------------------------------------------------
Net Assets
----------------------------------------------------------------------------------
At beginning of year $28,568,872 $ 59,631,343 $51,401,222
----------------------------------------------------------------------------------
AT END OF YEAR $22,536,266 $ 44,804,305 $43,971,220
----------------------------------------------------------------------------------
Accumulated distributions in excess of
net investment income included in net assets
----------------------------------------------------------------------------------
AT END OF YEAR $ (40,256) $ (85,077) $ (9,099)
----------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED LIMITED LIMITED LIMITED
INCREASE (DECREASE) IN NET ASSETS FUND FUND FUND FUND
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------
From operations --
Net investment income $ 1,716,631 $ 2,614,034 $ 949,264 $ 2,019,168
Net realized gain (loss) 167,593 231,736 34,364 (216,586)
Net change in unrealized appreciation
(depreciation) (2,210,367) (3,419,072) (1,507,594) (2,749,901)
----------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (326,143) $ (573,302) $ (523,966) $ (947,319)
----------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $(1,618,828) $ (2,382,030) $ (870,702) $ (1,683,922)
Class B (98,720) (160,481) (81,027) (108,465)
Class C -- (78,987) -- (181,934)
In excess of net investment income
Class A -- -- (15,645) --
----------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $(1,717,548) $ (2,621,498) $ (967,374) $ (1,974,321)
----------------------------------------------------------------------------------------------
Transactions in shares of beneficial
interest --
Proceeds from sale of shares
Class A $ 3,417,910 $ 4,455,767 $ 753,933 $ 1,768,469
Class B 521,641 1,405,540 534,144 629,495
Class C -- 718,914 -- 454,871
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 1,040,455 1,353,909 565,177 742,431
Class B 62,991 107,185 43,923 68,419
Class C -- 53,044 -- 123,368
Cost of shares redeemed
Class A (6,440,669) (15,047,199) (3,584,355) (9,285,512)
Class B (1,224,409) (2,404,216) (599,408) (1,871,315)
Class C -- (1,672,169) -- (1,850,588)
Net asset value of shares exchanged
Class A 642,388 1,413,087 194,199 1,119,696
Class B (642,388) (1,413,087) (194,199) (1,119,696)
----------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $(2,622,081) $(11,029,225) $(2,286,586) $ (9,220,362)
----------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(4,665,772) $(14,224,025) $(3,777,926) $(12,142,002)
----------------------------------------------------------------------------------------------
Net Assets
----------------------------------------------------------------------------------------------
At beginning of year $39,646,908 $ 65,678,296 $22,579,512 $ 50,637,354
----------------------------------------------------------------------------------------------
AT END OF YEAR $34,981,136 $ 51,454,271 $18,801,586 $ 38,495,352
----------------------------------------------------------------------------------------------
Accumulated undistributed (distributions in excess
of)
net investment income included in net assets
----------------------------------------------------------------------------------------------
AT END OF YEAR $ (41,057) $ (67,801) $ 68,616 $ 21,139
----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 1999
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED LIMITED LIMITED
INCREASE (DECREASE) IN NET ASSETS FUND FUND FUND
<S> <C> <C> <C>
----------------------------------------------------------------------------------
From operations --
Net investment income $ 1,359,556 $ 2,787,742 $ 2,251,010
Net realized gain 378,072 640,439 448,633
Net change in unrealized
appreciation (depreciation) (263,964) (704,172) (457,661)
----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,473,664 $ 2,724,009 $ 2,241,982
----------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $(1,261,736) $ (2,327,941) $(1,944,036)
Class B (127,848) (275,336) (182,561)
Class C -- (209,162) (154,877)
In excess of net investment income
Class A (135) -- --
Class B (1,820) (1,526) (2,636)
Class C -- -- (3,195)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $(1,391,539) $ (2,813,965) $(2,287,305)
----------------------------------------------------------------------------------
Transactions in shares of beneficial
interest --
Proceeds from sale of shares
Class A $ 363,844 $ 700,316 $ 2,487,913
Class B 756,317 814,557 1,504,280
Class C -- 1,429,966 1,586,272
Issued in reorganization of EV
Traditional and Classic Limited
Maturity Municipals Funds
Class A 3,133,613 4,524,349 --
Class C -- 6,552,371 4,459,306
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 487,926 816,049 953,546
Class B 61,904 79,403 123,499
Class C -- 100,040 128,935
Cost of shares redeemed
Class A (6,698,846) (11,155,505) (8,510,101)
Class B (714,328) (735,278) (2,367,643)
Class C -- (4,132,890) (945,891)
Net asset value of shares exchanged
Class A 3,033,129 4,440,205 4,963,466
Class B (3,033,129) (4,440,205) (4,963,466)
----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $(2,609,570) $ (1,006,622) $ (579,884)
----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(2,527,445) $ (1,096,578) $ (625,207)
----------------------------------------------------------------------------------
Net Assets
----------------------------------------------------------------------------------
At beginning of year $31,096,317 $ 60,727,921 $52,026,429
----------------------------------------------------------------------------------
AT END OF YEAR $28,568,872 $ 59,631,343 $51,401,222
----------------------------------------------------------------------------------
Accumulated distributions in excess of
net investment income included in net assets
----------------------------------------------------------------------------------
AT END OF YEAR $ (54,393) $ (87,829) $ (49,074)
----------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
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
LIMITED LIMITED LIMITED LIMITED
INCREASE (DECREASE) IN NET ASSETS FUND FUND FUND 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
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 investment income included in net assets
---------------------------------------------------------------------------------------------
AT END OF YEAR $ (40,140) $ (60,337) $ 86,726 $ (23,708)
---------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CALIFORNIA LIMITED FUND -- CLASS A
------------------------------------------------
YEAR ENDED MARCH 31,
------------------------------------------------
2000(1) 1999 1998 1997(2)
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.350 $10.330 $ 9.980 $ 9.940
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income $ 0.440 $ 0.453 $ 0.459 $ 0.363
Net realized and unrealized
gain (loss) (0.640) 0.030 0.362 0.037(3)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.200) $ 0.483 $ 0.821 $ 0.400
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
From net investment income $(0.445) $(0.463) $(0.459) $(0.360)
In excess of net investment
income (0.005) --(4) (0.012) --
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.450) $(0.463) $(0.471) $(0.360)
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.700 $10.350 $10.330 $ 9.980
----------------------------------------------------------------------------------
TOTAL RETURN(5) (1.88)% 4.56% 8.56% 3.84%
----------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $20,448 $26,170 $25,780 $14,718
Ratios (As a percentage of
average daily net assets):
Expenses(6) 1.04% 0.95% 0.96% 0.90%(7)
Expenses after custodian
fee reduction(6) 1.04% 0.94% 0.94% 0.89%(7)
Net investment income 4.48% 4.37% 4.51% 4.76%(7)
Portfolio Turnover of the
Portfolio 13% 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
18
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CALIFORNIA LIMITED FUND -- CLASS B
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.350 $10.330 $ 9.980 $10.080 $ 9.950
-----------------------------------------------------------------------------------------------
Income (loss) from operations
-----------------------------------------------------------------------------------------------
Net investment income $ 0.366 $ 0.382 $ 0.386 $ 0.393 $ 0.385
Net realized and unrealized
gain (loss) (0.636) 0.025 0.362 (0.097) 0.134
-----------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.270) $ 0.407 $ 0.748 $ 0.296 $ 0.519
-----------------------------------------------------------------------------------------------
Less distributions
-----------------------------------------------------------------------------------------------
From net investment income $(0.368) $(0.382) $(0.386) $(0.393) $(0.385)
In excess of net investment
income (0.012) (0.005) (0.012) (0.003) (0.004)
-----------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.380) $(0.387) $(0.398) $(0.396) $(0.389)
-----------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.700 $10.350 $10.330 $ 9.980 $10.080
-----------------------------------------------------------------------------------------------
TOTAL RETURN(2) (2.58)% 3.99% 7.60% 2.99% 5.27%
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $ 2,088 $ 2,399 $ 5,316 $25,386 $54,241
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.79% 1.62% 1.76% 1.71% 1.63%
Expenses after custodian
fee reduction(3) 1.79% 1.61% 1.74% 1.70% 1.59%
Net investment income 3.73% 3.71% 3.76% 3.91% 3.81%
Portfolio Turnover of the
Portfolio 13% 29% 40% 57% 36%
-----------------------------------------------------------------------------------------------
</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.
SEE NOTES TO FINANCIAL STATEMENTS
19
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FLORIDA LIMITED FUND -- CLASS A
------------------------------------------------
YEAR ENDED MARCH 31,
------------------------------------------------
2000(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.270 $10.290 $ 9.980 $10.030
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income $ 0.448 $ 0.453 $ 0.465 $ 0.357
Net realized and unrealized
gain (loss) (0.597) (0.018) 0.307 (0.049)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.149) $ 0.435 $ 0.772 $ 0.308
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
From net investment income $(0.451) $(0.455) $(0.462) $(0.357)
In excess of net investment
income -- -- -- (0.001)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.451) $(0.455) $(0.462) $(0.358)
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.670 $10.270 $10.290 $ 9.980
----------------------------------------------------------------------------------
TOTAL RETURN(3) (1.43)% 4.10% 8.06% 2.88%
----------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $36,952 $49,355 $50,116 $34,321
Ratios (As a percentage of
average daily net assets):
Expenses(4) 0.97% 0.90% 0.90% 0.89%(5)
Expenses after custodian
fee reduction(4) 0.94% 0.88% 0.88% 0.87%(5)
Net investment income 4.55% 4.38% 4.61% 4.65%(5)
Portfolio Turnover of the
Portfolio 16% 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
20
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FLORIDA LIMITED FUND -- CLASS B
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.270 $10.290 $ 9.980 $10.170 $ 10.080
-----------------------------------------------------------------------------------------------
Income (loss) from operations
-----------------------------------------------------------------------------------------------
Net investment income $ 0.374 $ 0.378 $ 0.391 $ 0.388 $ 0.383
Net realized and unrealized
gain (loss) (0.598) (0.018) 0.307 (0.185) 0.096
-----------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.224) $ 0.360 $ 0.698 $ 0.203 $ 0.479
-----------------------------------------------------------------------------------------------
Less distributions
-----------------------------------------------------------------------------------------------
From net investment income $(0.374) $(0.378) $(0.388) $(0.388) $ (0.383)
In excess of net investment
income (0.002) (0.002) -- (0.005) (0.006)
-----------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.376) $(0.380) $(0.388) $(0.393) $ (0.389)
-----------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.670 $10.270 $10.290 $ 9.980 $ 10.170
-----------------------------------------------------------------------------------------------
TOTAL RETURN(2) (2.17)% 3.54% 7.08% 2.05% 4.78%
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $ 4,907 $ 6,326 $10,612 $48,418 $116,781
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.71% 1.63% 1.66% 1.65% 1.57%
Expenses after custodian
fee reduction(3) 1.68% 1.61% 1.64% 1.63% 1.56%
Net investment income 3.80% 3.67% 3.84% 3.86% 3.74%
Portfolio Turnover of the
Portfolio 16% 16% 38% 66% 20%
-----------------------------------------------------------------------------------------------
</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.
SEE NOTES TO FINANCIAL STATEMENTS
21
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FLORIDA LIMITED FUND -- CLASS C
--------------------------------
YEAR ENDED MARCH 31,
--------------------------------
2000(1) 1999(1)
<S> <C> <C>
------------------------------------------------------------------
Net asset value -- Beginning
of year $ 9.710 $ 9.730
------------------------------------------------------------------
Income (loss) from operations
------------------------------------------------------------------
Net investment income $ 0.354 $ 0.356
Net realized and unrealized
loss (0.570) (0.012)
------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.216) $ 0.344
------------------------------------------------------------------
Less distributions
------------------------------------------------------------------
From net investment income $(0.354) $(0.364)
------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.140 $ 9.710
------------------------------------------------------------------
TOTAL RETURN(2) (2.21)% 3.57%
------------------------------------------------------------------
Ratios/Supplemental Data
------------------------------------------------------------------
Net assets, end of year (000's
omitted) $ 2,946 $ 3,950
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.71% 1.66%
Expenses after custodian
fee reduction(3) 1.68% 1.64%
Net investment income 3.80% 3.65%
Portfolio Turnover of the
Portfolio 16% 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.
SEE NOTES TO FINANCIAL STATEMENTS
22
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED FUND -- CLASS A
------------------------------------------------
YEAR ENDED MARCH 31,
------------------------------------------------
2000(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.320 $10.330 $ 9.990 $ 9.940
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income $ 0.455 $ 0.450 $ 0.457 $ 0.359
Net realized and unrealized
gain (loss) (0.648) (0.004) 0.339 0.040(3)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.193) $ 0.446 $ 0.796 $ 0.399
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
From net investment income $(0.447) $(0.456) $(0.456) $(0.349)
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.680 $10.320 $10.330 $ 9.990
----------------------------------------------------------------------------------
TOTAL RETURN(4) (1.85)% 4.19% 8.29% 3.83%
----------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $37,411 $43,436 $43,575 $23,995
Ratios (As a percentage of
average daily net assets):
Expenses(5) 0.94% 0.94% 0.96% 0.91%(6)
Expenses after custodian
fee reduction(5) 0.91% 0.91% 0.92% 0.89%(6)
Net investment income 4.61% 4.35% 4.53% 4.76%(6)
Portfolio Turnover of the
Portfolio 15% 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
23
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED FUND -- CLASS B
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.320 $10.330 $ 9.990 $10.100 $ 9.980
-----------------------------------------------------------------------------------------------
Income (loss) from operations
-----------------------------------------------------------------------------------------------
Net investment income $ 0.380 $ 0.373 $ 0.384 $ 0.378 $ 0.383
Net realized and unrealized
gain (loss) (0.651) (0.005) 0.339 (0.106) 0.126
-----------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.271) $ 0.368 $ 0.723 $ 0.272 $ 0.509
-----------------------------------------------------------------------------------------------
Less distributions
-----------------------------------------------------------------------------------------------
From net investment income $(0.369) $(0.373) $(0.383) $(0.382) $(0.383)
In excess of net investment
income -- (0.005) -- -- (0.006)
-----------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.369) $(0.378) $(0.383) $(0.382) $(0.389)
-----------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.680 $10.320 $10.330 $ 9.990 $10.100
-----------------------------------------------------------------------------------------------
TOTAL RETURN(2) (2.62)% 3.60% 7.33% 2.74% 5.08%
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $ 2,000 $ 2,747 $ 8,451 $41,090 $91,809
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.69% 1.70% 1.70% 1.68% 1.60%
Expenses after custodian
fee reduction(3) 1.66% 1.67% 1.66% 1.66% 1.58%
Net investment income 3.84% 3.61% 3.85% 3.90% 3.71%
Portfolio Turnover of the
Portfolio 15% 19% 46% 60% 27%
-----------------------------------------------------------------------------------------------
</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.
SEE NOTES TO FINANCIAL STATEMENTS
24
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED FUND -- CLASS C
--------------------------------------
YEAR ENDED MARCH 31,
--------------------------------------
2000(1) 1999(1)
<S> <C> <C>
------------------------------------------------------------------------
Net asset value -- Beginning
of year $ 9.860 $ 9.880
------------------------------------------------------------------------
Income (loss) from operations
------------------------------------------------------------------------
Net investment income $ 0.364 $ 0.354
Net realized and unrealized
loss (0.612) (0.006)
------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.248) $ 0.348
------------------------------------------------------------------------
Less distributions
------------------------------------------------------------------------
From net investment income $(0.352) $(0.360)
In excess of net investment
income -- (0.008)
------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.352) $(0.368)
------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.260 $ 9.860
------------------------------------------------------------------------
TOTAL RETURN(2) (2.51)% 3.56%
------------------------------------------------------------------------
Ratios/Supplemental Data
------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $ 4,561 $ 5,217
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.69% 1.70%
Expenses after custodian
fee reduction(3) 1.66% 1.67%
Net investment income 3.87% 3.57%
Portfolio Turnover of the
Portfolio 15% 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.
SEE NOTES TO FINANCIAL STATEMENTS
25
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW JERSEY LIMITED FUND -- CLASS A
------------------------------------------------
YEAR ENDED MARCH 31,
------------------------------------------------
2000(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.320 $10.350 $10.070 $ 9.960
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income $ 0.464 $ 0.463 $ 0.464 $ 0.362
Net realized and unrealized
gain (loss) (0.540) (0.030) 0.279 0.102(3)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.076) $ 0.433 $ 0.743 $ 0.464
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
From net investment income $(0.464) $(0.463) $(0.463) $(0.354)
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.780 $10.320 $10.350 $10.070
----------------------------------------------------------------------------------
TOTAL RETURN(4) (0.70)% 4.04% 7.69% 4.48%
----------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Net assets, end of year
(000's omitted) $32,710 $36,591 $35,879 $22,230
Ratios (As a percentage of
average daily net assets):
Expenses(5) 0.99% 0.95% 0.99% 0.88%(6)
Expenses after custodian
fee reduction(5) 0.96% 0.95% 0.98% 0.85%(6)
Net investment income 4.68% 4.47% 4.56% 4.75%(6)
Portfolio Turnover of the
Portfolio 15% 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
26
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW JERSEY LIMITED FUND -- CLASS B
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.320 $10.350 $10.070 $10.110 $10.020
-----------------------------------------------------------------------------------------------
Income (loss) from operations
-----------------------------------------------------------------------------------------------
Net investment income $ 0.388 $ 0.383 $ 0.391 $ 0.375 $ 0.383
Net realized and unrealized
gain (loss) (0.542) (0.028) 0.279 (0.026) 0.093
-----------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.154) $ 0.355 $ 0.670 $ 0.349 $ 0.476
-----------------------------------------------------------------------------------------------
Less distributions
-----------------------------------------------------------------------------------------------
From net investment income $(0.386) $(0.383) $(0.390) $(0.389) $(0.383)
In excess of net investment
income -- (0.002) -- -- (0.003)
-----------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.386) $(0.385) $(0.390) $(0.389) $(0.386)
-----------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.780 $10.320 $10.350 $10.070 $10.110
-----------------------------------------------------------------------------------------------
TOTAL RETURN(2) (1.48)% 3.46% 6.73% 3.53% 4.79%
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $ 2,272 $ 3,056 $ 8,620 $34,691 $78,039
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.74% 1.72% 1.72% 1.69% 1.60%
Expenses after custodian
fee reduction(3) 1.71% 1.72% 1.71% 1.66% 1.58%
Net investment income 3.91% 3.70% 3.85% 3.90% 3.77%
Portfolio Turnover of the
Portfolio 15% 13% 21% 37% 42%
-----------------------------------------------------------------------------------------------
</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.
SEE NOTES TO FINANCIAL STATEMENTS
27
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW YORK LIMITED FUND -- CLASS A
------------------------------------------------
YEAR ENDED MARCH 31,
------------------------------------------------
2000(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.560 $10.510 $10.040 $10.000
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income $ 0.470 $ 0.468 $ 0.461 $ 0.357
Net realized and unrealized
gain (loss) (0.529) 0.047 0.470 0.035(3)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.059) $ 0.515 $ 0.931 $ 0.392
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
From net investment income $(0.471) $(0.465) $(0.461) $(0.352)
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $10.030 $10.560 $10.510 $10.040
----------------------------------------------------------------------------------
TOTAL RETURN(4) (0.50)% 4.78% 9.61% 3.74%
----------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $45,773 $57,864 $59,442 $35,932
Ratios (As a percentage of
average daily net assets):
Expenses(5) 0.96% 0.91% 0.93% 0.88%(6)
Expenses after custodian
fee reduction(5) 0.93% 0.91% 0.91% 0.86%(6)
Net investment income 4.63% 4.42% 4.50% 4.67%(6)
Portfolio Turnover of the
Portfolio 18% 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
28
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW YORK LIMITED FUND -- CLASS B
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.560 $10.510 $10.040 $10.150 $ 10.030
-----------------------------------------------------------------------------------------------
Income (loss) from operations
-----------------------------------------------------------------------------------------------
Net investment income $ 0.391 $ 0.386 $ 0.388 $ 0.387 $ 0.374
Net realized and unrealized
gain (loss) (0.530) 0.050 0.470 (0.109) 0.135
-----------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.139) $ 0.436 $ 0.858 $ 0.278 $ 0.509
-----------------------------------------------------------------------------------------------
Less distributions
-----------------------------------------------------------------------------------------------
From net investment income $(0.391) $(0.386) $(0.388) $(0.387) $ (0.374)
In excess of net investment
income -- -- -- (0.001) (0.015)
-----------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.391) $(0.386) $(0.388) $(0.388) $ (0.389)
-----------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $10.030 $10.560 $10.510 $10.040 $ 10.150
-----------------------------------------------------------------------------------------------
TOTAL RETURN(2) (1.29)% 4.20% 8.65% 2.79% 5.12%
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $ 3,960 $ 5,078 $12,220 $60,097 $133,846
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.71% 1.68% 1.70% 1.63% 1.57%
Expenses after custodian
fee reduction(3) 1.68% 1.68% 1.68% 1.61% 1.55%
Net investment income 3.87% 3.67% 3.77% 3.84% 3.66%
Portfolio Turnover of the
Portfolio 18% 17% 53% 58% 32%
-----------------------------------------------------------------------------------------------
</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.
SEE NOTES TO FINANCIAL STATEMENTS
29
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW YORK LIMITED FUND -- CLASS C
--------------------------------
YEAR ENDED MARCH 31,
--------------------------------
2000(1) 1999(1)
<S> <C> <C>
------------------------------------------------------------------
Net asset value -- Beginning
of year $10.000 $ 9.950
------------------------------------------------------------------
Income (loss) from operations
------------------------------------------------------------------
Net investment income $ 0.364 $ 0.368
Net realized and unrealized
gain (loss) (0.490) 0.053
------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.126) $ 0.421
------------------------------------------------------------------
Less distributions
------------------------------------------------------------------
From net investment income $(0.364) $(0.368)
In excess of net investment
income -- (0.003)
------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.364) $(0.371)
------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.510 $10.000
------------------------------------------------------------------
TOTAL RETURN(2) (1.22)% 4.28%
------------------------------------------------------------------
Ratios/Supplemental Data
------------------------------------------------------------------
Net assets, end of year (000's
omitted) $ 1,721 $ 2,737
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.71% 1.67%
Expenses after custodian
fee reduction(3) 1.68% 1.67%
Net investment income 3.89% 3.65%
Portfolio Turnover of the
Portfolio 18% 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.
SEE NOTES TO FINANCIAL STATEMENTS
30
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
OHIO LIMITED FUND -- CLASS A
------------------------------------------------
YEAR ENDED MARCH 31,
------------------------------------------------
2000(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.110 $10.140 $ 9.820 $ 9.860
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income $ 0.447 $ 0.458 $ 0.461 $ 0.205
Net realized and unrealized
gain (loss) (0.672) (0.019) 0.331 (0.037)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.225) $ 0.439 $ 0.792 $ 0.168
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
From net investment income $(0.447) $(0.453) $(0.461) $(0.205)
In excess of net investment
income (0.008) (0.016) (0.011) (0.003)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.455) $(0.469) $(0.472) $(0.208)
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.430 $10.110 $10.140 $ 9.820
----------------------------------------------------------------------------------
TOTAL RETURN(3) (2.22)% 4.19% 8.40% 1.51%
----------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $16,761 $20,375 $18,114 $ 952
Ratios (As a percentage of
average daily net assets):
Expenses(4) 1.08% 1.03% 1.11% 1.08%(5)
Expenses after custodian
fee reduction(4) 1.05% 1.00% -- 1.05%(5)
Net investment income 4.63% 4.51% 4.57% 4.75%(5)
Portfolio Turnover of the
Portfolio 13% 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
31
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
OHIO LIMITED FUND -- CLASS B
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.110 $10.140 $ 9.820 $ 9.840 $ 9.730
-----------------------------------------------------------------------------------------------
Income (loss) from operations
-----------------------------------------------------------------------------------------------
Net investment income $ 0.376 $ 0.386 $ 0.389 $ 0.408 $ 0.398
Net realized and unrealized
gain (loss) (0.672) (0.023) 0.331 (0.033) 0.085
-----------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.296) $ 0.363 $ 0.720 $ 0.375 $ 0.483
-----------------------------------------------------------------------------------------------
Less distributions
-----------------------------------------------------------------------------------------------
From net investment income $(0.384) $(0.393) $(0.400) $(0.395) $(0.373)
-----------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.430 $10.110 $10.140 $ 9.820 $ 9.840
-----------------------------------------------------------------------------------------------
TOTAL RETURN(2) (2.94)% 3.62% 7.43% 3.89% 5.07%
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $ 2,041 $ 2,205 $ 4,249 $24,587 $29,759
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.83% 1.75% 1.80% 1.84% 1.67%
Expenses after custodian
fee reduction(3) 1.80% 1.72% -- 1.81% 1.65%
Net investment income 3.89% 3.79% 3.92% 4.06% 4.04%
Portfolio Turnover of the
Portfolio 13% 19% 29% 34% 47%
-----------------------------------------------------------------------------------------------
</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.
SEE NOTES TO FINANCIAL STATEMENTS
32
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED FUND -- CLASS A
------------------------------------------------
YEAR ENDED MARCH 31,
------------------------------------------------
2000(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.500 $10.550 $10.100 $10.030
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income $ 0.473 $ 0.477 $ 0.481 $ 0.371
Net realized and unrealized
gain (loss) (0.641) (0.051) 0.445 0.063(3)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.168) $ 0.426 $ 0.926 $ 0.434
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
From net investment income $(0.462) $(0.476) $(0.476) $(0.364)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.462) $(0.476) $(0.476) $(0.364)
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.870 $10.500 $10.550 $10.100
----------------------------------------------------------------------------------
TOTAL RETURN(4) (1.57)% 3.90% 9.52% 4.15%
----------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $31,851 $41,048 $43,961 $27,907
Ratios (As a percentage of
average daily net assets):
Expenses(5) 0.99% 0.94% 0.97% 0.90%(6)
Expenses after custodian
fee reduction(5) 0.97% 0.92% 0.95% 0.88%(6)
Net investment income 4.69% 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
33
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED FUND -- CLASS B
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Net asset value -- Beginning
of year $10.500 $10.550 $10.100 $10.190 $10.090
-----------------------------------------------------------------------------------------------
Income (loss) from operations
-----------------------------------------------------------------------------------------------
Net investment income $ 0.383 $ 0.400 $ 0.407 $ 0.392 $ 0.388
Net realized and unrealized
gain (loss) (0.630) (0.053) 0.445 (0.081) 0.110
-----------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.247) $ 0.347 $ 0.852 $ 0.311 $ 0.498
-----------------------------------------------------------------------------------------------
Less distributions
-----------------------------------------------------------------------------------------------
From net investment income $(0.383) $(0.397) $(0.402) $(0.401) $(0.388)
In excess of net investment
income -- -- -- -- (0.010)
-----------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.383) $(0.397) $(0.402) $(0.401) $(0.398)
-----------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.870 $10.500 $10.550 $10.100 $10.190
-----------------------------------------------------------------------------------------------
TOTAL RETURN(2) (2.34)% 3.33% 8.55% 3.12% 4.98%
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $ 2,423 $ 3,787 $ 8,277 $33,971 $84,407
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.74% 1.69% 1.71% 1.69% 1.62%
Expenses after custodian
fee reduction(3) 1.72% 1.67% 1.69% 1.67% 1.60%
Net investment income 3.93% 3.79% 3.95% 4.05% 3.79%
Portfolio Turnover of the
Portfolio 11% 16% 36% 51% 24%
-----------------------------------------------------------------------------------------------
</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.
SEE NOTES TO FINANCIAL STATEMENTS
34
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED FUND -- CLASS C
------------------------------------
YEAR ENDED MARCH 31,
------------------------------------
2000(1) 1999(1)
<S> <C> <C>
----------------------------------------------------------------------
Net asset value -- Beginning
of year $ 9.930 $ 9.980
----------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------
Net investment income $ 0.376 $ 0.374
Net realized and unrealized
loss (0.605) (0.042)
----------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.229) $ 0.332
----------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------
From net investment income $(0.361) $(0.382)
----------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.361) $(0.382)
----------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 9.340 $ 9.930
----------------------------------------------------------------------
TOTAL RETURN(2) (2.29)% 3.36%
----------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------
Net assets, end of year (000's
omitted) $ 4,221 $ 5,803
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.74% 1.71%
Expenses after custodian
fee reduction(3) 1.72% 1.69%
Net investment income 3.95% 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.
SEE NOTES TO FINANCIAL STATEMENTS
35
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
-------------------------------------------
Eaton Vance Investment Trust (the Trust) is an entity of the type commonly
known as a Massachusetts business trust and is registered under the
Investment Company Act of 1940, as amended, as an open-end investment
management company. The Trust presently consists of eight Funds, seven of
which are included in these financial statements. They include Eaton Vance
California Limited Maturity Municipals Fund (California Limited Fund), Eaton
Vance Florida Limited Maturity Municipals Fund (Florida Limited Fund), Eaton
Vance Massachusetts Limited Maturity Municipals Fund (Massachusetts 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, Class B 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 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 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 March 31, 2000 for
each Fund except Ohio Limited Fund which was 99.3%). 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 Valuations -- 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 March 31, 2000,
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 (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
30,280 March 31, 2003
</TABLE>
36
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS CONT'D
<TABLE>
<CAPTION>
FUND AMOUNT EXPIRES
<S> <C> <C>
--------------------------------------------------------------------
Florida Limited Fund 355,606 March 31, 2006
133,020 March 31, 2005
2,955,585 March 31, 2004
12,314 March 31, 2003
Massachusetts Limited Fund 197,971 March 31, 2006
30,086 March 31, 2005
1,475,326 March 31, 2004
New Jersey Limited Fund 213,255 March 31, 2006
1,767,217 March 31, 2004
165,731 March 31, 2003
New York Limited Fund 20,866 March 31, 2005
1,325,786 March 31, 2004
Ohio Limited Fund 762,343 March 31, 2004
551,022 March 31, 2003
Pennsylvania Limited Fund 25,743 March 31, 2005
1,038,747 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 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 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 the Funds' custodian fees
are reported as a reduction of total expenses on the Statement of Operations.
F Other -- Investment transactions are accounted for on a trade-date basis.
2 Distributions to Shareholders
-------------------------------------------
The net income of each Fund is determined daily and substantially all of the
net income so determined is declared as a dividend to shareholders of record
at the time of declaration. 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, 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 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
------------------------
YEAR ENDED MARCH 31,
------------------------
CLASS A 2000 1999
<S> <C> <C>
------------------------------------------------------------------
Sales 60,292 35,063
Issued to shareholders electing to
receive payments of distributions in
Fund shares 45,722 47,022
Redemptions (556,250) (645,502)
Exchange from Class B shares 29,572 293,151
Issued to EV Traditional California
Limited Fund shareholders -- 303,260
------------------------------------------------------------------
NET INCREASE (DECREASE) (420,664) 32,994
------------------------------------------------------------------
</TABLE>
37
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS CONT'D
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
------------------------
CLASS B 2000 1999
<S> <C> <C>
------------------------------------------------------------------
Sales 82,334 72,974
Issued to shareholders electing to
receive payments of distributions in
Fund shares 3,376 5,973
Redemptions (72,747) (68,913)
Exchange to Class A shares (29,572) (293,151)
------------------------------------------------------------------
NET DECREASE (16,609) (283,117)
------------------------------------------------------------------
<CAPTION>
FLORIDA LIMITED FUND
------------------------
YEAR ENDED MARCH 31,
------------------------
CLASS A 2000 1999
<S> <C> <C>
------------------------------------------------------------------
Sales 216,644 67,765
Issued to shareholders electing to
receive payments of distributions in
Fund shares 78,864 79,022
Redemptions (1,437,016) (1,081,189)
Exchange from Class B shares 158,898 430,954
Issued to EV Traditional Florida Limited
Fund shareholders -- 439,652
------------------------------------------------------------------
NET DECREASE (982,610) (63,796)
------------------------------------------------------------------
<CAPTION>
YEAR ENDED MARCH 31,
------------------------
CLASS B 2000 1999
<S> <C> <C>
------------------------------------------------------------------
Sales 150,707 79,523
Issued to shareholders electing to
receive payments of distributions in
Fund shares 5,090 7,697
Redemptions (105,321) (71,236)
Exchange to Class A shares (158,898) (430,954)
------------------------------------------------------------------
NET DECREASE (108,422) (414,970)
------------------------------------------------------------------
<CAPTION>
YEAR ENDED MARCH 31,
------------------------
CLASS C 2000 1999
<S> <C> <C>
------------------------------------------------------------------
Sales 132,529 146,199
Issued to shareholders electing to
receive payments of distributions in
Fund shares 5,105 10,261
Redemptions (222,102) (422,687)
Issued to EV Classic Florida Limited
Fund shareholders -- 673,148
------------------------------------------------------------------
NET INCREASE (DECREASE) (84,468) 406,921
------------------------------------------------------------------
<CAPTION>
MASSACHUSETTS LIMITED FUND
--------------------------
YEAR ENDED MARCH 31,
--------------------------
CLASS A 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 425,669 239,891
Issued to shareholders electing to
receive payments of distributions in
Fund shares 99,475 91,990
Redemptions (988,308) (821,910)
Exchange from Class B shares 117,088 479,506
--------------------------------------------------------------------
NET DECREASE (346,076) (10,523)
--------------------------------------------------------------------
<CAPTION>
YEAR ENDED MARCH 31,
--------------------------
CLASS B 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 116,083 143,453
Issued to shareholders electing to
receive payments of distributions in
Fund shares 6,167 11,932
Redemptions (64,797) (228,227)
Exchange to Class A shares (117,088) (479,506)
--------------------------------------------------------------------
NET DECREASE (59,635) (552,348)
--------------------------------------------------------------------
<CAPTION>
YEAR ENDED MARCH 31,
--------------------------
CLASS C 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 135,469 160,484
Issued to shareholders electing to
receive payments of distributions in
Fund shares 11,102 13,021
Redemptions (183,070) (95,723)
Issued to EV Classic Massachusetts
Limited Fund shareholders -- 451,136
--------------------------------------------------------------------
NET INCREASE (DECREASE) (36,499) 528,918
--------------------------------------------------------------------
<CAPTION>
NEW JERSEY LIMITED FUND
--------------------------
YEAR ENDED MARCH 31,
--------------------------
CLASS A 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 279,742 36,737
Issued to shareholders electing to
receive payments of distributions in
Fund shares 104,994 94,464
Redemptions (651,993) (642,677)
Exchange from Class B shares 64,114 511,723
Issued to EV Traditional New Jersey
Limited Fund shareholders -- 81,047
--------------------------------------------------------------------
NET INCREASE (DECREASE) (203,143) 81,294
--------------------------------------------------------------------
</TABLE>
38
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS CONT'D
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
--------------------------
CLASS B 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 52,971 56,963
Issued to shareholders electing to
receive payments of distributions in
Fund shares 6,328 13,888
Redemptions (59,162) (96,239)
Exchange to Class A shares (64,114) (511,723)
--------------------------------------------------------------------
NET DECREASE (63,977) (537,111)
--------------------------------------------------------------------
<CAPTION>
NEW YORK LIMITED FUND
--------------------------
YEAR ENDED MARCH 31,
--------------------------
CLASS A 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 297,605 118,314
Issued to shareholders electing to
receive payments of distributions in
Fund shares 133,574 129,324
Redemptions (1,484,338) (1,151,988)
Exchange from Class B shares 138,664 674,211
Issued to EV Traditional New York
Limited Fund shareholders -- 51,712
--------------------------------------------------------------------
NET DECREASE (914,495) (178,427)
--------------------------------------------------------------------
<CAPTION>
YEAR ENDED MARCH 31,
--------------------------
CLASS B 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 139,728 101,333
Issued to shareholders electing to
receive payments of distributions in
Fund shares 10,551 17,857
Redemptions (97,674) (127,420)
Exchange to Class A shares (138,664) (674,211)
--------------------------------------------------------------------
NET DECREASE (86,059) (682,441)
--------------------------------------------------------------------
<CAPTION>
YEAR ENDED MARCH 31,
--------------------------
CLASS C 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 74,170 140,868
Issued to shareholders electing to
receive payments of distributions in
Fund shares 5,525 6,449
Redemptions (172,332) (103,241)
Issued to EV Classic New York Limited
Fund shareholders -- 229,639
--------------------------------------------------------------------
NET INCREASE (DECREASE) (92,637) 273,715
--------------------------------------------------------------------
<CAPTION>
OHIO LIMITED FUND
--------------------------
YEAR ENDED MARCH 31,
--------------------------
CLASS A 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 57,784 39,510
Issued to shareholders electing to
receive payments of distributions in
Fund shares 58,480 53,583
Redemptions (374,438) (266,104)
Exchange from Class B shares 19,940 238,326
Issued to EV Traditional Ohio Limited
Fund shareholders -- 164,848
--------------------------------------------------------------------
NET INCREASE (DECREASE) (238,234) 230,163
--------------------------------------------------------------------
<CAPTION>
YEAR ENDED MARCH 31,
--------------------------
CLASS B 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 55,627 59,687
Issued to shareholders electing to
receive payments of distributions in
Fund shares 4,531 7,956
Redemptions (41,895) (29,956)
Exchange to Class A shares (19,940) (238,326)
--------------------------------------------------------------------
NET DECREASE (1,677) (200,639)
--------------------------------------------------------------------
<CAPTION>
PENNSYLVANIA LIMITED FUND
--------------------------
YEAR ENDED MARCH 31,
--------------------------
CLASS A 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 64,238 56,567
Issued to shareholders electing to
receive payments of distributions in
Fund shares 73,758 77,080
Redemptions (928,834) (797,334)
Exchange from Class B shares 110,422 403,468
--------------------------------------------------------------------
NET DECREASE (680,416) (260,219)
--------------------------------------------------------------------
<CAPTION>
YEAR ENDED MARCH 31,
--------------------------
CLASS B 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 63,418 44,074
Issued to shareholders electing to
receive payments of distributions in
Fund shares 6,775 12,704
Redemptions (74,790) (77,641)
Exchange to Class A shares (110,422) (403,468)
--------------------------------------------------------------------
NET DECREASE (115,019) (424,331)
--------------------------------------------------------------------
</TABLE>
39
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS CONT'D
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
--------------------------
CLASS C 2000 1999
<S> <C> <C>
--------------------------------------------------------------------
Sales 47,833 123,863
Issued to shareholders electing to
receive payments of distributions in
Fund shares 12,946 15,159
Redemptions (192,989) (69,088)
Issued to EV Classic Pennsylvania
Limited Fund shareholders -- 514,215
--------------------------------------------------------------------
NET INCREASE (DECREASE) (132,210) 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. The Funds were informed that Eaton Vance Distributors, Inc.
(EVD), a subsidiary of EVM and the Funds' principal underwriter, received
$851, $203, $2,376, $477, $785, $294 and $785 as its portion of the sales
charge on sales of Class A shares from California Limited Fund, Florida
Limited Fund, Massachusetts Limited Fund, New Jersey Limited Fund, New York
Limited Fund, Ohio Limited Fund and Pennsylvania Limited Fund, respectively,
for the year ended March 31, 2000.
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 in effect distribution plans for Class B (Class B Plan) and
Class C (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 Plans require the Class B and Class C shares
to pay EVD amounts equal to 1/365 of 0.75% of each Fund's daily net assets
attributable to Class B and Class C, for providing ongoing distribution
services and facilities to the respective Fund. Each 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 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 daily 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's Class B and Class C shares and,
accordingly, reduces each Fund's Class B and Class C net assets. For the year
ended March 31, 2000, the Class B and Class C shares of the California
Limited Fund, Florida Limited Fund, Massachusetts Limited Fund, New Jersey
Limited Fund, New York Limited Fund, Ohio Limited Fund and Pennsylvania
Limited Fund paid or accrued $16,551, $39,690, $18,204, $19,152, $31,279,
$15,315 and $21,393, respectively for Class B shares, and Florida Limited
Fund, Massachusetts Limited Fund, New York Limited Fund and Pennsylvania
Limited Fund paid or accrued $26,619, $35,426, $15,541 and $35,851,
respectively for Class C shares, to or payable to EVD representing 0.75% of
each Fund's Class B and Class C average daily net assets. At March 31, 2000,
the amount of Uncovered Distribution Charges of EVD calculated under the
Plans for California Limited Fund, Florida Limited Fund, Massachusetts
Limited Fund, New Jersey Limited Fund, New York Limited Fund, Ohio Limited
Fund and Pennsylvania Limited Fund were approximately $285,000, $586,000,
$337,000, $303,000, $424,000, $503,000 and $180,000, respectively for
Class B shares, and for Florida Limited Fund, Massachusetts Limited Fund, New
York Limited Fund and Pennsylvania Limited Fund the amount of Uncovered
Distribution Charges of EVD were approximately $4,495,000, $1,022,000,
$1,185,000 and $2,111,000, respectively for Class C shares.
The Plans authorize the Funds to make payments of service fees to EVD,
investment dealers and other persons in amounts not exceeding 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 0.25% 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 Fund sold on or after October 12, 1999. The Class C Plan
permits the Florida Limited Fund, Massachusetts Limited Fund, New York
Limited Fund and Pennsylvania Limited Fund to make payments of service fees
in amounts not exceeding
40
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS CONT'D
0.25% of each Fund's average daily net assets attributable to Class C shares
for any fiscal year. 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 each Fund to EVD, and as such are not subject to
automatic discontinuance when there are no outstanding uncovered distribution
charges of EVD. For the year ended March 31, 2000, the California Limited
Fund, Florida Limited Fund, Massachusetts 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 $35,030,
$64,636, $61,243, $52,107, $77,141, $28,314 and $55,148, respectively for
Class A shares, and $3,326, $7,961, $3,663, $3,908, $6,296, $2,928 and
$4,342, respectively for Class B shares. For the year ended March 31, 2000,
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 $5,324, $7,085, $3,108 and $7,170, respectively for
Class C shares.
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 may be 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 year ended March 31, 2000, EVD received
approximately $8,000, $4,000, $5,000, $8,000, $7,000, $4,000 and $5,000,
respectively for Class B shares, of CDSC paid by shareholders of California
Limited Fund, Florida Limited Fund, Massachusetts Limited Fund, New Jersey
Limited Fund, New York Limited Fund, Ohio Limited Fund and Pennsylvania
Limited Fund and $0, $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 year ended March 31, 2000 were
as follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED FUND
<S> <C>
-----------------------------------------------------
Increases $ 1,647,497
Decreases 7,215,977
<CAPTION>
FLORIDA LIMITED FUND
<S> <C>
-----------------------------------------------------
Increases $ 6,349,671
Decreases 20,489,768
<CAPTION>
MASSACHUSETTS LIMITED FUND
<S> <C>
-----------------------------------------------------
Increases $ 7,777,378
Decreases 14,335,749
<CAPTION>
NEW JERSEY LIMITED FUND
<S> <C>
-----------------------------------------------------
Increases $ 3,960,119
Decreases 8,444,486
<CAPTION>
NEW YORK LIMITED FUND
<S> <C>
-----------------------------------------------------
Increases $ 6,571,148
Decreases 20,438,440
<CAPTION>
OHIO LIMITED FUND
<S> <C>
-----------------------------------------------------
Increases $ 1,287,987
Decreases 4,652,763
<CAPTION>
PENNSYLVANIA LIMITED FUND
<S> <C>
-----------------------------------------------------
Increases $ 2,854,798
Decreases 14,256,336
</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 Florida Limited Fund, EV Marathon
Massachusetts Limited Fund, EV Marathon New Jersey Limited Fund, EV Marathon
New York Limited Fund, EV Marathon Ohio Limited Fund,
41
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS CONT'D
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 Florida 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>
CLASS A SHARES AGGREGATE VALUE NET ASSET VALUE
FUND ISSUED OF SHARES ISSUED PER SHARE
<S> <C> <C> <C>
-------------------------------------------------------------------------------------------
California Limited Fund 303,260 $3,133,613 $10.33
Florida Limited Fund 439,652 4,524,349 10.29
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
<CAPTION>
CLASS C SHARES AGGREGATE VALUE NET ASSET VALUE
FUND ISSUED OF SHARES ISSUED PER 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
Florida Limited Fund 11,076,720 243,990
Massachusetts Limited Fund 4,459,306 166,397
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>
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 $ --
Florida Limited Fund 71,804,641 10.29 10.29 9.73
Massachusetts Limited Fund 56,485,735 10.33 10.33 9.88
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>
42
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
INDEPENDENT AUDITORS' REPORT
TO THE TRUSTEES AND SHAREHOLDERS OF
EATON VANCE INVESTMENT TRUST:
---------------------------------------------
We have audited the accompanying statements of assets and liabilities of Eaton
Vance California Limited Maturity Municipals Fund, Eaton Vance Florida Limited
Maturity Municipals Fund, Eaton Vance Massachusetts Limited Maturity Municipals
Fund, Eaton Vance New Jersey Limited Maturity Municipals Fund, Eaton Vance New
York Limited Maturity Municipals Fund, Eaton Vance Ohio Limited Maturity
Municipals Fund, and Eaton Vance Pennsylvania Limited Maturity Municipals Fund
(the "Funds"), (series of Eaton Vance Investment Trust) as of March 31, 2000,
and the related statements of operations for the year then ended, the statements
of changes in net assets for the years ended March 31, 2000 and 1999 and the
financial highlights for each of the years in the five year period ended
March 31, 2000. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of each of the
aforementioned funds of Eaton Vance Investment Trust at March 31, 2000, and the
results of their operations, the changes in their net assets and their financial
highlights for the respective stated periods in conformity with accounting
principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
April 28, 2000
43
<PAGE>
CALIFORNIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 97.9%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Electric Utilities -- 4.7%
------------------------------------------------------------------------
$1,000 California Pollution Control Financing
Authority, (San Diego Gas & Electric),
5.90%, 6/1/14 $ 1,057,630
------------------------------------------------------------------------
$ 1,057,630
------------------------------------------------------------------------
Escrowed / Prerefunded -- 18.5%
------------------------------------------------------------------------
$1,500 ABAG Finance Authority Certificates of
Participation, (Stanford University
Hospital), (MBIA), Escrowed to Maturity,
4.90%, 11/1/03(1) $ 1,525,500
1,000 ABAG Finance Authority Certificates of
Participation, (Stanford University
Hospital), (MBIA), Escrowed to Maturity,
5.125%, 11/1/05 1,027,780
500 California Statewide Communities
Development Corp., (Pacific Homes),
Prerefunded to 4/1/03, 5.90%, 4/1/09 528,555
1,000 Sacramento Cogeneration Authority,
(Procter & Gamble), Prerefunded to
7/1/05, 6.50%, 7/1/21 1,101,170
------------------------------------------------------------------------
$ 4,183,005
------------------------------------------------------------------------
General Obligations -- 1.2%
------------------------------------------------------------------------
$ 300 Capistrano Unified School District,
5.65%, 9/1/15 $ 277,554
------------------------------------------------------------------------
$ 277,554
------------------------------------------------------------------------
Hospital -- 5.7%
------------------------------------------------------------------------
$ 355 Eastern Plumas Health Care, (District),
7.50%, 8/1/07 $ 356,232
300 San Benito Health Care District,
5.375%, 10/1/12 264,039
350 San Gorgonio Memorial Health Care
District, 5.80%, 5/1/14 308,038
400 Stockton Health Facilities, (Dameron
Hospital), 5.70%, 12/1/14 361,756
------------------------------------------------------------------------
$ 1,290,065
------------------------------------------------------------------------
Housing -- 2.1%
------------------------------------------------------------------------
$ 475 Corona SFMR, 6.05%, 5/1/27 $ 474,340
------------------------------------------------------------------------
$ 474,340
------------------------------------------------------------------------
Industrial Development Revenue -- 2.8%
------------------------------------------------------------------------
$ 750 California Pollution Control Financing
Authority, (Browning Ferris Industries),
(AMT), 5.80%, 12/1/16 $ 640,523
------------------------------------------------------------------------
$ 640,523
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Certificates of Participation -- 1.9%
------------------------------------------------------------------------
$ 400 California Statewide Communities
Development Authority, (FSA),
6.00%, 8/15/13 $ 428,860
------------------------------------------------------------------------
$ 428,860
------------------------------------------------------------------------
Insured-Education -- 0.9%
------------------------------------------------------------------------
$ 475 California Educational Facilities
Authority, (San Diego University),
(AMBAC), 0.00%, 10/1/15 $ 202,250
------------------------------------------------------------------------
$ 202,250
------------------------------------------------------------------------
Insured-Electric Utilities -- 8.7%
------------------------------------------------------------------------
$1,000 Sacramento Municipal Utility District,
(AMBAC), 5.60%, 8/15/16 $ 1,015,610
1,000 Southern California Public Power
Authority, (AMBAC), 5.00%, 7/1/17 940,950
------------------------------------------------------------------------
$ 1,956,560
------------------------------------------------------------------------
Insured-General Obligations -- 8.5%
------------------------------------------------------------------------
$1,080 Fillmore Unified School District,
(FGIC), 0.00%, 7/1/15 $ 466,225
1,000 Mt. Diablo School District, (AMBAC),
5.70%, 8/1/14 1,029,900
705 Ukiah Unified School District, (FGIC),
0.00%, 8/1/10 417,078
------------------------------------------------------------------------
$ 1,913,203
------------------------------------------------------------------------
Insured-Hospital -- 6.8%
------------------------------------------------------------------------
$1,900 Riverside County, (Riverside County
Hospital), (MBIA), 0.00%, 6/1/21 $ 540,854
1,000 Tri City Hospital District, (MBIA),
5.625%, 2/15/17 1,003,710
------------------------------------------------------------------------
$ 1,544,564
------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 5.6%
------------------------------------------------------------------------
$2,000 Anaheim Public Financing Authority,
(Public Improvements), (FSA),
0.00%, 9/1/19 $ 650,980
605 California State Public Works Board,
(Department of Corrections), (AMBAC),
5.25%, 12/1/13 614,105
------------------------------------------------------------------------
$ 1,265,085
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 8.8%
------------------------------------------------------------------------
$2,000 San Mateo County Transportation
District, (MBIA), 5.25%, 6/1/17 $ 1,976,460
------------------------------------------------------------------------
$ 1,976,460
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
44
<PAGE>
CALIFORNIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Transportation -- 2.4%
------------------------------------------------------------------------
$1,000 San Joaquin Hills, Transportation
Corridor Agency Bridge & Toll Road,
(MBIA), 0.00%, 1/15/12 $ 539,430
------------------------------------------------------------------------
$ 539,430
------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 2.3%
------------------------------------------------------------------------
$ 520 California Statewide Communities
Development Authority, (San Gabriel
Valley), 5.50%, 9/1/14 $ 529,734
------------------------------------------------------------------------
$ 529,734
------------------------------------------------------------------------
Nursing Home -- 2.9%
------------------------------------------------------------------------
$ 750 ABAG Finance Authority, (American
Baptist Homes), 5.75%, 10/1/17 $ 651,480
------------------------------------------------------------------------
$ 651,480
------------------------------------------------------------------------
Special Tax Revenue -- 11.9%
------------------------------------------------------------------------
$ 300 Alameda Public Financing Authority,
5.45%, 9/2/14 $ 280,884
300 Brentwood Infrastructure Financing
Authority, 5.50%, 9/2/12 283,095
300 Corona Public Financing Authority,
5.70%, 9/1/13 286,005
200 Fontana Redevelopment Agency, (Jurupa
Hills), 5.50%, 10/1/17 183,876
360 Irvine, Improvement Bond Act 1915,
(Assessment District North 97-16, Group
Two), 5.40%, 9/2/10 347,828
390 Pomona Redevelopment Agency, (West Holt
Avenue Redevelopment), 5.50%, 5/1/13 375,036
295 Rancho Cucamonga Public Finance
Authority, 5.75%, 9/2/12 287,457
300 Roseville Special Tax, 6.00%, 9/1/11 301,335
365 Torrance Redevelopment Agency,
5.50%, 9/1/12 350,550
------------------------------------------------------------------------
$ 2,696,066
------------------------------------------------------------------------
Transportation -- 1.1%
------------------------------------------------------------------------
$ 290 Port Redwood City, (AMT), 5.40%, 6/1/19 $ 256,891
------------------------------------------------------------------------
$ 256,891
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Water and Sewer -- 1.1%
------------------------------------------------------------------------
$ 250 Santa Margarita Water District,
6.10%, 9/1/14 $ 246,105
------------------------------------------------------------------------
$ 246,105
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 97.9%
(identified cost $22,465,914) $22,129,805
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.1% $ 473,957
------------------------------------------------------------------------
Net Assets -- 100.0% $22,603,762
------------------------------------------------------------------------
</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 March 31, 2000, 55.9% 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 a low of 4.0% to a
high of 29.9% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
SEE NOTES TO FINANCIAL STATEMENTS
45
<PAGE>
FLORIDA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS
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) $ 271,250
500 Palm Beach County, (Osceola Power),
(AMT), 6.95%, 1/1/22(1) 266,250
------------------------------------------------------------------------
$ 537,500
------------------------------------------------------------------------
Electric Utilities -- 6.8%
------------------------------------------------------------------------
$1,000 Jacksonville Electric Authority, (St.
Johns River Power Park), 5.375%, 10/1/16 $ 982,840
2,000 Tallahassee Electric Authority,
5.90%, 10/1/05 2,085,480
------------------------------------------------------------------------
$ 3,068,320
------------------------------------------------------------------------
Escrowed / Prerefunded -- 2.2%
------------------------------------------------------------------------
$1,000 Virgin Islands Public Finance Authority,
(Matching Loan Fund Notes), Escrowed to
Maturity, 6.80%, 10/1/00 $ 1,014,500
------------------------------------------------------------------------
$ 1,014,500
------------------------------------------------------------------------
General Obligations -- 8.0%
------------------------------------------------------------------------
$3,000 Florida State Board of Education,
5.55%, 6/1/11 $ 3,071,820
500 Puerto Rico Public Building Authority,
6.50%, 7/1/03 524,235
------------------------------------------------------------------------
$ 3,596,055
------------------------------------------------------------------------
Health Care -- 1.1%
------------------------------------------------------------------------
$ 500 Orange County, Health Facility Authority
Revenue, (Westminister Community Care),
6.50%, 4/1/12 $ 476,815
------------------------------------------------------------------------
$ 476,815
------------------------------------------------------------------------
Hospital -- 7.4%
------------------------------------------------------------------------
$1,250 Escambia County Health Facilities
Authority, (Baptist Hospital, Inc. and
Baptist Manor, Inc.), 6.00%, 10/1/14 $ 1,126,550
1,000 Highlands County HFA, (Adventist Health
System), 5.25%, 11/15/20 794,410
1,000 Jacksonville Health Facilities
Authority, (Daughters of Charity),
5.25%, 8/15/19 938,090
500 West Orange Healthcare District,
5.50%, 2/1/10 482,125
------------------------------------------------------------------------
$ 3,341,175
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Housing -- 0.9%
------------------------------------------------------------------------
$ 425 Clearwater Housing Authority, (Hamptons
at Clearwater), 5.40%, 5/1/13 $ 403,933
------------------------------------------------------------------------
$ 403,933
------------------------------------------------------------------------
Industrial Development Revenue -- 5.7%
------------------------------------------------------------------------
$2,000 Polk County IDR, (IMC Fertilizer),
(AMT), 7.525%, 1/1/15 $ 2,055,120
500 Polk County, IDA Industrial Development
Revenue, (Cargill Fertilizer, Inc.),
(AMT), 5.50%, 11/1/09 498,685
------------------------------------------------------------------------
$ 2,553,805
------------------------------------------------------------------------
Insured-Cogeneration -- 6.4%
------------------------------------------------------------------------
$2,000 Dade County, Resource Recovery
Facilities, (AMBAC), (AMT),
5.30%, 10/1/07 $ 2,024,300
1,000 Tampa Solid Waste System, (McKay Bay
Refuse to Energy), (AMBAC),
4.75%, 10/1/17 875,050
------------------------------------------------------------------------
$ 2,899,350
------------------------------------------------------------------------
Insured-General Obligations -- 7.8%
------------------------------------------------------------------------
$2,000 Dade County Local School District,
(MBIA), 5.00%, 2/15/15 $ 1,904,060
520 Dade County, (MBIA), 0.00%, 10/1/06 373,292
330 Dade County, (MBIA), 0.00%, 10/1/08 210,065
1,000 Miami-Dade County School District,
(FSA), 5.375%, 8/1/15 1,009,300
------------------------------------------------------------------------
$ 3,496,717
------------------------------------------------------------------------
Insured-Hospital -- 3.3%
------------------------------------------------------------------------
$1,000 Orange County Health Facilities
Authority, (Adventist Health
System/Sunbelt, Inc.), (FSA),
5.50%, 11/15/02 $ 1,019,090
500 Sarasota County Public Hospital, (MBIA),
5.25%, 7/1/18 483,160
------------------------------------------------------------------------
$ 1,502,250
------------------------------------------------------------------------
Insured-Housing -- 4.9%
------------------------------------------------------------------------
$1,125 Florida Housing Finance Authority,
(Leigh Meadows Apartments), (AMBAC),
5.85%, 9/1/10 $ 1,145,880
1,040 Florida Housing Finance Authority,
(Stottert Arms Apartments), (AMBAC),
5.90%, 9/1/10 1,055,777
------------------------------------------------------------------------
$ 2,201,657
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
46
<PAGE>
FLORIDA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 2.1%
------------------------------------------------------------------------
$2,000 Miami-Dade County Professional Sports
Franchise Facilities, (MBIA),
0.00%, 10/1/13 $ 957,020
------------------------------------------------------------------------
$ 957,020
------------------------------------------------------------------------
Insured-Transportation -- 9.5%
------------------------------------------------------------------------
$1,000 Broward County Airport System, (MBIA),
5.375%, 10/1/13 $ 988,670
1,350 Broward County Port Facilities, (MBIA),
5.375%, 9/1/12 1,348,718
2,000 Dade County, Seaport Revenue, (MBIA),
5.125%, 10/1/16 1,922,480
------------------------------------------------------------------------
$ 4,259,868
------------------------------------------------------------------------
Insured-Water and Sewer -- 13.6%
------------------------------------------------------------------------
$2,000 Dade County, Water and Sewer System,
(FGIC), 5.25%, 10/1/11 $ 2,014,140
1,000 Dade County, Water and Sewer System,
(FGIC), 5.25%, 10/1/21 947,600
2,000 Manatee County, Public Utilities,
(MBIA), 6.75%, 10/1/04 2,157,420
1,000 Pasco County, Water and Sewer Revenue,
(FGIC), 5.40%, 10/1/03 1,022,840
------------------------------------------------------------------------
$ 6,142,000
------------------------------------------------------------------------
Nursing Home -- 5.6%
------------------------------------------------------------------------
$ 500 Citrus County IDA, (Beverly
Enterprises), 5.00%, 4/1/03 $ 483,685
480 Jacksonville Health Facilities
Authority, (National Benevolent
Association-Cypress Village),
6.50%, 12/1/00 484,694
500 Lee County IDA, (Shell Point Village),
5.50%, 11/15/21 391,625
250 Lee County IDA, (Shell Point Village),
5.75%, 11/15/15 216,895
1,000 Volusia County, (Beverly Enterprises),
5.875%, 7/1/07 952,060
------------------------------------------------------------------------
$ 2,528,959
------------------------------------------------------------------------
Senior Living / Life Care -- 2.3%
------------------------------------------------------------------------
$ 600 North Miami HFA, (Imperial Club),
6.75%, 1/1/33 $ 519,468
600 Okaloosa County, Retirement Rental
Housing, (Encore Retirement Partners),
6.125%, 2/1/14 508,584
------------------------------------------------------------------------
$ 1,028,052
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Special Tax Revenue -- 9.4%
------------------------------------------------------------------------
$ 500 Heritage Palms Community Development
District, Capital Improvements,
6.25%, 11/1/04 $ 497,905
500 Heritage Springs Community Development
District, Capital Improvements Revenue,
6.25%, 5/1/05 495,370
200 Lexington Oaks Community Development
District, 6.70%, 5/1/07 200,710
540 Longleaf Community Development District,
6.20%, 5/1/09 510,170
650 North Springs, Improvement District,
Special Assessment Revenue, (Heron Bay),
7.00%, 5/1/19 656,123
2,000 Orlando Capital Improvements,
5.00%, 10/1/18 1,855,240
------------------------------------------------------------------------
$ 4,215,518
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.2%
(identified cost $44,950,405) $44,223,494
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.8% $ 799,215
------------------------------------------------------------------------
Net Assets -- 100.0% $45,022,709
------------------------------------------------------------------------
</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 March 31, 2000, 48.5% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage insured by financial institutions ranged from a low of 4.6% to a
high of 23.4% of total investments.
(1) Non-income producing security.
SEE NOTES TO FINANCIAL STATEMENTS
47
<PAGE>
MASSACHUSETTS LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 98.4%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Cogeneration -- 2.1%
------------------------------------------------------------------------
$1,000 Massachusetts IFA, (Ogden Haverhill),
(AMT), 5.50%, 12/1/13 $ 912,350
------------------------------------------------------------------------
$ 912,350
------------------------------------------------------------------------
Education -- 7.9%
------------------------------------------------------------------------
$ 400 Massachusetts Development Finance
Agency, (Xaverian Brothers High School),
5.55%, 7/1/19 $ 368,692
500 Massachusetts IFA, (Belmont Hill
School), 5.15%, 9/1/13 471,070
500 Massachusetts IFA, (Dana Hall),
5.90%, 7/1/27 452,395
1,030 Massachusetts IFA, (Park School),
5.50%, 9/1/16 1,028,290
750 Massachusetts IFA, (St. Johns High
School, Inc.), 5.70%, 6/1/18 704,572
500 Massachusetts IFA, (Wentworth Institute
of Technology), 5.55%, 10/1/13 474,775
------------------------------------------------------------------------
$ 3,499,794
------------------------------------------------------------------------
Electric Utilities -- 2.3%
------------------------------------------------------------------------
$1,000 Massachusetts Municipal Wholesale
Electric Co., 5.70%, 7/1/01 $ 1,012,100
------------------------------------------------------------------------
$ 1,012,100
------------------------------------------------------------------------
Escrowed / Prerefunded -- 11.6%
------------------------------------------------------------------------
$ 785 Massachusetts Bay Transportation
Authority, Prerefunded to 3/01/05,
5.75%, 3/1/18 $ 826,707
860 Massachusetts HEFA, (Fairview Extended
Care), Prerefunded to 1/1/01,
10.125%, 1/1/11 912,985
626 Massachusetts HEFA,
(Milford-Whitinsville Hospital),
Escrowed to Maturity, 7.125%, 7/15/02 644,663
500 Massachusetts HEFA, (Sisters of
Providence Hospital), Escrowed to
Maturity, 6.00%, 11/15/00 505,560
2,000 Massachusetts Turnpike Authority,
Escrowed to Maturity, 5.00%, 1/1/20 1,849,660
400 Massachusetts Turnpike Authority,
Escrowed to Maturity, (FGIC),
5.125%, 1/1/23 369,412
------------------------------------------------------------------------
$ 5,108,987
------------------------------------------------------------------------
General Obligations -- 14.9%
------------------------------------------------------------------------
$ 500 Burlington, 5.00%, 2/1/15 $ 478,990
500 Burlington, 5.00%, 2/1/16 474,520
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
General Obligations (continued)
------------------------------------------------------------------------
$1,000 Massachusetts, 5.00%, 11/1/14 $ 956,530
1,000 Massachusetts, 5.40%, 11/1/06 1,027,520
1,260 Massachusetts Bay Transportation
Authority, 5.50%, 3/1/08 1,307,225
215 Massachusetts Bay Transportation
Authority, 5.75%, 3/1/18 216,634
2,500 Massachusetts State Federal Highway
Grant Anticipation Notes,
0.00%, 6/15/15 1,068,375
1,000 Woods Hole, Martha's Vineyard and
Nantucket Steamship Authority,
6.60%, 3/1/03 1,046,040
------------------------------------------------------------------------
$ 6,575,834
------------------------------------------------------------------------
Health Care-Miscellaneous -- 1.3%
------------------------------------------------------------------------
$ 200 Massachusetts Development Finance
Agency, (MCHSP Human Services),
6.60%, 8/15/29 $ 180,148
450 Massachusetts Development Finance
Agency, (New England Center for
Children), 5.30%, 11/1/08 412,375
------------------------------------------------------------------------
$ 592,523
------------------------------------------------------------------------
Hospital -- 19.1%
------------------------------------------------------------------------
$ 750 Massachusetts HEFA, (Caritas Christi
Obligated Group), 5.70%, 7/1/15 $ 616,350
500 Massachusetts HEFA, (Dana Farber Cancer
Institute), 6.50%, 12/1/05 528,120
3,000 Massachusetts HEFA, (Daughters of
Charity), 5.75%, 7/1/02 3,064,650
770 Massachusetts HEFA, (Jordan Hospital),
5.00%, 10/1/11 672,526
750 Massachusetts HEFA,
(Milford-Whitinsville Regional
Hospital), 5.75%, 7/15/13 658,162
860 Massachusetts HEFA, (New England Health
Systems), 6.125%, 8/1/13 776,718
1,845 Massachusetts HEFA, (North Adams
Regional Hospital), 6.25%, 7/1/04 1,888,210
250 Massachusetts HEFA, (Partners Healthcare
System), 5.00%, 7/1/09 237,445
------------------------------------------------------------------------
$ 8,442,181
------------------------------------------------------------------------
Industrial Development Revenue -- 0.7%
------------------------------------------------------------------------
$ 350 Massachusetts Development Finance
Agency, (YMCA of Greater Boston),
5.25%, 11/1/13 $ 328,457
------------------------------------------------------------------------
$ 328,457
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
48
<PAGE>
MASSACHUSETTS LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Electric Utilities -- 8.0%
------------------------------------------------------------------------
$1,400 Massachusetts IFA, (Nantucket Electric),
(AMBAC), (AMT), 5.30%, 7/1/04 $ 1,410,192
2,000 Massachusetts Municipal Wholesale
Electric Co., (AMBAC),
6.625%, 7/1/03(1) 2,108,740
------------------------------------------------------------------------
$ 3,518,932
------------------------------------------------------------------------
Insured-General Obligations -- 8.4%
------------------------------------------------------------------------
$ 750 Haverhill, (FGIC), 5.00%, 6/15/17 $ 694,013
2,000 Massachusetts Bay Transportation
Authority, (AMBAC), 5.25%, 3/1/11 2,049,900
1,000 Massachusetts, (AMBAC), 5.00%, 7/1/12 978,860
------------------------------------------------------------------------
$ 3,722,773
------------------------------------------------------------------------
Insured-Health Care Miscellaneous -- 2.2%
------------------------------------------------------------------------
$1,000 Massachusetts HEFA, (Harvard Pilgrim
Health), (FSA), 5.00%, 7/1/05 $ 987,900
------------------------------------------------------------------------
$ 987,900
------------------------------------------------------------------------
Insured-Hospital -- 2.1%
------------------------------------------------------------------------
$1,000 Massachusetts HEFA, (Lowell General
Hospital), (FSA), 5.25%, 6/1/16 $ 945,220
------------------------------------------------------------------------
$ 945,220
------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 3.8%
------------------------------------------------------------------------
$1,650 Puerto Rico, ITEM & ECFA, (Guaynabo
Municipal Government), 5.375%, 7/1/06 $ 1,671,945
------------------------------------------------------------------------
$ 1,671,945
------------------------------------------------------------------------
Nursing Home -- 4.1%
------------------------------------------------------------------------
$ 490 Massachusetts Development Finance
Agency, (Odd Fellows Home of
Massachusetts), 6.25%, 1/1/15 $ 440,461
515 Massachusetts HEFA, (Christopher House),
6.25%, 1/1/07 501,373
860 Massachusetts IFA, (Age Institute of
Massachusetts), 7.60%, 11/1/05 864,945
------------------------------------------------------------------------
$ 1,806,779
------------------------------------------------------------------------
Pooled Loans -- 1.8%
------------------------------------------------------------------------
$1,595 Massachusetts Water Pollution Abatement
Trust, 0.00%, 8/1/12 $ 818,809
------------------------------------------------------------------------
$ 818,809
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Senior Living / Life Care -- 2.1%
------------------------------------------------------------------------
$ 600 Massachusetts Development Finance
Agency, (Berkshire Retirement),
5.60%, 7/1/19 $ 501,576
500 Massachusetts IFA, (Forge Hill), (AMT),
6.75%, 4/1/30 420,965
------------------------------------------------------------------------
$ 922,541
------------------------------------------------------------------------
Special Tax Revenue -- 1.1%
------------------------------------------------------------------------
$ 500 Massachusetts Special Obligations,
5.00%, 6/1/14 $ 480,575
------------------------------------------------------------------------
$ 480,575
------------------------------------------------------------------------
Transportation -- 0.9%
------------------------------------------------------------------------
$ 400 Rail Connections, Inc., (Rte. 128
Parking Garage), 5.30%, 7/1/09 $ 385,772
------------------------------------------------------------------------
$ 385,772
------------------------------------------------------------------------
Water and Sewer -- 4.0%
------------------------------------------------------------------------
$1,680 Massachusetts Water Pollution Abatement
Trust, (MWRA Loan Program),
5.25%, 8/1/14 $ 1,662,377
95 Massachusetts Water Pollution Abatement
Trust, (MWRA Loan Program),
5.25%, 8/1/14 94,473
------------------------------------------------------------------------
$ 1,756,850
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.4%
(identified cost $44,268,353) $43,490,322
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.6% $ 699,110
------------------------------------------------------------------------
Net Assets -- 100.0% $44,189,432
------------------------------------------------------------------------
</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 March 31, 2000, 21.9% 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 a low of 2.4% to a
high of 15.1% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
SEE NOTES TO FINANCIAL STATEMENTS
49
<PAGE>
NEW JERSEY LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 98.8%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Assisted Living -- 1.8%
------------------------------------------------------------------------
$ 595 New Jersey EDA, (Chelsea at East
Brunswick), (AMT), 8.00%, 10/1/07 $ 611,148
------------------------------------------------------------------------
$ 611,148
------------------------------------------------------------------------
Cogeneration -- 9.2%
------------------------------------------------------------------------
$1,915 New Jersey EDA, (Trigen-Trenton), (AMT),
6.10%, 12/1/05 $ 1,925,207
735 New Jersey EDA, (Vineland Cogeneration),
(AMT), 7.875%, 6/1/19 760,063
550 Port Authority of New York and New
Jersey, (KIAC), (AMT), 6.50%, 10/1/01 558,574
------------------------------------------------------------------------
$ 3,243,844
------------------------------------------------------------------------
Escrowed / Prerefunded -- 3.9%
------------------------------------------------------------------------
$ 310 New Jersey EDA, (Cadbury Corp.),
Prerefunded to 7/1/01, 8.00%, 7/1/15 $ 331,117
2,030 New Jersey EDA, (Princeton Custodial
Receipts), Escrowed to Maturity,
0.00%, 12/15/12 1,029,616
------------------------------------------------------------------------
$ 1,360,733
------------------------------------------------------------------------
General Obligations -- 6.5%
------------------------------------------------------------------------
$ 500 Jersey City School District,
6.25%, 10/1/10 $ 542,700
1,050 Puerto Rico, 0.00%, 7/1/08 688,033
1,000 South Brunswick, 7.125%, 7/15/02 1,053,300
------------------------------------------------------------------------
$ 2,284,033
------------------------------------------------------------------------
Hospital -- 9.4%
------------------------------------------------------------------------
$ 340 New Jersey Health Care Facilities
Financing Authority, (Atlantic City
Medical Care Center), 6.25%, 7/1/00 $ 341,363
1,000 New Jersey Health Care Facilities
Financing Authority, (Atlantic City
Medical Care Center), 6.45%, 7/1/02 1,025,370
750 New Jersey Health Care Facilities
Financing Authority, (Atlantic City
Medical Care Center), 6.55%, 7/1/03 776,557
350 New Jersey Health Care Facilities
Financing Authority, (Burdette Tomlin
Memorial Hospital), 5.40%, 7/1/14 324,065
880 New Jersey Health Care Facilities
Financing Authority, (St. Elizabeth's
Hospital), 5.75%, 7/1/08 837,074
------------------------------------------------------------------------
$ 3,304,429
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Industrial Development Revenue -- 6.0%
------------------------------------------------------------------------
$ 350 Middlesex County Pollution Control
Financing Authority, (Amerada Hess
Corp.), 6.875%, 12/1/22 $ 353,700
300 New Jersey EDA, (Continental Airlines,
Inc.), (AMT), 6.25%, 9/15/19 281,409
325 New Jersey EDA, (Economic Growth) LOC,
(AMT), 6.00%, 12/1/02 329,657
500 New Jersey EDA, (Holt Hauling), (AMT),
7.90%, 3/1/27 500,625
350 New Jersey EDA, (Kapkowski Road
Landfill), 6.375%, 4/1/18 341,058
300 New Jersey EDA, (The Seeing Eye, Inc.),
6.20%, 12/1/24 306,747
------------------------------------------------------------------------
$ 2,113,196
------------------------------------------------------------------------
Insured-Electric Utilities -- 5.4%
------------------------------------------------------------------------
$1,000 Middlesex County Utilities Authority,
(FGIC), 6.10%, 12/1/01 $ 1,026,620
1,000 Puerto Rico Electric Power Authority,
(MBIA), 4.50%, 7/1/18 870,530
------------------------------------------------------------------------
$ 1,897,150
------------------------------------------------------------------------
Insured-General Obligations -- 27.1%
------------------------------------------------------------------------
$1,000 Atlantic City Board of Education,
(AMBAC), 6.00%, 12/1/02(1) $ 1,034,300
1,175 Edison, (AMBAC), 4.70%, 1/1/04 1,173,367
150 Elizabeth, (General Improvements and
Sewer Utilities), (MBIA),
6.20%, 11/15/02 154,694
1,200 Kearney, (FSA), 6.50%, 2/1/04 1,257,948
725 Monroe Township Board of Education,
(FGIC), 5.20%, 8/1/11 729,452
825 Monroe Township Board of Education,
(FGIC), 5.20%, 8/1/14 818,111
500 Puerto Rico Public Finance Corp.,
(AMBAC), 5.375%, 6/1/17 501,075
850 Roselle, (MBIA), 4.65%, 10/15/03 849,847
1,000 South Brunswick Township Board of
Education, (FGIC), 6.40%, 8/1/03 1,051,900
2,000 Washington Township Board of Education,
(MBIA), 5.125%, 2/1/15 1,945,200
------------------------------------------------------------------------
$ 9,515,894
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
50
<PAGE>
NEW JERSEY LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Hospital -- 9.8%
------------------------------------------------------------------------
$1,300 New Jersey Health Care Facilities
Financing Authority, (AHS Hospital
Corp.), (AMBAC), 6.00%, 7/1/12 $ 1,385,332
1,910 New Jersey Health Care Facilities
Financing Authority, (Dover General
Hospital and Medical Center), (MBIA),
7.00%, 7/1/04 2,059,362
------------------------------------------------------------------------
$ 3,444,694
------------------------------------------------------------------------
Insured-Solid Waste -- 0.7%
------------------------------------------------------------------------
$ 250 Bergen County Utilities Authority, Solid
Waste System, (FGIC), 6.00%, 6/15/02 $ 257,173
------------------------------------------------------------------------
$ 257,173
------------------------------------------------------------------------
Insured-Transportation -- 11.1%
------------------------------------------------------------------------
$ 500 Delaware River Port Authority, (FSA),
5.50%, 1/1/10 $ 516,530
1,000 New Jersey Turnpike Authority, (FSA),
5.90%, 1/1/03 1,030,140
895 New Jersey Turnpike Authority, (FSA),
6.40%, 1/1/02 921,304
1,000 Port Authority of New York and New
Jersey, (AMBAC), 5.125%, 7/15/14 972,290
500 South Jersey Transportation Authority,
(AMBAC), 5.00%, 11/1/18 465,875
------------------------------------------------------------------------
$ 3,906,139
------------------------------------------------------------------------
Insured-Water and Sewer -- 1.8%
------------------------------------------------------------------------
$ 565 Pennsville Sewer Authority, (MBIA),
0.00%, 11/1/16 $ 222,294
565 Pennsville Sewer Authority, (MBIA),
0.00%, 11/1/17 208,344
565 Pennsville Sewer Authority, (MBIA),
0.00%, 11/1/18 195,083
------------------------------------------------------------------------
$ 625,721
------------------------------------------------------------------------
Solid Waste -- 0.9%
------------------------------------------------------------------------
$ 300 Atlantic County Utilities Authority,
Solid Waste System, 7.00%, 3/1/08 $ 296,100
------------------------------------------------------------------------
$ 296,100
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Transportation -- 5.2%
------------------------------------------------------------------------
$1,000 New Jersey Transportation Authority,
Variable Rate, 6/15/17(2)(3) $ 869,440
1,000 Port Authority of New York and New
Jersey, 5.375%, 3/1/28 952,530
------------------------------------------------------------------------
$ 1,821,970
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.8%
(identified cost $34,397,095) $34,682,224
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.2% $ 438,692
------------------------------------------------------------------------
Net Assets -- 100.0% $35,120,916
------------------------------------------------------------------------
</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 March 31, 2000, 56.6% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage insured by financial institutions ranged from a low of 10.7% to a
high of 18.8% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
(2) Security has been issued as an inverse floater bond.
(3) 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
51
<PAGE>
NEW YORK LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 100.1%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Assisted Living -- 1.0%
------------------------------------------------------------------------
$ 500 Glen Cove IDA, (Regency at Glen Cove),
9.50%, 7/1/12 $ 532,810
------------------------------------------------------------------------
$ 532,810
------------------------------------------------------------------------
Cogeneration -- 2.9%
------------------------------------------------------------------------
$ 950 Port Authority of New York and New
Jersey, (KIAC), (AMT), 6.50%, 10/1/01 $ 964,810
600 Suffolk County IDA, (Nissequogue
Cogeneration Partners Facility), (AMT),
5.50%, 1/1/23 516,156
------------------------------------------------------------------------
$ 1,480,966
------------------------------------------------------------------------
Education -- 0.4%
------------------------------------------------------------------------
$ 100 New York Dormitory Authority, (State
University Educational Facilities),
5.25%, 5/15/15 $ 97,901
105 New York Dormitory Authority, (State
University Educational Facilities),
5.25%, 5/15/19 99,944
------------------------------------------------------------------------
$ 197,845
------------------------------------------------------------------------
Electric Utilities -- 1.9%
------------------------------------------------------------------------
$1,000 Long Island Power Authority, Electric
System Revenue, 5.25%, 12/1/02 $ 1,009,450
------------------------------------------------------------------------
$ 1,009,450
------------------------------------------------------------------------
Escrowed / Prerefunded -- 2.0%
------------------------------------------------------------------------
$1,000 New York State Medical Care Facilities
Finance Agency, (New York State
Hospital), (AMBAC), Escrowed to
Maturity, 6.10%, 2/15/04 $ 1,042,690
------------------------------------------------------------------------
$ 1,042,690
------------------------------------------------------------------------
General Obligations -- 5.5%
------------------------------------------------------------------------
$ 750 New York City, 0.00%, 8/1/07 $ 509,407
2,000 New York City, 0.00%, 8/1/08 1,283,420
1,025 New York City, 6.375%, 8/1/06 1,069,526
------------------------------------------------------------------------
$ 2,862,353
------------------------------------------------------------------------
Hospital -- 9.5%
------------------------------------------------------------------------
$ 500 Chautauqua County IDA, (Womans Christian
Association), 6.35%, 11/15/17 $ 465,470
580 Fulton County IDA, (Nathan Littauer
Hospital), 5.75%, 11/1/09 536,854
500 New York City, Health and Hospital
Corp., 5.25%, 2/15/17 457,785
<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 $ 2,003,780
1,000 New York State Dormitory Authority,
(Nyack Hospital), 6.00%, 7/1/06 990,570
500 Oneida County IDA, (St. Elizabeth
Medical Center), 5.50%, 12/1/10 447,600
------------------------------------------------------------------------
$ 4,902,059
------------------------------------------------------------------------
Hotel -- 0.9%
------------------------------------------------------------------------
$1,210 Niagara County IDA, (Wintergarden Inn
Associates), 9.75%, 6/1/11(1) $ 473,412
------------------------------------------------------------------------
$ 473,412
------------------------------------------------------------------------
Housing -- 8.3%
------------------------------------------------------------------------
$1,870 New York City Housing Development Corp.,
MFMR, 5.625%, 5/1/12 $ 1,867,457
500 New York State Mortgage Agency, (AMT),
5.20%, 10/1/08 498,780
1,500 New York State Mortgage Agency, (AMT),
6.45%, 10/1/21 1,529,565
400 Westchester County IDA, (Children's
Village), 5.375%, 3/15/19 372,120
------------------------------------------------------------------------
$ 4,267,922
------------------------------------------------------------------------
Industrial Development Revenue -- 7.6%
------------------------------------------------------------------------
$1,000 Dutchess County IDA, (IBM), (AMT),
5.45%, 12/1/29 $ 992,730
750 Port Authority of New York and New
Jersey, (Delta Airlines), 6.95%, 6/1/08 788,813
1,700 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.25%, 6/1/26 1,678,257
500 Suffolk County IDA, (Jeffersons Ferry),
7.20%, 11/1/19 488,435
------------------------------------------------------------------------
$ 3,948,235
------------------------------------------------------------------------
Insured-Education -- 4.1%
------------------------------------------------------------------------
$1,075 New York State Dormitory Authority, (Mt.
Sinai School of Medicine), (MBIA),
6.75%, 7/1/09 $ 1,123,913
500 New York State Dormitory Authority, (New
York University), (AMBAC),
5.75%, 7/1/12(2) 515,240
500 Niagara County IDA, (Niagara
University), (AMBAC), 5.25%, 10/1/18 473,660
------------------------------------------------------------------------
$ 2,112,813
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
52
<PAGE>
NEW YORK LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-General Obligations -- 2.6%
------------------------------------------------------------------------
$2,750 New York State Local Government
Assistance Corp., (MBIA), 0.00%, 4/1/13 $ 1,371,288
------------------------------------------------------------------------
$ 1,371,288
------------------------------------------------------------------------
Insured-Transportation -- 8.4%
------------------------------------------------------------------------
$1,000 Metropolitan Transportation Authority,
(FGIC), 5.25%, 7/1/17 $ 960,980
2,240 Metropolitan Transportation Authority,
(FGIC), 5.70%, 7/1/10(3) 2,320,998
500 Monroe County Airport Authority, (MBIA),
(AMT), Variable Rate, 1/1/17(4)(5) 538,370
500 Port Authority of New York and New
Jersey, (FGIC), (AMT), 5.00%, 9/15/04 501,670
------------------------------------------------------------------------
$ 4,322,018
------------------------------------------------------------------------
Lease Revenue/Certificates of Participation -- 15.2%
------------------------------------------------------------------------
$2,180 New York State Energy Research and
Development Authority, (Western NY
Nuclear Service Center), 6.00%, 4/1/06 $ 2,264,933
2,000 New York State HFA, Health Facilities,
6.375%, 11/1/03 2,076,160
1,485 New York State Thruway Authority,
Special Obligations, 0.00%, 1/1/04 1,221,606
1,300 New York State Thruway Authority,
Special Obligations, 5.25%, 4/1/13 1,262,469
1,000 New York State Urban Development Corp.,
(Youth Facilities), 5.75%, 4/1/10 1,028,640
------------------------------------------------------------------------
$ 7,853,808
------------------------------------------------------------------------
Senior Living / Life Care -- 0.7%
------------------------------------------------------------------------
$ 400 Mt. Vernon IDA, (Wartburg Senior
Housing, Inc.), 6.15%, 6/1/19 $ 349,720
------------------------------------------------------------------------
$ 349,720
------------------------------------------------------------------------
Special Tax Revenue -- 10.4%
------------------------------------------------------------------------
$1,000 New York City Transitional Finance
Authority, 5.00%, 5/1/16 $ 935,370
4,500 New York State Local Government
Assistance Corp., 5.25%, 4/1/16 4,421,205
------------------------------------------------------------------------
$ 5,356,575
------------------------------------------------------------------------
Transportation -- 9.8%
------------------------------------------------------------------------
$1,000 NY Thruway Authority, 5.75%, 4/1/16 $ 1,002,860
3,000 Port Authority of New York and New
Jersey, (AMT), 6.00%, 7/1/14 3,087,120
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Transportation (continued)
------------------------------------------------------------------------
$1,000 Triborough Bridge and Tunnel Authority,
5.25%, 1/1/17 $ 961,660
------------------------------------------------------------------------
$ 5,051,640
------------------------------------------------------------------------
Water and Sewer -- 8.9%
------------------------------------------------------------------------
$3,000 New York City Municipal Water Finance
Authority, 5.125%, 6/15/21 $ 2,722,170
1,825 New York City Municipal Water Finance
Authority, 5.70%, 6/15/02 1,860,642
------------------------------------------------------------------------
$ 4,582,812
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.1%
(identified cost $51,691,139) $51,718,416
------------------------------------------------------------------------
Other Assets, Less Liabilities -- (0.1)% $ (43,245)
------------------------------------------------------------------------
Net Assets -- 100.0% $51,675,171
------------------------------------------------------------------------
</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 March 31, 2000, 17.1% 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 a low of 3.9% to a
high of 7.3% of total investments.
(1) Non-income producing security.
(2) When-issued security.
(3) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
(4) Security has been issued as an inverse floater bond.
(5) 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
53
<PAGE>
OHIO LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 95.5%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Escrowed / Prerefunded -- 6.8%
------------------------------------------------------------------------
$ 225 Greene County IDA, (Fairview Extended
Care), Prerefunded to 1/1/01,
10.125%, 1/1/11 $ 238,846
1,000 Warren County, (Otterbein Homes),
Prerefunded to 7/1/01, 7.20%, 7/1/11 1,051,600
------------------------------------------------------------------------
$ 1,290,446
------------------------------------------------------------------------
General Obligations -- 12.7%
------------------------------------------------------------------------
$ 500 Hamilton School District, 6.15%, 12/1/15 $ 541,750
300 Kings County Local School District,
7.60%, 12/1/10 328,605
250 Oak Hills, 5.60%, 12/1/17 250,915
675 Ohio, 0.00%, 8/1/04 544,036
500 Ohio, 0.00%, 8/1/05 382,230
250 Ohio, 0.00%, 8/1/08 162,325
210 Youngstown County School District,
6.40%, 7/1/00 210,470
------------------------------------------------------------------------
$ 2,420,331
------------------------------------------------------------------------
Hospital -- 9.3%
------------------------------------------------------------------------
$1,000 Erie County, (Firelands Community
Hospital), 6.75%, 1/1/08 $ 1,043,440
250 Hamilton County Health Care Facilities
Authority, (Twin Towers Improvements),
5.75%, 10/1/19 235,620
250 Hamilton County Health System,
(Providence Hospital), 6.00%, 7/1/01 254,078
250 Parma, Hospital Improvement Revenue,
(Parma Community General Hospital
Association), 5.25%, 11/1/13 227,218
------------------------------------------------------------------------
$ 1,760,356
------------------------------------------------------------------------
Housing -- 2.9%
------------------------------------------------------------------------
$ 295 Cuyahoga County, (Rolling Hills Apts.),
(AMT), 8.00%, 1/1/28 $ 281,412
290 Lucas County, (Country Creek), (AMT),
8.00%, 7/1/26 270,506
------------------------------------------------------------------------
$ 551,918
------------------------------------------------------------------------
Industrial Development Revenue -- 11.9%
------------------------------------------------------------------------
$ 250 Cuyahoga County, (Rock and Roll Hall of
Fame), 5.85%, 12/1/08 $ 252,055
500 Dayton, Special Facilities Revenue,
(Emery Air Freight), 5.625%, 2/1/18 453,665
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Industrial Development Revenue (continued)
------------------------------------------------------------------------
$ 935 Ohio Economic Development Commission,
(ABS Industries), (AMT), 6.00%, 6/1/04 $ 955,215
315 Ohio Economic Development Commission,
(Progress Plastics Products), (AMT),
6.80%, 12/1/01 316,455
250 Ohio Solid Waste Revenue, (Republic
Engineered Steels, Inc.), (AMT),
9.00%, 6/1/21 82,593
200 Toledo Lucas County Port Authority
Development Revenue, (Northwest Ohio
Bond Fund), (Alex Products, Inc.),
(AMT), 6.125%, 11/15/09 197,428
------------------------------------------------------------------------
$ 2,257,411
------------------------------------------------------------------------
Insured-Education -- 4.9%
------------------------------------------------------------------------
$1,000 Ohio Public Facilities Commission,
(Higher Educational Facilities),
(AMBAC), 4.30%, 12/1/08 $ 930,310
------------------------------------------------------------------------
$ 930,310
------------------------------------------------------------------------
Insured-General Obligations -- 29.9%
------------------------------------------------------------------------
$ 265 Clinton Massie Local School District,
(AMBAC), 0.00%, 12/1/11 $ 140,633
265 Clinton Massie Local School District,
(MBIA), 0.00%, 12/1/09 158,102
225 Finneytown Local School District,
(FGIC), 6.15%, 12/1/11 244,735
500 Forest Hills Local School District,
(MBIA), 6.00%, 12/1/09 536,925
1,000 Hilliard School District, (FGIC),
0.00%, 12/1/14 443,570
1,000 Southwest Licking School Facilities
Improvement, (FGIC), 7.10%, 12/1/16 1,102,150
500 South-Western City School District,
Franklin and Pickway Counties, (AMBAC),
4.75%, 12/1/26 424,065
500 Strongsville City School District,
(MBIA), 5.375%, 12/1/12 510,100
1,500 West Clermont School District, (AMBAC),
6.90%, 12/1/12(1) 1,640,100
460 Wyoming, School District, (FGIC),
5.75%, 12/1/17 477,880
------------------------------------------------------------------------
$ 5,678,260
------------------------------------------------------------------------
Insured-Hospital -- 2.7%
------------------------------------------------------------------------
$ 500 Cuyahoga County, (Metrohealth System),
(MBIA), 5.50%, 2/15/12 $ 509,355
------------------------------------------------------------------------
$ 509,355
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
54
<PAGE>
OHIO LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Industrial Development Revenue -- 2.8%
------------------------------------------------------------------------
$ 500 Akron Economic Development, (MBIA),
6.00%, 12/1/12 $ 537,935
------------------------------------------------------------------------
$ 537,935
------------------------------------------------------------------------
Insured-Water and Sewer -- 2.7%
------------------------------------------------------------------------
$ 500 Hamilton County Sewer System, (FGIC),
5.50%, 12/1/11 $ 517,165
------------------------------------------------------------------------
$ 517,165
------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 1.0%
------------------------------------------------------------------------
$ 200 Union County, (Pleasant Valley Joint
Fire District), 6.125%, 12/1/19 $ 191,292
------------------------------------------------------------------------
$ 191,292
------------------------------------------------------------------------
Nursing Home -- 3.4%
------------------------------------------------------------------------
$ 600 Cuyahoga County HFA, (Benjamin Rose
Institute), 5.50%, 12/1/17 $ 485,262
155 Fairfield EDA, (Beverly Enterprises),
8.50%, 1/1/03 159,187
------------------------------------------------------------------------
$ 644,449
------------------------------------------------------------------------
Pooled Loans -- 0.9%
------------------------------------------------------------------------
$ 200 Toledo Lucas County Port Authority
Development Revenue, (Northwest Ohio
Bond Fund), 5.10%, 5/15/12 $ 177,516
------------------------------------------------------------------------
$ 177,516
------------------------------------------------------------------------
Senior Living / Life Care -- 2.0%
------------------------------------------------------------------------
$ 200 Ohio HFA, Retirement Rental Housing,
(Encore Retirement Partners),
6.75%, 3/1/19 $ 175,292
250 Summit County Healthcare Facilities
Revenue, (Village at Saint Edward),
5.75%, 12/1/25 202,255
------------------------------------------------------------------------
$ 377,547
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Special Tax Revenue -- 1.6%
------------------------------------------------------------------------
$ 303 Columbus Special Assessment,
6.05%, 9/15/05 $ 305,212
------------------------------------------------------------------------
$ 305,212
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 95.5%
(identified cost $18,583,737) $18,149,503
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 4.5% $ 855,551
------------------------------------------------------------------------
Net Assets -- 100.0% $19,005,054
------------------------------------------------------------------------
</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 March 31, 2000, 45.0% 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 a low of 12.4% to a
high of 17.3% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
SEE NOTES TO FINANCIAL STATEMENTS
55
<PAGE>
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 98.1%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Assisted Living -- 5.1%
------------------------------------------------------------------------
$ 835 Chester County IDA, (Kimberton),
8.00%, 9/1/05 $ 863,131
1,060 Delaware County IDA, (Glen Riddle),
(AMT), 8.125%, 9/1/05 1,093,443
------------------------------------------------------------------------
$ 1,956,574
------------------------------------------------------------------------
Certificates of Participation -- 1.2%
------------------------------------------------------------------------
$ 500 Cliff House Trust, (AMT), 6.625%, 6/1/27 $ 458,920
------------------------------------------------------------------------
$ 458,920
------------------------------------------------------------------------
Cogeneration -- 4.0%
------------------------------------------------------------------------
$1,500 Pennsylvania EDA, (Resource
Recovery-Colver), (AMT), 7.05%, 12/1/10 $ 1,549,350
------------------------------------------------------------------------
$ 1,549,350
------------------------------------------------------------------------
Education -- 1.8%
------------------------------------------------------------------------
$ 740 Pennsylvania HEFA, (Delaware Valley
College of Science and Agriculture),
5.25%, 4/5/12 $ 685,995
------------------------------------------------------------------------
$ 685,995
------------------------------------------------------------------------
Escrowed / Prerefunded -- 11.9%
------------------------------------------------------------------------
$ 500 Harrisburg Authority, Correctional
Facilities, (FSA), Escrowed to Maturity,
6.25%, 6/1/01 $ 510,700
1,500 Somerset County, General Authority,
Correctional Facilities, (FGIC),
Escrowed to Maturity, 6.50%, 10/15/01 1,544,040
875 Virgin Islands Water and Power
Authority, Prerefunded to 7/1/01,
7.40%, 7/1/11 915,031
5,000 Westmoreland County, Municipal
Authority, Water Utility, (FGIC),
Escrowed to Maturity, 0.00%, 8/15/19 1,624,000
------------------------------------------------------------------------
$ 4,593,771
------------------------------------------------------------------------
General Obligations -- 0.5%
------------------------------------------------------------------------
$ 500 Puerto Rico, 0.00%, 7/1/16 $ 200,600
------------------------------------------------------------------------
$ 200,600
------------------------------------------------------------------------
Hospital -- 16.8%
------------------------------------------------------------------------
$1,000 Allentown, Area Hospital Authority,
(Sacred Heart Hospital), 6.50%, 11/15/08 $ 1,008,780
650 Hazleton Health Services Authority,
(St. Joseph's Hospital), 5.85%, 7/1/06 640,198
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Hospital (continued)
------------------------------------------------------------------------
$1,200 Lehigh County, General Purpose
Authority, (Muhlenberg Hospital),
5.75%, 7/15/10 $ 1,242,804
200 McKean County Hospital Authority,
(Bradford Hospital), 5.375%, 10/1/03 196,044
1,000 Monroeville Hospital Authority, (Forbes
Health), 5.75%, 10/1/05 946,050
500 Montgomery County HEFA, (Montgomery
Hospital), 6.25%, 7/1/06 500,910
500 New Castle Area Hospital Authority,
(St. Francis Hospital of New Castle),
5.90%, 11/15/00 502,365
170 Northhampton County Hospital Authority,
(Easton Hospital), 6.90%, 1/1/02 170,959
1,350 South Fork Municipal Authority, (Lee
Hospital), 5.50%, 7/1/11 1,268,406
------------------------------------------------------------------------
$ 6,476,516
------------------------------------------------------------------------
Industrial Development Revenue -- 4.8%
------------------------------------------------------------------------
$1,200 Erie IDA, (International Paper), (AMT),
5.85%, 12/1/20 $ 1,102,944
750 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.30%, 6/1/23 745,402
------------------------------------------------------------------------
$ 1,848,346
------------------------------------------------------------------------
Insured-Education -- 6.7%
------------------------------------------------------------------------
$2,000 Allegheny County, Higher Education
Building Authority, (Duquesne
University), (AMBAC), 5.00%, 3/1/16 $ 1,863,600
700 Montgomery County HEFA, (Saint Joseph's
University), (CLEE), 6.00%, 12/15/02 722,722
------------------------------------------------------------------------
$ 2,586,322
------------------------------------------------------------------------
Insured-Electric Utilities -- 6.6%
------------------------------------------------------------------------
$ 500 Beaver County IDA, (Ohio Edison Co.),
(FGIC), 7.00%, 6/1/21 $ 521,135
2,000 Cambria County IDA, (Pennsylvania
Electric Co.), (MBIA), 5.35%, 11/1/10 2,037,300
------------------------------------------------------------------------
$ 2,558,435
------------------------------------------------------------------------
Insured-General Obligations -- 7.7%
------------------------------------------------------------------------
$1,635 Harrisburg, (AMBAC), 0.00%, 9/15/12 $ 826,770
1,355 McKeesport, (FGIC), 0.00%, 10/1/11 723,191
1,000 Pennsylvania, (AMBAC), 5.00%, 11/15/15 943,470
500 Pleasant Valley School District, (FGIC),
5.00%, 9/1/10 501,065
------------------------------------------------------------------------
$ 2,994,496
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
56
<PAGE>
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Hospital -- 4.8%
------------------------------------------------------------------------
$1,000 Allegheny County Hospital Development
Authority, (South Hills Health), (MBIA),
5.50%, 5/1/08 $ 1,019,880
825 Indiana County Hospital Authority,
(Indiana Hospital), (CLEE),
5.875%, 7/1/01 837,515
------------------------------------------------------------------------
$ 1,857,395
------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 2.7%
------------------------------------------------------------------------
$1,000 Northumberland County Authority, (MBIA),
6.50%, 10/15/01 $ 1,029,360
------------------------------------------------------------------------
$ 1,029,360
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 0.8%
------------------------------------------------------------------------
$ 350 Pittsburgh and Allegheny County, Public
Auditorium Authority, (AMBAC),
5.00%, 2/1/24 $ 310,138
------------------------------------------------------------------------
$ 310,138
------------------------------------------------------------------------
Insured-Transportation -- 6.8%
------------------------------------------------------------------------
$1,000 Allegheny County Airport Revenue,
(MBIA), 5.75%, 1/1/10 $ 1,032,670
590 Allegheny County Airport Revenue,
(MBIA), 5.75%, 1/1/12 607,995
1,000 Philadelphia Airport Revenue, (FGIC),
5.375%, 7/1/14 978,500
------------------------------------------------------------------------
$ 2,619,165
------------------------------------------------------------------------
Nursing Home -- 2.5%
------------------------------------------------------------------------
$ 250 Chartiers Valley, Industrial and
Commercial Development Authority,
(Beverly Enterprises), 5.30%, 6/1/02 $ 246,915
250 Chartiers Valley, Industrial and
Commercial Development Authority,
(Beverly Enterprises), 5.35%, 6/1/03 244,750
250 Clarion County IDA, (Beverly
Enterprises, Inc.), 5.50%, 5/1/03 242,310
250 Green County IDA, (Beverly Enterprises,
Inc.), 5.50%, 3/1/08 230,643
------------------------------------------------------------------------
$ 964,618
------------------------------------------------------------------------
Senior Living / Life Care -- 4.1%
------------------------------------------------------------------------
$ 335 Crawford County Hospital Authority,
(Wesbury United Methodist Community),
6.00%, 8/15/11 $ 310,354
245 Delaware County Authority, (White Horse
Village), 6.30%, 7/1/03 247,732
505 Delaware County Authority, (White Horse
Village), 6.40%, 7/1/04 511,818
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Senior Living / Life Care (continued)
------------------------------------------------------------------------
$ 535 Hazleton Health Services Authority,
(Hazleton General Hospital),
5.50%, 7/1/07 $ 513,884
------------------------------------------------------------------------
$ 1,583,788
------------------------------------------------------------------------
Solid Waste -- 4.3%
------------------------------------------------------------------------
$ 300 Greater Lebanon Refuse Authority,
6.40%, 5/15/00 $ 300,726
500 Greater Lebanon Refuse Authority,
6.40%, 11/15/00 506,190
1,000 Schuylkill County IDA, (Pine Grove
Landfill, Inc.), (AMT), 5.10%, 10/1/19 860,580
------------------------------------------------------------------------
$ 1,667,496
------------------------------------------------------------------------
Transportation -- 5.0%
------------------------------------------------------------------------
$1,000 Erie Municipal Airport Authority, (AMT),
5.50%, 7/1/09 $ 929,540
1,000 Southeastern Pennsylvania Transportation
Authority, 6.00%, 6/1/01 1,017,550
------------------------------------------------------------------------
$ 1,947,090
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.1%
(identified cost $38,469,506) $37,888,375
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.9% $ 746,643
------------------------------------------------------------------------
Net Assets -- 100.0% $38,635,018
------------------------------------------------------------------------
</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 March 31, 2000, 46.5% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage insured by financial institutions ranged from a low of 1.3% to a
high of 15.6% of total investments.
SEE NOTES TO FINANCIAL STATEMENTS
57
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS
STATEMENTS OF ASSETS AND LIABILITIES
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED LIMITED LIMITED
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
-----------------------------------------------------------------------
Assets
-----------------------------------------------------------------------
Investments --
Identified cost $22,465,914 $44,950,405 $44,268,353
Unrealized appreciation
(depreciation) (336,109) (726,911) (778,031)
-----------------------------------------------------------------------
INVESTMENTS, AT VALUE $22,129,805 $44,223,494 $43,490,322
-----------------------------------------------------------------------
Cash $ 164,950 $ -- $ 83,241
Interest receivable 302,806 908,794 607,403
Prepaid expenses 14,323 16,211 16,211
-----------------------------------------------------------------------
TOTAL ASSETS $22,611,884 $45,148,499 $44,197,177
-----------------------------------------------------------------------
Liabilities
-----------------------------------------------------------------------
Payable for daily variation
margin on open financial
futures contracts $ 5,000 $ -- $ 5,500
Demand note payable -- 100,000 --
Due to bank -- 21,839 --
Payable to affiliate for
Trustees' fees 25 64 32
Accrued expenses 3,097 3,887 2,213
-----------------------------------------------------------------------
TOTAL LIABILITIES $ 8,122 $ 125,790 $ 7,745
-----------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN
PORTFOLIO $22,603,762 $45,022,709 $44,189,432
-----------------------------------------------------------------------
Sources of Net Assets
-----------------------------------------------------------------------
Net proceeds from capital
contributions and
withdrawals $22,965,165 $45,749,620 $44,984,029
Net unrealized depreciation
(computed on the basis of
identified cost) (361,403) (726,911) (794,597)
-----------------------------------------------------------------------
TOTAL $22,603,762 $45,022,709 $44,189,432
-----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
58
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED LIMITED LIMITED LIMITED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
-----------------------------------------------------------------------------------
Assets
-----------------------------------------------------------------------------------
Investments --
Identified cost $34,397,095 $51,691,139 $18,583,737 $38,469,506
Unrealized appreciation
(depreciation) 285,129 27,277 (434,234) (581,131)
-----------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $34,682,224 $51,718,416 $18,149,503 $37,888,375
-----------------------------------------------------------------------------------
Cash $ -- $ -- $ 533,106 $ --
Receivable for investments
sold -- -- -- 521,670
Interest receivable 515,371 942,811 315,236 629,101
Prepaid expenses 14,323 16,211 12,233 16,207
-----------------------------------------------------------------------------------
TOTAL ASSETS $35,211,918 $52,677,438 $19,010,078 $39,055,353
-----------------------------------------------------------------------------------
Liabilities
-----------------------------------------------------------------------------------
Payable for daily variation
margin on open financial
futures contracts $ 4,000 $ 6,500 $ 2,000 $ --
Demand note payable -- 400,000 -- 400,000
Payable for when-issued
securities -- 528,820 -- --
Due to bank 82,731 61,903 -- 17,009
Accrued expenses 4,271 5,044 3,024 3,326
-----------------------------------------------------------------------------------
TOTAL LIABILITIES $ 91,002 $ 1,002,267 $ 5,024 $ 420,335
-----------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN
PORTFOLIO $35,120,916 $51,675,171 $19,005,054 $38,635,018
-----------------------------------------------------------------------------------
Sources of Net Assets
-----------------------------------------------------------------------------------
Net proceeds from capital
contributions and
withdrawals $34,847,835 $51,667,472 $19,445,312 $39,216,149
Net unrealized appreciation
(depreciation) (computed on
the basis of identified
cost) 273,081 7,699 (440,258) (581,131)
-----------------------------------------------------------------------------------
TOTAL $35,120,916 $51,675,171 $19,005,054 $38,635,018
-----------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
59
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED LIMITED LIMITED
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
---------------------------------------------------------------------------------
Investment Income
---------------------------------------------------------------------------------
Interest $ 1,400,770 $ 2,821,157 $ 2,613,077
---------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 1,400,770 $ 2,821,157 $ 2,613,077
---------------------------------------------------------------------------------
Expenses
---------------------------------------------------------------------------------
Investment adviser fee $ 118,479 $ 239,631 $ 220,789
Trustees fees and expenses 2,547 9,682 6,432
Legal and accounting services 19,716 23,523 23,301
Custodian fee 18,715 33,454 32,747
Miscellaneous 8,292 12,622 8,311
---------------------------------------------------------------------------------
TOTAL EXPENSES $ 167,749 $ 318,912 $ 291,580
---------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ -- $ 11,734 $ 14,950
---------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ -- $ 11,734 $ 14,950
---------------------------------------------------------------------------------
NET EXPENSES $ 167,749 $ 307,178 $ 276,630
---------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 1,233,021 $ 2,513,979 $ 2,336,447
---------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
---------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 61,725 $ 121,278 $ (18,066)
Financial futures contracts 12,791 35,679 73,715
---------------------------------------------------------------------------------
NET REALIZED GAIN $ 74,516 $ 156,957 $ 55,649
---------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(1,788,106) $(3,456,340) $(3,171,172)
Financial futures contracts (25,294) -- (16,566)
---------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(1,813,400) $(3,456,340) $(3,187,738)
---------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(1,738,884) $(3,299,383) $(3,132,089)
---------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (505,863) $ (785,404) $ (795,642)
---------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
60
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED LIMITED LIMITED LIMITED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------
Investment Income
---------------------------------------------------------------------------------------------
Interest $ 2,092,244 $ 3,194,169 $ 1,191,249 $ 2,504,956
---------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 2,092,244 $ 3,194,169 $ 1,191,249 $ 2,504,956
---------------------------------------------------------------------------------------------
Expenses
---------------------------------------------------------------------------------------------
Investment adviser fee $ 174,422 $ 268,823 $ 98,867 $ 208,370
Trustees fees and expenses 2,588 8,951 466 6,400
Legal and accounting services 19,523 23,811 17,552 23,297
Custodian fee 30,545 39,123 19,542 29,004
Miscellaneous 6,963 11,666 8,498 13,161
---------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 234,041 $ 352,374 $ 144,925 $ 280,232
---------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 9,164 $ 15,251 $ 5,397 $ 7,627
---------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 9,164 $ 15,251 $ 5,397 $ 7,627
---------------------------------------------------------------------------------------------
NET EXPENSES $ 224,877 $ 337,123 $ 139,528 $ 272,605
---------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 1,867,367 $ 2,857,046 $ 1,051,721 $ 2,232,351
---------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
---------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 114,201 $ 139,518 $ 5,725 $ (277,931)
Financial futures contracts 53,392 92,218 28,858 61,345
---------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 167,593 $ 231,736 $ 34,583 $ (216,586)
---------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(2,198,320) $(3,399,494) $(1,511,303) $(2,749,901)
Financial futures contracts (12,048) (19,578) (6,024) --
---------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(2,210,368) $(3,419,072) $(1,517,327) $(2,749,901)
---------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(2,042,775) $(3,187,336) $(1,482,744) $(2,966,487)
---------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (175,408) $ (330,290) $ (431,023) $ (734,136)
---------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
61
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED LIMITED LIMITED
INCREASE (DECREASE) IN NET ASSETS PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
----------------------------------------------------------------------------------
From operations --
Net investment income $ 1,233,021 $ 2,513,979 $ 2,336,447
Net realized gain 74,516 156,957 55,649
Net change in unrealized appreciation
(depreciation) (1,813,400) (3,456,340) (3,187,738)
----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (505,863) $ (785,404) $ (795,642)
----------------------------------------------------------------------------------
Capital transactions --
Contributions $ 1,647,497 $ 6,349,671 $ 7,777,378
Withdrawals (7,215,977) (20,489,768) (14,335,749)
----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(5,568,480) $(14,140,097) $ (6,558,371)
----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(6,074,343) $(14,925,501) $ (7,354,013)
----------------------------------------------------------------------------------
Net Assets
----------------------------------------------------------------------------------
At beginning of year $28,678,105 $ 59,948,210 $ 51,543,445
----------------------------------------------------------------------------------
AT END OF YEAR $22,603,762 $ 45,022,709 $ 44,189,432
----------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
62
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED LIMITED LIMITED LIMITED
INCREASE (DECREASE) IN NET ASSETS PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------
From operations --
Net investment income $ 1,867,367 $ 2,857,046 $ 1,051,721 $ 2,232,351
Net realized gain (loss) 167,593 231,736 34,583 (216,586)
Net change in unrealized appreciation
(depreciation) (2,210,368) (3,419,072) (1,517,327) (2,749,901)
----------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (175,408) $ (330,290) $ (431,023) $ (734,136)
----------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 3,960,119 $ 6,571,148 $ 1,287,987 $ 2,854,798
Withdrawals (8,444,486) (20,438,440) (4,652,763) (14,256,336)
----------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(4,484,367) $(13,867,292) $(3,364,776) $(11,401,538)
----------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(4,659,775) $(14,197,582) $(3,795,799) $(12,135,674)
----------------------------------------------------------------------------------------------
Net Assets
----------------------------------------------------------------------------------------------
At beginning of year $39,780,691 $ 65,872,753 $22,800,853 $ 50,770,692
----------------------------------------------------------------------------------------------
AT END OF YEAR $35,120,916 $ 51,675,171 $19,005,054 $ 38,635,018
----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
63
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 1999
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED LIMITED LIMITED
INCREASE (DECREASE) IN NET ASSETS PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
-----------------------------------------------------------------------------------
From operations --
Net investment income $ 1,484,759 $ 3,088,390 $ 2,503,033
Net realized gain 378,072 640,439 448,633
Net change in unrealized appreciation
(depreciation) (263,964) (704,172) (457,661)
-----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,598,867 $ 3,024,657 $ 2,494,005
-----------------------------------------------------------------------------------
Capital transactions --
Contributions $ 4,228,958 $ 7,572,648 $ 10,696,524
Withdrawals (11,447,139) (22,890,275) (18,230,235)
-----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $ (7,218,181) $(15,317,627) $ (7,533,711)
-----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (5,619,314) $(12,292,970) $ (5,039,706)
-----------------------------------------------------------------------------------
Net Assets
-----------------------------------------------------------------------------------
At beginning of year $ 34,297,419 $ 72,241,180 $ 56,583,151
-----------------------------------------------------------------------------------
AT END OF YEAR $ 28,678,105 $ 59,948,210 $ 51,543,445
-----------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
64
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
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
LIMITED LIMITED LIMITED LIMITED
INCREASE (DECREASE) IN NET ASSETS PORTFOLIO PORTFOLIO PORTFOLIO 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
65
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.66% 0.62% 0.61% 0.63% 0.58%
Expenses after custodian
fee reduction 0.66% 0.61% 0.59% 0.61% 0.55%
Net investment income 4.84% 4.67% 4.86% 4.98% 4.82%
Portfolio Turnover 13% 29% 40% 57% 36%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR
(000'S OMITTED) $22,604 $28,678 $34,297 $43,194 $59,216
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
66
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
FLORIDA LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.62% 0.59% 0.58% 0.59% 0.55%
Expenses after custodian
fee reduction 0.59% 0.57% 0.55% 0.57% 0.54%
Net investment income 4.87% 4.68% 4.90% 4.90% 4.73%
Portfolio Turnover 16% 16% 38% 66% 20%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $45,023 $59,948 $72,241 $92,909 $127,835
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
67
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.61% 0.60% 0.60% 0.60% 0.57%
Expenses after custodian
fee reduction 0.58% 0.57% 0.56% 0.58% 0.55%
Net investment income 4.92% 4.67% 4.90% 4.97% 4.72%
Portfolio Turnover 15% 19% 46% 60% 27%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $44,189 $51,543 $56,583 $69,670 $97,135
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
68
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.63% 0.62% 0.62% 0.61% 0.57%
Expenses after custodian
fee reduction 0.60% 0.62% 0.61% 0.58% 0.55%
Net investment income 5.01% 4.78% 4.91% 4.96% 4.78%
Portfolio Turnover 15% 13% 21% 37% 42%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $35,121 $39,781 $45,540 $58,266 $80,173
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
69
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
NEW YORK LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.61% 0.59% 0.61% 0.58% 0.55%
Expenses after custodian
fee reduction 0.58% 0.59% 0.59% 0.56% 0.53%
Net investment income 4.95% 4.74% 4.81% 4.87% 4.66%
Portfolio Turnover 18% 17% 53% 58% 32%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $51,675 $65,873 $74,691 $100,014 $138,728
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
70
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
OHIO LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.69% 0.67% 0.64% 0.68% 0.63%
Expenses after custodian
fee reduction 0.66% 0.64% 0.64% 0.65% 0.61%
Net investment income 5.00% 4.85% 5.05% 5.20% 5.06%
Portfolio Turnover 13% 19% 29% 34% 47%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $19,005 $22,801 $24,216 $28,470 $33,529
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
71
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.63% 0.62% 0.60% 0.61% 0.58%
Expenses after custodian
fee reduction 0.61% 0.60% 0.58% 0.59% 0.56%
Net investment income 5.03% 4.83% 5.03% 5.11% 4.81%
Portfolio Turnover 11% 16% 36% 51% 24%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $38,635 $50,771 $57,708 $67,876 $92,194
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
72
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
-------------------------------------------
California Limited Maturity Municipals Portfolio (California Limited
Portfolio), Florida Limited Maturity Municipals Portfolio (Florida Limited
Portfolio), Massachusetts Limited Maturity Municipals Portfolio
(Massachusetts 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
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 accretion of 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 Portfolios' investors are regulated investment companies that invest
all or substantially all of their assets in the Portfolios, the Portfolios
normally must satisfy the applicable source of income and diversification
requirements (under the Internal Revenue Code) in order for their respective
investors to satisfy them. The Portfolios will allocate at least annually
among their respective investors each investor's distributive share of the
Portfolios' net taxable (if any) and tax-exempt investment income, net
realized capital gains, and any other items of income, gain, loss, deduction
or credit.
Interest income received by the Portfolios on investments in municipal bonds,
which is excludable from gross income under the Internal Revenue Code, will
retain its status as income exempt from federal income tax when allocated to
each Portfolio's investors. The portion of such interest, if any, earned on
private activity bonds issued after August 7, 1986, may be considered a tax
preference item for investors.
D 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 Portfolios may engage in
when-issued and delayed delivery transactions. The Portfolios record
when-issued securities on trade date and maintain security positions such
that sufficient liquid assets will be available to make 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 reported as a
reduction of total expenses in the Statement of Operations.
73
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS 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 income 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.
2 Investment Adviser Fee and Other Transactions with Affiliates
-------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to each Portfolio.
The fee is based upon a percentage of average daily net assets plus a
percentage of gross income (i.e., income other than gains from the sale of
securities). For the year ended March 31, 2000, each Portfolio paid advisory
fees as follows:
<TABLE>
<CAPTION>
PORTFOLIO AMOUNT EFFECTIVE RATE*
<S> <C> <C>
-----------------------------------------------------------------------
California Limited $118,479 0.46%
Florida Limited 239,631 0.46%
Massachusetts Limited 220,789 0.46%
New Jersey Limited 174,422 0.47%
New York Limited 268,823 0.47%
Ohio Limited 98,867 0.47%
Pennsylvania Limited 208,370 0.47%
</TABLE>
* As a percentage of average daily net assets.
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 year ended
March 31, 2000, 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 year ended March 31, 2000 were as follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 3,321,095
Sales 9,004,156
<CAPTION>
FLORIDA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 8,003,532
Sales 19,801,091
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 7,153,576
Sales 10,375,124
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 5,514,487
Sales 8,252,439
<CAPTION>
NEW YORK LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $10,112,986
Sales 20,492,204
<CAPTION>
OHIO LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 2,659,780
Sales 5,929,097
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 4,949,644
Sales 13,064,262
</TABLE>
4 Federal Income Tax Basis of Investments
-------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned by each Portfolio at March 31, 2000, as computed on a
federal income tax basis, are as follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $22,465,914
-----------------------------------------------------
Gross unrealized appreciation $ 393,823
Gross unrealized depreciation (729,932)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (336,109)
-----------------------------------------------------
</TABLE>
74
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS CONT'D
<TABLE>
-----------------------------------------------------
<CAPTION>
FLORIDA LIMITED PORTFOLIO
<S> <C>
AGGREGATE COST $44,950,405
-----------------------------------------------------
Gross unrealized appreciation $ 647,239
Gross unrealized depreciation (1,374,150)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (726,911)
-----------------------------------------------------
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $44,268,353
-----------------------------------------------------
Gross unrealized appreciation $ 623,243
Gross unrealized depreciation (1,401,274)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (778,031)
-----------------------------------------------------
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $34,397,095
-----------------------------------------------------
Gross unrealized appreciation $ 747,920
Gross unrealized depreciation (462,791)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 285,129
-----------------------------------------------------
<CAPTION>
NEW YORK LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $51,691,139
-----------------------------------------------------
Gross unrealized appreciation $ 739,216
Gross unrealized depreciation (711,939)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 27,277
-----------------------------------------------------
<CAPTION>
OHIO LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $18,583,737
-----------------------------------------------------
Gross unrealized appreciation $ 242,669
Gross unrealized depreciation (676,903)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (434,234)
-----------------------------------------------------
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $38,469,506
-----------------------------------------------------
Gross unrealized appreciation $ 382,237
Gross unrealized depreciation (963,368)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (581,131)
-----------------------------------------------------
</TABLE>
5 Line of Credit
-------------------------------------------
The Portfolios participate 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. 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 March 31, 2000, the Florida Limited
Portfolio, the New York Limited Portfolio, and the Pennsylvania Limited
Portfolio had balances outstanding pursuant to this line of credit of
$100,000, $400,000 and $400,000, respectively. The Portfolios did not have
any significant borrowings or allocated fees during the year ended March 31,
2000.
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 March 31, 2000,
is as follows:
<TABLE>
<CAPTION>
FUTURES CONTRACTS
------------------------------------------------------------------------------
EXPIRATION NET UNREALIZED
PORTFOLIO DATE CONTRACTS POSITION DEPRECIATION
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------
California 6/00 10 US Treasury Bond Short $(25,294)
------------------------------------------------------------------------------
Massachusetts 6/00 11 US Treasury Bond Short $(16,566)
------------------------------------------------------------------------------
New Jersey 6/00 8 US Treasury Bond Short $(12,048)
------------------------------------------------------------------------------
New York 6/00 13 US Treasury Bond Short $(19,578)
------------------------------------------------------------------------------
Ohio 6/00 4 US Treasury Bond Short $ (6,024)
------------------------------------------------------------------------------
</TABLE>
75
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
INDEPENDENT AUDITORS' REPORT
TO THE TRUSTEES AND INVESTORS
OF CALIFORNIA LIMITED MATURITY MUNICIPALS PORTFOLIO, FLORIDA LIMITED MATURITY
MUNICIPALS PORTFOLIO, MASSACHUSETTS LIMITED MATURITY MUNICIPALS PORTFOLIO, NEW
JERSEY LIMITED MATURITY MUNICIPALS PORTFOLIO, NEW YORK LIMITED MATURITY
MUNICIPALS PORTFOLIO, OHIO LIMITED MATURITY MUNICIPALS PORTFOLIO, AND
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO:
---------------------------------------------
We have audited the accompanying statements of assets and liabilities of
California Limited Maturity Municipals Portfolio, Florida Limited Maturity
Municipals Portfolio, Massachusetts Limited Maturity Municipals Portfolio, New
Jersey Limited Maturity Municipals Portfolio, New York Limited Maturity
Municipals Portfolio, Ohio Limited Maturity Municipals Portfolio, and
Pennsylvania Limited Maturity Municipals Portfolio, (the Portfolios) as of
March 31, 2000, the related statements of operations for the year then ended,
the statements of changes in net assets for the years ended March 31, 2000 and
1999, and the supplementary data for each of the years in the five year period
ended March 31, 2000. These financial statements and supplementary data are the
responsibility of each Portfolio's management. Our responsibility is to express
an opinion on these financial statements and supplementary data based on our
audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and supplementary data are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned at March 31, 2000 by correspondence with the custodian and
brokers; where replies were not received from brokers, we performed other
auditing procedures. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements and supplementary data present fairly,
in all material respects, the financial position of each of the aforementioned
Portfolios, as of March 31, 2000, the results of their operations, the changes
in their net assets and their supplementary data for the respective stated
periods in conformity with accounting principles generally accepted in the
United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
April 28, 2000
76
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
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
Massachusetts, New Jersey, New York
and Ohio Limited Maturity
Municipals Portfolios
Cynthia J. Clemson
Vice President and Portfolio Manager of California, Florida and Pennsylvania
Limited Maturity Municipals Portfolios
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
77
<PAGE>
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78
<PAGE>
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<PAGE>
INVESTMENT ADVISER OF THE LIMITED MATURITY MUNICIPALS PORTFOLIOS
Boston Management and Research
The Eaton Vance Building
255 State Street
Boston, MA 02109
ADMINISTRATOR OF EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS
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
INDEPENDENT AUDITOR
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
EATON VANCE MUNICIPALS 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.
--------------------------------------------------------------------------------
442-5/00 7LTFSRC-5/00
