<PAGE>
[EATON VANCE LOGO]
EATON VANCE-REGISTERED TRADEMARK-
===========
Mutual Funds
[PHOTO - Brick wall]
Semiannual Report September 30, 2000
EATON VANCE
LIMITED
[PHOTO - Highway] MATURITY
MUNICIPALS
FUNDS
California
[PHOTO - Bridge] Florida
Massachusetts
New Jersey
New York
Ohio
Pennsylvania
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
--------------------------------------------------------------------------------
[PHOTO OF THOMAS J. FETTER]
Thomas J. Fetter
President
The rate of economic growth in the U.S. finally showed signs of
easing somewhat in the second half of 2000. Last year's prolonged rise in
interest rates resulted in lower corporate profits, slower capital investment
and weaker consumer demand. Those trends were generally reflected at the state
level as well, as indicated in the following pages, and, together with a sharp
decline in the equity markets, have tempered the outlook for economic growth.
AFTER A DISAPPOINTING YEAR IN 1999, MUNICIPAL BONDS HAVE STAGED A MODEST
RECOVERY IN 2000...
The effect of higher interest rates on the municipal market
was quite evident in 1999. Bond prices, which move in the opposite direction of
interest rates, reacted negatively to the rate hikes, creating disappointing
returns for municipal bond funds, including Eaton Vance Limited Maturity
Municipals Funds.
In the six-month period ended September 30, 2000, however, the picture
brightened somewhat. After the Federal Reserve raised its benchmark Federal
Funds rate in March and again in May, the U.S. economy appeared in the ensuing
months to show the cumulative effects of the Fed's actions. In the third
quarter, GDP growth slowed to a moderate 2.7%. While expressing concerns about
sharply higher energy prices, the Federal Reserve left rates unchanged at its
August meeting and signaled that its sustained string of rate hikes may be near
an end.
AS RATES STABILIZED, THE CLIMATE FOR MUNICIPAL BONDS IMPROVED...
The prospect of stable, or potentially lower, interest rates was applauded by
fixed-income investors, including those in the municipal market, which
mounted a modest rally. The Lipper Intermediate Municipal Debt Fund
Classification, which had a total return of -1.68% in 1999, had an average
return of 3.27% in the six-month period ended September 30, 2000.* That
represented a modest recovery, as the interest rate scenario improved
somewhat.
Naturally, the outlook for the municipal market will depend, in large part, on
the relative strength of the economy and future Fed actions. From a supply
standpoint, however, conditions have turned more favorable. Increased tax
revenues at the state and local level have reduced funding needs. As a result,
the rate of new municipal issuance declined from previous years, reducing supply
pressures within the municipal market. Finally, if the equity markets remain
under pressure, the municipal markets could attract more demand from
tax-conscious investors. The economy will, of course, bear close watching in
coming months. But, in a moderating economy, we believe that municipals are
increasingly worthy of consideration in a diversified investment portfolio.
Sincerely,
/s/ Thomas J. Fetter
Thomas J. Fetter
President
November 9, 2000
Intermediate-Term municipal bond yields
reach 79% of Treasury yields
[GRAPH - Bar chart]
4.65% 7.70%
5-Year AAA-rated Taxable equivalent yield
General Obligation (G0) Bonds* in 39.6% tax bracket
[GRAPH - Bar chart]
5.85%
5-Year Treasury Bond
Principal and interest payments of Treasury securities are guaranteed by the
U.S. government.
* GO yields are a compilation of a representative variety of general
obligations and are not necessarily representative of the Funds' yield.
Statistics as of September 30, 2000.
Past Performance is no guarantee of future results.
Source: Bloomberg L.P.
*It is not possible to invest directly in an Index or Lipper Classification.
--------------------------------------------------------------------------------
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 SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO OF CYNTHIA J. CLEMSON]
Cynthia J. Clemson
Portfolio Manager
THE ECONOMY
--------------------------------------------------------------------------------
- California's economic growth has proceeded at a fairly solid pace in 2000,
although job growth has moderated somewhat in the second half. Business
services and engineering provided an especially strong boost to the service
sector. The state's September 2000 unemployment rate declined to 4.8% from
5.0% a year ago.
- The state's manufacturing sector has continued to receive support from
technology. Job growth has been particularly strong for companies involved
in the manufacture of computers, disk drives, electronic components and
semiconductors.
- California's construction sector has continued to expand in 2000, adding
jobs at a 5.2% rate over 1999, reflecting the state's housing market and
population inflow from other states. Total housing permits grew 6.6% in the
past year alone.
THE FUND
-------------------------------------------------------------------------------
- During the six months ended September 30, 2000, the Fund's Class A and
Class B shares had total returns of 4.61% and 4.23%, respectively.(1) For
Class A and Class B, these returns resulted from an increase in net asset
value (NAV) per share to $9.92 on September 30, 2000 from $9.70 on March
31, 2000, and the reinvestment of $0.221 and $0.186 per share,
respectively, in tax-free income.(2)
- Based on the most recent dividends and NAVs on September 30, 2000 of $9.92
per share for Class A and Class B, the Fund's distribution rates were 4.44%
and 3.73%, respectively.(3) The distribution rates of Class A and Class B
shares are equivalent to taxable rates of 8.11% and 6.81%, respectively.(4)
- The SEC 30-day yields for Class A and B shares at September 30, 2000 were
4.16% and 3.51%, respectively.(5) The SEC 30-day yields of Class A and
Class B are equivalent to taxable yields of 7.59% and 6.41%,
respectively.(4)
MANAGEMENT UPDATE
--------------------------------------------------------------------------------
- The supply of California bonds declined sharply in 2000, falling roughly
25% below the levels of 1999. In a limited new-issue market, the
Portfolio's largest sector weighting was escrowed bonds. Because they are
backed by Treasury bonds, these issues provided the Portfolio excellent
quality and fairly stable performance characteristics.
- Special tax revenue bonds remained a major emphasis of the Portfolio. These
special assessment issues continue to comprise a large percentage of new
state supply, and were issued to meet the growing infrastructure needs of
California communities.
- Management remained very selective with respect to its hospital bond
holdings. The sector has been under pressure in reaction to health care
proposals and increasingly difficult industry fundamentals. The Portfolio
found good opportunities among some smaller issues.
PORTFOLIO STATISTICS(6)
-------------------------------------------------------------------------------
- Number of Issues: 37
- Duration: 6.6 years
- Average Rating: AA-
- Average Call: 9.0 years
- Average Dollar Price: $93.40
RATINGS DISTRIBUTION(6)
-------------------------------------------------------------------------------
[PIE CHART]
<TABLE>
<S> <C>
AAA 65.6%
BB 3.3%
BBB 8.1%
Non-Rated 23.0%
</TABLE>
--------------------------------------------------------------------------------
FUND INFORMATION AS OF SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
PERFORMANCE(7) CLASS A CLASS B
----------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
----------------------------------------------------------------------
<S> <C> <C>
One Year 5.73% 4.97%
Five Years N.A. 3.50
Life of Fund+ 4.53 4.10
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
----------------------------------------------------------------------
One Year 3.31% 1.97%
Five Years N.A. 3.50
Life of Fund+ 3.97 4.10
</TABLE>
+Inception date: Class A: 6/27/96; Class B: 5/29/92
5 LARGEST SECTORS(6)
--------------------------------------------------------------------------------
By total net assets
<TABLE>
<S> <C>
Escrowed/Prerefunded 19.5%
Special Tax Revenue 13.0%
Insured - Electric Utilities* 9.6%
Insured - Special Tax Revenue* 9.4%
Insured - General Obligations* 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 shares. (2) A portion of the Fund's income could be subject to federal
income and/or alternative minimum tax, or state and local income tax. (3)
The Fund's distribution rate represents actual distributions paid to
shareholders and is calculated by dividing the last distribution per share
(annualized) by the net asset value. (4) Taxable-equivalent rates assume
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) Portfolio Statistics, Ratings Distribution and 5 Largest
Sectors are as of 9/30/00 only and may not be representative of the
Portfolio's current or future investments. (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. (*) Private insurance does not decrease the risk of loss of
principal associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Yield will vary.
3
<PAGE>
EATON VANCE FLORIDA LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO OF CYNTHIA J. CLEMSON]
Cynthia J. Clemson
Portfolio Manager
THE ECONOMY
--------------------------------------------------------------------------------
- Reflecting a more moderate southeast economy, the Florida economy eased
somewhat in the first half of 2000. Construction was slightly below last
year's pace, and officials worried about the effect of higher gas prices on
tourism. The state's September 2000 jobless rate was 3.7%, down from 3.8% a
year ago.
- The state's agriculture sector has felt a major impact of this year's
drought conditions. It is estimated that losses to citrus, vegetable,
peanut and cotton crops totaled $314 million in the first six months of
2000 alone.
- Florida has enjoyed rising exports to key markets, including Brazil, Chile
and the U.K. Officials returned from a recent trade visit to Brazil with
hopes of increasing technology exports to that Latin power.
THE FUND
- During the six months ended September 30, 2000, the Fund's Class A, Class B
and Class C shares had total returns of 3.39%, 2.99% and 2.94%,
respectively.(1) For Class A and Class B, these returns resulted from an
increase in net asset value (NAV) per share to $9.77 on September 30, 2000
from $9.67 on March 31, 2000, and the reinvestment of $0.224 and $0.186 per
share, respectively, in tax-free income.(2) For Class C, this return
resulted from an increase in NAV to $9.23 from $9.14, and the reinvestment
of $0.176 per share in tax-free income.(2)
- Based on the most recent distributions and NAVs on September 30, 2000 of
$9.77 per share for Class A and Class B, and $9.23 for Class C,
distribution rates were 4.55%, 3.79% and 3.79%, respectively.(3) The
distribution rates of Class A, Class B and Class C shares are equivalent to
taxable rates of 7.53%, 6.27% and 6.27%, respectively.(4)
- The SEC 30-day yields for Class A, B and C shares at September 30, 2000
were 4.51%, 3.86% and 3.86%, respectively.(5) The SEC 30-day yields of
Class A, B and C shares are equivalent to taxable yields of 7.47%, 6.39%
and 6.39%, respectively.(4)
MANAGEMENT UPDATE
--------------------------------------------------------------------------------
- The Portfolio's largest sector commitments were insured* water and sewer
bonds and special tax revenue bonds. Reflecting the state's rapid
population growth, many communities have issued these bonds to meet their
expanded infrastructure needs.
- Electric utilities were among the Portfolio's largest sector weightings.
Some of Florida's large utilities have engaged in a series of
restructurings, including the retiring of old debt. That is a potentially
positive development for investors.
- The Portfolio sought opportunities in selected non-rated bonds, including
life care and special assessment bonds, which could benefit from Florida's
increasing population. While these non-rated issues require especially
rigorous analysis, they have tended to provide very attractive coupons and
the potential for credit upgrades.
PORTFOLIO STATISTICS(6)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
- Number of Issues: 45
- Duration: 5.8 years
- Average Rating: AA-
- Average Call: 5.9 years
- Average Dollar Price: $94.84
</TABLE>
RATINGS DISTRIBUTION(6)
--------------------------------------------------------------------------------
[PIE CHART]
<TABLE>
<S> <C>
A 5.8%
AA 18.1%
AAA 50.1%
BBB 9.5%
Non-Rated 16.5%
</TABLE>
--------------------------------------------------------------------------------
FUND INFORMATION AS
OF SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
PERFORMANCE(7) CLASS A CLASS B CLASS C
--------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year 4.62% 3.81% 3.81%
Five Years N.A. 2.80 2.75
Life of Fund+ 3.90 3.88 2.68
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year 2.21% 0.82% 2.81%
Five Years N.A. 2.80 2.75
Life of Fund+ 3.35 3.88 2.68
</TABLE>
+Inception Dates - Class A: 6/27/96; Class B: 5/29/92; Class C: 12/8/93
5 LARGEST SECTORS(6)
--------------------------------------------------------------------------------
By total net assets
Insured - Water & Sewer* 15.0%
Special Tax Revenue 12.3%
Insured - General Obligations* 8.6%
Electric Utilities 7.5%
Insured - Transportation* 7.1%
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class
B and Class C shares. (2) A portion of the Fund's income could be subject
to federal income and/or alternative minimum tax, or local 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 39.69% 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) Portfolio
Statistics, Ratings Distribution and 5 Largest Sectors are as of 9/30/00
only and may not be representative of the Portfolio's current or future
investments. (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. Class C
1-year SEC return reflects 1% CDSC. (*) Private insurance does not decrease
the risk of loss of principal associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Yield will vary.
4
<PAGE>
EATON VANCE MASSACHUSETTS LIMITED MATURITY MUNICIPALS FUND AS OF
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO OF WILLIAM H. AHERN]
William H. Ahern
Portfolio Manager
THE ECONOMY
--------------------------------------------------------------------------------
- The Massachusetts economy remained sound in 2000, although the rate of
growth has slowed from previous years. Financial services, technology and
health care continued to generate good job growth. The September 2000
jobless rate was just 2.4%, down from 3.2% a year earlier.
- Commercial real estate construction in the Greater Boston area has slowed,
leading to very low inventories in Boston and the suburbs. Land and labor
supply shortages have contributed to slower activity.
- Massachusetts' golf-related revenues rank second only to California,
according to the National Golf Foundation. Sales of golf equipment, apparel
and course fees amounted to $1.6 billion in 1999.
THE FUND
--------------------------------------------------------------------------------
- During the six months ended September 30, 2000, the Fund's Class A,
Class B and Class C shares had total returns of 3.50%, 3.08% and 3.13%,
respectively.(1) For Class A and Class B, these returns resulted from an
increase in net asset value (NAV) per share to $9.79 on September 30,
2000 from $9.68 on March 31, 2000, and the reinvestment of $0.224 and
$0.185 per share, respectively, in tax-free income.(2) For Class C, this
return resulted from an increase in NAV to $9.37 from $9.26, and the
reinvestment of $0.176 per share in tax-free income.(2)
- Based on the most recent distributions and NAVs on September 30, 2000 of
$9.79 per share for Class A and Class B, and $9.37 for Class C,
distribution rates were 4.56%, 3.76% and 3.75%, respectively.(3) The
distribution rates of Class A, Class B and Class C shares are equivalent to
taxable rates of 8.06%, 6.61% and 6.59%, respectively.(4)
- The SEC 30-day yields for Class A, B and C shares at September 30, 2000
were 4.39%, 3.59% and 3.59%, respectively.(5) The SEC 30-day yields of
Class A, Class B and Class C shares are equivalent to taxable yields of
7.72%, 6.31% and 6.31%, respectively.(4)
MANAGEMENT UPDATE
--------------------------------------------------------------------------------
- Escrowed bonds represented a large weighting for the Portfolio. The bonds
are escrowed and backed by Treasury bonds, and, therefore, are viewed as
very high quality investments. An escrowed issue for the Massachusetts
Turnpike Authority was among the Portfolio's largest holdings.
- As the interest rate climate began to improve, the Portfolio placed an
increasing emphasis on non-callable bonds. Typically, these bonds tend to
be more sensitive to changes in interest rates, a favorable characteristic
in the event of a market rally.
- To diversify away from economically-sensitive sectors, the Portfolio
maintained a significant exposure to education bonds. The Portfolio's
holdings included issues for colleges such as Boston College and Wentworth
Institute, as well as secondary schools, including Dana Hall and The Park
School.
PORTFOLIO STATISTICS(6)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
- Number of Issues: 47
- Duration: 6.6 years
- Average Rating: AA-
- Average Call: 7.2 years
- Average Dollar Price: $96.13
</TABLE>
RATINGS DISTRIBUTION(6)
--------------------------------------------------------------------------------
[CHART - DESCRIPTION NEEDED]
<TABLE>
<S> <C>
A 5.3%
AA 19.8%
AAA 39.0%
BB 1.1%
BBB 28.8%
Non-Rated 6.0%
</TABLE>
--------------------------------------------------------------------------------
FUND INFORMATION AS OF SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
PERFORMANCE(7) CLASS A CLASS B CLASS C
--------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year 4.40% 3.56% 3.65%
Five Years N.A. 3.03 3.04
Life of Fund+ 4.12 3.89 2.93
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year 2.01% 0.57% 2.65%
Five Years N.A. 3.03 3.04
Life of Fund+ 3.56 3.89 2.93
</TABLE>
+Inception Dates - Class A: 6/27/96; Class B: 6/1/92; Class C: 12/8/93
5 LARGEST SECTORS(6)
--------------------------------------------------------------------------------
By total net assets
<TABLE>
<S> <C>
Hospital 20.4%
Education 11.7%
Escrowed/Prerefunded 11.3%
Insured - General Obligations* 11.1%
General Obligations 11.0%
</TABLE>
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class
B and Class C shares. (2) A portion of the Fund's income could be subject
to federal income and/or alternative minimum tax, or state and local income
tax. (3) The Fund's distribution rate represents actual distributions paid
to shareholders and is calculated by dividing the last distribution per
share (annualized) by the net asset value.(4) Taxable-equivalent rates
assume 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) Portfolio Statistics, Ratings Distribution and
5 Largest Sectors are as of 9/30/00 only and may not be representative of
the Portfolio's current or future investments. (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. Class C 1-year SEC return reflects 1% CDSC. (*)
Private insurance does not decrease the risk of loss of principal
associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Yield will vary.
5
<PAGE>
EATON VANCE NEW JERSEY LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO OF WILLIAM H. AHERN]
William H. Ahern
Portfolio Manager
THE ECONOMY
--------------------------------------------------------------------------------
- New Jersey's job growth leveled off in the first half of 2000, mirroring a
slowdown at the national level. The state was also hurt by the Verizon
strike, which idled more than 3,700 communications workers. New Jersey's
September 2000 unemployment rate was 3.8%, down from the 4.6% rate of a
year earlier.
- The service sector continues to provide New Jersey with strong job
creation. The primary engines of service employment growth remain hotels
and casinos, health care and business services.
- At mid-year, single-family housing permits in New Jersey had fallen to
their lowest level since 1997. While the trend resulted, in part, from the
prolonged rise in interest rates, it was attributed, in some areas, to land
and labor shortages.
THE FUND
--------------------------------------------------------------------------------
- During the six months ended September 30, 2000, the Fund's Class A and
Class B shares had total returns of 3.34% and 2.93%, respectively.(1) For
Class A and Class B, these returns resulted from an increase in net asset
value (NAV) per share to $9.87 on September 30, 2000 from $9.78 on March
31, 2000, and the reinvestment of $0.233 and $0.194 per share,
respectively, in tax-free income.(2)
- Based on the most recent dividends and NAVs on September 30, 2000 of $9.87
per share for Class A and Class B, the Fund's distribution rates were 4.69%
and 3.90%, respectively.(3) The distribution rates of Class A and Class B
shares are equivalent to taxable rates of 8.29% and 6.90%, respectively.(4)
- The SEC 30-day yields for Class A and B shares at September 30 were 4.19%
and 3.53%, respectively.(5) The SEC 30-day yields of Class A and Class B
shares are equivalent to taxable rates of 7.41% and 6.24%, respectively.(4)
MANAGEMENT UPDATE
--------------------------------------------------------------------------------
- Insured general obligations constituted the Portfolio's largest sector
weighting at September 30, 2000.(*) Amid signs of a slowing national and
state economy, insured issues provided a measure of protection against a
potential reduction in tax revenues.
- The New Jersey hospital sector has been hurt by concerns over the impact of
changing Medicare reimbursement policies and the ongoing debate over
managed care and some prominent difficulties in nearby Pennsylvania. The
Portfolio focused on hospitals, such as Atlantic City Medical Care Center,
which are in strong financial condition and have a viable growth strategy.
- Cogeneration bonds provide funding for facilities that convert excess
industrial energy into electric power. These projects typically carry
above-average coupons for investors while financing environment-friendly
projects.
PORTFOLIO STATISTICS(6)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
- Number of Issues: 44
- Duration: 6.4 years
- Average Rating: AA
- Average Call: 6.4 years
- Average Dollar Price: $97.80
</TABLE>
RATINGS DISTRIBUTION(6)
--------------------------------------------------------------------------------
[PIE CHART]
<TABLE>
<S> <C>
A 8.2%
AA 11.5%
AAA 59.5%
B 0.9%
BB 2.4%
BBB 9.1%
Non-Rated 8.4%
</TABLE>
--------------------------------------------------------------------------------
FUND INFORMATION AS OF SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
PERFORMANCE(7) CLASS A CLASS B
--------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S> <C> <C>
One Year 4.75% 3.91%
Five Years N.A. 3.27
Life of Fund+ 4.35 4.01
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year 2.36% 0.91%
Five Years N.A. 3.27
Life of Fund+ 3.79 4.01
</TABLE>
+Inception date: Class A: 6/27/96; Class B: 6/1/92
5 LARGEST SECTORS(6)
--------------------------------------------------------------------------------
By total net assets
<TABLE>
<S> <C>
Insured - General Obligations* 26.5%
Insured - Hospital* 10.3%
Insured - Transportation* 8.4%
Hospital 8.4%
Cogeneration 8.3%
</TABLE>
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class
B shares. (2) A portion of the Fund's income could be subject to federal
income and/or alternative minimum tax, or state and local income tax. (3)
The Fund's distribution rate represents actual distributions paid to
shareholders and is calculated by dividing the last distribution per share
(annualized) by the net asset value. (4) Taxable-equivalent rates assume
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) Portfolio Statistics, Ratings Distribution and 5 Largest
Sectors are as of 9/30/00 only and may not be representative of the
Portfolio's current or future investments. (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. (*) Private insurance does not decrease the risk of loss of
principal associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Yield will vary.
6
<PAGE>
EATON VANCE NEW YORK LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO OF WILLIAM H. AHERN]
William H. Ahern
Portfolio Manager
THE ECONOMY
--------------------------------------------------------------------------------
- New York's economy remained strong in 2000, with real estate prices rising
and labor markets fairly tight. Construction was especially strong, with
multi-family permits up 60% from 1999 levels. The September 2000 jobless
rate was 4.6%, slightly below the 5.2% level of a year ago.
- New York's financial sector has seen uneven growth in 2000. The decline in
the equity markets and uncertainties in some underwriting segments have
created a more difficult climate for the investment community.
- Reflecting a strong economy and increased tourism, New York City's hotel
occupancy rates were 7.7% above levels of June 1999. Rates rose despite the
addition of 3,350 rooms since the start of 1999.
THE FUND
--------------------------------------------------------------------------------
- During the six months ended September 30, 2000, the Fund's Class A, Class B
and Class C shares had total returns of 3.50%, 3.09% and 3.11%,
respectively.(1) For Class A and Class B, these returns resulted from an
increase in net asset value (NAV) per share to $10.14 on September 30, 2000
from $10.03 on March 31, 2000, and the reinvestment of $0.236 and $0.196
per share, respectively, in tax-free income.(2) For Class C, this return
resulted from an increase in NAV to $9.62 from $9.51, and the reinvestment
of $0.182 per share in tax-free income.(2)
- Based on the most recent distributions and NAVs on September 30, 2000 of
$10.14 per share for Class A and Class B, and $9.62 for Class C,
distribution rates were 4.64%, 3.85% and 3.77%, respectively.(3) The
distribution rates of Class A ,Class B and Class C shares are equivalent to
taxable rates of 8.25%, 6.84% and 6.70%, respectively.(4)
- The SEC 30-day yields for Class A, B and C shares at September 30, 2000
were 4.34%, 3.68% and 3.67%, respectively.(5) The SEC 30-day yields of
Class A, Class B and Class C shares are equivalent to taxable yields of
7.71%, 6.54% and 6.52%, respectively.(4)
MANAGEMENT UPDATE
--------------------------------------------------------------------------------
- The Portfolio maintained a large exposure to state-appropriated debt during
the period, including lease revenue bonds/certificates of participation,
the largest sector weighting at September 30, 2000. These issues finance
the purchase of equipment for a wide range of state projects, including
utilities, transportation facilities, and health care facilities.
- Water and sewer bonds provided some diversification from more economically
sensitive areas. Management's investments in this area focused on the New
York City Municipal Water Finance Authority, a well-regarded and frequent
issuer that added quality to the Portfolio.
- The Portfolio maintained a significant exposure to New York City bonds. The
City's improved financial condition and strong tax revenue base has been
reflected favorably in the credit ratings of the City's general obligation
bonds.
PORTFOLIO STATISTICS(6)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
- Number of Issues: 46
- Duration: 7.0 years
- Average Rating: A+
- Average Call: 7.1 years
- Average Dollar Price: $97.63
</TABLE>
RATINGS DISTRIBUTION(6)
--------------------------------------------------------------------------------
[PIE CHART]
<TABLE>
<S> <C>
A 27.1%
AA 34.5%
AAA 18.9%
BBB 10.9%
Non-Rated 8.6%
</TABLE>
--------------------------------------------------------------------------------
FUND INFORMATION AS OF SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
PERFORMANCE(7) CLASS A CLASS B CLASS C
--------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year 5.12% 4.29% 4.45%
Five Years N.A. 3.71 3.66
Life of Fund+ 4.87 4.32 3.29
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year 2.79% 1.29% 3.45%
Five Years N.A. 3.71 3.66
Life of Fund+ 4.31 4.32 3.29
</TABLE>
+Inception Dates - Class A: 6/27/96; Class B: 5/29/92; Class C: 12/8/93
5 LARGEST SECTORS(6)
--------------------------------------------------------------------------------
By total net assets
<TABLE>
<S> <C>
Lease Revenue/Certificates 13.0%
of Participation
Special Tax Revenue 10.8%
Transportation 10.2%
Hospital 9.9%
Water & Sewer 9.3%
</TABLE>
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class
B and Class C shares. (2) A portion of the Fund's income could be subject
to federal income and/or alternative minimum tax, or state and local income
tax. (3) The Fund's distribution rate represents actual distributions paid
to shareholders and is calculated by dividing the last distribution per
share (annualized) by the net asset value. (4) Taxable-equivalent rates
assume 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) Portfolio Statistics, Ratings Distribution and
5 Largest Sectors are as of 9/30/00 only and may not be representative of
the Portfolio's current or future investments. (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. Class C 1-year SEC return reflects 1% CDSC. (*)
Private insurance does not decrease the risk of loss of principal
associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Yield will vary.
7
<PAGE>
EATON VANCE OHIO LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO OF WILLIAM H. AHERN]
William H. Ahern
Portfolio Manager
THE ECONOMY
--------------------------------------------------------------------------------
- The Ohio economy remained on the upswing in 2000, although at a more
moderate pace than in previous years. Reflecting a trend at the national
level, Ohio continued to shed manufacturing jobs, with a decline of 9,800
over the past year. Ohio's September 2000 unemployment rate was 4.2%, down
slightly from the 4.3% rate of a year ago.
- While slower than last year's record pace, Ohio's auto sector remained
fairly upbeat. Despite higher gas prices, consumer demand for light trucks
and sport utility vehicles remained relatively strong.
- In May, E-Com, a joint initiative of local governments and businesses,
issued an assessment of Ohio's preparedness for electronic commerce. The
report recommended more investment in broadband, as well as stronger
efforts in workplace development for the Internet.
THE FUND
--------------------------------------------------------------------------------
- During the six months ended September 30, 2000, the Fund's Class A and
Class B shares had total returns of 3.59% and 3.20%, respectively.(1) For
Class A and Class B, these returns resulted from an increase in net asset
value (NAV) per share to $9.54 on September 30, 2000 from $9.43 on March
31, 2000, and the reinvestment of $0.224 and $0.189 per share,
respectively, in tax-free income.(2)
- Based on the most recent dividends and NAVs on September 30, 2000 of $9.54
per share for Class A and Class B, the Fund's distribution rates were 4.66%
and 3.93%, respectively.(3) The distribution rates of Class A and Class B
shares are equivalent to taxable rates of 7.03% and 8.34%, respectively.(4)
- The SEC 30-day yields for Class A and B shares at September 30, 2000 were
4.31% and 3.65%, respectively.(5) The SEC 30-day yields of Class A and
Class B are equivalent to taxable yields of 7.71% and 6.53%,
respectively.(4)
MANAGEMENT UPDATE
--------------------------------------------------------------------------------
- Insured general obligations (GOs) remained the Portfolio's largest sector
weighting at September 30, 2000.(*) Local school districts typically
constitute a large percentage of Ohio municipal issuance. Insured issues
provided a measure of protection against a possible cyclical decline in tax
revenues.
- Industrial development revenue bonds constituted a large commitment of the
Portfolio. The Portfolio's investments included a broad range of
industries, including entertainment with Cleveland's Rock and Roll Hall of
Fame. The Hall has become one of the state's major tourist destinations in
recent years.
- Call protection remained a major priority of the Portfolio. Management
sought to eliminate bonds with approaching call dates in favor of issuers
with more call protection. The performance of bonds with poor call
characteristics may be restrained in the event of a market rally.
PORTFOLIO STATISTICS(6)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
- Number of Issues: 41
- Duration: 6.4 years
- Average Rating: AA-
- Average Call: 6.8 years
- Average Dollar Price: $97.99
</TABLE>
RATINGS DISTRIBUTION(6)
--------------------------------------------------------------------------------
[PIE CHART]
<TABLE>
<S> <C>
A 16.8%
AA 16.0%
AAA 45.0%
BBB 10.9%
Non-Rated 11.3%
</TABLE>
--------------------------------------------------------------------------------
FUND INFORMATION AS OF SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
PERFORMANCE(7) CLASS A CLASS B
--------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S> <C> <C>
One Year 3.64% 2.87%
Five Years N.A. 3.25
Life of Fund+ 3.87 3.43
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year 1.33% -0.09%
Five Years N.A. 3.25
Life of Fund+ 3.26 3.43
</TABLE>
+Inception date: Class A: 10/22/96; Class B: 4/16/93
5 LARGEST SECTORS(6)
--------------------------------------------------------------------------------
By total net assets
<TABLE>
<S> <C>
Insured - General Obligations* 32.4%
Industrial Development Revenue 11.7%
Hospital 11.6%
General Obligations 11.6%
Escrowed/Prerefunded 7.4%
</TABLE>
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class
B shares. (2) A portion of the Fund's income could be subject to federal
income and/or alternative minimum or state and local income tax. (3) The
Fund's distribution rate represents actual distributions paid to
shareholders and is calculated by dividing the last distribution per share
(annualized) by the net asset value. (4) Taxable-equivalent rates assume
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) Portfolio Statistics, Ratings Distribution and 5 Largest
Sectors are as of 9/30/00 only and may not be representative of the
Portfolio's current or future investments. (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. (*) Private insurance does not decrease the risk of loss of
principal associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Yield will vary.
8
<PAGE>
EATON VANCE PENNSYLVANIA LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30,
2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO OF CYNTHIA J. CLEMSON]
Cynthia J. Clemson
Portfolio Manager
THE ECONOMY
--------------------------------------------------------------------------------
- Pennsylvania's economy remained healthy in 2000, although trends at the
national level augured the potential for a slowdown. The service sector was
again responsible for most job creation, with government and transportation
leading the way. The state's September 2000 jobless rate fell to 4.0%, down
from 4.4% a year ago.
- Pennsylvania's construction industry witnessed modest job creation,
reflecting an increase in housing starts. The Pittsburgh market remained
especially strong, due to several large commercial projects.
- The Workforce 2005 Report suggests that health service jobs will increase
by 24% annually over the next five years. Rising demand is attributed to an
aging population and a greater need for skilled patient care.
THE FUND
--------------------------------------------------------------------------------
- During the six months ended September 30, 2000, the Fund's Class A, Class B
and Class C shares had total returns of 3.41%, 2.99% and 3.04%,
respectively.(1) For Class A and Class B, these returns resulted from an
increase in net asset value (NAV) per share to $9.97 on September 30, 2000
from $9.87 on March 31, 2000, and the reinvestment of $0.232 and $0.192 per
share, respectively, in tax-free income.(2) For Class C, this return
resulted from an increase in NAV to $9.44 from $9.34, and the reinvestment
of $0.181 per share in tax-free income.(2)
- Based on the most recent distributions and NAVs on September 30, 2000 of
$9.97 per share for Class A and Class B, and $9.44 for Class C,
distribution rates were 4.62%, 3.83% and 3.81%, respectively.(3) The
distribution rates of Class A, Class B and Class C shares are equivalent to
taxable rates of 7.87%, 6.52% and 6.49%, respectively.(4)
- The SEC 30-day yields for Class A, B and C shares at September 30, 2000
were 4.50%, 3.85% and 3.85%, respectively.(5) The SEC 30-day yields of
Class A, Class B and Class C shares are equivalent to taxable yields of
7.66%, 6.56% and 6.56%, respectively.(4)
MANAGEMENT UPDATE
--------------------------------------------------------------------------------
- The Portfolio had its largest concentration in selected hospital bonds. The
Portfolio's holdings were well diversified geographically throughout the
state, and emphasized dominant market share and sound fundamentals. The
Portfolio generally avoided exposure to the overbedded Philadelphia market.
- To balance a fairly large weighting in insured bonds, the Portfolio had
investments in non-rated bonds, including assisted living facilities,
industrial development revenue bonds and life care facilities.(*) The
research-intensive investments were a source of above-average income for
the Portfolio.
- Management continued its efforts to consolidate smaller positions within
the Portfolio into larger positions. That consolidation should further
enhance liquidity and expand the trading flexibility of the Portfolio.
PORTFOLIO STATISTICS(6)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
- Number of Issues: 46
- Duration: 6.5 years
- Average Rating: A
- Average Call: 6.5 years
- Average Dollar Price: $94.13
</TABLE>
RATINGS DISTRIBUTION(6)
--------------------------------------------------------------------------------
[PIE CHART]
<TABLE>
<S> <C>
AA 9.3%
AAA 49.3%
BB 1.4%
BBB 25.7%
Non-Rated 14.3%
</TABLE>
--------------------------------------------------------------------------------
FUND INFORMATION AS OF SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
PERFORMANCE(7) CLASS A CLASS B CLASS C
--------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year 4.16% 3.33% 3.50%
Five Years N.A. 3.33 3.28
Life of Fund+ 4.45 4.18 3.08
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year 1.82% 0.35% 2.50%
Five Years N.A. 3.33 3.28
Life of Fund+ 3.90 4.18 3.08
</TABLE>
+Inception Dates - Class A: 6/27/96; Class B: 6/1/92; Class C: 12/8/93
5 LARGEST SECTORS(6)
--------------------------------------------------------------------------------
By total net assets
<TABLE>
<S> <C>
Hospital 16.3%
Escrowed/Prerefunded 11.4%
Insured - General Obligations* 8.6%
Insured - Transportation* 7.3%
Insured - Education* 7.2%
</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 Class C shares. (2) A portion of the Fund's income could be
subject to federal income and/or alternative minimum tax, or state and
income tax. (3) The Fund's distribution rate represents actual
distributions paid to shareholders and is calculated by dividing the
last distribution per share (annualized) by the net asset value. (4)
Taxable-equivalent rates assume maximum 41.29% 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) Portfolio
Statistics, Ratings Distribution and 5 Largest Sectors are as of 9/30/00
only and may not be representative of the Portfolio's current or future
investments. (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. Class C 1-year SEC return reflects 1% CDSC. (*)
Private insurance does not decrease the risk of loss of principal
associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Yield will vary.
9
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
AS OF SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C>
-----------------------------------------------------------------------------------
Assets
-----------------------------------------------------------------------------------
Investment in Limited Maturity
Municipals Portfolio --
Identified cost $21,434,169 $41,485,317 $39,430,350
Unrealized appreciation
(depreciation) 140,494 (238,261) (352,594)
-----------------------------------------------------------------------------------
TOTAL INVESTMENT IN PORTFOLIO, AT VALUE $21,574,663 $41,247,056 $39,077,756
-----------------------------------------------------------------------------------
Receivable for Fund shares sold $ -- $ -- $ 9,995
-----------------------------------------------------------------------------------
TOTAL ASSETS $21,574,663 $41,247,056 $39,087,751
-----------------------------------------------------------------------------------
Liabilities
-----------------------------------------------------------------------------------
Payable for Fund shares redeemed $ 500 $ 138,958 $ 9,410
Dividends payable 34,762 71,997 61,017
Accrued expenses 29,024 50,658 45,852
-----------------------------------------------------------------------------------
TOTAL LIABILITIES $ 64,286 $ 261,613 $ 116,279
-----------------------------------------------------------------------------------
NET ASSETS $21,510,377 $40,985,443 $38,971,472
-----------------------------------------------------------------------------------
Sources of Net Assets
-----------------------------------------------------------------------------------
Paid-in capital $23,511,586 $44,840,199 $41,145,948
Accumulated net realized loss from
Portfolio (computed on the basis of
identified cost) (2,100,282) (3,537,681) (1,847,877)
Accumulated undistributed (distributions
in excess of) net investment income (41,421) (78,814) 25,995
Net unrealized appreciation
(depreciation) from Portfolio
(computed on the basis of
identified cost) 140,494 (238,261) (352,594)
-----------------------------------------------------------------------------------
TOTAL $21,510,377 $40,985,443 $38,971,472
-----------------------------------------------------------------------------------
Class A Shares
-----------------------------------------------------------------------------------
NET ASSETS $19,739,265 $33,690,066 $33,843,989
SHARES OUTSTANDING 1,989,305 3,449,949 3,457,366
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 9.92 $ 9.77 $ 9.79
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 97.75 of net asset
value per share) $ 10.15 $ 9.99 $ 10.02
-----------------------------------------------------------------------------------
Class B Shares
-----------------------------------------------------------------------------------
NET ASSETS $ 1,771,112 $ 4,676,721 $ 2,303,069
SHARES OUTSTANDING 178,468 478,865 235,185
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 9.92 $ 9.77 $ 9.79
-----------------------------------------------------------------------------------
Class C Shares
-----------------------------------------------------------------------------------
NET ASSETS $ -- $ 2,618,656 $ 2,824,414
SHARES OUTSTANDING -- 283,706 301,545
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ -- $ 9.23 $ 9.37
-----------------------------------------------------------------------------------
</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 SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------
Assets
------------------------------------------------------------------------------------------------
Investment in Limited Maturity
Municipals Portfolio --
Identified cost $33,179,156 $49,511,002 $17,193,055 $36,267,838
Unrealized appreciation
(depreciation) 511,964 515,796 (97,122) (207,875)
------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN PORTFOLIO, AT VALUE $33,691,120 $50,026,798 $17,095,933 $36,059,963
------------------------------------------------------------------------------------------------
Receivable for Fund shares sold $ -- $ 20,000 $ -- $ --
------------------------------------------------------------------------------------------------
TOTAL ASSETS $33,691,120 $50,046,798 $17,095,933 $36,059,963
------------------------------------------------------------------------------------------------
Liabilities
------------------------------------------------------------------------------------------------
Payable for Fund shares redeemed $ 31,580 $ 84,197 $ 15,004 $ 9,930
Dividends payable 54,727 84,325 36,148 62,405
Accrued expenses 38,800 58,083 18,824 37,478
------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 125,107 $ 226,605 $ 69,976 $ 109,813
------------------------------------------------------------------------------------------------
NET ASSETS $33,566,013 $49,820,193 $17,025,957 $35,950,150
------------------------------------------------------------------------------------------------
Sources of Net Assets
------------------------------------------------------------------------------------------------
Paid-in capital $35,175,913 $50,648,675 $18,519,518 $37,430,320
Accumulated net realized loss from
Portfolio (computed on the basis of
identified cost) (2,086,107) (1,270,157) (1,456,346) (1,315,848)
Accumulated undistributed (distributions
in excess of) net investment income (35,757) (74,121) 59,907 43,553
Net unrealized appreciation
(depreciation) from Portfolio
(computed on the basis of
identified cost) 511,964 515,796 (97,122) (207,875)
------------------------------------------------------------------------------------------------
TOTAL $33,566,013 $49,820,193 $17,025,957 $35,950,150
------------------------------------------------------------------------------------------------
Class A Shares
------------------------------------------------------------------------------------------------
NET ASSETS $31,184,484 $43,763,032 $15,276,298 $29,889,774
SHARES OUTSTANDING 3,160,404 4,314,271 1,601,963 2,998,124
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 9.87 $ 10.14 $ 9.54 $ 9.97
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 97.75 of net asset
value per share) $ 10.10 $ 10.37 $ 9.76 $ 10.20
------------------------------------------------------------------------------------------------
Class B Shares
------------------------------------------------------------------------------------------------
NET ASSETS $ 2,381,529 $ 4,220,074 $ 1,749,659 $ 2,093,480
SHARES OUTSTANDING 241,275 416,026 183,478 209,988
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 9.87 $ 10.14 $ 9.54 $ 9.97
------------------------------------------------------------------------------------------------
Class C Shares
------------------------------------------------------------------------------------------------
NET ASSETS $ -- $ 1,837,087 $ -- $ 3,966,896
SHARES OUTSTANDING -- 190,973 -- 420,291
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ -- $ 9.62 $ -- $ 9.44
------------------------------------------------------------------------------------------------
</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 SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C>
-----------------------------------------------------------------------------------
Investment Income
-----------------------------------------------------------------------------------
Interest allocated from Portfolio $614,127 $1,186,677 $1,162,746
Expenses allocated from Portfolio (80,700) (137,512) (129,069)
-----------------------------------------------------------------------------------
NET INVESTMENT INCOME FROM PORTFOLIO $533,427 $1,049,165 $1,033,677
-----------------------------------------------------------------------------------
Expenses
-----------------------------------------------------------------------------------
Trustees fees and expenses $ 81 $ 108 $ 77
Distribution and service fees
Class A 15,145 26,130 26,615
Class B 8,632 21,745 9,300
Class C -- 12,788 14,374
Legal and accounting services 869 1,829 2,263
Printing and postage 2,519 3,154 3,283
Custodian fee 2,670 3,183 1,884
Transfer and dividend disbursing agent
fees 11,120 20,952 20,354
Registration fees 648 4,418 2,342
Miscellaneous 1,580 2,515 2,258
-----------------------------------------------------------------------------------
TOTAL EXPENSES $ 43,264 $ 96,822 $ 82,750
-----------------------------------------------------------------------------------
NET INVESTMENT INCOME $490,163 $ 952,343 $ 950,927
-----------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Portfolio
-----------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 29,140 $ (62,921) $ (55,868)
Financial futures contracts (46,397) (18,235) (7,817)
-----------------------------------------------------------------------------------
NET REALIZED LOSS $(17,257) $ (81,156) $ (63,685)
-----------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $465,876 $ 488,650 $ 425,436
Financial futures contracts 36,021 -- 16,566
-----------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $501,897 $ 488,650 $ 442,002
-----------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $484,640 $ 407,494 $ 378,317
-----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $974,803 $1,359,837 $1,329,244
-----------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------
Investment Income
------------------------------------------------------------------------------------------------
Interest allocated from Portfolio $ 986,382 $1,414,708 $ 507,769 $1,072,715
Expenses allocated from Portfolio (116,939) (163,689) (67,629) (125,456)
------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME FROM PORTFOLIO $ 869,443 $1,251,019 $ 440,140 $ 947,259
------------------------------------------------------------------------------------------------
Expenses
------------------------------------------------------------------------------------------------
Trustees fees and expenses $ 109 $ 1,090 $ 107 $ 79
Distribution and service fees
Class A 23,901 33,420 11,908 23,185
Class B 10,900 18,546 8,455 10,005
Class C -- 8,131 -- 18,246
Legal and accounting services 1,705 861 1,447 1,365
Printing and postage 3,109 3,636 2,829 2,695
Custodian fee 2,785 3,618 2,552 2,925
Transfer and dividend disbursing agent
fees 18,657 29,103 7,447 21,538
Registration fees 1,121 1,772 1,813 872
Miscellaneous 1,852 2,181 1,165 2,570
------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 64,139 $ 102,358 $ 37,723 $ 83,480
------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 805,304 $1,148,661 $ 402,417 $ 863,779
------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Portfolio
------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 48,295 $ 56,955 $(142,405) $ (15,624)
Financial futures contracts (250) (44) (1,772) (16,411)
------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 48,045 $ 56,911 $(144,177) $ (32,035)
------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 226,834 $ 488,519 $ 335,059 $ 373,256
Financial futures contracts 12,048 19,578 5,979 --
------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $ 238,882 $ 508,097 $ 341,038 $ 373,256
------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 286,927 $ 565,008 $ 196,861 $ 341,221
------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $1,092,231 $1,713,669 $ 599,278 $1,205,000
------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
INCREASE (DECREASE) IN NET ASSETS LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C>
-----------------------------------------------------------------------------------
From operations --
Net investment income $ 490,163 $ 952,343 $ 950,927
Net realized loss (17,257) (81,156) (63,685)
Net change in unrealized
appreciation (depreciation) 501,897 488,650 442,002
-----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 974,803 $ 1,359,837 $ 1,329,244
-----------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $ (455,068) $ (799,716) $ (816,117)
Class B (35,888) (92,113) (38,901)
Class C -- (54,251) (60,815)
In excess of net investment income
Class B (372) -- --
-----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (491,328) $ (946,080) $ (915,833)
-----------------------------------------------------------------------------------
Transactions in shares of beneficial
interest --
Proceeds from sale of shares
Class A $ 312,143 $ 259,919 $ 142,393
Class B 10,694 135,865 442,782
Class C -- 173,825 26,521
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 195,716 333,793 443,323
Class B 10,165 22,496 26,300
Class C -- 16,283 29,621
Cost of shares redeemed
Class A (1,657,403) (4,190,754) (4,510,358)
Class B (380,679) (438,969) (187,965)
Class C -- (545,077) (1,825,776)
-----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $(1,509,364) $(4,232,619) $(5,413,159)
-----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(1,025,889) $(3,818,862) $(4,999,748)
-----------------------------------------------------------------------------------
Net Assets
-----------------------------------------------------------------------------------
At beginning of period $22,536,266 $44,804,305 $43,971,220
-----------------------------------------------------------------------------------
AT END OF PERIOD $21,510,377 $40,985,443 $38,971,472
-----------------------------------------------------------------------------------
Accumulated undistributed
(distributions in excess of) net
investment income included in net assets
-----------------------------------------------------------------------------------
AT END OF PERIOD $ (41,421) $ (78,814) $ 25,995
-----------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
INCREASE (DECREASE) IN NET ASSETS LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 805,304 $ 1,148,661 $ 402,417 $ 863,779
Net realized gain (loss) 48,045 56,911 (144,177) (32,035)
Net change in unrealized
appreciation (depreciation) 238,882 508,097 341,038 373,256
------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,092,231 $ 1,713,669 $ 599,278 $ 1,205,000
------------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $ (752,584) $(1,041,068) $ (366,110) $ (720,512)
Class B (47,420) (79,646) (37,293) (42,916)
Class C -- (34,267) -- (77,937)
In excess of net investment income
Class A -- -- (7,723) --
------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (800,004) $(1,154,981) $ (411,126) $ (841,365)
------------------------------------------------------------------------------------------------
Transactions in shares of beneficial
interest --
Proceeds from sale of shares
Class A $ 60,122 $ 272,638 $ 81,218 $ 148,873
Class B 478,959 422,711 9,923 78,790
Class C -- 352,842 -- 56,638
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 491,201 582,991 235,801 306,673
Class B 27,929 49,627 19,745 24,097
Class C -- 23,298 -- 46,435
Cost of shares redeemed
Class A (2,344,538) (3,349,241) (1,968,932) (2,723,124)
Class B (421,023) (261,716) (341,536) (450,676)
Class C -- (285,916) -- (396,543)
------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $(1,707,350) $(2,192,766) $(1,963,781) $(2,908,837)
------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(1,415,123) $(1,634,078) $(1,775,629) $(2,545,202)
------------------------------------------------------------------------------------------------
Net Assets
------------------------------------------------------------------------------------------------
At beginning of period $34,981,136 $51,454,271 $18,801,586 $38,495,352
------------------------------------------------------------------------------------------------
AT END OF PERIOD $33,566,013 $49,820,193 $17,025,957 $35,950,150
------------------------------------------------------------------------------------------------
Accumulated undistributed
(distributions in excess of) net
investment income included in net assets
------------------------------------------------------------------------------------------------
AT END OF PERIOD $ (35,757) $ (74,121) $ 59,907 $ 43,553
------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
INCREASE (DECREASE) IN NET ASSETS LIMITED FUND LIMITED FUND LIMITED 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
16
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 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
INCREASE (DECREASE) IN NET ASSETS LIMITED FUND LIMITED FUND LIMITED FUND LIMITED 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
17
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CALIFORNIA LIMITED FUND -- CLASS A
------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 --------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999 1998 1997(2)
<S> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.700 $10.350 $10.330 $ 9.980 $ 9.940
----------------------------------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------------------------------
Net investment income $ 0.220 $ 0.440 $ 0.453 $ 0.459 $ 0.363
Net realized and unrealized
gain (loss) 0.220 (0.640) 0.030 0.362 0.037(3)
----------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.440 $(0.200) $ 0.483 $ 0.821 $ 0.400
----------------------------------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------------------------------
From net investment income $(0.220) $(0.445) $(0.463) $(0.459) $(0.360)
In excess of net investment
income -- (0.005) --(4) (0.012) --
----------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.220) $(0.450) $(0.463) $(0.471) $(0.360)
----------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.920 $ 9.700 $10.350 $10.330 $ 9.980
----------------------------------------------------------------------------------------------------------
TOTAL RETURN(5) 4.61% (1.88)% 4.56% 8.56% 3.84%
----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $19,739 $20,448 $26,170 $25,780 $14,718
Ratios (As a percentage of
average daily net assets):
Expenses(6) 1.08%(7) 1.04% 0.95% 0.96% 0.90%(7)
Expenses after custodian
fee reduction(6) 1.06%(7) 1.04% 0.94% 0.94% 0.89%(7)
Net investment income 4.50%(7) 4.48% 4.37% 4.51% 4.76%(7)
Portfolio Turnover of the
Portfolio 5% 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 SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CALIFORNIA LIMITED FUND -- CLASS B
---------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 -----------------------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.700 $10.350 $10.330 $ 9.980 $10.080 $ 9.950
-------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
-------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.183 $ 0.366 $ 0.382 $ 0.386 $ 0.393 $ 0.385
Net realized and unrealized
gain (loss) 0.222 (0.636) 0.025 0.362 (0.097) 0.134
-------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.405 $(0.270) $ 0.407 $ 0.748 $ 0.296 $ 0.519
-------------------------------------------------------------------------------------------------------------------------
Less distributions
-------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.183) $(0.368) $(0.382) $(0.386) $(0.393) $(0.385)
In excess of net investment
income (0.002) (0.012) (0.005) (0.012) (0.003) (0.004)
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.185) $(0.380) $(0.387) $(0.398) $(0.396) $(0.389)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.920 $ 9.700 $10.350 $10.330 $ 9.980 $10.080
-------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 4.23% (2.58)% 3.99% 7.60% 2.99% 5.27%
-------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 1,771 $ 2,088 $ 2,399 $ 5,316 $25,386 $54,241
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.83%(4) 1.79% 1.62% 1.76% 1.71% 1.63%
Expenses after custodian
fee reduction(3) 1.81%(4) 1.79% 1.61% 1.74% 1.70% 1.59%
Net investment income 3.75%(4) 3.73% 3.71% 3.76% 3.91% 3.81%
Portfolio Turnover of the
Portfolio 5% 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.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
19
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FLORIDA LIMITED FUND -- CLASS A
---------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 -----------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.670 $10.270 $10.290 $ 9.980 $10.030
-------------------------------------------------------------------------------------------------------------
Income (loss) from operations
-------------------------------------------------------------------------------------------------------------
Net investment income $ 0.224 $ 0.448 $ 0.453 $ 0.465 $ 0.357
Net realized and unrealized
gain (loss) 0.099 (0.597) (0.018) 0.307 (0.049)
-------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.323 $(0.149) $ 0.435 $ 0.772 $ 0.308
-------------------------------------------------------------------------------------------------------------
Less distributions
-------------------------------------------------------------------------------------------------------------
From net investment income $(0.223) $(0.451) $(0.455) $(0.462) $(0.357)
In excess of net investment
income -- -- -- -- (0.001)
-------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.223) $(0.451) $(0.455) $(0.462) $(0.358)
-------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.770 $ 9.670 $10.270 $10.290 $ 9.980
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 3.39% (1.43)% 4.10% 8.06% 2.88%
-------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $33,690 $36,952 $49,355 $50,116 $34,321
Ratios (As a percentage of
average daily net assets):
Expenses(4) 0.99%(5) 0.97% 0.90% 0.90% 0.89%(5)
Expenses after custodian
fee reduction(4) 0.97%(5) 0.94% 0.88% 0.88% 0.87%(5)
Net investment income 4.62%(5) 4.55% 4.38% 4.61% 4.65%(5)
Portfolio Turnover of the
Portfolio 3% 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 SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FLORIDA LIMITED FUND -- CLASS B
----------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 ------------------------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.670 $10.270 $10.290 $ 9.980 $10.170 $ 10.080
--------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
--------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.185 $ 0.374 $ 0.378 $ 0.391 $ 0.388 $ 0.383
Net realized and unrealized
gain (loss) 0.100 (0.598) (0.018) 0.307 (0.185) 0.096
--------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.285 $(0.224) $ 0.360 $ 0.698 $ 0.203 $ 0.479
--------------------------------------------------------------------------------------------------------------------------
Less distributions
--------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.185) $(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 $(0.185) $(0.376) $(0.380) $(0.388) $(0.393) $ (0.389)
--------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.770 $ 9.670 $10.270 $10.290 $ 9.980 $ 10.170
--------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 2.99% (2.17)% 3.54% 7.08% 2.05% 4.78%
--------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 4,677 $ 4,907 $ 6,326 $10,612 $48,418 $116,781
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.73%(4) 1.71% 1.63% 1.66% 1.65% 1.57%
Expenses after custodian
fee reduction(3) 1.71%(4) 1.68% 1.61% 1.64% 1.63% 1.56%
Net investment income 3.86%(4) 3.80% 3.67% 3.84% 3.86% 3.74%
Portfolio Turnover of the
Portfolio 3% 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.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
21
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FLORIDA LIMITED FUND -- CLASS C
------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 --------------------------
(UNAUDITED)(1) 2000(1) 1999(1)
<S> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.140 $ 9.710 $ 9.730
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income $ 0.178 $ 0.354 $ 0.356
Net realized and unrealized
gain (loss) 0.087 (0.570) (0.012)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.265 $(0.216) $ 0.344
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
From net investment income $(0.175) $(0.354) $(0.364)
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.230 $ 9.140 $ 9.710
----------------------------------------------------------------------------------
TOTAL RETURN(2) 2.94% (2.21)% 3.57%
----------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,619 $ 2,946 $ 3,950
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.74%(4) 1.71% 1.66%
Expenses after custodian
fee reduction(3) 1.72%(4) 1.68% 1.64%
Net investment income 3.87%(4) 3.80% 3.65%
Portfolio Turnover of the
Portfolio 3% 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.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
22
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED FUND -- CLASS A
---------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 -----------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.680 $10.320 $10.330 $ 9.990 $ 9.940
-------------------------------------------------------------------------------------------------------------
Income (loss) from operations
-------------------------------------------------------------------------------------------------------------
Net investment income $ 0.231 $ 0.455 $ 0.450 $ 0.457 $ 0.359
Net realized and unrealized
gain (loss) 0.102 (0.648) (0.004) 0.339 0.040(3)
-------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.333 $(0.193) $ 0.446 $ 0.796 $ 0.399
-------------------------------------------------------------------------------------------------------------
Less distributions
-------------------------------------------------------------------------------------------------------------
From net investment income $(0.223) $(0.447) $(0.456) $(0.456) $(0.349)
-------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.790 $ 9.680 $10.320 $10.330 $ 9.990
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 3.50% (1.85)% 4.19% 8.29% 3.83%
-------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $33,844 $37,411 $43,436 $43,575 $23,995
Ratios (As a percentage of
average daily net assets):
Expenses(5) 0.98%(6) 0.94% 0.94% 0.96% 0.91%(6)
Expenses after custodian
fee reduction(5) 0.94%(6) 0.91% 0.91% 0.92% 0.89%(6)
Net investment income 4.76%(6) 4.61% 4.35% 4.53% 4.76%(6)
Portfolio Turnover of the
Portfolio 4% 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 SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED FUND -- CLASS B
---------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 -----------------------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.680 $10.320 $10.330 $ 9.990 $10.100 $ 9.980
-------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
-------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.184 $ 0.380 $ 0.373 $ 0.384 $ 0.378 $ 0.383
Net realized and unrealized
gain (loss) 0.110 (0.651) (0.005) 0.339 (0.106) 0.126
-------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.294 $(0.271) $ 0.368 $ 0.723 $ 0.272 $ 0.509
-------------------------------------------------------------------------------------------------------------------------
Less distributions
-------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.184) $(0.369) $(0.373) $(0.383) $(0.382) $(0.383)
In excess of net investment
income -- -- (0.005) -- -- (0.006)
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.184) $(0.369) $(0.378) $(0.383) $(0.382) $(0.389)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.790 $ 9.680 $10.320 $10.330 $ 9.990 $10.100
-------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 3.08% (2.62)% 3.60% 7.33% 2.74% 5.08%
-------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,303 $ 2,000 $ 2,747 $ 8,451 $41,090 $91,809
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.73%(4) 1.69% 1.70% 1.70% 1.68% 1.60%
Expenses after custodian
fee reduction(3) 1.69%(4) 1.66% 1.67% 1.66% 1.66% 1.58%
Net investment income 3.98%(4) 3.84% 3.61% 3.85% 3.90% 3.71%
Portfolio Turnover of the
Portfolio 4% 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.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
24
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED FUND -- CLASS C
------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 --------------------------
(UNAUDITED)(1) 2000(1) 1999(1)
<S> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.260 $ 9.860 $ 9.880
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income $ 0.189 $ 0.364 $ 0.354
Net realized and unrealized
gain (loss) 0.097 (0.612) (0.006)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.286 $(0.248) $ 0.348
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
From net investment income $(0.176) $(0.352) $(0.360)
In excess of net investment
income -- -- (0.008)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.176) $(0.352) $(0.368)
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.370 $ 9.260 $ 9.860
----------------------------------------------------------------------------------
TOTAL RETURN(2) 3.13% (2.51)% 3.56%
----------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,824 $ 4,561 $ 5,217
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.74%(4) 1.69% 1.70%
Expenses after custodian
fee reduction(3) 1.70%(4) 1.66% 1.67%
Net investment income 4.06%(4) 3.87% 3.57%
Portfolio Turnover of the
Portfolio 4% 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.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
25
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW JERSEY LIMITED FUND -- CLASS A
---------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 -----------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.780 $10.320 $10.350 $10.070 $ 9.960
-------------------------------------------------------------------------------------------------------------
Income (loss) from operations
-------------------------------------------------------------------------------------------------------------
Net investment income $ 0.233 $ 0.464 $ 0.463 $ 0.464 $ 0.362
Net realized and unrealized
gain (loss) 0.089 (0.540) (0.030) 0.279 0.102(3)
-------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.322 $(0.076) $ 0.433 $ 0.743 $ 0.464
-------------------------------------------------------------------------------------------------------------
Less distributions
-------------------------------------------------------------------------------------------------------------
From net investment income $(0.232) $(0.464) $(0.463) $(0.463) $(0.354)
-------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.870 $ 9.780 $10.320 $10.350 $10.070
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 3.34% (0.70)% 4.04% 7.69% 4.48%
-------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $31,184 $32,710 $36,591 $35,879 $22,230
Ratios (As a percentage of
average daily net assets):
Expenses(5) 1.00%(6) 0.99% 0.95% 0.99% 0.88%(6)
Expenses after custodian
fee reduction(5) 1.00%(6) 0.96% 0.95% 0.98% 0.85%(6)
Net investment income 4.75%(6) 4.68% 4.47% 4.56% 4.75%(6)
Portfolio Turnover of the
Portfolio 4% 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 SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW JERSEY LIMITED FUND -- CLASS B
---------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 -----------------------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.780 $10.320 $10.350 $10.070 $10.110 $10.020
-------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
-------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.193 $ 0.388 $ 0.383 $ 0.391 $ 0.375 $ 0.383
Net realized and unrealized
gain (loss) 0.090 (0.542) (0.028) 0.279 (0.026) 0.093
-------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.283 $(0.154) $ 0.355 $ 0.670 $ 0.349 $ 0.476
-------------------------------------------------------------------------------------------------------------------------
Less distributions
-------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.193) $(0.386) $(0.383) $(0.390) $(0.389) $(0.383)
In excess of net investment
income -- -- (0.002) -- -- (0.003)
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.193) $(0.386) $(0.385) $(0.390) $(0.389) $(0.386)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.870 $ 9.780 $10.320 $10.350 $10.070 $10.110
-------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 2.93% (1.48)% 3.46% 6.73% 3.53% 4.79%
-------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,382 $ 2,272 $ 3,056 $ 8,620 $34,691 $78,039
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.75%(4) 1.74% 1.72% 1.72% 1.69% 1.60%
Expenses after custodian
fee reduction(3) 1.75%(4) 1.71% 1.72% 1.71% 1.66% 1.58%
Net investment income 3.99%(4) 3.91% 3.70% 3.85% 3.90% 3.77%
Portfolio Turnover of the
Portfolio 4% 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.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
27
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW YORK LIMITED FUND -- CLASS A
---------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 -----------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.030 $10.560 $10.510 $10.040 $10.000
-------------------------------------------------------------------------------------------------------------
Income (loss) from operations
-------------------------------------------------------------------------------------------------------------
Net investment income $ 0.234 $ 0.470 $ 0.468 $ 0.461 $ 0.357
Net realized and unrealized
gain (loss) 0.111 (0.529) 0.047 0.470 0.035(3)
-------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.345 $(0.059) $ 0.515 $ 0.931 $ 0.392
-------------------------------------------------------------------------------------------------------------
Less distributions
-------------------------------------------------------------------------------------------------------------
From net investment income $(0.235) $(0.471) $(0.465) $(0.461) $(0.352)
-------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $10.140 $10.030 $10.560 $10.510 $10.040
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 3.50% (0.50)% 4.78% 9.61% 3.74%
-------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $43,763 $45,773 $57,864 $59,442 $35,932
Ratios (As a percentage of
average daily net assets):
Expenses(5) 0.97%(6) 0.96% 0.91% 0.93% 0.88%(6)
Expenses after custodian
fee reduction(5) 0.97%(6) 0.93% 0.91% 0.91% 0.86%(6)
Net investment income 4.64%(6) 4.63% 4.42% 4.50% 4.67%(6)
Portfolio Turnover of the
Portfolio 5% 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 SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW YORK LIMITED FUND -- CLASS B
----------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 ------------------------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.030 $10.560 $10.510 $10.040 $10.150 $ 10.030
--------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
--------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.195 $ 0.391 $ 0.386 $ 0.388 $ 0.387 $ 0.374
Net realized and unrealized
gain (loss) 0.110 (0.530) 0.050 0.470 (0.109) 0.135
--------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.305 $(0.139) $ 0.436 $ 0.858 $ 0.278 $ 0.509
--------------------------------------------------------------------------------------------------------------------------
Less distributions
--------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.195) $(0.391) $(0.386) $(0.388) $(0.387) $ (0.374)
In excess of net investment
income -- -- -- -- (0.001) (0.015)
--------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.195) $(0.391) $(0.386) $(0.388) $(0.388) $ (0.389)
--------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $10.140 $10.030 $10.560 $10.510 $10.040 $ 10.150
--------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 3.09% (1.29)% 4.20% 8.65% 2.79% 5.12%
--------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 4,220 $ 3,960 $ 5,078 $12,220 $60,097 $133,846
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.71%(4) 1.71% 1.68% 1.70% 1.63% 1.57%
Expenses after custodian
fee reduction(3) 1.71%(4) 1.68% 1.68% 1.68% 1.61% 1.55%
Net investment income 3.88%(4) 3.87% 3.67% 3.77% 3.84% 3.66%
Portfolio Turnover of the
Portfolio 5% 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.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
29
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW YORK LIMITED FUND -- CLASS C
------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 --------------------------
(UNAUDITED)(1) 2000(1) 1999(1)
<S> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.510 $10.000 $ 9.950
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income $ 0.185 $ 0.364 $ 0.368
Net realized and unrealized
gain (loss) 0.107 (0.490) 0.053
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.292 $(0.126) $ 0.421
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
From net investment income $(0.182) $(0.364) $(0.368)
In excess of net investment
income -- -- (0.003)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.182) $(0.364) $(0.371)
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.620 $ 9.510 $10.000
----------------------------------------------------------------------------------
TOTAL RETURN(2) 3.11% (1.22)% 4.28%
----------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 1,837 $ 1,721 $ 2,737
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.71%(4) 1.71% 1.67%
Expenses after custodian
fee reduction(3) 1.71%(4) 1.68% 1.67%
Net investment income 3.88%(4) 3.89% 3.65%
Portfolio Turnover of the
Portfolio 5% 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.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
30
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
OHIO LIMITED FUND -- CLASS A
---------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 -----------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.430 $10.110 $10.140 $ 9.820 $ 9.860
-------------------------------------------------------------------------------------------------------------
Income (loss) from operations
-------------------------------------------------------------------------------------------------------------
Net investment income $ 0.218 $ 0.447 $ 0.458 $ 0.461 $ 0.205
Net realized and unrealized
gain (loss) 0.115 (0.672) (0.019) 0.331 (0.037)
-------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.333 $(0.225) $ 0.439 $ 0.792 $ 0.168
-------------------------------------------------------------------------------------------------------------
Less distributions
-------------------------------------------------------------------------------------------------------------
From net investment income $(0.218) $(0.447) $(0.453) $(0.461) $(0.205)
In excess of net investment
income (0.005) (0.008) (0.016) (0.011) (0.003)
-------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.223) $(0.455) $(0.469) $(0.472) $(0.208)
-------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.540 $ 9.430 $10.110 $10.140 $ 9.820
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 3.59% (2.22)% 4.19% 8.40% 1.51%
-------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $15,276 $16,761 $20,375 $18,114 $ 952
Ratios (As a percentage of
average daily net assets):
Expenses(4) 1.15%(5) 1.08% 1.03% 1.11% 1.08%(5)
Expenses after custodian
fee reduction(4) 1.11%(5) 1.05% 1.00% 1.11% 1.05%(5)
Net investment income 4.61%(5) 4.63% 4.51% 4.57% 4.75%(5)
Portfolio Turnover of the
Portfolio 5% 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 SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
OHIO LIMITED FUND -- CLASS B
---------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 -----------------------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.430 $10.110 $10.140 $ 9.820 $ 9.840 $ 9.730
-------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
-------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.183 $ 0.376 $ 0.386 $ 0.389 $ 0.408 $ 0.398
Net realized and unrealized
gain (loss) 0.115 (0.672) (0.023) 0.331 (0.033) 0.085
-------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.298 $(0.296) $ 0.363 $ 0.720 $ 0.375 $ 0.483
-------------------------------------------------------------------------------------------------------------------------
Less distributions
-------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.188) $(0.384) $(0.393) $(0.400) $(0.395) $(0.373)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.540 $ 9.430 $10.110 $10.140 $ 9.820 $ 9.840
-------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 3.20% (2.94)% 3.62% 7.43% 3.89% 5.07%
-------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 1,750 $ 2,041 $ 2,205 $ 4,249 $24,587 $29,759
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.90%(4) 1.83% 1.75% 1.80% 1.84% 1.67%
Expenses after custodian
fee reduction(3) 1.86%(4) 1.80% 1.72% 1.80% 1.81% 1.65%
Net investment income 3.87%(4) 3.89% 3.79% 3.92% 4.06% 4.04%
Portfolio Turnover of the
Portfolio 5% 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.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
32
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED FUND -- CLASS A
---------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 -----------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.870 $10.500 $10.550 $10.100 $10.030
-------------------------------------------------------------------------------------------------------------
Income (loss) from operations
-------------------------------------------------------------------------------------------------------------
Net investment income $ 0.236 $ 0.473 $ 0.477 $ 0.481 $ 0.371
Net realized and unrealized
gain (loss) 0.095 (0.641) (0.051) 0.445 0.063(3)
-------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.331 $(0.168) $ 0.426 $ 0.926 $ 0.434
-------------------------------------------------------------------------------------------------------------
Less distributions
-------------------------------------------------------------------------------------------------------------
From net investment income $(0.231) $(0.462) $(0.476) $(0.476) $(0.364)
-------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.970 $ 9.870 $10.500 $10.550 $10.100
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 3.41% (1.57)% 3.90% 9.52% 4.15%
-------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $29,890 $31,851 $41,048 $43,961 $27,907
Ratios (As a percentage of
average daily net assets):
Expenses(5) 1.02%(6) 0.99% 0.94% 0.97% 0.90%(6)
Expenses after custodian
fee reduction(5) 1.00%(6) 0.97% 0.92% 0.95% 0.88%(6)
Net investment income 4.77%(6) 4.69% 4.52% 4.67% 4.83%(6)
Portfolio Turnover of the
Portfolio 2% 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 SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED FUND -- CLASS B
---------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 -----------------------------------------------------------------
(UNAUDITED)(1) 2000(1) 1999(1) 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.870 $10.500 $10.550 $10.100 $10.190 $10.090
-------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
-------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.191 $ 0.383 $ 0.400 $ 0.407 $ 0.392 $ 0.388
Net realized and unrealized
gain (loss) 0.100 (0.630) (0.053) 0.445 (0.081) 0.110
-------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.291 $(0.247) $ 0.347 $ 0.852 $ 0.311 $ 0.498
-------------------------------------------------------------------------------------------------------------------------
Less distributions
-------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.191) $(0.383) $(0.397) $(0.402) $(0.401) $(0.388)
In excess of net investment
income -- -- -- -- -- (0.010)
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.191) $(0.383) $(0.397) $(0.402) $(0.401) $(0.398)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.970 $ 9.870 $10.500 $10.550 $10.100 $10.190
-------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 2.99% (2.34)% 3.33% 8.55% 3.12% 4.98%
-------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,093 $ 2,423 $ 3,787 $ 8,277 $33,971 $84,407
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.77%(4) 1.74% 1.69% 1.71% 1.69% 1.62%
Expenses after custodian
fee reduction(3) 1.75%(4) 1.72% 1.67% 1.69% 1.67% 1.60%
Net investment income 4.02%(4) 3.93% 3.79% 3.95% 4.05% 3.79%
Portfolio Turnover of the
Portfolio 2% 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.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
34
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED FUND -- CLASS C
------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 --------------------------
(UNAUDITED)(1) 2000(1) 1999(1)
<S> <C> <C> <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.340 $ 9.930 $ 9.980
----------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income $ 0.189 $ 0.376 $ 0.374
Net realized and unrealized
gain (loss) 0.091 (0.605) (0.042)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.280 $(0.229) $ 0.332
----------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------
From net investment income $(0.180) $(0.361) $(0.382)
----------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.440 $ 9.340 $ 9.930
----------------------------------------------------------------------------------
TOTAL RETURN(2) 3.04% (2.29)% 3.36%
----------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 3,967 $ 4,221 $ 5,803
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.77%(4) 1.74% 1.71%
Expenses after custodian
fee reduction(3) 1.75%(4) 1.72% 1.69%
Net investment income 4.02%(4) 3.95% 3.74%
Portfolio Turnover of the
Portfolio 2% 11% 16%
----------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total return is calculated assuming a purchase at the net asset value on
the first day and a sale at the net asset value on the last day of each
period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
35
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
-------------------------------------------
Eaton Vance Investment Trust (the Trust) is an entity of the type commonly
known as a Massachusetts business trust and is registered under the
Investment Company Act of 1940, as amended, as an open-end management
investment company. The Trust presently consists of 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 below) 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 (99.9% at September 30, 2000,
for each Fund except Ohio Limited Fund which was 99.2%). 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 a Fund Reorganization 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
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
</TABLE>
36
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
FUND AMOUNT EXPIRES
<S> <C> <C>
--------------------------------------------------------------------
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.
G Interim Financial Statements -- The interim financial statements relating to
September 30, 2000, and for the six months then ended have not been audited
by independent certified public accountants, but in the opinion of the Funds'
management reflect all adjustments, consisting only of normal recurring
adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders
-------------------------------------------
The net income of each Fund is determined daily and substantially all of the
net income so determined is declared as a dividend to shareholders of record
at the time of declaration. Dividends are declared separately for each class
of shares. Distributions are paid monthly. Distributions of allocated
realized capital gains, if any, are made at least annually. Shareholders may
reinvest income and capital gain distributions in additional shares of the
same class of a Fund at the net asset value as of the reinvestment date.
Distributions are paid in the form of additional shares of the same class or,
at the election of the shareholder, in cash. The Funds distinguish between
distributions on a tax basis and a financial reporting basis. Generally
accepted accounting principles require that only distributions in excess of
tax basis earnings and profits be reported in the financial statements as a
return of capital. Differences in the recognition or classification of income
between the financial statements and tax earnings and profits which result in
temporary over distributions for financial statement purposes are classified
as distributions in excess of net investment income or accumulated net
realized gains. Permanent differences between book and tax accounting
relating to distributions are reclassified to paid-in capital. The tax
treatment of distributions for the calendar year will be reported to
shareholders prior to February 1, 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
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 32,074 60,292
Issued to shareholders electing to
receive payments of distributions in
Fund shares 20,074 45,722
Redemptions (169,947) (556,250)
Exchange from Class B shares -- 29,572
----------------------------------------------------------------------------
NET DECREASE (117,799) (420,664)
----------------------------------------------------------------------------
</TABLE>
37
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 1,056 82,334
Issued to shareholders electing to
receive payments of distributions in
Fund shares 1,041 3,376
Redemptions (38,766) (72,747)
Exchange to Class A shares -- (29,572)
----------------------------------------------------------------------------
NET DECREASE (36,669) (16,609)
----------------------------------------------------------------------------
<CAPTION>
FLORIDA LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 26,666 216,644
Issued to shareholders electing to
receive payments of distributions in
Fund shares 34,494 78,864
Redemptions (433,902) (1,437,016)
Exchange from Class B shares -- 158,898
----------------------------------------------------------------------------
NET DECREASE (372,742) (982,610)
----------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 14,183 150,707
Issued to shareholders electing to
receive payments of distributions in
Fund shares 2,325 5,090
Redemptions (45,281) (105,321)
Exchange to Class A shares -- (158,898)
----------------------------------------------------------------------------
NET DECREASE (28,773) (108,422)
----------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 18,692 132,529
Issued to shareholders electing to
receive payments of distributions in
Fund shares 1,780 5,105
Redemptions (59,219) (222,102)
----------------------------------------------------------------------------
NET DECREASE (38,747) (84,468)
----------------------------------------------------------------------------
<CAPTION>
MASSACHUSETTS LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 14,747 425,669
Issued to shareholders electing to
receive payments of distributions in
Fund shares 45,739 99,475
Redemptions (466,798) (988,308)
Exchange from Class B shares -- 117,088
----------------------------------------------------------------------------
NET DECREASE (406,312) (346,076)
----------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 45,465 116,083
Issued to shareholders electing to
receive payments of distributions in
Fund shares 2,712 6,167
Redemptions (19,500) (64,797)
Exchange to Class A shares -- (117,088)
----------------------------------------------------------------------------
NET INCREASE (DECREASE) 28,677 (59,635)
----------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 2,843 135,469
Issued to shareholders electing to
receive payments of distributions in
Fund shares 3,197 11,102
Redemptions (196,914) (183,070)
----------------------------------------------------------------------------
NET DECREASE (190,874) (36,499)
----------------------------------------------------------------------------
<CAPTION>
NEW JERSEY LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 6,145 279,742
Issued to shareholders electing to
receive payments of distributions in
Fund shares 50,178 104,994
Redemptions (239,297) (651,993)
Exchange from Class B shares -- 64,114
----------------------------------------------------------------------------
NET DECREASE (182,974) (203,143)
----------------------------------------------------------------------------
</TABLE>
38
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 49,047 52,971
Issued to shareholders electing to
receive payments of distributions in
Fund shares 2,855 6,328
Redemptions (42,798) (59,162)
Exchange to Class A shares -- (64,114)
----------------------------------------------------------------------------
NET INCREASE (DECREASE) 9,104 (63,977)
----------------------------------------------------------------------------
<CAPTION>
NEW YORK LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 27,164 297,605
Issued to shareholders electing to
receive payments of distributions in
Fund shares 58,050 133,574
Redemptions (334,636) (1,484,338)
Exchange from Class B shares -- 138,664
----------------------------------------------------------------------------
NET DECREASE (249,422) (914,495)
----------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 42,235 139,728
Issued to shareholders electing to
receive payments of distributions in
Fund shares 4,942 10,551
Redemptions (25,932) (97,674)
Exchange to Class A shares -- (138,664)
----------------------------------------------------------------------------
NET INCREASE (DECREASE) 21,245 (86,059)
----------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 37,573 74,170
Issued to shareholders electing to
receive payments of distributions in
Fund shares 2,444 5,525
Redemptions (30,122) (172,332)
----------------------------------------------------------------------------
NET INCREASE (DECREASE) 9,895 (92,637)
----------------------------------------------------------------------------
<CAPTION>
OHIO LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 8,768 57,784
Issued to shareholders electing to
receive payments of distributions in
Fund shares 24,985 58,480
Redemptions (209,650) (374,438)
Exchange from Class B shares -- 19,940
----------------------------------------------------------------------------
NET DECREASE (175,897) (238,234)
----------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 1,060 55,627
Issued to shareholders electing to
receive payments of distributions in
Fund shares 2,093 4,531
Redemptions (36,182) (41,895)
Exchange to Class A shares -- (19,940)
----------------------------------------------------------------------------
NET DECREASE (33,029) (1,677)
----------------------------------------------------------------------------
<CAPTION>
PENNSYLVANIA LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 15,146 64,238
Issued to shareholders electing to
receive payments of distributions in
Fund shares 31,061 73,758
Redemptions (275,485) (928,834)
Exchange from Class B shares -- 110,422
----------------------------------------------------------------------------
NET DECREASE (229,278) (680,416)
----------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 8,019 63,418
Issued to shareholders electing to
receive payments of distributions in
Fund shares 2,442 6,775
Redemptions (45,977) (74,790)
Exchange to Class A shares -- (110,422)
----------------------------------------------------------------------------
NET DECREASE (35,516) (115,019)
----------------------------------------------------------------------------
</TABLE>
39
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 6,049 47,833
Issued to shareholders electing to
receive payments of distributions in
Fund shares 4,966 12,946
Redemptions (42,663) (192,989)
----------------------------------------------------------------------------
NET DECREASE (31,648) (132,210)
----------------------------------------------------------------------------
</TABLE>
4 Investment Adviser Fee and Other
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
$63, $504, $263, $22, $257, $14 and $261 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
six months ended September 30, 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 six
months ended September 30, 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 $7,193,
$18,121, $7,750, $9,084, $15,456, $7,046 and $8,338, respectively for
Class B shares, and Florida Limited Fund, Massachusetts Limited Fund, New
York Limited Fund and Pennsylvania Limited Fund paid or accrued $10,657,
$11,978, $6,776 and $15,205, respectively for Class C shares, to or payable
to EVD representing 0.75% (annualized) of each Fund's Class B and Class C
average daily net assets. At September 30, 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 $280,000, $597,000, $358,000, $314,000, $439,000, $516,000
and $178,000, 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
$4,724,000, $1,065,000, $1,246,000 and $2,211,000, 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 0.15% per annum of the Fund's average daily net
assets attributable to Class A and Class B shares for any fiscal year on
shares of the 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 0.25% (annualized) 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 six
months ended
40
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
September 30, 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 $15,145, $26,130, $26,615, $23,901,
$33,420, $11,908 and $23,185, respectively for Class A shares, and $1,439,
$3,624, $1,550, $1,816, $3,090, $1,409 and $1,667, respectively for Class B
shares. For the six months ended September 30, 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
$2,131, $2,396, $1,355, and $3,041, 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 six months
ended September 30, 2000, EVD received approximately $4,000, $6,000, $2,000,
$3,000, $1,000, $6,000 and $3,000, 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.
7 Investment Transactions
-------------------------------------------
Increases and decreases in each Fund's investment in its corresponding
Portfolio for the six months ended September 30, 2000 were as follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED FUND
<S> <C>
----------------------------------------------------
Increases $ 369,399
Decreases 2,416,555
<CAPTION>
FLORIDA LIMITED FUND
<S> <C>
----------------------------------------------------
Increases $ 569,609
Decreases 5,801,911
<CAPTION>
MASSACHUSETTS LIMITED FUND
<S> <C>
----------------------------------------------------
Increases $ 662,492
Decreases 7,186,152
<CAPTION>
NEW JERSEY LIMITED FUND
<S> <C>
----------------------------------------------------
Increases $ 569,846
Decreases 3,156,002
<CAPTION>
NEW YORK LIMITED FUND
<S> <C>
----------------------------------------------------
Increases $1,040,486
Decreases 4,504,876
<CAPTION>
OHIO LIMITED FUND
<S> <C>
----------------------------------------------------
Increases $ 91,141
Decreases 2,498,224
<CAPTION>
PENNSYLVANIA LIMITED FUND
<S> <C>
----------------------------------------------------
Increases $ 284,300
Decreases 4,147,825
</TABLE>
41
<PAGE>
CALIFORNIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.8%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Escrowed / Prerefunded -- 19.5%
------------------------------------------------------------------------
$1,500 ABAG Finance Authority Certificates of
Participation, (Stanford University
Hospital), (MBIA), Escrowed to Maturity,
4.90%, 11/1/03(1) $ 1,532,460
1,000 ABAG Finance Authority Certificates of
Participation, (Stanford University
Hospital), (MBIA), Escrowed to Maturity,
5.125%, 11/1/05 1,039,860
500 California Statewide Communities
Development Corp., (Pacific Homes),
Prerefunded to 4/1/03, 5.90%, 4/1/09 527,735
1,000 Sacramento Cogeneration Authority,
(Procter & Gamble), Prerefunded to
7/1/05, 6.50%, 7/1/21 1,110,190
------------------------------------------------------------------------
$ 4,210,245
------------------------------------------------------------------------
General Obligations -- 1.4%
------------------------------------------------------------------------
$ 300 Capistrano Unified School District,
5.65%, 9/1/15 $ 293,337
------------------------------------------------------------------------
$ 293,337
------------------------------------------------------------------------
Hospital -- 5.9%
------------------------------------------------------------------------
$ 325 Eastern Plumas Health Care, (District),
7.50%, 8/1/07 $ 327,691
300 San Benito Health Care District,
5.375%, 10/1/12 263,061
350 San Gorgonio Memorial Health Care
District, 5.80%, 5/1/14 306,568
400 Stockton Health Facilities, (Dameron
Hospital), 5.70%, 12/1/14 365,768
------------------------------------------------------------------------
$ 1,263,088
------------------------------------------------------------------------
Housing -- 2.1%
------------------------------------------------------------------------
$ 450 Corona SFMR, 6.05%, 5/1/27 $ 451,111
------------------------------------------------------------------------
$ 451,111
------------------------------------------------------------------------
Industrial Development Revenue -- 3.1%
------------------------------------------------------------------------
$ 750 California Pollution Control Financing
Authority, (Browning Ferris Industries),
(AMT), 5.80%, 12/1/16 $ 665,595
------------------------------------------------------------------------
$ 665,595
------------------------------------------------------------------------
Insured-Certificates of Participation -- 2.0%
------------------------------------------------------------------------
$ 400 California Statewide Communities
Development Authority, (FSA),
6.00%, 8/15/13 $ 437,120
------------------------------------------------------------------------
$ 437,120
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Education -- 1.0%
------------------------------------------------------------------------
$ 475 California Educational Facilities
Authority, (San Diego University),
(AMBAC), 0.00%, 10/1/15 $ 214,937
------------------------------------------------------------------------
$ 214,937
------------------------------------------------------------------------
Insured-Electric Utilities -- 9.6%
------------------------------------------------------------------------
$1,000 California Pollution Control Financing
Authority, (San Diego Gas and Electric),
(MBIA), 5.90%, 6/1/14 $ 1,094,010
1,000 Southern California Public Power
Authority, (AMBAC), 5.00%, 7/1/17 975,000
------------------------------------------------------------------------
$ 2,069,010
------------------------------------------------------------------------
Insured-General Obligations -- 9.2%
------------------------------------------------------------------------
$1,080 Fillmore Unified School District,
(FGIC), 0.00%, 7/1/15 $ 495,191
1,000 Mt. Diablo School District, (AMBAC),
5.70%, 8/1/14 1,049,310
705 Ukiah Unified School District, (FGIC),
0.00%, 8/1/10 439,335
------------------------------------------------------------------------
$ 1,983,836
------------------------------------------------------------------------
Insured-Hospital -- 7.4%
------------------------------------------------------------------------
$1,900 Riverside County, (Riverside County
Hospital), (MBIA), 0.00%, 6/1/21 $ 576,308
1,000 Tri City Hospital District, (MBIA),
5.625%, 2/15/17 1,024,780
------------------------------------------------------------------------
$ 1,601,088
------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 5.7%
------------------------------------------------------------------------
$2,000 Anaheim Public Financing Authority,
(Public Improvements), (FSA),
0.00%, 9/1/19 $ 694,960
505 California State Public Works Board,
(Department of Corrections), (AMBAC),
5.25%, 12/1/13 528,725
------------------------------------------------------------------------
$ 1,223,685
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 9.4%
------------------------------------------------------------------------
$2,000 San Mateo County Transportation
District, (MBIA), 5.25%, 6/1/17 $ 2,029,900
------------------------------------------------------------------------
$ 2,029,900
------------------------------------------------------------------------
Insured-Transportation -- 2.6%
------------------------------------------------------------------------
$1,000 San Joaquin Hills, Transportation
Corridor Agency Bridge & Toll Road,
(MBIA), 0.00%, 1/15/12 $ 565,270
------------------------------------------------------------------------
$ 565,270
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
42
<PAGE>
CALIFORNIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 2.5%
------------------------------------------------------------------------
$ 520 California Statewide Communities
Development Authority, (San Gabriel
Valley), 5.50%, 9/1/14 $ 542,641
------------------------------------------------------------------------
$ 542,641
------------------------------------------------------------------------
Nursing Home -- 2.0%
------------------------------------------------------------------------
$ 500 ABAG Finance Authority, (American
Baptist Homes), 5.75%, 10/1/17 $ 435,285
------------------------------------------------------------------------
$ 435,285
------------------------------------------------------------------------
Special Tax Revenue -- 13.0%
------------------------------------------------------------------------
$ 300 Alameda Public Financing Authority,
5.45%, 9/2/14 $ 294,678
300 Brentwood Infrastructure Financing
Authority, 5.50%, 9/2/12 293,955
300 Corona Public Financing Authority,
5.70%, 9/1/13 297,201
200 Fontana Redevelopment Agency, (Jurupa
Hills), 5.50%, 10/1/17 192,626
360 Irvine, Improvement Bond Act 1915,
(Assessment District North 97-16, Group
Two), 5.40%, 9/2/10 360,788
390 Pomona Redevelopment Agency, (West Holt
Avenue Redevelopment), 5.50%, 5/1/13 388,752
295 Rancho Cucamonga Public Finance
Authority, 5.75%, 9/2/12 298,685
300 Roseville Special Tax, 6.00%, 9/1/11 311,802
365 Torrance Redevelopment Agency,
5.50%, 9/1/12 363,879
------------------------------------------------------------------------
$ 2,802,366
------------------------------------------------------------------------
Transportation -- 1.2%
------------------------------------------------------------------------
$ 290 Port Redwood City, (AMT), 5.40%, 6/1/19 $ 269,944
------------------------------------------------------------------------
$ 269,944
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Water and Sewer -- 1.2%
------------------------------------------------------------------------
$ 250 Santa Margarita Water District,
6.10%, 9/1/14 $ 254,273
------------------------------------------------------------------------
$ 254,273
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.8%
(identified cost $21,182,964) $21,312,731
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.2% $ 261,942
------------------------------------------------------------------------
Net Assets -- 100.0% $21,574,673
------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by California
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 2000, 59.6% 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 4.4% to 36.9% 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
43
<PAGE>
FLORIDA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 97.7%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Cogeneration -- 1.4%
------------------------------------------------------------------------
$ 500 Palm Beach County, (Okeelanta Power),
(AMT), 6.85%, 2/15/21(1) $ 285,500
500 Palm Beach County, (Osceola Power),
(AMT), 6.95%, 1/1/22(1) 285,500
------------------------------------------------------------------------
$ 571,000
------------------------------------------------------------------------
Electric Utilities -- 7.5%
------------------------------------------------------------------------
$1,000 Jacksonville Electric Authority, (St.
Johns River Power Park), 5.375%, 10/1/16 $ 995,750
2,000 Tallahassee Electric Authority,
5.90%, 10/1/05 2,086,600
------------------------------------------------------------------------
$ 3,082,350
------------------------------------------------------------------------
General Obligations -- 6.9%
------------------------------------------------------------------------
$2,250 Florida State Board of Education,
5.55%, 6/1/11 $ 2,325,105
500 Puerto Rico Public Building Authority,
6.50%, 7/1/03 524,330
------------------------------------------------------------------------
$ 2,849,435
------------------------------------------------------------------------
Health Care -- 1.1%
------------------------------------------------------------------------
$ 500 Orange County, Health Facilities
Authority, (Westminister Community
Care), 6.50%, 4/1/12 $ 472,740
------------------------------------------------------------------------
$ 472,740
------------------------------------------------------------------------
Hospital -- 6.0%
------------------------------------------------------------------------
$1,250 Escambia County Health Facilities
Authority, (Baptist Hospital, Inc. and
Baptist Manor, Inc.), 6.00%, 10/1/14 $ 1,166,987
1,000 Highlands County HFA, (Adventist Health
System), 5.25%, 11/15/20 822,770
500 West Orange Healthcare District,
5.50%, 2/1/10 491,200
------------------------------------------------------------------------
$ 2,480,957
------------------------------------------------------------------------
Industrial Development Revenue -- 4.9%
------------------------------------------------------------------------
$1,500 Polk County IDR, (IMC Fertilizer),
(AMT), 7.525%, 1/1/15 $ 1,533,750
500 Polk County, IDA Industrial Development
Revenue, (Cargill Fertilizer, Inc.),
(AMT), 5.50%, 11/1/09 507,655
------------------------------------------------------------------------
$ 2,041,405
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Cogeneration -- 7.1%
------------------------------------------------------------------------
$2,000 Dade County, Resource Recovery
Facilities, (AMBAC), (AMT),
5.30%, 10/1/07 $ 2,047,540
1,000 Tampa Solid Waste System, (McKay Bay
Refuse to Energy), (AMBAC),
4.75%, 10/1/17 881,020
------------------------------------------------------------------------
$ 2,928,560
------------------------------------------------------------------------
Insured-General Obligations -- 8.6%
------------------------------------------------------------------------
$2,000 Dade County Local School District,
(MBIA), 5.00%, 2/15/15 $ 1,929,320
520 Dade County, (MBIA), 0.00%, 10/1/06 389,158
330 Dade County, (MBIA), 0.00%, 10/1/08 219,047
1,000 Miami-Dade County School District,
(FSA), 5.375%, 8/1/15 1,018,390
------------------------------------------------------------------------
$ 3,555,915
------------------------------------------------------------------------
Insured-Hospital -- 3.7%
------------------------------------------------------------------------
$1,000 Orange County Health Facilities
Authority, (Adventist Health
System/Sunbelt, Inc.), (FSA),
5.50%, 11/15/02 $ 1,018,490
500 Sarasota County Public Hospital, (MBIA),
5.25%, 7/1/18 490,620
------------------------------------------------------------------------
$ 1,509,110
------------------------------------------------------------------------
Insured-Housing -- 5.2%
------------------------------------------------------------------------
$1,085 Florida Housing Finance Authority,
(Leigh Meadows Apartments), (AMBAC),
5.85%, 9/1/10 $ 1,107,666
1,005 Florida Housing Finance Authority,
(Stottert Arms Apartments), (AMBAC),
5.90%, 9/1/10 1,022,738
------------------------------------------------------------------------
$ 2,130,404
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 2.4%
------------------------------------------------------------------------
$2,000 Miami-Dade County Professional Sports
Franchise Facilities, (MBIA),
0.00%, 10/1/13 $ 997,000
------------------------------------------------------------------------
$ 997,000
------------------------------------------------------------------------
Insured-Transportation -- 7.1%
------------------------------------------------------------------------
$1,000 Broward County Airport System, (MBIA),
5.375%, 10/1/13 $ 998,140
2,000 Dade County, Seaport Revenue, (MBIA),
5.125%, 10/1/16 1,934,280
------------------------------------------------------------------------
$ 2,932,420
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
44
<PAGE>
FLORIDA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Water and Sewer -- 15.0%
------------------------------------------------------------------------
$2,000 Dade County, Water and Sewer System,
(FGIC), 5.25%, 10/1/11 $ 2,040,980
1,000 Dade County, Water and Sewer System,
(FGIC), 5.25%, 10/1/21 957,680
2,000 Manatee County, Public Utilities,
(MBIA), 6.75%, 10/1/04 2,158,320
1,000 Pasco County, Water and Sewer, (FGIC),
5.40%, 10/1/03 1,025,740
------------------------------------------------------------------------
$ 6,182,720
------------------------------------------------------------------------
Nursing Home -- 6.0%
------------------------------------------------------------------------
$ 500 Citrus County IDA, (Beverly
Enterprises), 5.00%, 4/1/03 $ 486,280
480 Jacksonville Health Facilities
Authority, (National Benevolent
Association-Cypress Village),
6.50%, 12/1/00 481,272
500 Lee County IDA, (Shell Point Village),
5.50%, 11/15/21 427,640
250 Lee County IDA, (Shell Point Village),
5.75%, 11/15/14 229,612
900 Volusia County, (Beverly Enterprises),
5.875%, 7/1/07 862,569
------------------------------------------------------------------------
$ 2,487,373
------------------------------------------------------------------------
Senior Living / Life Care -- 2.5%
------------------------------------------------------------------------
$ 600 North Miami HFA, (Imperial Club),
6.75%, 1/1/33 $ 513,312
600 Okaloosa County, Retirement Rental
Housing, (Encore Retirement Partners),
6.125%, 2/1/14 505,002
------------------------------------------------------------------------
$ 1,018,314
------------------------------------------------------------------------
Special Tax Revenue -- 12.3%
------------------------------------------------------------------------
$ 450 Fleming Island Plantation Community
Development District, 6.30%, 2/1/05 $ 452,066
500 Heritage Palms Community Development
District, Capital Improvements,
6.25%, 11/1/04 499,465
400 Heritage Springs Community Development
District, Capital Improvements,
6.25%, 5/1/05 398,480
200 Lexington Oaks Community Development
District, 6.70%, 5/1/07 202,368
525 Longleaf Community Development District,
6.20%, 5/1/09 502,257
635 North Springs, Improvement District,
Special Assessment Revenue, (Heron Bay),
7.00%, 5/1/19 646,703
2,000 Orlando Capital Improvements,
5.00%, 10/1/18 1,874,680
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Special Tax Revenue (continued)
------------------------------------------------------------------------
$ 250 Stoneybrook West Community Development
District, 6.45%, 5/1/10 $ 248,660
250 Vista Lakes Community Development
District, 6.35%, 5/1/05 250,325
------------------------------------------------------------------------
$ 5,075,004
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 97.7%
(identified cost $40,552,968) $40,314,707
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.3% $ 932,359
------------------------------------------------------------------------
Net Assets -- 100.0% $41,247,066
------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by Florida
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 2000, 50.2% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage insured by financial institutions ranged from 5.1% to 22.6% of
total investments.
(1) Non-income producing security.
SEE NOTES TO FINANCIAL STATEMENTS
45
<PAGE>
MASSACHUSETTS LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.3%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Cogeneration -- 2.4%
------------------------------------------------------------------------
$1,000 Massachusetts IFA, (Ogden Haverhill),
(AMT), 5.50%, 12/1/13 $ 933,680
------------------------------------------------------------------------
$ 933,680
------------------------------------------------------------------------
Education -- 11.7%
------------------------------------------------------------------------
$ 400 Massachusetts Development Finance
Agency, (Xaverian Brothers High School),
5.55%, 7/1/19 $ 370,696
1,000 Massachusetts HEFA, (Boston College),
5.375%, 6/1/14 1,014,450
500 Massachusetts IFA, (Belmont Hill
School), 5.15%, 9/1/13 480,590
500 Massachusetts IFA, (Dana Hall),
5.90%, 7/1/27 468,420
1,030 Massachusetts IFA, (Park School),
5.50%, 9/1/16 1,030,927
750 Massachusetts IFA, (St. Johns High
School, Inc.), 5.70%, 6/1/18 718,147
500 Massachusetts IFA, (Wentworth Institute
of Technology), 5.55%, 10/1/13 490,970
------------------------------------------------------------------------
$ 4,574,200
------------------------------------------------------------------------
Electric Utilities -- 2.6%
------------------------------------------------------------------------
$1,000 Massachusetts Municipal Wholesale
Electric Co., 5.70%, 7/1/01 $ 1,008,110
------------------------------------------------------------------------
$ 1,008,110
------------------------------------------------------------------------
Escrowed / Prerefunded -- 11.3%
------------------------------------------------------------------------
$ 785 Massachusetts Bay Transportation
Authority, Prerefunded to 3/01/05,
5.75%, 3/1/18 $ 834,698
860 Massachusetts HEFA, (Fairview Extended
Care), Prerefunded to 1/1/01,
10.125%, 1/1/11 889,395
417 Massachusetts HEFA,
(Milford-Whitinsville Hospital),
Escrowed to Maturity, 7.125%, 7/15/02 429,704
2,000 Massachusetts Turnpike Authority,
Escrowed to Maturity, 5.00%, 1/1/20 1,880,840
400 Massachusetts Turnpike Authority,
Escrowed to Maturity, (FGIC),
5.125%, 1/1/23 375,720
------------------------------------------------------------------------
$ 4,410,357
------------------------------------------------------------------------
General Obligations -- 11.0%
------------------------------------------------------------------------
$ 500 Burlington, 5.00%, 2/1/15 $ 487,725
500 Burlington, 5.00%, 2/1/16 482,570
1,000 Massachusetts, 5.00%, 11/1/14 970,920
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
General Obligations (continued)
------------------------------------------------------------------------
$ 215 Massachusetts Bay Transportation
Authority, 5.75%, 3/1/18 $ 217,343
2,500 Massachusetts State Federal Highway
Grant Anticipation Notes,
0.00%, 6/15/15 1,110,950
1,000 Woods Hole, Martha's Vineyard and
Nantucket Steamship Authority,
6.60%, 3/1/03 1,046,350
------------------------------------------------------------------------
$ 4,315,858
------------------------------------------------------------------------
Health Care-Miscellaneous -- 1.5%
------------------------------------------------------------------------
$ 200 Massachusetts Development Finance
Agency, (MCHSP Human Services),
6.60%, 8/15/29 $ 177,986
450 Massachusetts Development Finance
Agency, (New England Center for
Children), 5.30%, 11/1/08 406,809
------------------------------------------------------------------------
$ 584,795
------------------------------------------------------------------------
Hospital -- 20.4%
------------------------------------------------------------------------
$ 750 Massachusetts HEFA, (Caritas Christi
Obligated Group), 5.70%, 7/1/15 $ 648,067
500 Massachusetts HEFA, (Dana Farber Cancer
Institute), 6.50%, 12/1/05 528,060
3,000 Massachusetts HEFA, (Daughters of
Charity), 5.75%, 7/1/02 3,063,660
770 Massachusetts HEFA, (Jordan Hospital),
5.00%, 10/1/11 689,473
750 Massachusetts HEFA,
(Milford-Whitinsville Regional
Hospital), 5.75%, 7/15/13 655,425
860 Massachusetts HEFA, (New England Health
Systems), 6.125%, 8/1/13 760,584
1,335 Massachusetts HEFA, (North Adams
Regional Hospital), 6.25%, 7/1/04 1,374,249
250 Massachusetts HEFA, (Partners Healthcare
System), 5.00%, 7/1/09 246,413
------------------------------------------------------------------------
$ 7,965,931
------------------------------------------------------------------------
Industrial Development Revenue -- 0.9%
------------------------------------------------------------------------
$ 350 Massachusetts Development Finance
Agency, (YMCA of Greater Boston),
5.25%, 11/1/13 $ 335,748
------------------------------------------------------------------------
$ 335,748
------------------------------------------------------------------------
Insured-Electric Utilities -- 5.4%
------------------------------------------------------------------------
$2,000 Massachusetts Municipal Wholesale
Electric Co., (AMBAC), 6.625%, 7/1/03 $ 2,106,920
------------------------------------------------------------------------
$ 2,106,920
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
46
<PAGE>
MASSACHUSETTS LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-General Obligations -- 11.1%
------------------------------------------------------------------------
$ 750 Haverhill, (FGIC), 5.00%, 6/15/17 $ 705,000
2,000 Massachusetts Bay Transportation
Authority, (AMBAC), 5.25%, 3/1/11 2,070,600
1,000 Massachusetts, (AMBAC), 5.00%, 7/1/12 998,600
535 Randolph, (FGIC), 5.25%, 4/1/11 547,803
------------------------------------------------------------------------
$ 4,322,003
------------------------------------------------------------------------
Insured-Health Care Miscellaneous -- 2.6%
------------------------------------------------------------------------
$1,000 Massachusetts HEFA, (Harvard Pilgrim
Health), (FSA), 5.00%, 7/1/05 $ 1,008,550
------------------------------------------------------------------------
$ 1,008,550
------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 4.3%
------------------------------------------------------------------------
$1,650 Puerto Rico, ITEM & ECFA, (Guaynabo
Municipal Government), 5.375%, 7/1/06 $ 1,686,350
------------------------------------------------------------------------
$ 1,686,350
------------------------------------------------------------------------
Nursing Home -- 4.6%
------------------------------------------------------------------------
$ 490 Massachusetts Development Finance
Agency, (Odd Fellows Home of
Massachusetts), 6.25%, 1/1/15 $ 438,036
515 Massachusetts HEFA, (Christopher House),
6.25%, 1/1/07 503,964
860 Massachusetts IFA, (Age Institute of
Massachusetts), 7.60%, 11/1/05 874,904
------------------------------------------------------------------------
$ 1,816,904
------------------------------------------------------------------------
Pooled Loans -- 3.9%
------------------------------------------------------------------------
$1,595 Massachusetts Water Pollution Abatement
Trust, 0.00%, 8/1/12 $ 858,636
680 Massachusetts Water Pollution Abatement
Trust, 5.25%, 8/1/14 681,612
------------------------------------------------------------------------
$ 1,540,248
------------------------------------------------------------------------
Senior Living / Life Care -- 2.4%
------------------------------------------------------------------------
$ 600 Massachusetts Development Finance
Agency, (Berkshire Retirement),
5.60%, 7/1/19 $ 501,432
500 Massachusetts IFA, (Forge Hill), (AMT),
6.75%, 4/1/30 427,610
------------------------------------------------------------------------
$ 929,042
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Special Tax Revenue -- 1.2%
------------------------------------------------------------------------
$ 500 Massachusetts Special Obligations,
5.00%, 6/1/14 $ 490,505
------------------------------------------------------------------------
$ 490,505
------------------------------------------------------------------------
Transportation -- 1.0%
------------------------------------------------------------------------
$ 400 Rail Connections, Inc., (Rte. 128
Parking Garage), 5.30%, 7/1/09 $ 395,036
------------------------------------------------------------------------
$ 395,036
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.3%
(identified cost $38,776,832) $38,424,237
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.7% $ 653,528
------------------------------------------------------------------------
Net Assets -- 100.0% $39,077,765
------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by Massachusetts
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 2000, 20.3% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage insured by financial institutions ranged from 2.6% to 13.5% of
total investments.
SEE NOTES TO FINANCIAL STATEMENTS
47
<PAGE>
NEW JERSEY LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.0%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Assisted Living -- 1.6%
------------------------------------------------------------------------
$ 535 New Jersey EDA, (Chelsea at East
Brunswick), (AMT), 8.00%, 10/1/07 $ 552,623
------------------------------------------------------------------------
$ 552,623
------------------------------------------------------------------------
Cogeneration -- 8.3%
------------------------------------------------------------------------
$1,915 New Jersey EDA, (Trigen-Trenton), (AMT),
6.10%, 12/1/05 $ 1,927,045
500 New Jersey EDA, (Vineland Cogeneration),
(AMT), 7.875%, 6/1/19 515,260
365 Port Authority of New York and New
Jersey, (KIAC), (AMT), 6.50%, 10/1/01 368,387
------------------------------------------------------------------------
$ 2,810,692
------------------------------------------------------------------------
Escrowed / Prerefunded -- 4.2%
------------------------------------------------------------------------
$ 310 New Jersey EDA, (Cadbury Corp.),
Prerefunded to 7/1/01, 8.00%, 7/1/15 $ 326,799
2,030 New Jersey EDA, (Princeton Custodial
Receipts), Escrowed to Maturity,
0.00%, 12/15/12 1,082,619
------------------------------------------------------------------------
$ 1,409,418
------------------------------------------------------------------------
General Obligations -- 6.9%
------------------------------------------------------------------------
$ 500 Jersey City School District,
6.25%, 10/1/10 $ 551,010
1,050 Puerto Rico, 0.00%, 7/1/08 725,172
1,000 South Brunswick, 7.125%, 7/15/02 1,045,220
------------------------------------------------------------------------
$ 2,321,402
------------------------------------------------------------------------
Hospital -- 8.4%
------------------------------------------------------------------------
$1,000 New Jersey Health Care Facilities
Financing Authority, (Atlantic City
Medical Care Center), 6.45%, 7/1/02 $ 1,023,430
450 New Jersey Health Care Facilities
Financing Authority, (Hackensack
University Medical Center),
6.125%, 1/1/20 456,448
500 New Jersey Health Care Facilities
Financing Authority, (Robert Wood
Johnson University Hospital),
5.60%, 7/1/15 497,125
880 New Jersey Health Care Facilities
Financing Authority, (St. Elizabeth's
Hospital), 5.75%, 7/1/08 844,219
------------------------------------------------------------------------
$ 2,821,222
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Housing -- 0.7%
------------------------------------------------------------------------
$ 300 New Jersey EDA, (Fellowship Village),
5.50%, 1/1/18 $ 246,183
------------------------------------------------------------------------
$ 246,183
------------------------------------------------------------------------
Industrial Development Revenue -- 6.3%
------------------------------------------------------------------------
$ 350 Middlesex County Pollution Control
Financing Authority, (Amerada Hess
Corp.), 6.875%, 12/1/22 $ 361,077
300 New Jersey EDA, (Continental Airlines,
Inc.), (AMT), 6.25%, 9/15/19 283,161
325 New Jersey EDA, (Economic Growth), LOC:
Bank of Paris, (AMT), 6.00%, 12/1/02 328,442
500 New Jersey EDA, (Holt Hauling), (AMT),
7.90%, 3/1/27 485,310
350 New Jersey EDA, (Kapkowski Road
Landfill), 6.375%, 4/1/18 345,824
300 New Jersey EDA, (The Seeing Eye, Inc.),
6.20%, 12/1/24 314,238
------------------------------------------------------------------------
$ 2,118,052
------------------------------------------------------------------------
Insured-Electric Utilities -- 5.6%
------------------------------------------------------------------------
$1,000 Middlesex County Utilities Authority,
(FGIC), 6.10%, 12/1/01 $ 1,019,140
1,000 Puerto Rico Electric Power Authority,
(MBIA), 4.50%, 7/1/18 880,760
------------------------------------------------------------------------
$ 1,899,900
------------------------------------------------------------------------
Insured-General Obligations -- 26.5%
------------------------------------------------------------------------
$1,000 Atlantic City Board of Education,
(AMBAC), 6.00%, 12/1/02 $ 1,031,370
1,175 Edison, (AMBAC), 4.70%, 1/1/04 1,183,554
1,200 Kearney, (FSA), 6.50%, 2/1/04 1,252,356
725 Monroe Township Board of Education,
(FGIC), 5.20%, 8/1/11 741,545
825 Monroe Township Board of Education,
(FGIC), 5.20%, 8/1/14 828,581
850 Roselle, (MBIA), 4.65%, 10/15/03 855,857
1,000 South Brunswick Township Board of
Education, (FGIC), 6.40%, 8/1/03 1,051,910
2,000 Washington Township Board of Education,
(MBIA), 5.125%, 2/1/15 1,969,940
------------------------------------------------------------------------
$ 8,915,113
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
48
<PAGE>
NEW JERSEY LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Hospital -- 10.3%
------------------------------------------------------------------------
$1,300 New Jersey Health Care Facilities
Financing Authority, (AHS Hospital
Corp.), (AMBAC), 6.00%, 7/1/12 $ 1,398,202
1,910 New Jersey Health Care Facilities
Financing Authority, (Dover General
Hospital and Medical Center), (MBIA),
7.00%, 7/1/04 2,063,889
------------------------------------------------------------------------
$ 3,462,091
------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 1.5%
------------------------------------------------------------------------
$ 500 Puerto Rico Public Finance Corp.,
(AMBAC), 5.375%, 6/1/17 $ 510,815
------------------------------------------------------------------------
$ 510,815
------------------------------------------------------------------------
Insured-Solid Waste -- 0.8%
------------------------------------------------------------------------
$ 250 Bergen County Utilities Authority, Solid
Waste System, (FGIC), 6.00%, 6/15/02 $ 256,235
------------------------------------------------------------------------
$ 256,235
------------------------------------------------------------------------
Insured-Transportation -- 8.4%
------------------------------------------------------------------------
$ 500 Delaware River Port Authority, (FSA),
5.50%, 1/1/10 $ 525,680
1,000 New Jersey Turnpike Authority, (FSA),
5.90%, 1/1/03 1,030,080
795 New Jersey Turnpike Authority, (FSA),
6.40%, 1/1/02 813,452
500 South Jersey Transportation Authority,
(AMBAC), 5.00%, 11/1/18 474,575
------------------------------------------------------------------------
$ 2,843,787
------------------------------------------------------------------------
Insured-Water and Sewer -- 2.0%
------------------------------------------------------------------------
$ 565 Pennsville Sewer Authority, (MBIA),
0.00%, 11/1/16 $ 233,260
565 Pennsville Sewer Authority, (MBIA),
0.00%, 11/1/17 218,226
565 Pennsville Sewer Authority, (MBIA),
0.00%, 11/1/18 204,598
------------------------------------------------------------------------
$ 656,084
------------------------------------------------------------------------
Solid Waste -- 0.9%
------------------------------------------------------------------------
$ 300 Atlantic County Utilities Authority,
Solid Waste System, 7.00%, 3/1/08 $ 296,286
------------------------------------------------------------------------
$ 296,286
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Transportation -- 5.6%
------------------------------------------------------------------------
$1,000 New Jersey Transportation Authority,
Variable Rate, 6/15/17(1)(2) $ 913,560
1,000 Port Authority of New York and New
Jersey, 5.375%, 3/1/28 969,020
------------------------------------------------------------------------
$ 1,882,580
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.0%
(identified cost $32,490,520) $33,002,483
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.0% $ 688,647
------------------------------------------------------------------------
Net Assets -- 100.0% $33,691,130
------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by New Jersey
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 2000, 56.2% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage insured by financial institutions ranged from 11.0% to 19.5% of
total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
SEE NOTES TO FINANCIAL STATEMENTS
49
<PAGE>
NEW YORK LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 99.7%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Assisted Living -- 1.0%
------------------------------------------------------------------------
$ 480 Glen Cove IDA, (Regency at Glen Cove),
9.50%, 7/1/12 $ 506,107
------------------------------------------------------------------------
$ 506,107
------------------------------------------------------------------------
Cogeneration -- 3.1%
------------------------------------------------------------------------
$ 635 Port Authority of New York and New
Jersey, (KIAC), (AMT), 6.50%, 10/1/01 $ 640,893
600 Suffolk County IDA, (Nissequogue
Cogeneration Partners Facility), (AMT),
5.50%, 1/1/23 512,034
375 Suffolk County IDA, Civic Facility
Revenue, (Alliance of Long Island
Agencies), 7.50%, 9/1/15 372,817
------------------------------------------------------------------------
$ 1,525,744
------------------------------------------------------------------------
Education -- 0.4%
------------------------------------------------------------------------
$ 100 New York Dormitory Authority, (State
University Educational Facilities),
5.25%, 5/15/15 $ 99,943
105 New York Dormitory Authority, (State
University Educational Facilities),
5.25%, 5/15/19 102,735
------------------------------------------------------------------------
$ 202,678
------------------------------------------------------------------------
Electric Utilities -- 3.9%
------------------------------------------------------------------------
$1,000 Long Island Power Authority, Electric
System Revenue, 5.00%, 12/1/18 $ 934,750
1,000 Long Island Power Authority, Electric
System Revenue, 5.25%, 12/1/02 1,014,360
------------------------------------------------------------------------
$ 1,949,110
------------------------------------------------------------------------
General Obligations -- 5.9%
------------------------------------------------------------------------
$ 750 New York City, 0.00%, 8/1/07 $ 537,360
1,000 New York City, 0.00%, 8/1/08 677,190
1,025 New York City, 6.375%, 8/1/06 1,067,650
1,000 New York City, 0.00%, 8/1/08 677,190
------------------------------------------------------------------------
$ 2,959,390
------------------------------------------------------------------------
Hospital -- 9.9%
------------------------------------------------------------------------
$ 500 Chautauqua County IDA, (Womans Christian
Association), 6.35%, 11/15/17 $ 468,800
580 Fulton County IDA, (Nathan Littauer
Hospital), 5.75%, 11/1/09 534,592
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Hospital (continued)
------------------------------------------------------------------------
$ 500 New York City, Health and Hospital
Corp., 5.25%, 2/15/17 $ 468,880
2,000 New York State Dormitory Authority,
(Department of Health), 5.375%, 7/1/08 2,049,500
1,000 New York State Dormitory Authority,
(Nyack Hospital), 6.00%, 7/1/06 995,480
500 Oneida County IDA, (St. Elizabeth
Medical Center), 5.50%, 12/1/10 450,635
------------------------------------------------------------------------
$ 4,967,887
------------------------------------------------------------------------
Housing -- 6.9%
------------------------------------------------------------------------
$1,000 New York City Housing Development Corp.,
MFMR, 5.625%, 5/1/12 $ 1,007,000
500 New York State Mortgage Agency, (AMT),
5.20%, 10/1/08 507,915
1,500 New York State Mortgage Agency, (AMT),
6.45%, 10/1/21 1,561,935
400 Westchester County IDA, (Children's
Village), 5.375%, 3/15/19 375,492
------------------------------------------------------------------------
$ 3,452,342
------------------------------------------------------------------------
Industrial Development Revenue -- 7.6%
------------------------------------------------------------------------
$1,000 Dutchess County IDA, (IBM), (AMT),
5.45%, 12/1/29 $ 1,012,370
750 Port Authority of New York and New
Jersey, (Delta Airlines), 6.95%, 6/1/08 784,208
1,500 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.25%, 6/1/26 1,527,240
500 Suffolk County IDA, (Jeffersons Ferry),
7.20%, 11/1/19 497,950
------------------------------------------------------------------------
$ 3,821,768
------------------------------------------------------------------------
Insured-Education -- 6.3%
------------------------------------------------------------------------
$1,000 New York Dormitory Authority Revenue,
(University Educational Facilities),
(FSA), 5.75%, 5/15/17 $ 1,047,560
1,075 New York State Dormitory Authority, (Mt.
Sinai School of Medicine), (MBIA),
6.75%, 7/1/09 1,113,711
500 New York State Dormitory Authority, (New
York University), (AMBAC),
5.75%, 7/1/12(1) 526,275
500 Niagara County IDA, (Niagara
University), (AMBAC), 5.25%, 10/1/18 481,130
------------------------------------------------------------------------
$ 3,168,676
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
50
<PAGE>
NEW YORK LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 2.9%
------------------------------------------------------------------------
$2,750 New York State Local Government
Assistance Corp., (MBIA), 0.00%, 4/1/13 $ 1,428,790
------------------------------------------------------------------------
$ 1,428,790
------------------------------------------------------------------------
Insured-Transportation -- 7.8%
------------------------------------------------------------------------
$1,000 Metropolitan Transportation Authority,
(FGIC), 5.25%, 7/1/17 $ 973,300
2,240 Metropolitan Transportation Authority,
(FGIC), 5.70%, 7/1/10(2) 2,356,502
500 Monroe County Airport Authority, (MBIA),
(AMT), Variable Rate, 1/1/17(3)(4) 544,780
------------------------------------------------------------------------
$ 3,874,582
------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 13.0%
------------------------------------------------------------------------
$2,000 New York State Energy Research and
Development Authority, (Western NY
Nuclear Service Center), 6.00%, 4/1/06 $ 2,118,380
2,000 New York State HFA, Health Facilities,
6.375%, 11/1/03(2) 2,086,300
1,485 New York State Thruway Authority,
Special Obligations, 0.00%, 1/1/04 1,272,719
1,000 New York State Urban Development Corp.,
(Youth Facilities), 5.75%, 4/1/10 1,046,160
------------------------------------------------------------------------
$ 6,523,559
------------------------------------------------------------------------
Senior Living / Life Care -- 0.7%
------------------------------------------------------------------------
$ 400 Mt. Vernon IDA, (Wartburg Senior
Housing, Inc.), 6.15%, 6/1/19 $ 346,516
------------------------------------------------------------------------
$ 346,516
------------------------------------------------------------------------
Special Tax Revenue -- 10.8%
------------------------------------------------------------------------
$1,000 New York City Transitional Finance
Authority, 5.00%, 5/1/16 $ 950,570
4,500 New York State Local Government
Assistance Corp., 5.25%, 4/1/16 4,459,995
------------------------------------------------------------------------
$ 5,410,565
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Transportation -- 10.2%
------------------------------------------------------------------------
$1,000 NY Thruway Authority, 5.75%, 4/1/16 $ 1,011,830
3,000 Port Authority of New York and New
Jersey, (AMT), 6.00%, 7/1/14 3,110,580
1,000 Triborough Bridge and Tunnel Authority,
5.25%, 1/1/17 970,660
------------------------------------------------------------------------
$ 5,093,070
------------------------------------------------------------------------
Water and Sewer -- 9.3%
------------------------------------------------------------------------
$3,000 New York City Municipal Water Finance
Authority, 5.125%, 6/15/21 $ 2,759,130
1,825 New York City Municipal Water Finance
Authority, 5.70%, 6/15/02 1,864,019
------------------------------------------------------------------------
$ 4,623,149
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 99.7%
(identified cost $49,338,137) $49,853,933
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.3% $ 172,875
------------------------------------------------------------------------
Net Assets -- 100.0% $50,026,808
------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by New York
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 2000, 17.0% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage insured by financial institutions ranged from 2.0% to 6.7% of
total investments.
(1) When-issued security.
(2) Security (or a portion thereof) has been segregated to cover when-
issued securities.
(3) Security has been issued as an inverse floater bond.
(4) 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>
OHIO LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.2%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Escrowed / Prerefunded -- 7.4%
------------------------------------------------------------------------
$ 225 Greene County IDA, (Fairview Extended
Care), Prerefunded to 1/1/01,
10.125%, 1/1/11 $ 232,488
1,000 Warren County, (Otterbein Homes),
Prerefunded to 7/1/01, 7.20%, 7/1/11 1,039,800
------------------------------------------------------------------------
$ 1,272,288
------------------------------------------------------------------------
General Obligations -- 11.6%
------------------------------------------------------------------------
$ 500 Hamilton School District, 6.15%, 12/1/15 $ 546,350
300 Kings County Local School District,
7.60%, 12/1/10 329,973
675 Ohio, 0.00%, 8/1/04 562,633
500 Ohio, 0.00%, 8/1/05 396,520
250 Ohio, 0.00%, 8/1/08 169,882
------------------------------------------------------------------------
$ 2,005,358
------------------------------------------------------------------------
Hospital -- 11.6%
------------------------------------------------------------------------
$1,000 Erie County, (Firelands Community
Hospital), 6.75%, 1/1/08 $ 1,039,360
250 Hamilton County Health Care Facilities
Authority, (Twin Towers Improvements),
5.75%, 10/1/19 240,367
250 Hamilton County Health System,
(Providence Hospital), 6.00%, 7/1/01 252,595
250 Parma, Hospital Improvement Revenue,
(Parma Community General Hospital
Association), 5.25%, 11/1/13 229,640
250 Richland County Hospital Facilities,
(Medcentral Health Systems),
6.375%, 11/15/22 247,203
------------------------------------------------------------------------
$ 2,009,165
------------------------------------------------------------------------
Housing -- 3.2%
------------------------------------------------------------------------
$ 290 Cuyahoga County, (Rolling Hills Apts.),
(AMT), 8.00%, 1/1/28 $ 278,194
285 Lucas County, (Country Creek), (AMT),
8.00%, 7/1/26 267,330
------------------------------------------------------------------------
$ 545,524
------------------------------------------------------------------------
Industrial Development Revenue -- 11.7%
------------------------------------------------------------------------
$ 250 Cuyahoga County, (Rock and Roll Hall of
Fame), 5.85%, 12/1/08 $ 257,250
500 Dayton, Special Facilities Revenue,
(Emery Air Freight), 5.625%, 2/1/18 459,715
840 Ohio Economic Development Commission,
(ABS Industries), (AMT), 6.00%, 6/1/04 859,874
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Industrial Development Revenue (continued)
------------------------------------------------------------------------
$ 240 Ohio Economic Development Commission,
(Progress Plastics Products), (AMT),
6.80%, 12/1/01 $ 241,212
200 Toledo Lucas County Port Authority
Development Revenue, (Northwest Ohio
Bond Fund), (Alex Products), (AMT),
6.125%, 11/15/09 202,772
------------------------------------------------------------------------
$ 2,020,823
------------------------------------------------------------------------
Insured-Education -- 3.9%
------------------------------------------------------------------------
$ 700 Ohio Public Facilities Commission,
(Higher Educational Facilities),
(AMBAC), 4.30%, 12/1/08 $ 668,997
------------------------------------------------------------------------
$ 668,997
------------------------------------------------------------------------
Insured-General Obligations -- 32.4%
------------------------------------------------------------------------
$ 250 Athens City School District, (FSA),
5.45%, 12/1/10 $ 261,403
265 Clinton Massie Local School District,
(AMBAC), 0.00%, 12/1/11 148,445
265 Clinton Massie Local School District,
(MBIA), 0.00%, 12/1/09 167,493
225 Finneytown Local School District,
(FGIC), 6.15%, 12/1/11 247,757
1,000 Hilliard School District, (FGIC),
0.00%, 12/1/14 460,950
175 Sciota Valley and Ross County School
District, (FGIC), 0.00%, 12/1/11 97,391
1,000 Southwest Licking School Facilities
Improvement, (FGIC), 7.10%, 12/1/16 1,112,250
500 South-Western City School District,
Franklin and Pickway Counties, (AMBAC),
4.75%, 12/1/26 429,955
500 Strongsville City School District,
(MBIA), 5.375%, 12/1/12 515,295
1,500 West Clermont School District, (AMBAC),
6.90%, 12/1/12 1,658,460
460 Wyoming, School District, (FGIC),
5.75%, 12/1/17 481,786
------------------------------------------------------------------------
$ 5,581,185
------------------------------------------------------------------------
Insured-Hospital -- 3.0%
------------------------------------------------------------------------
$ 500 Cuyahoga County, (Metrohealth System),
(MBIA), 5.50%, 2/15/12 $ 514,680
------------------------------------------------------------------------
$ 514,680
------------------------------------------------------------------------
Insured-Industrial Development Revenue -- 3.1%
------------------------------------------------------------------------
$ 500 Akron Economic Development, (MBIA),
6.00%, 12/1/12 $ 542,050
------------------------------------------------------------------------
$ 542,050
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
52
<PAGE>
OHIO LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 1.1%
------------------------------------------------------------------------
$ 200 Union County, (Pleasant Valley Joint
Fire District), 6.125%, 12/1/19 $ 196,442
------------------------------------------------------------------------
$ 196,442
------------------------------------------------------------------------
Nursing Home -- 3.8%
------------------------------------------------------------------------
$ 600 Cuyahoga County HFA, (Benjamin Rose
Institute), 5.50%, 12/1/17 $ 500,832
155 Fairfield EDA, (Beverly Enterprises),
8.50%, 1/1/03 158,241
------------------------------------------------------------------------
$ 659,073
------------------------------------------------------------------------
Pooled Loans -- 1.1%
------------------------------------------------------------------------
$ 200 Toledo Lucas County Port Authority
Development Revenue, (Northwest Ohio
Bond Fund), 5.10%, 5/15/12 $ 182,566
------------------------------------------------------------------------
$ 182,566
------------------------------------------------------------------------
Senior Living / Life Care -- 2.2%
------------------------------------------------------------------------
$ 200 Ohio HFA, Retirement Rental Housing,
(Encore Retirement Partners),
6.75%, 3/1/19 $ 173,770
250 Summit County Healthcare Facilities
Revenue, (Village at Saint Edward),
5.75%, 12/1/25 208,363
------------------------------------------------------------------------
$ 382,133
------------------------------------------------------------------------
Special Tax Revenue -- 1.5%
------------------------------------------------------------------------
$ 252 Columbus Special Assessment,
6.05%, 9/15/05 $ 255,763
------------------------------------------------------------------------
$ 255,763
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Water and Sewer -- 0.6%
------------------------------------------------------------------------
$ 100 Cuyahoga County, Sewer Improvement
District, 5.45%, 12/1/15 $ 99,838
------------------------------------------------------------------------
$ 99,838
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.2%
(identified cost $17,032,367) $16,935,885
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.8% $ 304,260
------------------------------------------------------------------------
Net Assets -- 100.0% $17,240,145
------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by Ohio
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 2000, 43.1% 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 1.5% to 17.2% of
total investments.
SEE NOTES TO FINANCIAL STATEMENTS
53
<PAGE>
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 97.8%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Assisted Living -- 3.5%
------------------------------------------------------------------------
$ 735 Chester County IDA, (Kimberton),
8.00%, 9/1/05 $ 754,669
485 Delaware County IDA, (Glen Riddle),
(AMT), 8.125%, 9/1/05 503,983
------------------------------------------------------------------------
$ 1,258,652
------------------------------------------------------------------------
Certificates of Participation -- 1.2%
------------------------------------------------------------------------
$ 500 Cliff House Trust, (AMT), 6.625%, 6/1/27 $ 453,500
------------------------------------------------------------------------
$ 453,500
------------------------------------------------------------------------
Cogeneration -- 4.3%
------------------------------------------------------------------------
$1,500 Pennsylvania EDA, (Resource
Recovery-Colver), (AMT), 7.05%, 12/1/10 $ 1,535,865
------------------------------------------------------------------------
$ 1,535,865
------------------------------------------------------------------------
Education -- 1.9%
------------------------------------------------------------------------
$ 740 Pennsylvania HEFA, (Delaware Valley
College of Science and Agriculture),
5.25%, 4/5/12 $ 701,601
------------------------------------------------------------------------
$ 701,601
------------------------------------------------------------------------
Escrowed / Prerefunded -- 11.4%
------------------------------------------------------------------------
$1,500 Somerset County, General Authority,
Correctional Facilities, (FGIC),
Escrowed to Maturity, 6.50%, 10/15/01 $ 1,532,625
825 Virgin Islands Water and Power
Authority, Prerefunded to 7/1/01,
7.40%, 7/1/11 852,431
5,000 Westmoreland County, Municipal
Authority, Water Utility, (FGIC),
Escrowed to Maturity, 0.00%, 8/15/19 1,714,750
------------------------------------------------------------------------
$ 4,099,806
------------------------------------------------------------------------
General Obligations -- 0.6%
------------------------------------------------------------------------
$ 500 Puerto Rico, 0.00%, 7/1/16 $ 214,640
------------------------------------------------------------------------
$ 214,640
------------------------------------------------------------------------
Hospital -- 16.3%
------------------------------------------------------------------------
$ 500 Allegheny County Hospital Development
Authority, (West Pennsylvania Health
System), 8.65%, 11/15/05 $ 494,650
1,000 Allentown, Area Hospital Authority,
(Sacred Heart Hospital),
6.50%, 11/15/08 1,009,420
650 Hazleton Health Services Authority, (St.
Joseph's Hospital), 5.85%, 7/1/06 644,436
<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 $ 1,272,264
200 McKean County Hospital Authority,
(Bradford Hospital), 5.375%, 10/1/03 196,822
300 Montgomery County HEFA, (Montgomery
Hospital), 6.25%, 7/1/06 299,364
500 New Castle Area Hospital Authority, (St.
Francis Hospital of New Castle),
5.90%, 11/15/00 499,815
170 Northhampton County Hospital Authority,
(Easton Hospital), 6.90%, 1/1/02 170,520
1,350 South Fork Municipal Authority, (Lee
Hospital), 5.50%, 7/1/11 1,290,235
------------------------------------------------------------------------
$ 5,877,526
------------------------------------------------------------------------
Industrial Development Revenue -- 6.3%
------------------------------------------------------------------------
$ 350 Carbon County IDA, (Panther Creek
Partners), 6.65%, 5/1/10 $ 356,675
1,200 Erie IDA, (International Paper), (AMT),
5.85%, 12/1/20 1,141,320
750 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.30%, 6/1/23 760,710
------------------------------------------------------------------------
$ 2,258,705
------------------------------------------------------------------------
Insured-Education -- 7.2%
------------------------------------------------------------------------
$2,000 Allegheny County, Higher Education
Building Authority, (Duquesne
University), (AMBAC), 5.00%, 3/1/16 $ 1,885,920
700 Montgomery County HEFA, (Saint Joseph's
University), (CLEE), 6.00%, 12/15/02 721,434
------------------------------------------------------------------------
$ 2,607,354
------------------------------------------------------------------------
Insured-Electric Utilities -- 7.2%
------------------------------------------------------------------------
$ 500 Beaver County IDA, (Ohio Edison),
(FGIC), 7.00%, 6/1/21 $ 516,675
2,000 Cambria County IDA, (Pennsylvania
Electric), (MBIA), 5.35%, 11/1/10 2,068,460
------------------------------------------------------------------------
$ 2,585,135
------------------------------------------------------------------------
Insured-General Obligations -- 8.6%
------------------------------------------------------------------------
$1,635 Harrisburg, (AMBAC), 0.00%, 9/15/12 $ 869,477
1,355 McKeesport, (FGIC), 0.00%, 10/1/11 766,442
1,000 Pennsylvania, (AMBAC), 5.00%, 11/15/15 956,450
500 Pleasant Valley School District, (FGIC),
5.00%, 9/1/10 508,660
------------------------------------------------------------------------
$ 3,101,029
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
54
<PAGE>
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Hospital -- 5.2%
------------------------------------------------------------------------
$1,000 Allegheny County Hospital Development
Authority, (South Hills Health), (MBIA),
5.50%, 5/1/08 $ 1,037,920
825 Indiana County Hospital Authority,
(Indiana Hospital), (CLEE),
5.875%, 7/1/01 833,547
------------------------------------------------------------------------
$ 1,871,467
------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 2.8%
------------------------------------------------------------------------
$1,000 Northumberland County Authority, (MBIA),
6.50%, 10/15/01 $ 1,021,750
------------------------------------------------------------------------
$ 1,021,750
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 0.9%
------------------------------------------------------------------------
$ 350 Pittsburgh and Allegheny County, Public
Auditorium Authority, (AMBAC),
5.00%, 2/1/24 $ 316,271
------------------------------------------------------------------------
$ 316,271
------------------------------------------------------------------------
Insured-Transportation -- 7.3%
------------------------------------------------------------------------
$1,000 Allegheny County Airport Revenue,
(MBIA), 5.75%, 1/1/10 $ 1,046,270
590 Allegheny County Airport Revenue,
(MBIA), 5.75%, 1/1/12 615,034
1,000 Philadelphia Airport Revenue, (FGIC),
5.375%, 7/1/14 986,530
------------------------------------------------------------------------
$ 2,647,834
------------------------------------------------------------------------
Nursing Home -- 2.5%
------------------------------------------------------------------------
$ 250 Chartiers Valley, Industrial and
Commercial Development Authority,
(Beverly Enterprises), 5.30%, 6/1/02 $ 247,635
250 Chartiers Valley, Industrial and
Commercial Development Authority,
(Beverly Enterprises), 5.35%, 6/1/03 245,610
185 Clarion County IDA, (Beverly
Enterprises), 5.50%, 5/1/03 180,273
250 Green County IDA, (Beverly Enterprises),
5.50%, 3/1/08 231,988
------------------------------------------------------------------------
$ 905,506
------------------------------------------------------------------------
Senior Living / Life Care -- 4.3%
------------------------------------------------------------------------
$ 335 Crawford County Hospital Authority,
(Wesbury United Methodist Community),
6.00%, 8/15/11 $ 314,843
245 Delaware County Authority, (White Horse
Village), 6.30%, 7/1/03 247,876
505 Delaware County Authority, (White Horse
Village), 6.40%, 7/1/04 512,085
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Senior Living / Life Care (continued)
------------------------------------------------------------------------
$ 480 Hazleton Health Services Authority,
(Hazleton General Hospital),
5.50%, 7/1/07 $ 464,918
------------------------------------------------------------------------
$ 1,539,722
------------------------------------------------------------------------
Solid Waste -- 3.9%
------------------------------------------------------------------------
$ 500 Greater Lebanon Refuse Authority,
6.40%, 11/15/00 $ 501,045
1,000 Schuylkill County IDA, (Pine Grove
Landfill, Inc.), (AMT), 5.10%, 10/1/19 893,440
------------------------------------------------------------------------
$ 1,394,485
------------------------------------------------------------------------
Transportation -- 2.4%
------------------------------------------------------------------------
$ 920 Erie Municipal Airport Authority, (AMT),
5.50%, 7/1/09 $ 874,212
------------------------------------------------------------------------
$ 874,212
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 97.8%
(identified cost $35,472,935) $35,265,060
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.2% $ 794,912
------------------------------------------------------------------------
Net Assets -- 100.0% $36,059,972
------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by Pennsylvania
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 2000, 49.3% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage insured by financial institutions ranged from 4.4% to 17.1% of
total investments.
SEE NOTES TO FINANCIAL STATEMENTS
55
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
AS OF SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C>
-------------------------------------------------------------------------------------------------
Assets
-------------------------------------------------------------------------------------------------
Investments --
Identified cost $21,182,964 $40,552,968 $38,776,832
Unrealized appreciation
(depreciation) 129,767 (238,261) (352,595)
-------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $21,312,731 $40,314,707 $38,424,237
-------------------------------------------------------------------------------------------------
Cash $ -- $ 105,072 $ 117,612
Interest receivable 282,041 830,232 537,244
-------------------------------------------------------------------------------------------------
TOTAL ASSETS $21,594,772 $41,250,011 $39,079,093
-------------------------------------------------------------------------------------------------
Liabilities
-------------------------------------------------------------------------------------------------
Payable for daily variation margin on
open financial futures contracts $ 1,562 $ -- $ --
Due to bank 16,180 -- --
Payable to affiliate for Trustees' fees 37 211 137
Accrued expenses 2,320 2,734 1,191
-------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 20,099 $ 2,945 $ 1,328
-------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $21,574,673 $41,247,066 $39,077,765
-------------------------------------------------------------------------------------------------
Sources of Net Assets
-------------------------------------------------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $21,434,179 $41,485,327 $39,430,360
Net unrealized appreciation
(depreciation) (computed on the basis
of identified cost) 140,494 (238,261) (352,595)
-------------------------------------------------------------------------------------------------
TOTAL $21,574,673 $41,247,066 $39,077,765
-------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
56
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------------------------------------------
Investments --
Identified cost $32,490,520 $49,338,137 $17,032,367 $35,472,935
Unrealized appreciation
(depreciation) 511,963 515,796 (96,482) (207,875)
--------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $33,002,483 $49,853,933 $16,935,885 $35,265,060
--------------------------------------------------------------------------------------------------------------------
Cash $ -- $ 563,062 $ 33,802 $ 232,917
Receivable for investments sold 245,000 315,000 -- --
Interest receivable 481,870 890,850 271,960 562,197
--------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $33,729,353 $51,622,845 $17,241,647 $36,060,174
--------------------------------------------------------------------------------------------------------------------
Liabilities
--------------------------------------------------------------------------------------------------------------------
Payable for investments purchased $ -- $ 1,063,761 $ -- $ --
Payable for when-issued securities -- 528,820 -- --
Due to bank 34,699 -- -- --
Payable to affiliate for Trustees' fees 46 193 -- 136
Accrued expenses 3,478 3,263 1,502 66
--------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 38,223 $ 1,596,037 $ 1,502 $ 202
--------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $33,691,130 $50,026,808 $17,240,145 $36,059,972
--------------------------------------------------------------------------------------------------------------------
Sources of Net Assets
--------------------------------------------------------------------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $33,179,167 $49,511,012 $17,336,627 $36,267,847
Net unrealized appreciation
(depreciation) (computed on the basis
of identified cost) 511,963 515,796 (96,482) (207,875)
--------------------------------------------------------------------------------------------------------------------
TOTAL $33,691,130 $50,026,808 $17,240,145 $36,059,972
--------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
57
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C>
-------------------------------------------------------------------------------------------------
Investment Income
-------------------------------------------------------------------------------------------------
Interest $ 614,127 $1,186,677 $1,162,746
-------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 614,127 $1,186,677 $1,162,746
-------------------------------------------------------------------------------------------------
Expenses
-------------------------------------------------------------------------------------------------
Investment adviser fee $ 51,561 $ 99,312 $ 96,000
Trustees fees and expenses 276 1,392 1,350
Legal and accounting services 18,365 20,533 20,532
Custodian fee 8,491 13,492 11,797
Miscellaneous 4,210 5,783 6,619
-------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 82,903 $ 140,512 $ 136,298
-------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 2,203 $ 3,000 $ 7,228
-------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 2,203 $ 3,000 $ 7,228
-------------------------------------------------------------------------------------------------
NET EXPENSES $ 80,700 $ 137,512 $ 129,070
-------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 533,427 $1,049,165 $1,033,676
-------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
-------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 29,140 $ (62,921) $ (55,868)
Financial futures contracts (46,397) (18,235) (7,817)
-------------------------------------------------------------------------------------------------
NET REALIZED LOSS $ (17,257) $ (81,156) $ (63,685)
-------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 465,876 $ 488,650 $ 425,436
Financial futures contracts 36,021 -- 16,566
-------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION) $ 501,897 $ 488,650 $ 442,002
-------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 484,640 $ 407,494 $ 378,317
-------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $1,018,067 $1,456,659 $1,411,993
-------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
58
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------
Investment Income
--------------------------------------------------------------------------------------------------------------------
Interest $ 986,382 $1,414,708 $ 511,794 $1,072,715
--------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 986,382 $1,414,708 $ 511,794 $1,072,715
--------------------------------------------------------------------------------------------------------------------
Expenses
--------------------------------------------------------------------------------------------------------------------
Investment adviser fee $ 80,944 $ 118,041 $ 42,198 $ 87,906
Trustees fees and expenses 1,290 4,563 251 1,381
Legal and accounting services 18,618 20,566 16,460 20,514
Custodian fee 9,035 12,545 7,413 11,774
Miscellaneous 7,052 7,975 5,186 6,708
--------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 116,939 $ 163,690 $ 71,508 $ 128,283
--------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ -- $ -- $ 3,348 $ 2,826
--------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ -- $ -- $ 3,348 $ 2,826
--------------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 116,939 $ 163,690 $ 68,160 $ 125,457
--------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 869,443 $1,251,018 $ 443,634 $ 947,258
--------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
--------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 48,295 $ 56,956 $(143,450) $ (15,624)
Financial futures contracts (250) (44) (1,786) (16,411)
--------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 48,045 $ 56,912 $(145,236) $ (32,035)
--------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 226,834 $ 488,519 $ 337,752 $ 373,256
Financial futures contracts 12,048 19,578 6,024 --
--------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION) $ 238,882 $ 508,097 $ 343,776 $ 373,256
--------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 286,927 $ 565,009 $ 198,540 $ 341,221
--------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $1,156,370 $1,816,027 $ 642,174 $1,288,479
--------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
59
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C>
-------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 533,427 $ 1,049,165 $ 1,033,676
Net realized loss (17,257) (81,156) (63,685)
Net change in unrealized
appreciation (depreciation) 501,897 488,650 442,002
-------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,018,067 $ 1,456,659 $ 1,411,993
-------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 369,399 $ 569,609 $ 662,492
Withdrawals (2,416,555) (5,801,911) (7,186,152)
-------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(2,047,156) $(5,232,302) $(6,523,660)
-------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(1,029,089) $(3,775,643) $(5,111,667)
-------------------------------------------------------------------------------------------------
Net Assets
-------------------------------------------------------------------------------------------------
At beginning of period $22,603,762 $45,022,709 $44,189,432
-------------------------------------------------------------------------------------------------
AT END OF PERIOD $21,574,673 $41,247,066 $39,077,765
-------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
60
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 869,443 $ 1,251,018 $ 443,634 $ 947,258
Net realized gain (loss) 48,045 56,912 (145,236) (32,035)
Net change in unrealized
appreciation (depreciation) 238,882 508,097 343,776 373,256
--------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,156,370 $ 1,816,027 $ 642,174 $ 1,288,479
--------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 569,846 $ 1,040,486 $ 91,141 $ 284,300
Withdrawals (3,156,002) (4,504,876) (2,498,224) (4,147,825)
--------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(2,586,156) $(3,464,390) $(2,407,083) $(3,863,525)
--------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(1,429,786) $(1,648,363) $(1,764,909) $(2,575,046)
--------------------------------------------------------------------------------------------------------------------
Net Assets
--------------------------------------------------------------------------------------------------------------------
At beginning of period $35,120,916 $51,675,171 $19,005,054 $38,635,018
--------------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $33,691,130 $50,026,808 $17,240,145 $36,059,972
--------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
61
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED 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>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 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
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED 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>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 --------------------------------------------------------
(UNAUDITED) 2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.75%(1) 0.66% 0.62% 0.61% 0.63% 0.58%
Expenses after custodian
fee reduction 0.73%(1) 0.66% 0.61% 0.59% 0.61% 0.55%
Net investment income 4.81%(1) 4.84% 4.67% 4.86% 4.98% 4.82%
Portfolio Turnover 5% 13% 29% 40% 57% 36%
----------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $21,575 $22,604 $28,678 $34,297 $43,194 $59,216
----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
64
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
FLORIDA LIMITED PORTFOLIO
-------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 ---------------------------------------------------------
(UNAUDITED) 2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.66%(1) 0.62% 0.59% 0.58% 0.59% 0.55%
Expenses after custodian
fee reduction 0.64%(1) 0.59% 0.57% 0.55% 0.57% 0.54%
Net investment income 4.92%(1) 4.87% 4.68% 4.90% 4.90% 4.73%
Portfolio Turnover 3% 16% 16% 38% 66% 20%
-----------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $41,247 $45,023 $59,948 $72,241 $92,909 $127,835
-----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
65
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 --------------------------------------------------------
(UNAUDITED) 2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.67%(1) 0.61% 0.60% 0.60% 0.60% 0.57%
Expenses after custodian
fee reduction 0.63%(1) 0.58% 0.57% 0.56% 0.58% 0.55%
Net investment income 5.05%(1) 4.92% 4.67% 4.90% 4.97% 4.72%
Portfolio Turnover 4% 15% 19% 46% 60% 27%
----------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $39,078 $44,189 $51,543 $56,583 $69,670 $97,135
----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
66
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 --------------------------------------------------------
(UNAUDITED) 2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.68%(1) 0.63% 0.62% 0.62% 0.61% 0.57%
Expenses after custodian
fee reduction 0.68%(1) 0.60% 0.62% 0.61% 0.58% 0.55%
Net investment income 5.05%(1) 5.01% 4.78% 4.91% 4.96% 4.78%
Portfolio Turnover 4% 15% 13% 21% 37% 42%
----------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $33,691 $35,121 $39,781 $45,540 $58,266 $80,173
----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
67
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
NEW YORK LIMITED PORTFOLIO
--------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 ----------------------------------------------------------
(UNAUDITED) 2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.65%(1) 0.61% 0.59% 0.61% 0.58% 0.55%
Expenses after custodian
fee reduction 0.65%(1) 0.58% 0.59% 0.59% 0.56% 0.53%
Net investment income 4.94%(1) 4.95% 4.74% 4.81% 4.87% 4.66%
Portfolio Turnover 5% 18% 17% 53% 58% 32%
------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $50,027 $51,675 $65,873 $74,691 $100,014 $138,728
------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
68
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
OHIO LIMITED PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 --------------------------------------------------------
(UNAUDITED) 2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.80%(1) 0.69% 0.67% 0.64% 0.68% 0.63%
Expenses after custodian
fee reduction 0.76%(1) 0.66% 0.64% 0.64% 0.65% 0.61%
Net investment income 4.93%(1) 5.00% 4.85% 5.05% 5.20% 5.06%
Portfolio Turnover 5% 13% 19% 29% 34% 47%
----------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $17,240 $19,005 $22,801 $24,216 $28,470 $33,529
----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
69
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 --------------------------------------------------------
(UNAUDITED) 2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.69%(1) 0.63% 0.62% 0.60% 0.61% 0.58%
Expenses after custodian
fee reduction 0.67%(1) 0.61% 0.60% 0.58% 0.59% 0.56%
Net investment income 5.07%(1) 5.03% 4.83% 5.03% 5.11% 4.81%
Portfolio Turnover 2% 11% 16% 36% 51% 24%
----------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $36,060 $38,635 $50,771 $57,708 $67,876 $92,194
----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
70
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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.
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
71
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
statements and the reported amounts of income and expense during the
reporting period. Actual results could differ from those estimates.
H Other -- Investment transactions are accounted for on a trade date basis.
I Interim Financial Statements -- The interim financial statements relating to
September 30, 2000, and for the six months then ended have not been audited
by independent certified public accountants, but in the opinion of the
Portfolios' management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
-------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to each Portfolio.
The fee is based upon a percentage of average daily net assets plus a
percentage of gross income (i.e., income other than gains from the sale of
securities). For the six months ended September 30, 2000, each Portfolio paid
advisory fees as follows:
<TABLE>
<CAPTION>
PORTFOLIO AMOUNT EFFECTIVE RATE*
<S> <C> <C>
-----------------------------------------------------------------------
California Limited $ 51,561 0.47%
Florida Limited 99,312 0.47%
Massachusetts Limited 96,000 0.47%
New Jersey Limited 80,944 0.47%
New York Limited 118,041 0.47%
Ohio Limited 42,198 0.47%
Pennsylvania Limited 87,906 0.47%
</TABLE>
* As a percentage of average daily net assets (annualized).
Except as to Trustees of the Portfolios who are not members of EVM's or BMR's
organization, officers and Trustees receive remuneration for their services
to the Portfolios out of such investment adviser fee. Trustees of the
Portfolios that are not affiliated with the Investment Adviser may elect to
defer receipt of all or a percentage of their annual fees in accordance with
the terms of the Trustees Deferred Compensation Plan. For the six months
ended September 30, 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 six months ended September 30, 2000 were as
follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
<S> <C>
----------------------------------------------------
Purchases $1,107,950
Sales 2,502,157
<CAPTION>
FLORIDA LIMITED PORTFOLIO
<S> <C>
----------------------------------------------------
Purchases $1,164,061
Sales 5,546,168
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
<S> <C>
----------------------------------------------------
Purchases $1,502,556
Sales 6,978,695
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
<S> <C>
----------------------------------------------------
Purchases $1,183,657
Sales 3,185,347
<CAPTION>
NEW YORK LIMITED PORTFOLIO
<S> <C>
----------------------------------------------------
Purchases $2,359,630
Sales 4,872,651
<CAPTION>
OHIO LIMITED PORTFOLIO
<S> <C>
----------------------------------------------------
Purchases $ 901,736
Sales 2,335,975
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
<S> <C>
----------------------------------------------------
Purchases $ 850,000
Sales 3,900,668
</TABLE>
4 Federal Income Tax Basis of Investments
-------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned by each Portfolio at September 30, 2000, as computed on a
federal income tax basis, are as follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $21,182,964
-----------------------------------------------------
Gross unrealized appreciation $ 551,192
Gross unrealized depreciation (421,425)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 129,767
</TABLE>
72
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<S> <C>
-----------------------------------------------------
<CAPTION>
FLORIDA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $40,552,968
-----------------------------------------------------
Gross unrealized appreciation $ 767,426
Gross unrealized depreciation (1,005,687)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (238,261)
-----------------------------------------------------
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $38,776,832
-----------------------------------------------------
Gross unrealized appreciation $ 756,442
Gross unrealized depreciation (1,109,037)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (352,595)
-----------------------------------------------------
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $32,490,520
-----------------------------------------------------
Gross unrealized appreciation $ 838,242
Gross unrealized depreciation (326,279)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 511,963
-----------------------------------------------------
<CAPTION>
NEW YORK LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $49,338,137
-----------------------------------------------------
Gross unrealized appreciation $ 1,031,683
Gross unrealized depreciation (515,887)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 515,796
-----------------------------------------------------
<CAPTION>
OHIO LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $17,032,367
-----------------------------------------------------
Gross unrealized appreciation $ 308,655
Gross unrealized depreciation (405,137)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (96,482)
-----------------------------------------------------
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $35,472,935
-----------------------------------------------------
Gross unrealized appreciation $ 425,635
Gross unrealized depreciation (633,510)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (207,875)
-----------------------------------------------------
</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. Borrowings will be made by the Portfolios solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each participating portfolio or fund
based on its borrowings at an amount above either the Eurodollar rate or
federal funds rate. In addition, a fee computed at an annual rate of 0.10% on
the daily unused portion of the line of credit is allocated among the
participating portfolios and funds at the end of each quarter. The Portfolios
did not have any significant borrowings or allocated fees during the six
months ended September 30, 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 September 30,
2000, is as follows:
<TABLE>
<CAPTION>
FUTURES CONTRACTS
------------------------------------------------------------------------------------------------
EXPIRATION NET UNREALIZED
PORTFOLIO DATE CONTRACTS POSITION APPRECIATION
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------
California 12/00 10 U.S. Treasury Bond Short $10,727
</TABLE>
At September 30, 2000, the Portfolio had sufficient cash and/or securities to
cover margin requirements on open future contracts.
73
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 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
President, Unicorn
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
President, Unicorn
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
74
<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
EATON VANCE INVESTMENT TRUST
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
--------------------------------------------------------------------------------
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its distribution plan,
sales charges and expenses. Please read the prospectus carefully before you
invest or send money.
--------------------------------------------------------------------------------
442-11/00 7LTFSRC
