<PAGE>
California Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments -- 100.0%
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ---------------------------------------------------------------------------
Cogeneration -- 7.7%
- ---------------------------------------------------------------------------
NR BBB- $ 4,985 Central Valley
Financing Authority,
(Carson Ice),
6.20%, 7/1/20 $ 5,282,405
NR BBB- 10,900 Sacramento Cogeneration
Authority, (Procter
& Gamble), 6.50%,
7/1/21 11,909,775
NR BBB- 6,000 Sacramento Power
Authority, Cogeneration
Project, 6.00%, 7/1/22 6,362,400
- ---------------------------------------------------------------------------
$ 23,554,580
- ---------------------------------------------------------------------------
Electric Utilities -- 1.5%
- ---------------------------------------------------------------------------
A2 A $ 4,100 California Pollution
Control Financing
Authority, (San
Diego Gas & Electric),
5.90%, 6/1/14 $ 4,539,274
- ---------------------------------------------------------------------------
$ 4,539,274
- ---------------------------------------------------------------------------
Escrowed/Prerefunded -- 23.2%
- ---------------------------------------------------------------------------
NR BBB $ 3,910 Fontana Public
Financing Authority,
7.00%, 9/1/21 $ 4,221,236
Aaa AAA 6,400 Port Oakland, CA,
0.00%, 11/1/05 3,949,440
Aaa AAA 8,000 Sacramento County,
Single Family,
(AMT) (GNMA),
8.125%, 7/1/16/(1)/ 10,831,520
Aaa AAA 6,000 Sacramento County,
Single Family,
(AMT) (GNMA),
8.25%, 1/1/21 8,444,280
Aaa NR 14,285 Sacramento County,
Single Family,
(AMT) (GNMA),
8.50%, 11/1/16 20,017,855
Aaa AAA 3,000 San Francisco City
and County Sewer,
(AMBAC) Variable
Rate, 10/1/21/(2)/ 3,345,000
Aaa AAA 12,000 San Joaquin Hills
Transportation
Corridor Agency,
Toll Road Bonds,
0.00%, 1/1/14 5,525,640
Aaa AAA 35,975 San Joaquin Hills
Transportation
Corridor Agency,
Toll Road Bonds,
0.00%, 1/1/27 8,392,968
Aaa AAA 4,430 San Joaquin Hills
Transportation
Corridor Agency,
Toll Road Bonds,
7.00%, 1/1/30 5,042,802
Aaa AAA 5,765 San Joaquin Hills,
CA, Transportation
Corridor Agency,
Toll Road Bonds,
0.00%, 1/1/26 1,415,596
- ---------------------------------------------------------------------------
$ 71,186,337
- ---------------------------------------------------------------------------
Hospitals -- 2.2%
- ---------------------------------------------------------------------------
NR NR $ 1,000 Eastern Plumas, CA,
Health Care,
(District Hospital),
7.50%, 8/1/07 $ 1,025,450
Ba2 NR 1,000 San Bernadino, CA,
San Bernadino
Community Hospital,
7.875%, 12/1/08 1,053,930
Ba2 NR 3,000 San Bernadino, CA,
San Bernadino
Community Hospital,
7.875%, 12/1/19 3,156,870
NR BBB- 1,500 Woodland, (Woodland
Memorial Hospital),
8.20%, 8/1/15 1,546,380
- ---------------------------------------------------------------------------
$ 6,782,630
- ---------------------------------------------------------------------------
Housing -- 6.8%
- ---------------------------------------------------------------------------
Aa AA- $ 2,730 California Housing
Finance Agency,
7.375%, 8/1/11 $ 2,833,249
Aa AA- 2,475 California Housing
Finance Agency,
7.40%, 8/1/26 2,690,078
Aa AA- 3,595 California Housing
Finance Agency,
7.50%, 8/1/25 3,930,665
Aa AA- 5,630 California Housing
Finance Agency,
7.65%, 8/1/23 5,851,428
Aa2 AA- 1,180 California Housing
Finance Agency,
8.60%, 8/1/19 1,212,957
See notes to financial statements
35
<PAGE>
California Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ---------------------------------------------------------------------------
Housing (continued)
- ---------------------------------------------------------------------------
NR NR $ 2,000 Los Angeles County
Housing Authority,
CA, Multifamily
Housing, (Corporate
Fund for Housing),
10.50%, 12/1/29 $ 1,851,940
A1 NR 770 Los Angeles County,
Single Family,
7.875%, 8/1/16 830,129
NR A+ 1,560 Oakland, Housing
Finance Agency,
7.10%, 1/1/10 1,649,216
- ---------------------------------------------------------------------------
$ 20,849,662
- ---------------------------------------------------------------------------
Industrial Development Revenue/Pollution
Control Revenue -- 3.9%
- ---------------------------------------------------------------------------
A3 A- $ 5,000 California Pollution
Control Financing
Authority, (Browning
Ferris Industries,
Inc.), 5.80%, 12/1/16 $ 5,247,000
NR NR 3,000 California Pollution
Control Financing
Authority, (Laidlaw
Environmental),
(AMT), 6.70%, 7/1/07 3,161,640
Baa3 BB+ 3,600 California Statewide
Community Development
Authority, (United
Airlines), (AMT),
5.70%, 10/1/33 3,674,628
- ---------------------------------------------------------------------------
$ 12,083,268
- ---------------------------------------------------------------------------
Insured-Electric Utilities -- 7.0%
- ---------------------------------------------------------------------------
Aaa AAA $ 8,000 Northern California
Power Agency (MBIA)
Variable Rate,
8/1/25/(2)/ $ 9,600,000
Aaa AAA 2,000 Southern California
Public Power
Authority, (FGIC)
Variable Rate,
7/1/12/(2)/ 2,112,500
Aaa AAA 7,070 Southern California
Public Power
Authority, (MBIA),
0.00%, 7/1/15 2,940,979
Aaa AAA 6,915 Southern California
Public Power
Authority, (MBIA),
5.00%, 1/1/20 6,735,556
- ---------------------------------------------------------------------------
$ 21,389,035
- ---------------------------------------------------------------------------
Insured-Hospitals -- 1.2%
- ---------------------------------------------------------------------------
Aaa AAA $ 4,000 California Health
Facilities Financing
Authority, Stanford
Health Care, (AMBAC),
5.00%, 11/15/28 $ 3,854,160
- ---------------------------------------------------------------------------
$ 3,854,160
- ---------------------------------------------------------------------------
Insured-Lease Revenue/Certificates of
Participation -- 3.0%
- ---------------------------------------------------------------------------
Aaa AAA $ 4,350 Stockton, Wastewater
Treatment Plant,
(FGIC), 6.80%, 9/1/24 $ 5,055,135
Aaa AAA 13,985 Visalia Unified
School District,
(MBIA), 0.00%, 12/1/17 4,054,112
- ---------------------------------------------------------------------------
$ 9,109,247
- ---------------------------------------------------------------------------
Insured-Solid Waste -- 0.5%
- ---------------------------------------------------------------------------
Aaa AAA $ 1,500 Inland Empire Solid
Waste Finance
Authority, (FSA),
6.25%, 8/1/11 $ 1,691,700
- ---------------------------------------------------------------------------
$ 1,691,700
- ---------------------------------------------------------------------------
Insured-Transportation -- 3.6%
- ---------------------------------------------------------------------------
Aaa AAA $ 3,125 Port Oakland, CA,
(MBIA), 5.375%,
11/1/25 $ 3,136,875
Aaa AAA 2,000 San Francisco
Airport, (MBIA),
6.75%, 5/1/13 2,237,160
Aaa AAA 7,800 San Joaquin Hills,
CA, Transportation
Corridor Agency,
Toll Road Bonds,
(MBIA), 0.00%, 1/15/24 2,038,374
Aaa AAA 15,000 San Joaquin Hills,
CA, Transportation
Corridor Agency,
Toll Road Bonds,
(MBIA), 0.00%, 1/15/25 3,717,300
- ---------------------------------------------------------------------------
$ 11,129,709
- ---------------------------------------------------------------------------
Insured-Water and Sewer -- 9.9%
- ---------------------------------------------------------------------------
Aaa AAA $ 5,000 California Water
Resources, Central
Valley Project,
(FGIC), 5.25%, 12/1/28 $ 5,006,850
See notes to financial statements
36
<PAGE>
California Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ---------------------------------------------------------------------------
Insured-Water and Sewer (continued)
- ---------------------------------------------------------------------------
Aaa AAA $ 5,000 Contra Costa County,
Water District, (MBIA),
5.00%, 10/1/24 $ 4,857,050
Aaa AAA 5,000 East Bay, Municipal
Utilities District,
Wastewater Treatment
System, (FGIC), 5.00%,
6/1/26 4,859,850
Aaa AAA 5,000 East Bay, Municipal
Utilities District,
Water System,
(MBIA) Variable
Rate, 6/1/08/(2)/ 5,375,000
Aaa AAA 2,000 Metropolitan Water
District, Southern
California Waterworks,
(MBIA), 5.00%, 7/1/27 1,942,980
Aaa AAA 5,000 Metropolitan Water
District, Southern
California Waterworks,
(MBIA), 5.00%, 7/1/30 4,844,000
Aaa AAA 3,000 San Diego County
Water Authority,
(FGIC) Variable
Rate, 4/22/09/(2)/ 3,566,250
- ---------------------------------------------------------------------------
$ 30,451,980
- ---------------------------------------------------------------------------
Lease Revenue/
Certificates of Participation -- 17.5%
- ---------------------------------------------------------------------------
Aa3 A+ $ 6,500 California Public
Works, (University
of California),
5.00%, 6/1/23 $ 6,265,220
Aa3 A+ 5,000 California Public
Works, (University
of California),
5.25%, 6/1/20 5,132,100
Aa3 A+ 8,000 California Public
Works, (University
of California),
5.50%, 6/1/14 8,531,120
Baa3 BBB- 2,750 Inglewood, CA,
7.00%, 8/1/19 2,966,865
NR NR 7,000 Los Angeles County,
(Marina Del Ray),
6.50%, 7/1/08 7,593,740
Baa1 BBB 5,115 Los Angeles County,
Disney Parking
Project, 0.00%, 3/1/16 1,914,800
Baa1 BBB 1,925 Los Angeles County,
Disney Parking
Project, 0.00%, 3/1/17 675,906
Baa1 BBB 5,000 Los Angeles County,
Disney Parking
Project, 0.00%, 9/1/17 1,707,700
Baa1 BBB 5,370 Los Angeles County,
Disney Parking
Project, 0.00%, 3/1/18 1,784,075
Baa1 BBB 3,100 Los Angeles County,
Disney Parking
Project, 0.00%, 3/1/20 922,002
Baa1 BBB 6,925 Los Angeles County,
Disney Parking
Project, 0.00%, 9/1/20 2,003,472
Baa1 BBB 1,000 Los Angeles County,
Disney Parking
Project, 6.50%, 3/1/23 1,071,250
A1 A+ 8,000 Pasadena Parking
Facility Project,
6.25%, 1/1/18 9,017,840
A1 A+ 4,000 Sacramento City
Financing Authority,
5.40%, 11/1/20 4,176,120
- ---------------------------------------------------------------------------
$ 53,762,210
- ---------------------------------------------------------------------------
Nursing Homes -- 1.0%
- ---------------------------------------------------------------------------
NR NR $ 3,000 Banning, CA,
9.50%, 12/1/11 $ 3,078,390
- ---------------------------------------------------------------------------
$ 3,078,390
- ---------------------------------------------------------------------------
Special Tax Revenue -- 8.4%
- ---------------------------------------------------------------------------
NR NR $ 2,845 Commerce, Joint
Power Financing
Authority,
8.00%, 3/1/22 $ 3,071,434
NR BBB 5,000 Contra Costa County,
Public Financing
Authority, 7.10%,
8/1/22 5,482,750
NR NR 1,955 Fairfield, North
Cordelia District,
7.375%, 9/2/18 2,025,595
NR NR 755 Fairfield, North
Cordelia District,
8.00%, 9/2/11 784,445
NR BBB+ 5,720 Fontana Redevelopment
Agency, Jurupa
Hills, 7.00%, 10/1/14 6,479,273
NR BBB 600 Rancho Mirage,
Joint Power Financing
Authority, 7.50%, 4/1/17 654,294
See notes to financial statements
37
<PAGE>
California Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ---------------------------------------------------------------------------
Special Tax Revenue (continued)
- ---------------------------------------------------------------------------
NR NR $ 3,000 Riverside County
Community Facilities
District, 7.55%,
9/1/17 $ 3,180,000
NR BBB 2,500 Riverside County
Redevelopment Agency,
7.50%, 10/1/26 2,820,100
NR NR 1,400 Simi Valley
Community Development,
Sycamore Plaza II,
8.20%, 9/1/12 1,413,692
- ---------------------------------------------------------------------------
$ 25,911,583
- ---------------------------------------------------------------------------
Transportation -- 1.8%
- ---------------------------------------------------------------------------
NR BBB $ 3,050 Guam Airport
Authority, (AMT),
6.70%, 10/1/23 $ 3,344,691
Aa3 AA- 2,000 Long Beach (AMT),
7.25%, 5/15/19 2,048,680
- ---------------------------------------------------------------------------
$ 5,393,371
- ---------------------------------------------------------------------------
Water and Sewer -- 0.8%
- ---------------------------------------------------------------------------
Aa2 AA $ 2,500 Metropolitan Water
District, Southern
California Waterworks,
5.00%, 7/1/26 $ 2,433,425
- ---------------------------------------------------------------------------
$ 2,433,425
- ---------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $270,444,922) $307,200,561
- ---------------------------------------------------------------------------
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by California
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at March 31, 1998, 39.1% of securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage by financial
institution ranged from 1.3% to 17.0% of total investments.
/(1)/ Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
/(2)/ Security has been issued as an inverse floater bond.
See notes to financial statements
38
<PAGE>
Florida Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments -- 100.0%
Ratings (Unaudited)
- -------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------
Cogeneration -- 2.6%
- --------------------------------------------------------------------------
NR NR $ 4,600 Palm Beach County, FL,
Okeelanta Power Project,
(AMT), 6.85%, 2/15/21 $ 3,680,000
NR NR 11,000 Palm Beach County, FL,
Osceola Power Project,
(AMT), 6.95%, 1/1/22 8,690,000
- --------------------------------------------------------------------------
$ 12,370,000
- --------------------------------------------------------------------------
Education -- 1.3%
- --------------------------------------------------------------------------
NR AAA $ 5,500 Volusia County
Educational Facilities,
(Embry-Riddle
Aeronautical University)
(CLEE), 6.625%, 10/15/22 $ 6,045,655
- --------------------------------------------------------------------------
$ 6,045,655
- --------------------------------------------------------------------------
Electric Utilities -- 7.8%
- --------------------------------------------------------------------------
Aa2 AA $14,000 Jacksonville Electric
Authority, Bulk Power
Supply System Scherer 4,
5.25%, 10/1/21/(1)/ $ 13,981,240
Aa1 AA 2,850 Orlando Utilities
Commission Water and
Electric, 5.125%, 10/1/19 2,818,878
Aa2 AA- 10,000 Orlando Utilities
Commission Water and
Electric, 5.60%, 10/6/17 10,314,500
Baa1 BBB+ 5,000 Puerto Rico Electric
Power Authority, 6.25%,
7/1/17 5,486,350
Baa1 BBB+ 185 Puerto Rico Electric
Power Authority, 7.125%,
7/1/14 194,651
Aa3 AA- 2,515 St. Lucie County Solid
Waste Disposal, (Florida
Power & Light Co.) (AMT),
6.70%, 5/1/27 2,729,152
NR NR 1,925 Virgin Islands Water and
Power Authority, 7.40%,
7/1/11 2,104,314
- --------------------------------------------------------------------------
$ 37,629,085
- --------------------------------------------------------------------------
Escrowed / Prerefunded -- 7.3%
- --------------------------------------------------------------------------
Aaa AAA $ 9,225 Dade County, (Baptist
Hospital of Miami),
5.75%, 5/1/21 $ 9,915,584
Aaa AAA 5,000 Florida Municipal Power
Agency Stanton II (AMBAC)
Variable
Rate, 10/1/20/(2)/ 6,112,500
NR NR $ 1,675 Florida State (Mid-Bay
Bridge Authority),
6.875%, 10/1/22 $ 2,068,876
A3 A 7,255 Hillsborough County
Capital Improvement -
Museum of Science, 6.45%,
1/1/22 7,701,981
Aaa AAA 2,000 Orlando and Orange
County, Expressway
Authority (FGIC), 8.25%,
7/1/14 2,750,800
Aaa AAA 5,600 St. Lucie Utility System,
6.00%, 10/1/20 6,247,360
- --------------------------------------------------------------------------
$ 34,797,101
- --------------------------------------------------------------------------
General Obligations -- 18.2%
- --------------------------------------------------------------------------
Aa2 AA+ $32,000 Florida Board of
Education,
4.75%, 6/1/22 $ 30,197,439
Aa2 AA+ 10,910 Florida Board of
Education,
5.00%, 6/1/20 10,666,162
Aa2 AA+ 8,000 Florida Board of General
Services, 6.60%, 7/1/17 8,824,640
Aa AA+ 9,585 Florida State,
(Jacksonville
Transportation), 5.00%,
7/1/22 9,347,580
NR BBB 5,700 Guam, 5.40%, 11/15/18 5,731,464
A3 BBB+ 15,000 New York City, NY,
5.00%, 8/1/22/(3)/ 14,387,550
A3 BBB+ 5,000 New York City, NY,
5.125%, 8/1/25/(3)/ 4,839,000
Baa1 A 2,100 Puerto Rico Commonwealth,
0.00%, 7/1/16 840,651
Baa1 A 2,500 Puerto Rico Public
Building Authority,
6.00%, 7/1/12 2,557,725
- --------------------------------------------------------------------------
$ 87,392,211
- --------------------------------------------------------------------------
Hospitals -- 1.9%
- --------------------------------------------------------------------------
NR BBB+ $ 3,600 Escambia County, Health
Facilities Authority
(Baptist Hospital, Inc.
and The Baptist Manor,
Inc.), 6.75%, 10/1/14 $ 3,917,520
NR AA+ 4,750 Jacksonville Health
Facilities Finance
Authority, St. Luke's
Hospital Association,
6.75%, 11/15/13 5,195,788
- --------------------------------------------------------------------------------
$ 9,113,308
- --------------------------------------------------------------------------------
See notes to financial statements
39
<PAGE>
Florida Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- -------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------
Housing -- 10.2%
- --------------------------------------------------------------------------
Aaa NR $ 2,000 Broward County, Housing
Finance Authority, SFMR,
(AMT), (GNMA/FNMA),
6.10%, 10/1/19 $ 2,111,580
NR AAA 585 Broward County, Housing
Finance Authority, Single
Family, (GNMA) (AMT),
7.35%, 3/1/23 619,521
NR AAA 1,300 Clay County, Housing
Finance Authority,
Multifamily (GNMA),
7.40%, 12/1/25 1,374,867
Aaa NR 2,005 Clay County, Housing
Finance Authority, Single
Family (GNMA), (AMT),
6.55%, 3/1/28 2,134,262
Aaa NR 930 Dade County, Housing
Finance Authority, Single
Family (AMT), 7.75%,
9/1/22 979,364
NR AAA 5,850 Dade County, Housing
Finance Authority, Single
Family (GNMA), (AMT),
6.70%, 10/1/28 6,230,777
Aaa NR 1,130 Dade County, Housing
Finance Authority, Single
Family (GNMA), (AMT),
7.25%, 9/1/19 1,192,127
Aaa AAA 1,480 Escambia County, Housing
Finance Authority, Single
Family (GNMA), (AMT),
6.90%, 10/1/21 1,595,973
Aaa AAA 1,725 Escambia County, Housing
Finance Authority, Single
Family (GNMA), (AMT),
6.95%, 10/1/27 1,861,965
Aaa NR 2,540 Escambia County, Housing
Finance Authority, Single
Family (GNMA), (AMT),
7.40%, 10/1/23 2,681,732
NR AAA 1,125 Florida Housing Finance
Authority, 6.35%, 6/1/14 1,192,511
Aa3 AA 2,500 Florida Housing Finance
Authority (AMT), 6.35%,
7/1/28 2,666,300
Aaa NR 740 Hillsborough County,
Housing Finance
Authority, Single Family
(GNMA), (AMT),
7.875%, 5/1/23 783,083
NR NR 3,365 North Miami, Health Care
Facilities (The Imperial
Club), 9.25%, 1/1/13 3,851,815
NR AAA 6,205 Orange County, Housing
Finance Authority, Single
Family (GNMA), (AMT),
6.60%, 4/1/28 6,607,456
NR AAA 7,230 Orange County, Housing
Finance Authority, Single
Family (GNMA), (AMT),
6.85%, 10/1/27/(1)/ 7,776,733
NR AAA $ 1,695 Orange County, Housing
Finance Authority, Single
Family (GNMA), (AMT),
7.375%, 9/1/24 1,801,073
Aaa NR 1,455 Polk County, Housing
Finance Authority, Single
Family (GNMA), 7.15%,
9/1/23 1,533,555
Aaa AAA 605 Puerto Rico Housing
Financial Corp. Single
Family (GNMA),
7.65%, 10/15/22 644,422
Baa BBB 1,400 Puerto Rico Urban Renewal
and Housing Corp.,
7.875%, 10/1/04 1,488,718
- --------------------------------------------------------------------------
$ 49,127,834
- --------------------------------------------------------------------------
Industrial Development Revenue / Pollution Control Revenue -- 1.0%
- --------------------------------------------------------------------------
Baa3 BBB- $ 4,500 Puerto Rico Port
Authority, (American
Airlines), (AMT), 6.25%,
6/1/26 $ 4,893,525
- --------------------------------------------------------------------------
$ 4,893,525
- --------------------------------------------------------------------------
Insured-Electric Utilities -- 3.3%
- --------------------------------------------------------------------------
Aaa AAA $ 1,540 Manatee County, Public
Utility (FGIC), 0.00%,
10/1/12 $ 756,802
Aaa AAA 2,200 Puerto Rico Electric
Power Authority,
"STRIPES", (FSA),
Variable Rate, 7/1/02/(2)/ 2,455,750
Aaa AAA 2,200 Puerto Rico Electric
Power Authority,
"STRIPES", (FSA),
Variable Rate, 7/1/03/(2)/ 2,508,000
Aaa AAA 3,000 Sunrise, Utilities
Systems, (AMBAC), 5.00%,
10/1/28/(3)/ 2,926,680
Aaa AAA 7,000 Sunrise, Utilities
Systems, (AMBAC), 5.20%,
10/1/22 7,026,320
- --------------------------------------------------------------------------
$ 15,673,552
- --------------------------------------------------------------------------
Insured-Hospitals -- 8.0%
- --------------------------------------------------------------------------
Aaa AAA $ 8,000 Charlotte County, Health
Care, (Bon-Secours Health
System) (FSA) Variable
Rate, 8/26/27/(2)/ $ 9,130,000
See notes to financial statements
40
<PAGE>
Florida Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- -------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------
Insured-Hospitals (continued)
- --------------------------------------------------------------------------
Aaa AAA $23,355 Jacksonville Health
Authority, (Daughters of
Charity) (MBIA), 5.00%,
11/15/15 $ 23,191,515
Aaa AAA 2,000 Lee County, (Memorial
Hospital) (MBIA) Variable
Rate, 4/1/20/(2)/ 2,362,500
Aaa AAA 3,000 Orange County Health
Facilities Authority
(Orlando Regional Medical
Center) (MBIA) Variable
Rate, 10/29/21/(2)/ 3,581,250
- --------------------------------------------------------------------------
$ 38,265,265
- --------------------------------------------------------------------------
Insured-Housing -- 3.0%
- --------------------------------------------------------------------------
Aaa AAA $ 880 Brevard County, Housing
Finance Authority, Single
Family (FSA), 7.00%,
3/1/13 $ 931,700
Aaa AAA 3,000 Florida Health Facilities
Authority, (Brittany of
Rosemont) (AMBAC) (AMT),
6.875%, 8/1/26 3,266,280
Aaa AAA 6,530 Florida Health Facilities
Authority, (Maitland Club
Apartments), (AMBAC), (AMT),
6.875%, 8/1/26 7,109,603
Aaa AAA 2,675 Lee County Housing
Finance, SCA Multifamily
(FSA) (AMT),
7.05%, 1/1/30 2,904,462
- --------------------------------------------------------------------------
$ 14,212,045
- --------------------------------------------------------------------------
Insured-Life Care -- 0.1%
- --------------------------------------------------------------------------
Aaa AAA $ 500 Alachua County Health
Facility, (Mental Health
Services) (CGIC), 7.75%,
7/1/10 $ 546,220
- --------------------------------------------------------------------------
$ 546,220
- --------------------------------------------------------------------------
Insured-Miscellaneous -- 0.9%
- --------------------------------------------------------------------------
Aaa AAA $ 1,500 Dade County, Seaport,
(MBIA), 5.125%, 10/1/21 $ 1,482,840
Aaa AAA 2,000 Escambia County (MBIA),
7.20%, 1/1/15 2,087,300
Aaa AAA 799 Osceola County,
Industrial Development
Authority, Community
Provider Pooled Loan
Program (CGIC), 7.75%,
7/1/10 858,086
- --------------------------------------------------------------------------
$ 4,428,226
- --------------------------------------------------------------------------
Insured-Solid Waste -- 0.3%
- --------------------------------------------------------------------------
Aaa AAA $ 1,500 St. John's County Solid
Waste Disposal (FGIC),
7.25%, 11/1/10 $ 1,630,050
- --------------------------------------------------------------------------
$ 1,630,050
- --------------------------------------------------------------------------
Insured-Special Tax Revenue -- 7.3%
- --------------------------------------------------------------------------
Aaa AAA $ 1,160 Dade County, Professional
Sports Franchise, (MBIA),
0.00%, 10/1/19 $ 387,127
Aaa AAA 3,835 Dade County, Professional
Sports Franchise, (MBIA),
0.00%, 10/1/23 1,036,754
Aaa AAA 1,000 Jacksonville Excise Tax,
(FGIC) (AMT), 0.00%,
10/1/10 545,340
Aaa AAA 1,000 Jacksonville Excise Tax,
(FGIC) (AMT), 0.00%,
10/1/11 512,720
Aaa AAA 2,000 Jacksonville Excise Tax,
(FGIC) (AMT), 0.00%,
10/1/12 962,240
Aaa AAA 1,185 Opa-Locka Sales Tax,
(FGIC), 7.00%, 1/1/14 1,349,916
Aaa AAA 3,160 St. Petersburg Excise
Tax, (FGIC), 5.00%,
10/1/16 3,126,188
Aaa AAA 2,000 Sunrise Public
Facilities, (MBIA),
0.00%, 10/1/10 1,110,840
Aaa AAA 1,760 Sunrise Public
Facilities, (MBIA),
0.00%, 10/1/12 864,917
Aaa AAA 2,840 Sunrise Public
Facilities, (MBIA),
0.00%, 10/1/14 1,245,198
Aaa AAA 4,000 Sunrise Public
Facilities, (MBIA),
0.00%, 10/1/15 1,654,120
Aaa AAA 4,140 Sunrise Public
Facilities, (MBIA),
0.00%, 10/1/16 1,621,928
Aaa AAA 2,525 Sunrise Public
Facilities, (MBIA),
0.00%, 10/1/17 935,008
Aaa AAA 2,270 Tampa Sports Authority,
(MBIA), 5.25%, 1/1/17 2,295,855
Aaa AAA 11,500 Tampa Sports Authority,
(MBIA), 5.25%, 1/1/17 11,630,985
Aaa AAA 6,800 Tampa Utility Tax,
(AMBAC), 0.00%, 4/1/19 2,328,048
Aaa AAA 5,000 Tampa Utility Tax,
(AMBAC), 0.00%, 10/1/19 1,668,650
Aaa AAA 2,000 Tampa Utility Tax,
(AMBAC), 0.00%, 10/1/20 703,820
Aaa AAA 4,000 Tampa Utility Tax,
(AMBAC), 0.00%, 10/1/20 1,268,480
- --------------------------------------------------------------------------
$ 35,248,134
- --------------------------------------------------------------------------
See notes to financial statements
41
<PAGE>
Florida Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- -------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------
Insured-Transportation -- 6.4%
- --------------------------------------------------------------------------
Aaa AAA $ 3,475 Dade County Aviation
Facilities (MBIA) (AMT),
6.00%, 10/1/24 $ 3,716,269
Aaa AAA 4,000 Dade County Aviation
Facilities (MBIA) (AMT),
6.55%, 10/1/13 4,384,160
Aaa AAA 4,150 Dade County Aviation
Facilities (MBIA) (AMT),
6.60%, 10/1/22 4,555,123
Aaa AAA 8,850 Dade County Aviation
Facilities, (Miami
International Airport),
(FSA), (AMT),
5.125%, 10/1/22 8,603,439
Aaa AAA 8,650 Greater Orlando Aviation
Authority, (FGIC) (AMT),
6.375%, 10/1/21 9,416,131
- --------------------------------------------------------------------------
$ 30,675,122
- --------------------------------------------------------------------------
Insured-Water and Sewer -- 2.9%
- --------------------------------------------------------------------------
Aaa AAA $14,000 Dade County, Water And
Sewer System, (FGIC),
5.25%, 10/1/26 $ 14,048,020
- --------------------------------------------------------------------------
$ 14,048,020
- --------------------------------------------------------------------------
Life Care -- 1.6%
- --------------------------------------------------------------------------
NR NR $ 6,895 Atlantic Beach, Fixed
Rate Improvement, FL,
(Fleet Landing Project),
8.00%, 6/1/24 $ 7,737,293
- --------------------------------------------------------------------------
$ 7,737,293
- --------------------------------------------------------------------------
Miscellaneous -- 1.1%
- --------------------------------------------------------------------------
NR NR $ 5,000 Osceola County, IDA,
Community Pooled Loan-93,
7.75%, 7/1/17 $ 5,435,750
- --------------------------------------------------------------------------
$ 5,435,750
- --------------------------------------------------------------------------
Nursing Homes -- 5.2%
- --------------------------------------------------------------------------
NR NR $ 300 Broward County,
Industrial Development
Authority (Beverly
Enterprises), 9.80%,
11/1/10 $ 335,952
NR NR 430 Charlotte County,
Industrial Development
Authority (Beverly
Enterprises), 10.00%,
6/1/11 490,578
NR NR 5,415 Citrus County, Industrial
Development Authority
(Beverly Enterprises),
7.25%, 4/1/03/(1)/ 5,528,119
NR AAA 4,285 Dade County, Industrial
Development Authority
(Club Care Center)
(GNMA), 6.60%, 1/20/18 4,627,971
NR AAA 5,075 Dade County, Industrial
Development Authority
(Gramercy Park Nursing
Care) (FHA), 6.60%, 8/1/23 5,525,863
NR NR 1,955 Highlands County,
Industrial Development
Authority, (Beverly
Enterprises), 9.25%,
7/1/07 2,192,806
Baa1 NR 3,750 Jacksonville Health
(Cypress Village), 7.00%,
12/1/22 4,123,725
NR NR 360 Okaloosa County, (Beverly
Enterprises), 10.75%,
10/1/03 372,139
NR NR 655 Orange County, Industrial
Development Authority,
(Beverly Enterprises),
9.25%, 8/1/10 736,724
NR NR 1,000 Winter Garden, (Beverly
Enterprises), 8.75%,
7/1/12 1,129,240
- --------------------------------------------------------------------------
$ 25,063,117
- --------------------------------------------------------------------------
Solid Waste -- 0.8%
- --------------------------------------------------------------------------
A A- $ 3,450 Broward County (Waste
Energy Co., L.P. North),
7.95%, 12/1/08 $ 3,743,457
- --------------------------------------------------------------------------
$ 3,743,457
- --------------------------------------------------------------------------
Special Tax Revenue -- 2.7%
- --------------------------------------------------------------------------
A1 AA- $ 3,000 Orlando, 6.00%, 10/1/22 $ 3,175,530
Baa1 A 9,250 Puerto Rico Highway and
Transportation Authority,
5.00%, 7/1/36 8,988,318
Baa1 A 700 Puerto Rico Highway and
Transportation Authority,
5.50%, 7/1/36 732,942
- --------------------------------------------------------------------------
$ 12,896,790
- --------------------------------------------------------------------------
Transportation -- 5.5%
- --------------------------------------------------------------------------
NR NR $10,140 Florida State (Mid-Bay
Bridge Authority), 6.05%,
10/1/22 $ 10,836,314
See notes to financial statements
42
<PAGE>
Florida Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- -------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------
Transportation (continued)
- --------------------------------------------------------------------------
Aa2 AA+ $10,800 Florida State,
(Jacksonville
Transportation), 5.25%,
7/1/22 $ 10,824,516
Baa1 A 5,000 Puerto Rico Highway and
Transportation Authority,
4.75%, 7/1/38 4,629,650
- --------------------------------------------------------------------------
$ 26,290,480
- --------------------------------------------------------------------------
Water and Sewer -- 0.6%
- --------------------------------------------------------------------------
Baa1 BBB+ $ 2,500 Hillsborough County
Utility, 6.625%, 8/1/11 $ 2,691,125
- --------------------------------------------------------------------------
$ 2,691,125
- --------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $441,861,344) $479,953,365
- --------------------------------------------------------------------------
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 the economic developments in a
specific industry or municipality. In order to reduce the risk associated
with such economic developments, at March 31, 1998, 34.1% 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 1.3% to 16.7% of total investments.
(1) Security (or a portion thereof) has been segregated to cover when-issued
securities.
(2) Security has been issued as an inverse floater bond.
(3) When-issued security.
See notes to financial statements
43
<PAGE>
Massachusetts Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments -- 100.0%
Ratings (Unaudited) Principal
- ------------------- Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Assisted Living -- 0.7%
- --------------------------------------------------------------------------------
NR AAA $ 1,500 Massachusetts IFA
(Briscoe House) (FHA),
7.125%, 2/1/36 $ 1,736,850
- --------------------------------------------------------------------------------
$ 1,736,850
- --------------------------------------------------------------------------------
Education -- 3.9%
- --------------------------------------------------------------------------------
NR AAA $ 3,400 Massachusetts HEFA
(Merrimack College),
7.125%, 7/1/12 $ 3,849,344
A1 AA- 250 Massachusetts HEFA (Tufts
University), 7.75%, 8/1/13 258,325
Aa1 AA+ 1,625 Massachusetts HEFA,
(Amherst College), 6.80%,
11/1/21 1,780,155
Baa3 BBB- 1,250 Massachusetts IFA, (Dana
Hall), 5.90%, 7/1/27 1,313,588
A1 NR 2,000 New England Educational
Loan Marketing Corp.,
(AMT), 6.90%, 11/1/09 2,268,680
- --------------------------------------------------------------------------------
$ 9,470,092
- --------------------------------------------------------------------------------
Electric Utilities -- 6.9%
- --------------------------------------------------------------------------------
NR BBB $ 1,545 Guam Power Authority,
5.25%, 10/1/23 $ 1,532,130
Baa2 BBB+ 5,060 Massachusetts Municipal
Wholesale Electric Co.,
6.625%, 7/1/18 5,454,882
Baa2 BBB+ 3,500 Massachusetts Municipal
Wholesale Electric Co.,
6.75%, 7/1/11 3,788,295
Baa1 BBB+ 3,000 Puerto Rico Electric
Power Authority, 0.00%,
7/1/17 1,135,740
Baa1 BBB+ 13,055 Puerto Rico Electric
Power Authority, 0.00%,
7/1/17 4,942,362
- --------------------------------------------------------------------------------
$ 16,853,409
- --------------------------------------------------------------------------------
Escrowed / Prerefunded -- 4.9%
- --------------------------------------------------------------------------------
NR NR $ 2,400 Massachusetts HEFA
(Fairview Care
Facilities), 10.25%,
1/1/21 $ 2,840,784
Aaa AAA 1,380 Massachusetts Port
Authority, (FGIC), 7.50%,
7/1/20 1,508,230
Aaa AAA 29,870 Massachusetts Turnpike
Authority, 0.00%, 1/1/28 6,465,063
NR AAA 1,000 Puerto Rico Commonwealth,
"RIBS", (AMBAC), Variable
Rate, 7/1/15/(1)/ 1,165,000
- --------------------------------------------------------------------------------
$ 11,979,077
- --------------------------------------------------------------------------------
General Obligations -- 2.1%
- --------------------------------------------------------------------------------
NR BBB $ 440 Guam, 5.375%, 11/15/13 $ 444,215
NR BBB 2,395 Guam, 5.40%, 11/15/18 2,408,220
Aaa NR 1,700 Nantucket, 6.80%, 12/1/11 1,883,957
A1 A+ 250 University of
Massachusetts Building
Authority, 7.20%, 5/1/04 284,570
- --------------------------------------------------------------------------------
$ 5,020,962
- --------------------------------------------------------------------------------
Hospitals -- 23.6%
- --------------------------------------------------------------------------------
A1 A $ 3,000 Massachusetts HEFA
(Charlton Memorial
Hospital),
7.25%, 7/1/13 $ 3,335,670
Aa2 AA+ 2,000 Massachusetts HEFA
(Daughters of Charity
Health System),
6.10%, 7/1/14 2,156,120
NR A- 1,020 Massachusetts HEFA
(Jordan Hospital),
6.875%, 10/1/15 1,113,422
NR A- 3,055 Massachusetts HEFA
(Jordan Hospital),
6.875%, 10/1/22 3,339,970
Baa3 NR 5,500 Massachusetts HEFA
(Milford-Whitinsville
Hospital),
7.75%, 7/15/17 6,344,690
Baa1 AAA 2,000 Massachusetts HEFA (New
England Baptist
Hospital), 7.35%, 7/1/17 2,226,560
NR BBB- 2,600 Massachusetts HEFA (North
Adams Hospital), 6.625%,
7/1/18 2,823,054
Baa2 BBB 5,255 Massachusetts HEFA
(Sisters of Providence
Health System), 6.50%,
11/15/08 5,890,697
Baa2 BBB 2,085 Massachusetts HEFA
(Sisters of Providence
Health System), 6.625%,
11/15/22 2,352,068
A1 AA- 530 Massachusetts HEFA
(Spaulding Rehabilitation
Hospital),
7.625%, 7/1/21 545,153
NR AA 1,465 Massachusetts HEFA,
(FHA), (Deutsches
Altenheim),
7.70%, 11/1/31 1,577,820
Aaa AAA 1,070 Massachusetts HEFA,
(Hallmark Health), (FSA),
5.00%, 7/1/21 1,032,839
Aaa AAA 8,695 Massachusetts HEFA,
(Hallmark Health), (FSA),
5.00%, 7/1/27 8,358,590
See notes to financial statements
44
<PAGE>
Massachusetts Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited) Principal
- ------------------- Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Hospitals (continued)
- --------------------------------------------------------------------------------
Baa2 BBB- $ 500 Massachusetts HEFA,
(Milford-Whitinsville
Hospital),
5.25%, 7/15/18 $ 491,080
Ba1 NR 2,875 Massachusetts HEFA, (New
England Health Systems),
6.125%, 8/1/13 3,011,994
NR NR 8,000 Massachusetts IFA
(Biomedical Research
Corp.), 0.00%, 8/1/08 4,790,400
NR NR 9,000 Massachusetts IFA
(Biomedical Research
Corp.), 0.00%, 8/1/09 5,071,860
NR NR 6,000 Massachusetts IFA
(Biomedical Research
Corp.), 0.00%, 8/1/10 3,175,980
- --------------------------------------------------------------------------------
$ 57,637,967
- --------------------------------------------------------------------------------
Housing -- 8.6%
- --------------------------------------------------------------------------------
NR AAA $ 2,750 Framingham Housing
Authority, (GNMA), 6.65%,
2/20/32 $ 2,892,918
Aa A+ 7,055 Massachusetts HFA, (AMT),
6.60%, 12/1/26 7,503,627
Aa A+ 6,315 Massachusetts HFA, (AMT),
6.60%, 12/1/26 6,716,571
Aa A+ 2,195 Massachusetts HFA, (AMT),
8.10%, 6/1/20 2,244,585
Aa A+ 1,500 Massachusetts HFA, (AMT),
8.10%, 12/1/21 1,549,845
- --------------------------------------------------------------------------------
$ 20,907,546
- --------------------------------------------------------------------------------
Industrial Development Revenue / Pollution Control Revenue -- 4.0%
- --------------------------------------------------------------------------------
NR NR $ 2,075 Massachusetts IFA
(Hingham Water Co.),
(AMT), 6.60%, 12/1/15 $ 2,262,497
NR NR 3,000 Massachusetts IFA
(Hingham Water Co.),
(AMT), 6.90%, 12/1/29 3,315,630
Baa3 BBB- 3,750 Puerto Rico Port
Authority, (American
Airlines), (AMT), 6.25%,
6/1/26 4,077,938
- --------------------------------------------------------------------------------
$ 9,656,065
- --------------------------------------------------------------------------------
Insured-Colleges and Universities -- 1.5%
- --------------------------------------------------------------------------------
Aaa AAA $ 400 Massachusetts HEFA
(Boston University)
"RIBS", (MBIA),
Variable Rate, 10/1/31/(1)/ $ 471,000
Aaa AAA 250 Massachusetts HEFA
(Northeastern
University), (AMBAC),
7.50%, 10/1/08 259,510
Aaa AAA 2,000 Massachusetts HEFA,
(Berklee College of
Music), (MBIA),
5.10%, 10/1/27 1,955,240
Aaa AAA 1,000 Massachusetts IFA,
(Merrimack College),
(MBIA), 5.00%, 7/1/27 968,570
- --------------------------------------------------------------------------------
$ 3,654,320
- --------------------------------------------------------------------------------
Insured-Education -- 1.3%
- --------------------------------------------------------------------------------
Aaa AAA $ 1,825 Massachusetts Educational
Finance Authority,
(AMBAC), (AMT), 7.30%,
1/1/12 $ 1,979,687
Aaa AAA 280 Massachusetts Educational
Finance Authority,
(MBIA), (AMT),
7.25%, 1/1/09 299,810
Aaa AAA 1,000 Massachusetts IFA,
(WGBH), (AMBAC), 5.00%,
3/1/28 950,870
- --------------------------------------------------------------------------------
$ 3,230,367
- --------------------------------------------------------------------------------
Insured-General Obligations -- 1.0%
- --------------------------------------------------------------------------------
Aaa AAA $ 1,960 Massachusetts Bay
Transportation Authority,
(FGIC), 5.00%, 3/1/23 $ 1,902,846
Aaa AAA 600 Tyngsborough, (AMBAC),
6.90%, 5/15/08 665,508
- --------------------------------------------------------------------------------
$ 2,568,354
- --------------------------------------------------------------------------------
Insured-Hospitals -- 9.5%
- --------------------------------------------------------------------------------
Aaa AAA $ 300 Massachusetts HEFA
(Berkshire Health
Systems), (MBIA),
7.60%, 10/1/14 $ 311,796
Aaa AAA 3,750 Massachusetts HEFA (Beth
Israel Hospital),
(AMBAC), (AMT), Variable
Rate, 7/1/25/(1)/ 4,303,125
See notes to financial statements
45
<PAGE>
Massachusetts Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited) Principal
- ------------------- Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Insured-Hospitals (continued)
- --------------------------------------------------------------------------------
Aaa AAA $ 1,040 Massachusetts HEFA
(Beverly Hospital),
(MBIA), 7.30%, 7/1/13 $ 1,098,770
Aaa AAA 1,500 Massachusetts HEFA
(Capital Assist Program),
(MBIA), 7.20%, 7/1/09 1,586,385
Aaa AAA 1,885 Massachusetts HEFA
(Fallon Healthcare
System), (FSA), 6.75%,
6/1/20/(2)/ 2,066,186
Aaa AAA 2,000 Massachusetts HEFA (St.
Elizabeth Hospital Issue)
"LEVRRS", (FSA), Variable
Rate, 8/12/21/(1)/ 2,350,000
Aaa AAA 2,600 Massachusetts HEFA (St.
Luke's Hospital) "Yield
Curve Notes", (MBIA),
Variable Rate, 8/15/13/(1)/ 2,886,000
Aaa AAA 2,600 Massachusetts HEFA (St.
Luke's Hospital) "Yield
Curve Notes", Variable
Rate, (MBIA), 8/15/23/(1)/ 2,879,500
Aaa AAA 3,000 Massachusetts HEFA (The
Medical Center of Central
Massachusetts) (AMBAC),
"CARS", Variable
Rate, 6/23/22/(1)/ 3,851,250
Aaa AAA 700 Massachusetts HEFA
(University Hospital),
(MBIA), 7.25%, 7/1/19 755,237
Aaa AAA 1,000 Massachusetts HEFA,
(Partners Healthcare),
(MBIA), 5.375%, 7/1/24 1,010,430
- --------------------------------------------------------------------------------
$ 23,098,679
- --------------------------------------------------------------------------------
Insured-Transportation -- 2.7%
- --------------------------------------------------------------------------------
Aaa AAA $ 4,480 Massachusetts Port
Authority, (FGIC), 7.50%,
7/1/20 $ 4,853,229
Aaa AAA 2,000 Massachusetts Turnpike
Authority, (MBIA), 0.00%,
1/1/19 693,500
Aaa AAA 1,000 Massachusetts Turnpike
Authority, Metropolitan
District Highway System,
(MBIA), 5.00%, 1/1/27 965,910
- --------------------------------------------------------------------------------
$ 6,512,639
- --------------------------------------------------------------------------------
Insured-Water and Sewer -- 0.6%
- --------------------------------------------------------------------------------
Aaa AAA $ 1,500 Massachusetts Water
Resources Authority,
(MBIA), 4.75%, 12/1/21 $ 1,408,605
- --------------------------------------------------------------------------------
$ 1,408,605
- --------------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 3.6%
- --------------------------------------------------------------------------------
NR AA- $ 7,800 Plymouth County, MA
(Plymouth County
Correctional Facility),
7.00%, 4/1/22 $ 8,737,872
- --------------------------------------------------------------------------------
$ 8,737,872
- --------------------------------------------------------------------------------
Life Care -- 0.9%
- --------------------------------------------------------------------------------
NR AAA $ 2,000 Boston, IDA, (Alzheimers
Center), (FHA), 6.00%,
2/1/37 $ 2,095,600
- --------------------------------------------------------------------------------
$ 2,095,600
- --------------------------------------------------------------------------------
Nursing Homes -- 1.5%
- --------------------------------------------------------------------------------
NR NR $ 3,225 Massachusetts IFA, (Age
Institute of
Massachusetts),
8.05%, 11/1/25 $ 3,626,674
- --------------------------------------------------------------------------------
$ 3,626,674
- --------------------------------------------------------------------------------
Solid Waste -- 0.4%
- --------------------------------------------------------------------------------
NR NR $ 1,035 Pittsfield, Solid Waste
Disposal, Vicon Recovery
Associates,
7.95%, 11/1/04 $ 1,078,191
- --------------------------------------------------------------------------------
$ 1,078,191
- --------------------------------------------------------------------------------
Special Tax Revenue -- 1.9%
- --------------------------------------------------------------------------------
Baa1 A $ 2,000 Puerto Rico Highway and
Transportation Authority,
5.00%, 7/1/36 $ 1,943,420
NR NR 2,350 Virgin Islands Public
Finance Authority, 7.25%,
10/1/18 2,632,729
- --------------------------------------------------------------------------------
$ 4,576,149
- --------------------------------------------------------------------------------
Transportation -- 11.7%
- --------------------------------------------------------------------------------
NR BBB $ 5,950 Guam Airport Authority,
(AMT), 6.70%, 10/1/23 $ 6,524,889
See notes to financial statements
46
<PAGE>
Massachusetts Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited) Principal
- ------------------- Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Transportation (continued)
- --------------------------------------------------------------------------------
Aaa NR $20,860 Massachusetts Turnpike
Authority, 5.00%, 1/1/20 $ 20,795,750
Baa1 A 1,250 Puerto Rico Highway and
Transportation Authority,
4.75%, 7/1/38 1,157,413
- --------------------------------------------------------------------------------
$ 28,478,052
- --------------------------------------------------------------------------------
Water and Sewer -- 8.7%
- --------------------------------------------------------------------------------
Baa1 BBB $12,185 Boston, IDA, (Harbor
Electric Energy Co.),
(AMT),
7.375%, 5/15/15 $ 13,273,485
A2 A 1,500 Massachusetts Water
Resources Authority,
5.25%, 3/1/13 1,511,175
A2 A 4,165 Massachusetts Water
Resources Authority,
5.25%, 12/1/15 4,295,823
NR NR 2,000 Virgin Islands Water and
Power Authority, 7.60%,
1/1/12 2,242,180
- --------------------------------------------------------------------------------
$ 21,322,663
- --------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $219,818,375) $243,650,133
- --------------------------------------------------------------------------------
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 the economic developments in a specific industry
or municipality. In order to reduce the risk associated with such economic
developments, at March 31, 1998, 18.4% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 2.7% to 9.8% of total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements.
47
<PAGE>
Mississippi Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments -- 100.0%
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------
Education -- 2.5%
- --------------------------------------------------------------------------
NR A $ 470 University of Mississippi
Educational Building Corp.
Athletic Facility,
6.20%, 6/1/16 $ 512,352
- --------------------------------------------------------------------------
$ 512,352
- --------------------------------------------------------------------------
Electric Utilities -- 9.8%
- --------------------------------------------------------------------------
NR BBB $ 810 Guam Power Authority,
6.625%, 10/1/14 $ 898,808
Baa3 NR 1,000 Warren County (Mississippi
Power & Light Co.), 7.00%,
4/1/22 1,114,850
- --------------------------------------------------------------------------
$ 2,013,658
- --------------------------------------------------------------------------
Escrowed/Prerefunded -- 7.8%
- --------------------------------------------------------------------------
Aaa NR $2,500 Mississippi Housing Finance
Corp., Single Family,
(AMT), 0.00%, 6/1/15 $ 1,041,725
Aa3 AA 500 Mississippi State, 6.75%,
12/1/14 570,470
- --------------------------------------------------------------------------
$ 1,612,195
- --------------------------------------------------------------------------
General Obligations -- 1.0%
- --------------------------------------------------------------------------
Aa3 AA $ 200 Mississippi State, 5.10%,
11/15/12 $ 206,880
- --------------------------------------------------------------------------
$ 206,880
- --------------------------------------------------------------------------
Hospitals -- 4.7%
- --------------------------------------------------------------------------
NR BBB+ $ 500 Jones County, (South
Central Regional Medical
Center), 5.50%, 12/1/17 $ 500,555
Baa3 BBB 450 Mississippi Hospital
Equipment and Facilities
Authority, (Rush Medical
Foundation Project), 6.00%,
1/1/22 470,637
- --------------------------------------------------------------------------
$ 971,192
- --------------------------------------------------------------------------
Housing -- 14.5%
- --------------------------------------------------------------------------
Aa NR $ 500 Hinds County, Woodridge
Apartments, (FHA), 6.25%,
11/1/27 $ 527,330
Aaa NR 500 Mississippi Home Corp.,
Single Family, (AMT),
(GNMA), 6.625%, 4/1/27 534,390
Aaa NR 385 Mississippi Home Corp.,
Single Family, Access
Program, (AMT), (GNMA),
8.10%, 12/1/24 431,223
Aaa NR $ 825 Mississippi Home Corp.,
Single Family, Access
Program, (AMT), (GNMA),
8.125%, 12/1/24 $ 921,632
Aaa NR 500 Mississippi Home Corp.,
Single Family, Access
Program, (GNMA), (AMT),
7.55%, 12/1/27 568,250
- --------------------------------------------------------------------------
$ 2,982,825
- --------------------------------------------------------------------------
Industrial Development Revenue / Pollution Control Revenue -- 16.8%
- --------------------------------------------------------------------------
Baa2 NR $ 500 Grenada County,
(Georgia-Pacific Corp.),
5.45%, 9/1/14 $ 501,150
A3 A- 400 Jones County,
(International Paper Co.),
5.80%, 10/1/21 411,848
A2 A 1,000 Lowndes County
(Weyerhaeuser Co.), 6.80%,
4/1/22 1,222,980
NR AA- 500 Mississippi Business
Finance Corp., (AMT),
7.15%, 5/1/16/(1)/ 547,525
Baa3 BBB- 250 Puerto Rico Port Authority,
(American Airlines), (AMT),
6.25%, 6/1/26 271,863
A3 A- 450 Warren County
(International Paper Co.),
(AMT), 6.60%, 3/1/19 495,810
- --------------------------------------------------------------------------
$ 3,451,176
- --------------------------------------------------------------------------
Insured-Education -- 5.5%
- --------------------------------------------------------------------------
Aaa AAA $1,000 Mississippi Educational
Facilities Authority,
(Milsaps College), (MBIA),
6.50%, 11/1/19 $ 1,125,910
- --------------------------------------------------------------------------
$ 1,125,910
- --------------------------------------------------------------------------
Insured-Electric Utilities -- 1.7%
- --------------------------------------------------------------------------
Aaa AAA $ 300 Puerto Rico Electric Power
Authority, "STRIPES",
(FSA), Variable Rate,
7/1/03/(2)/ $ 342,000
- --------------------------------------------------------------------------
$ 342,000
- --------------------------------------------------------------------------
Insured-General Obligations -- 4.2%
- --------------------------------------------------------------------------
Aaa AAA $ 300 Desoto County School
District, (MBIA), 4.75%,
2/1/13 $ 292,497
Aaa AAA 500 Hinds County, (MBIA),
6.25%, 3/1/11 574,640
- --------------------------------------------------------------------------
$ 867,137
- --------------------------------------------------------------------------
See notes to financial statements
48
<PAGE>
Mississippi Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------
Insured-Hospitals -- 14.7%
- --------------------------------------------------------------------------
Aaa AAA $1,000 Gulfport, (Gulfport
Memorial Hospital), (MBIA),
6.20%, 7/1/18 $ 1,098,150
Aaa AAA 1,275 Hinds County (Mississippi
Methodist Hospital),
(AMBAC), 5.60%, 5/1/12 1,381,207
Aaa AAA 500 Mississippi Hospital
Equipment and Facilities
Authority (Mississippi
Baptist Medical Center),
(MBIA), 6.00%, 5/1/13 539,030
- --------------------------------------------------------------------------
$ 3,018,387
- --------------------------------------------------------------------------
Insured-Lease Revenue/Certificates of Participation -- 3.9%
- --------------------------------------------------------------------------
Aaa AAA $ 750 Medical Center Building
Corp., (University of
Mississippi Medical
Center), (MBIA), 5.80%,
12/1/14 $ 791,723
- --------------------------------------------------------------------------
$ 791,723
- --------------------------------------------------------------------------
Lease Revenue/
Certificates of Participation -- 10.3%
- --------------------------------------------------------------------------
NR A $1,000 Mississippi Development
Bank, Golden Triangle Solid
Waste, 6.00%, 7/1/15 $ 1,053,270
A2 NR 1,000 Mississippi University
Educational Building Corp.,
Facilities Renovation,
6.15%, 6/15/15 1,072,520
- --------------------------------------------------------------------------
$ 2,125,790
- --------------------------------------------------------------------------
Life Care -- 1.0%
- --------------------------------------------------------------------------
NR NR $ 200 Ridgeland, MS, Urban
Renewal, (The Orchard
Project), 7.75%, 12/1/15 $ 218,490
- --------------------------------------------------------------------------
$ 218,490
- --------------------------------------------------------------------------
Nursing Homes -- 1.6%
- --------------------------------------------------------------------------
NR NR $ 300 Mississippi Business
Finance Corp. (Magnolia
Healthcare), 7.99%, 7/1/25 $ 324,840
- --------------------------------------------------------------------------
$ 324,840
- --------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $18,673,351) $20,564,555
- --------------------------------------------------------------------------
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 Mississippi
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by the economic developments in a specific industry
or municipality. In order to reduce the risk associated with such economic
developments, at March 31, 1998, 29.9% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 0.1% to 0.9% of total investments.
/(1)/ Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
/(2)/ Security has been issued as an inverse floater bond.
See notes to financial statements
49
<PAGE>
New York Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments -- 100.0%
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Airlines -- 0.6%
- --------------------------------------------------------------------------------
Baa3 BBB- $ 2,800 Port Authority of New
York and New Jersey,
(Delta Airlines), 6.95%,
6/1/08 $ 3,073,952
- --------------------------------------------------------------------------------
$ 3,073,952
- --------------------------------------------------------------------------------
Assisted Living -- 3.5%
- --------------------------------------------------------------------------------
NR NR $ 4,000 Glen Cove, NY, IDA,
(Regency at Glen Cove),
9.50%, 7/1/12 $ 4,000,000
NR A-1+ 5,000 New York City Municipals
Assistance Corp., 3.50%,
7/1/08 5,000,000
Aa2 AA 5,000 New York City Municipals
Assistance Corp.,
5.50%, 7/1/07/(1)/ 5,386,300
NR NR 2,970 North Syracuse Village,
Housing Authority (AJM
Senior Housing, Inc.,
Janus Park),
8.00%, 6/1/24 3,092,631
- --------------------------------------------------------------------------------
$ 17,478,931
- --------------------------------------------------------------------------------
Cogeneration -- 1.2%
- --------------------------------------------------------------------------------
Baa3 BBB- $ 6,000 New York City, IDA,
(Brooklyn Navy Yard
Cogeneration),
5.65%, 10/1/28 $ 6,115,920
- --------------------------------------------------------------------------------
$ 6,115,920
- --------------------------------------------------------------------------------
Colleges and Universities -- 5.3%
- --------------------------------------------------------------------------------
Baa1 BBB+ $10,000 New York State Dormitory
Authority, (City
University),
5.25%, 7/1/25/(1)/ $ 9,856,600
Baa1 BBB+ 1,030 New York State Dormitory
Authority, (City
University),
5.50%, 7/1/04/(1)/ 1,082,067
Baa1 BBB+ 105 New York State Dormitory
Authority, (City
University), 6.375%,
7/1/08 113,927
A3 A- 16,000 New York State Dormitory
Authority, (State
University), 5.125%,
5/15/21 15,691,039
- --------------------------------------------------------------------------------
$ 26,743,633
- --------------------------------------------------------------------------------
Education -- 15.5%
- --------------------------------------------------------------------------------
A NR $ 1,000 Dutchess County IDA,
(Bard College), 7.00%,
11/1/17 $ 1,116,860
A1 NR 5,890 Monroe County IDA,
(Wilmur Assc.), 7.25%,
12/1/16 6,283,982
Baa2 NR 1,660 New Rochelle IDA Civic
Facilities, (College of
New Rochelle),
6.75%, 7/1/22 1,788,783
NR AA 1,300 New York State Dormitory
Authority, (New York
Medical College) (Asset
Guaranty), 6.875%, 7/1/21 1,430,052
A3 A- 9,985 New York State Dormitory
Authority, (State
University Educational
Facilities),
5.25%, 5/15/15 10,223,042
A3 A- 28,775 New York State Dormitory
Authority, (State
University Educational
Facilities),
5.25%, 5/15/19/(2)/ 29,553,363
A3 A- 14,680 New York State Dormitory
Authority, (State
University Educational
Facilities),
5.25%, 5/15/21 15,076,946
A3 A- 2,000 New York State Dormitory
Authority, (State
University Educational
Facilities),
5.50%, 5/15/19 2,110,580
A3 A- 1,300 New York State Dormitory
Authority, (State
University Educational
Facilities),
7.50%, 5/15/11 1,598,545
A3 A- 9,000 New York State Dormitory
Authority, Educational
Facilities, 5.125%,
5/15/27 8,767,080
- --------------------------------------------------------------------------------
$ 77,949,233
- --------------------------------------------------------------------------------
Electric Utilities -- 3.9%
- --------------------------------------------------------------------------------
A1 A+ $ 2,365 New York State Energy
Research and Development
Authority, (Consolidated
Edison) (AMT), 7.50%,
7/1/25 $ 2,478,922
A1 A 2,500 New York State Energy
Research and Development
Authority, (Brooklyn
Union Gas), (RIBS),
(AMT), Variable Rate,
7/1/26/(3)/ 3,262,500
- --------------------------------------------------------------------------------
See notes to financial statements
50
<PAGE>
New York Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Electric Utilities (continued)
- --------------------------------------------------------------------------------
A1 A+ $ 1,000 New York State Energy
Research and Development
Authority, (Consolidated
Edison) (AMT), 7.50%,
1/1/26 $ 1,058,570
NR NR 3,000 New York State Energy
Research and Development
Authority, (LILCO)
"RITES" (AMT), Variable
Rate, 8/1/22/(3)/ 3,528,750
NR NR 2,450 New York State Energy
Research and Development
Authority, (LILCO),
"RITES" (AMT),
8.998%, 8/1/22/(3)/ 2,881,813
Ba1 BB+ 3,110 New York State Energy
Research and Development
Authority, (LILCO),
(AMT), 6.90%, 8/1/22 3,402,807
NR NR 2,885 Virgin Islands Water and
Power Authority, 7.40%,
7/1/11 3,153,738
- --------------------------------------------------------------------------------
$ 19,767,100
- --------------------------------------------------------------------------------
Escrowed / Prerefunded -- 1.6%
- --------------------------------------------------------------------------------
Aaa AAA $ 1,650 New York City, NY,
(AMBAC), 7.00%, 8/1/17 $ 1,858,494
Baa1 BBB+ 145 New York State Dormitory
Authority, (City
University), 6.375%,
7/1/08 159,726
Baa BBB+ 5,540 New York State MCFFA,
Secured Hospital, 7.35%,
8/15/11 6,189,565
- --------------------------------------------------------------------------------
$ 8,207,785
- --------------------------------------------------------------------------------
General Obligations -- 5.5%
- --------------------------------------------------------------------------------
A3 BBB+ $ 2,500 New York City, NY,
0.00%, 8/1/08 $ 1,520,725
A3 BBB+ 12,375 New York City, NY,
5.00%, 8/1/23 11,859,829
A3 BBB+ 5,000 New York City, NY,
5.25%, 8/1/16 4,976,350
A3 BBB+ 5,000 New York City, NY,
5.25%, 8/1/17 4,975,600
Aa2 AA 1,700 Onondaga County,
5.875%, 2/15/11 1,890,298
Aa2 AA 1,600 Onondaga County,
5.875%, 2/15/12 1,777,808
Baa1 A 1,700 Puerto Rico Commonwealth,
0.00%, 7/1/18 611,915
- --------------------------------------------------------------------------------
$ 27,612,525
- --------------------------------------------------------------------------------
Healthcare -- 1.1%
- --------------------------------------------------------------------------------
NR NR $ 5,000 New York State Housing
Finance Agency, "RITES",
Variable
Rate, 5/1/06/(3)/ $ 5,700,000
- --------------------------------------------------------------------------------
$ 5,700,000
- --------------------------------------------------------------------------------
Hospitals -- 8.4%
- --------------------------------------------------------------------------------
Baa1 BBB+ $ 5,000 New York State Dormitory
Authority, (Jamaica
Hospital), 5.20%, 2/15/15 $ 4,941,050
Aa2 AAA 1,500 New York State Dormitory
Authority, (Long Island
Jewish Medical Center)
(FHA), 7.75%, 8/15/27 1,533,870
NR AAA 1,000 New York State Dormitory
Authority, (St. Francis
Hospital) (FHA), 7.65%,
8/1/30 1,100,420
A3 A- 7,300 New York State Dormitory
Authority, Mental Health
Facilities, 5.375%,
2/15/26 7,302,263
Aa2 AAA 980 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA),
6.55%, 8/15/12 1,063,996
NR AA 9,000 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA),
6.70%, 8/15/23 9,779,310
Aa2 AA 1,050 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA),
6.75%, 2/15/12 1,139,744
Aa2 AA 1,500 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA),
6.95%, 2/15/32 1,640,925
Aa2 AA 2,190 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA),
7.00%, 8/15/32 2,415,242
Aa2 AA 6,600 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA),
7.25%, 2/15/31 7,284,420
Aa2 AA 730 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA),
7.35%, 2/15/29 774,698
Aa2 AA 950 New York State MCFFA,
Insured Mortgage (FHA),
7.45%, 8/15/31 1,044,269
See notes to financial statements
51
<PAGE>
New York Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Hospitals (continued)
- --------------------------------------------------------------------------------
Baa1 BBB+ $ 1,800 Syracuse Industrial Development
Agency (IDA), (St. Joseph's
Hospital Health Center), 7.50%,
6/1/18 $ 2,009,880
- --------------------------------------------------------------------------------
$ 42,030,087
- --------------------------------------------------------------------------------
Hotels -- 0.2%
- --------------------------------------------------------------------------------
NR NR $ 3,000 Niagara County, NY, Industrial
Development Authority (Winter-
garden Inn Associates), 9.75%,
6/1/11/(4)/ $ 1,200,000
- --------------------------------------------------------------------------------
$ 1,200,000
- --------------------------------------------------------------------------------
Housing -- 5.7%
- --------------------------------------------------------------------------------
NR NR $ 4,528 New York City HDC, Allerville,
6.50%, 11/15/18 $ 4,566,636
NR NR 1,985 New York City HDC,
Dayton, 6.50%, 11/15/18 2,084,875
NR AAA 2,550 New York City HDC, Multi-Unit
Management, 7.35%, 6/1/19 2,727,302
Aa2 AAA 235 New York State Housing Finance
Agency, Baytown, 7.10%, 8/15/35 249,502
Aaa NR 30,855 New York State Mortgage Agency,
0.00%, 10/1/14 6,491,892
Aa2 NR 500 New York State Mortgage Agency,
6.65%, 4/1/22 528,945
Aa2 NR 8,750 New York State Mortgage Agency,
6.90%, 4/1/15 9,449,913
Aa2 NR 1,000 New York State Mortgage Agency,
7.50%, 4/1/15 1,076,800
Aa2 NR 1,600 New York State Mortgage Agency
(AMT), 7.95%, 10/1/21 1,724,256
- --------------------------------------------------------------------------------
$ 28,900,121
- --------------------------------------------------------------------------------
Insured-Colleges and Universities -- 1.4%
- --------------------------------------------------------------------------------
Aaa AAA $ 5,000 New York State Dormitory
Authority, (City University),
(MBIA), 5.125%, 7/1/27 $ 4,921,400
Aaa AAA 2,000 New York State Dormitory
Authority, (Ithaca College),
(AMBAC), 5.25%, 7/1/26 2,004,880
- --------------------------------------------------------------------------------
$ 6,926,280
- --------------------------------------------------------------------------------
Insured-Electric Utilities -- 1.1%
- --------------------------------------------------------------------------------
Aaa AAA $ 5,000 Puerto Rico Telephone Authority
(MBIA) Variable Rate,
1/25/07/(3)/ $ 5,481,250
- --------------------------------------------------------------------------------
$ 5,481,250
- --------------------------------------------------------------------------------
Insured-General Obligations -- 2.6%
- --------------------------------------------------------------------------------
Aaa AAA $ 700 Bethlehem Central School
District (AMBAC), 7.10%,
11/1/08 $ 850,885
Aaa AAA 700 Bethlehem Central School
District (AMBAC), 7.10%,
11/1/09 855,400
Aaa AAA 770 Chautauqua County Unlimited
Tax (FGIC), 6.40%, 9/15/09 893,446
Aaa AAA 1,035 Erie County Water Authority
(AMBAC), 0.00%, 12/1/17 253,482
Aaa AAA 700 Jamestown, (Secondary AMBAC),
7.10%, 3/15/09 848,925
Aaa AAA 700 Jamestown, (Secondary AMBAC),
7.10%, 3/15/10 855,554
Aaa AAA 700 Jamestown, (Secondary AMBAC),
7.10%, 3/15/11 861,231
Aaa AAA 675 Jamestown, (Secondary AMBAC),
7.10%, 3/15/12 833,132
Aaa AAA 675 Jamestown, (Secondary AMBAC),
7.10%, 3/15/13 836,831
Aaa AAA 515 Jamestown, (Secondary AMBAC),
7.10%, 3/15/14 640,712
Aaa AAA 280 New York, NY (AMBAC), 7.00%,
8/1/17 311,542
Aaa AAA 4,500 Puerto Rico, (FSA), Variable
Rate, 7/1/22/(3)/ 5,118,750
- --------------------------------------------------------------------------------
$ 13,159,890
- --------------------------------------------------------------------------------
Insured-Hospitals -- 2.3%
- --------------------------------------------------------------------------------
Aaa AAA $ 3,985 New York State Dormitory
Authority, (Southside
Hospital), (MBIA), 5.00%,
2/15/18 $ 3,872,344
Aaa AAA 1,300 New York State MCFFA, New
York Hospital (FHA)
(AMBAC),
6.60%, 2/15/11 1,388,049
Aaa AAA 5,400 New York State MCFFA, New
York Hospital (FHA)
(AMBAC),
6.75%, 8/15/14 6,251,472
- --------------------------------------------------------------------------------
$ 11,511,865
- --------------------------------------------------------------------------------
See notes to financial statements
52
<PAGE>
New York Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Insured-Housing -- 0.1%
- --------------------------------------------------------------------------------
Aaa AAA $ 500 New York City HDC, Charter Oaks
(MBIA), 7.375%, 4/1/17 $ 508,350
- --------------------------------------------------------------------------------
$ 508,350
- --------------------------------------------------------------------------------
Insured-Life Care -- 0.3%
- --------------------------------------------------------------------------------
Aaa AAA $ 1,500 New York State MCFFA, Long Term
Health Care (FSA), 6.80%,
11/1/14 $ 1,650,555
- --------------------------------------------------------------------------------
$ 1,650,555
- --------------------------------------------------------------------------------
Insured-Miscellaneous -- 0.5%
- --------------------------------------------------------------------------------
Aaa AAA $ 500 New York City IDA, (USTA
National Tennis Center Inc.)
(FSA), 6.375%, 11/15/14 $ 556,535
Aaa AAA 1,600 New York City Trust Cultural
Resources, (American Museum of
Natural History), (MBIA),
5.65%, 4/1/22 1,674,240
- --------------------------------------------------------------------------------
$ 2,230,775
- --------------------------------------------------------------------------------
Insured-Solid Waste -- 1.9%
- --------------------------------------------------------------------------------
Aaa AAA $ 1,650 Dutchess County Resource
Recovery Solid Waste (FGIC),
7.50%, 1/1/09 $ 1,771,770
Aaa AAA 6,795 Islip Resource Recovery
Agency (MBIA), 6.50%, 7/1/09 7,761,996
- --------------------------------------------------------------------------------
$ 9,533,766
- --------------------------------------------------------------------------------
Insured-Transportation -- 5.5%
- --------------------------------------------------------------------------------
Aaa AAA $ 6,000 Metropolitan Transportation
Authority of New York, (MBIA),
5.00%, 7/1/20 $ 5,865,600
Aaa AAA 5,000 Metropolitan Transportation
Authority of New York, (MBIA),
5.25%, 4/1/26 5,012,450
Aaa AAA 2,500 New York State Thruway Authority,
Highway and Trust Fund, (FGIC),
5.00%, 4/1/15 2,471,800
Aaa AAA 3,000 Triborough Bridge and Tunnel
Authority of New York, "RITES",
(AMBAC), Variable Rate,
1/1/12/(3)/ 3,446,250
NR AAA 3,000 Triborough Bridge and Tunnel
Authority, NY, (MBIA), Variable
Rate, 1/1/19/(3)/ 3,243,750
NR NR 7,000 VRDC-IVRC Trust, (NY MTA),
Variable Rate, (MBIA),
6/26/02/(3)/ 7,665,000
- --------------------------------------------------------------------------------
$ 27,704,850
- --------------------------------------------------------------------------------
Lease Revenue /
Certificates of Participation -- 14.8%
- --------------------------------------------------------------------------------
Baa1 BBB+ $ 8,000 New York State Dormitory
Authority, (City University),
5.625%, 7/1/16 $ 8,474,720
Baa1 BBB+ 8,500 New York State Dormitory
Authority, (City University),
6.00%, 7/1/20 9,425,480
Baa1 BBB+ 5,100 New York State Dormitory
Authority, (City University),
7.00%, 7/1/09 5,921,253
Baa1 BBB+ 4,325 New York State Dormitory
Authority, (City University),
7.50%, 7/1/10 5,274,857
Baa1 BBB+ 3,380 New York State HFA Health
Facilities, 6.00%, 5/1/06 3,646,581
NR BBB 5,865 New York State Thruway
Authority, 0.00%, 1/1/01 5,197,798
NR BBB 2,350 New York State Thruway
Authority, 0.00%, 1/1/03 1,890,787
Baa1 BBB+ 27,940 New York State UDC, 5.70%,
4/1/20 29,758,055
Baa1 BBB+ 3,200 New York State Urban
Development Corp., (Youth
Facilities), 5.00%, 4/1/13 3,114,432
A A 1,825 Syracuse-Hancock International
Airport, 6.625%, 1/1/12 1,952,166
- --------------------------------------------------------------------------------
$ 74,656,129
- --------------------------------------------------------------------------------
Life Care -- 0.6%
- --------------------------------------------------------------------------------
A3 AA- $ 3,000 New York State Dormitory
Authority, (Mental Health
Services), 5.00%, 2/15/18 $ 2,893,620
- --------------------------------------------------------------------------------
$ 2,893,620
- --------------------------------------------------------------------------------
See notes to financial statements
53
<PAGE>
New York Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Solid Waste -- 2.0%
- --------------------------------------------------------------------------------
Baa1 NR $ 9,530 New York State EFC Resource
Recovery, Huntington, 7.50%,
10/1/12 $ 10,146,972
- --------------------------------------------------------------------------------
$ 10,146,972
- --------------------------------------------------------------------------------
Special Tax Revenue -- 6.6%
- --------------------------------------------------------------------------------
A3 A+ $14,530 New York State LGAC, 5.00%,
4/1/21 $ 14,373,366
A3 A+ 11,900 New York State LGAC, 5.375%,
4/1/19 12,062,792
NR BBB+ 2,630 New York State Municipal Bond
Bank Agency, 6.875%, 3/15/06 2,854,339
Baa1 BBB+ 3,335 Triborough Bridge and Tunnel
Authority, Convention Center,
6.00%, 1/1/11 3,682,841
- --------------------------------------------------------------------------------
$ 32,973,338
- --------------------------------------------------------------------------------
Transportation -- 4.8%
- --------------------------------------------------------------------------------
Baa1 BBB+ $ 2,535 Metropolitan Transportation
Authority of New York, 5.50%,
7/1/14/(1)/ $ 2,589,198
A1 AA- 1,500 Port Authority of New York and
New Jersey (AMT), Variable Rate,
1/15/27/(3)/ 1,683,750
Baa1 A 4,000 Puerto Rico Highway and
Transportation Authority, 4.75%,
7/1/38 3,703,720
Aa3 A+ 12,080 Triborough Bridge and Tunnel
Authority, 5.50%, 1/1/17 12,884,648
Aa3 A+ 3,000 Triborough Bridge and Tunnel
Authority, 6.125%, 1/1/21 3,445,860
- --------------------------------------------------------------------------------
$ 24,307,176
- --------------------------------------------------------------------------------
Water and Sewer -- 3.0%
- --------------------------------------------------------------------------------
A2 A- $ 7,000 New York City Municipal, Water
Finance Authority, 5.25%,
6/15/29 $ 6,956,880
A2 A- 3,500 New York City Municipal, Water
Finance Authority, 4.75%,
6/15/25 3,243,030
Aa2 A+ 4,545 New York State EFC, State Water
Pollution Control, 7.20%,
3/15/11 4,888,329
- --------------------------------------------------------------------------------
$ 15,088,239
- --------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $466,422,435) $503,552,342
- --------------------------------------------------------------------------------
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by New York
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at March 31, 1998, 16.0% 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 institution ranged from 0.3% to 6.5% 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)/ Non-income producing security.
See notes to financial statements
54
<PAGE>
Ohio Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments -- 100.0%
Ratings (Unaudited)
- ------------------- Principal
Standard Amount
& (000's
Moody's Poor's omitted) Security Value
- ---------------------------------------------------------------------------
Colleges and Universities -- 0.3%
- ---------------------------------------------------------------------------
Aa AA $ 550 Ohio State Higher
Educational Facilities,
(Case Western
University), 6.50%, 10/1/20 $ 660,688
- ---------------------------------------------------------------------------
$ 660,688
- ---------------------------------------------------------------------------
Education -- 4.4%
- ---------------------------------------------------------------------------
A1 NR $ 6,000 Ohio State Student Loan
Funding Corp (AMT),
6.10%, 8/1/07 $ 6,293,700
A1 NR 5,000 Ohio State Student Loan
Funding Corp (AMT),
6.10%, 8/1/08 5,232,850
- ---------------------------------------------------------------------------
$ 11,526,550
- ---------------------------------------------------------------------------
Electric Utilities -- 3.6%
- ---------------------------------------------------------------------------
A1 A+ $ 1,185 Ohio State Air Quality
Development Authority,
6.10%, 9/1/30 $ 1,271,766
Ba1 BB+ 7,000 Ohio State Water
Development Authority,
Pollution Control
Facilities, (Cleveland
Electric), (AMT), 6.10%,
8/1/20 7,332,079
NR NR 960 Virgin Islands Water and
Power Authority, 7.40%,
7/1/11 1,049,424
- ---------------------------------------------------------------------------
$ 9,653,269
- ---------------------------------------------------------------------------
Escrowed/Prerefunded -- 2.3%
- ---------------------------------------------------------------------------
NR NR $ 2,905 Greene County, IDA,
(Fairview Extended Care),
10.125%, 1/1/11 $ 3,428,626
NR AAA 1,700 Puerto Rico Commonwealth,
"RIBS", (AMBAC), Variable
Rate, 7/1/15/(1)/ 1,980,500
Aa2 NR 600 Warren County, (Otterbein
Homes), 7.20%, 7/1/11 655,554
- ---------------------------------------------------------------------------
$ 6,064,680
- ---------------------------------------------------------------------------
General Obligations -- 7.0%
- ---------------------------------------------------------------------------
NR NR $ 3,035 Belmont County,
7.30%, 12/1/12 $ 3,302,596
NR NR 2,450 Cleveland City School
District, 7.25%, 6/15/98 2,458,747
NR NR 800 Mahoning Valley,
Sanitation District,
7.80%, 12/15/08 871,632
NR NR 950 Mahoning Valley,
Sanitation District,
7.80%, 12/15/09 1,034,398
Baa1 A 1,075 Puerto Rico Commonwealth,
0.00%, 7/1/16 430,333
Aa2 NR 1,250 Rocky River Ohio City,
School District, 5.375%,
12/1/17 1,306,563
NR NR 1,000 Tuscarawas Public Library
Improvement, 6.90%,
12/1/11 1,059,470
NR NR 6,855 Youngstown, 7.35%, 7/1/05 7,915,673
- ---------------------------------------------------------------------------
$ 18,379,412
- ---------------------------------------------------------------------------
Hospitals -- 18.7%
- ---------------------------------------------------------------------------
NR AAA $ 1,000 Allen County, LIMA
Convalescent Home
Foundation (GNMA), 6.40%,
1/1/21 $ 1,065,730
Baa3 BBB- 1,000 Butler County
(Hamilton-Hughe
Hospital), 7.50%, 1/1/10 1,087,220
A1 A 2,100 Cuyahoga County,
(Fairview General
Hospital), 6.25%, 8/15/10 2,252,691
Aa AA 4,450 Cuyahoga County,
(University Hospitals
Health System), 6.00%,
1/15/22 4,713,351
Aa AA 750 Cuyahoga County,
(University Hospitals
Health System), 6.50%,
1/15/19 809,138
NR BBB+ 3,280 Defiance, (Defiance
Hospital), 7.625%, 11/1/03 3,337,498
Baa2 BBB+ 1,000 East Liverpool, (City
Hospital), 8.00%, 10/1/21 1,096,530
A A 4,000 Erie County, (Fireland
Community Hospital),
6.75%, 1/1/08 4,360,200
Aa NR 3,000 Franklin County
(Children's Hospital),
6.60%, 5/1/13 3,305,760
A A 1,015 Garfield Heights
(Marymount Hospital),
6.65%, 11/15/11 1,102,513
A A 1,000 Garfield Heights
(Marymount Hospital),
6.70%, 11/15/15 1,087,400
A2 A 5,115 Hamilton County (Bethesda
Hospital, Inc.), 6.25%,
1/1/12 5,521,489
Aa2 NR 1,000 Hamilton County, (Wesley
Hall), 6.50%, 3/1/15 1,107,790
See notes to financial statements
55
<PAGE>
Ohio Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- ------------------- Principal
Standard Amount
& (000's
Moody's Poor's omitted) Security Value
- ---------------------------------------------------------------------------
Hospitals (continued)
- ---------------------------------------------------------------------------
A1 NR $ 1,095 Lorain County (Humility
of Mary Health Care
Corp.),
7.125%, 12/15/06 $ 1,234,799
A1 NR 1,000 Lorain County (Humility
of Mary Health Care
Corp.),
7.20%, 12/15/11 1,192,130
A1 NR 1,750 Lorain, (Lakeland County
Hospital), 6.50%, 11/15/12 1,984,903
Baa2 BBB 3,800 Miami, (Upper Valley
Medical Center), 6.375%,
5/15/26 4,075,006
NR NR 9,670 Mt. Vernon, (Knox
Community Hospital),
7.875%, 6/1/12 9,935,150
- ---------------------------------------------------------------------------
$ 49,269,298
- ---------------------------------------------------------------------------
Housing -- 14.1%
- ---------------------------------------------------------------------------
Aa NR $ 1,300 Clermont County, (SEM
Laurels), (FHA), 6.00%,
9/1/20 $ 1,351,142
NR NR 3,000 Cuyahoga County, (Rolling
Hills Apts.), (AMT),
8.00%, 1/1/28 3,006,210
Aa NR 2,500 Franklin County MFMR -
Tuttle Park (FHA), (AMT),
6.50%, 3/1/26 2,695,225
Aa NR 5,985 Franklin County MFMR -
Tuttle Park (FHA), (AMT),
6.60%, 3/1/36 6,479,361
Aa NR 3,645 Franklin County,
(Hamilton Creek
Apartments) (FHA), (AMT),
5.55%, 7/1/24 3,634,648
Aa NR 1,000 Franklin County,
(Hamilton Creek
Apartments) (FHA), (AMT),
5.80%, 7/1/14 1,024,580
Aaa NR 2,500 Kent MFMR, (Silver
Meadows), (GNMA), (AMT),
7.30%, 12/20/36 2,799,050
NR NR 2,975 Lucas County, (County
Creek Project), (AMT),
8.00%, 7/1/26 2,948,106
Aaa AAA 835 Ohio HFA SFMR, (GNMA)
(AMT) Variable Rate,
3/31/31/(1)/ 938,331
Aa A 1,000 Ohio HFA, (Aristocrat),
(FHA), (AMT), 7.30%,
8/1/31 1,058,890
NR AAA 3,310 Ohio HFA, Residential,
(GNMA), (AMT), 6.375%,
3/1/25 3,518,894
NR AAA 4,595 Ohio HFA, Residential,
(GNMA), (AMT), 6.70%,
3/1/25 4,936,271
Baa BBB 2,925 Puerto Rico Commonwealth
Urban Renewal and Housing
Corp., 0.00%, 10/1/99 2,754,677
- ---------------------------------------------------------------------------
$ 37,145,385
- ---------------------------------------------------------------------------
Industrial Development Revenue/Pollution
Control Revenue -- 12.4%
- ---------------------------------------------------------------------------
Aa NR $ 2,000 Cuyahoga, IDR, (Chippewa
Place), 6.60%, 8/1/15 $ 2,143,100
Baa1 NR 3,750 Ohio Air Quality
Development Authority,
(Ashland Oil Inc.),
6.85%, 4/1/10 3,986,625
NR A- 545 Ohio Economic Development
Commission, (Burrows
Paper Corp.) (AMT),
7.625%, 6/1/11 598,214
NR A- 240 Ohio Economic Development
Commission, (Cheryl &
Co.) (AMT), 5.50%, 12/1/04 256,022
NR A- 530 Ohio Economic Development
Commission, (Cheryl &
Co.), (AMT), 5.90%,
12/1/09 571,086
NR A- 1,610 Ohio Economic Development
Commission, (Consolidated
Biscuit), (AMT),
7.00%, 12/1/09 1,804,891
NR A- 3,210 Ohio Economic Development
Commission, (J J & W LP)
(AMT), 6.70%, 12/1/14 3,563,967
NR BB 1,020 Ohio Economic Development
Commission, (Kmart
Corp.), 6.75%, 5/15/07 1,096,449
NR A- 750 Ohio Economic Development
Commission, (Luigino's
Inc.) (AMT), 6.85%, 6/1/01 753,630
NR A- 1,525 Ohio Economic Development
Commission, (Progress
Plastic Products) (AMT),
7.80%, 12/1/09 1,790,152
NR A- 650 Ohio Economic Development
Commission, (Progress
Plastics Products),
(AMT), 6.80%, 12/1/01 693,966
NR A- 1,000 Ohio Economic Development
Commission, (Royal
Appliance Manufacturing
Co.) (AMT), 7.625%, 12/1/11 1,105,140
NR A- 680 Ohio Economic Development
Commission, (Royal
Appliance Manufacturing
Co.) (AMT), 7.625%, 12/1/11 751,495
See notes to financial statements
56
<PAGE>
Ohio Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- ------------------- Principal
Standard Amount
& (000's
Moody's Poor's omitted) Security Value
- ---------------------------------------------------------------------------
Industrial Development Revenue/
Pollution Control Revenue (continued)
- ---------------------------------------------------------------------------
NR A- $ 880 Ohio Economic Development
Commission, (VSM Corp.)
(AMT), 7.375%, 12/1/11 $ 965,228
Aa3 AA 1,000 Ohio Pollution Control,
(Standard Oil Co.),
6.75%, 12/1/15 1,187,030
NR NR 3,000 Ohio Solid Waste Revenue,
(Republic Engineered
Steels Inc.), (AMT),
9.00%, 6/1/21 3,234,660
Baa2 BBB 3,805 Ohio Water Development
Authority, (Union Carbide
Corp.), 5.50%, 1/15/07 3,807,702
Baa3 BBB- 4,000 Puerto Rico Port
Authority, (American
Airlines), (AMT), 6.25%,
6/1/26 4,349,800
- ---------------------------------------------------------------------------
$ 32,659,157
- ---------------------------------------------------------------------------
Insured-Colleges and Universities -- 0.4%
- ---------------------------------------------------------------------------
Aaa AAA $ 1,000 Ohio Higher Education
Facilities (University of
Dayton) (FGIC), 5.80%,
12/1/14 $ 1,067,370
- ---------------------------------------------------------------------------
$ 1,067,370
- ---------------------------------------------------------------------------
Insured-Electric Utilities -- 6.2%
- ---------------------------------------------------------------------------
Aaa AAA $ 1,650 Cleveland Public Power
System, (MBIA), 7.00%,
11/15/17 $ 1,818,515
Aaa AAA 10,000 Cleveland, Public Power
System, (MBIA), 5.00%,
11/15/20 9,787,299
Aaa AAA 2,000 Cuyahoga County Utility
Systems, (Medical Center
Company), (MBIA), (AMT),
6.10%, 8/15/15 2,149,720
Aaa AAA 2,300 Puerto Rico Electric
Power Authority,
"STRIPES", (FSA),
Variable Rate, 7/1/02/(1)/ 2,567,375
- ---------------------------------------------------------------------------
$ 16,322,909
- ---------------------------------------------------------------------------
Insured-General Obligations -- 2.0%
- ---------------------------------------------------------------------------
Aaa AAA $ 2,000 North Olmsted, (AMBAC),
5.00%, 12/1/16 $ 1,980,720
Aaa AAA 3,000 Puerto Rico, (FSA),
Variable Rate, 7/1/22/(1)/ 3,412,500
- ---------------------------------------------------------------------------
$ 5,393,220
- ---------------------------------------------------------------------------
Insured-Hospitals -- 9.4%
- ---------------------------------------------------------------------------
Aaa AAA $ 1,000 Clermont County, (Mercy
Health System), (AMBAC),
Variable Rate, 10/5/21/(1)/ $ 1,203,750
Aaa AAA 1,000 East Liverpool, (City
Hospital), (FSA), 5.00%,
10/1/21 971,730
Aaa AAA 6,500 Mahoning County, Hospital
Facilities Revenue,
(Forum Health), (MBIA),
5.00%, 11/15/17 6,333,145
Aaa AAA 2,750 Mansfield, (Mansfield
General Hospital),
(AMBAC),
6.70%, 12/1/09 3,006,740
Aaa AAA 5,000 Middleburg Heights,
(Southwestern General),
(FSA), 5.75%, 8/15/21 5,318,800
Aaa AAA 1,000 Montgomery County, (Miami
Valley Hospital) (AMBAC),
6.25%, 11/15/16 1,088,520
Aaa AAA 6,565 Portage County, (Robinson
Memorial Hospital),
(MBIA), 5.80%, 11/15/15 7,014,637
- ---------------------------------------------------------------------------
$ 24,937,322
- ---------------------------------------------------------------------------
Insured-Housing -- 2.7%
- ---------------------------------------------------------------------------
Aaa AAA $ 1,100 Ohio Capital Corp.,
(Horizon Apts.), (FHA),
(MBIA), 6.50%, 1/1/23 $ 1,156,793
Aaa AAA 6,000 Ohio Capital Corp.,
(Section 8), (FHA), 6,001,500
(MBIA), 5.30%, 1/1/24
- ---------------------------------------------------------------------------
$ 7,158,293
- ---------------------------------------------------------------------------
Insured-Lease Revenue/Certificates of
Participation -- 0.9%
- ---------------------------------------------------------------------------
Aaa AAA $ 2,500 University of Cincinnati,
(MBIA), 5.125%, 6/1/24 $ 2,462,625
- ---------------------------------------------------------------------------
$ 2,462,625
- ---------------------------------------------------------------------------
Insured-Special Tax Revenue -- 0.5%
- ---------------------------------------------------------------------------
Aaa AAA $ 2,110 Hudson Local School
District, (FGIC), 0.00%, $ 1,227,746
12/15/09
- ---------------------------------------------------------------------------
$ 1,227,746
- ---------------------------------------------------------------------------
See notes to financial statements
57
<PAGE>
Ohio Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ---------------------------------------------------------------------------
Insured-Transportation -- 3.3%
- ---------------------------------------------------------------------------
Aaa AAA $ 7,000 Columbus Municipal
Airport Authority,
(AMBAC), 5.00%, 1/1/28 $ 6,788,670
Aaa AAA 2,000 Ohio State Airline
Quality Development
Authority, (JMG Funding),
(AMBAC), 5.625%, 10/1/22 2,072,220
- ---------------------------------------------------------------------------
$ 8,860,890
- ---------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 0.4%
- ---------------------------------------------------------------------------
A2 A+ $ 1,000 University of Cincinnati,
6.50%, 12/1/11 $ 1,096,120
- ---------------------------------------------------------------------------
$ 1,096,120
- ---------------------------------------------------------------------------
Life Care -- 1.9%
- ---------------------------------------------------------------------------
Aa NR $ 1,990 Franklin County,
(Kensington Place),
6.75%, 1/1/34 $ 2,100,943
Aa2 NR 1,000 Hamilton County,
(Hospital - Episcopal
Retirement Home), 6.80%,
1/1/08 1,081,890
NR BBB- 1,800 Marion, Health Care,
(United Church Home),
6.30%, 11/15/15 1,905,750
- ---------------------------------------------------------------------------
$ 5,088,583
- ---------------------------------------------------------------------------
Nursing Homes -- 4.5%
- ---------------------------------------------------------------------------
Aaa NR $ 1,305 Cuyahoga County, (Maple
Care Center) (GNMA),
(AMT), 8.00%, 8/20/16 $ 1,582,443
NR AAA 1,205 North Canton, Health Care
Facilities, (St. Luke
Lutheran), (GNMA), 6.10%,
9/20/16 1,327,187
NR AAA 6,455 North Canton, Health Care
Facilities, (St. Luke
Lutheran), (GNMA), 9.55%,
3/20/32 8,870,654
- ---------------------------------------------------------------------------
$ 11,780,284
- ---------------------------------------------------------------------------
Special Tax Revenue -- 1.2%
- ---------------------------------------------------------------------------
Baa1 A $ 3,000 Puerto Rico, Highway and
Transportation Authority,
6.625%, 7/1/12 $ 3,297,000
- ---------------------------------------------------------------------------
$ 3,297,000
- ---------------------------------------------------------------------------
Transportation -- 3.4%
- ---------------------------------------------------------------------------
NR BBB $ 5,630 Guam Airport Authority,
(AMT), 6.70%, 10/1/23 $ 6,173,971
Baa1 A 3,000 Puerto Rico Highway and
Transportation Authority,
4.75%, 7/1/38 2,777,790
- ---------------------------------------------------------------------------
$ 8,951,761
- ---------------------------------------------------------------------------
Water and Sewer -- 0.4%
- ---------------------------------------------------------------------------
NR NR $ 1,000 Vermilion Water,
7.25%, 8/15/15 $ 1,063,080
- ---------------------------------------------------------------------------
$ 1,063,080
- ---------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $246,107,305) $264,065,642
- ---------------------------------------------------------------------------
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 the risk associated with such economic
developments, at March 31, 1998, 26.3% 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 institution ranged from 0.8% to 14.1% of total investments.
/(1)/ Security has been issued as an inverse floater bond.
See notes to financial statements
58
<PAGE>
Rhode Island Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments -- 100.0%
Ratings (Unaudited) Principal
- ------------------- Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Education -- 1.9%
- --------------------------------------------------------------------------------
A NR $ 750 Rhode Island Student Loan
Authority, (AMT), 5.60%,
12/1/12 $ 782,025
- --------------------------------------------------------------------------------
$ 782,025
- --------------------------------------------------------------------------------
Escrowed / Prerefunded -- 0.7%
- --------------------------------------------------------------------------------
NR AAA $ 250 Puerto Rico Commonwealth,
"RIBS", (AMBAC), Variable
Rate, 7/1/15/(1)/ $ 291,250
- --------------------------------------------------------------------------------
$ 291,250
- --------------------------------------------------------------------------------
General Obligations -- 3.0%
- --------------------------------------------------------------------------------
Baa1 A $ 225 Puerto Rico Commonwealth,
0.00%, 7/1/16 $ 90,070
Baa1 A 1,000 Puerto Rico Public
Buildings Authority, 5.25%,
7/1/21 998,580
Baa2 NR 105 West Warwick, 6.80%,
7/15/98/(2)/ 105,738
- --------------------------------------------------------------------------------
$ 1,194,388
- --------------------------------------------------------------------------------
Hospitals -- 9.2%
- --------------------------------------------------------------------------------
NR AA $1,500 Rhode Island Health and
Educational Building Corp.,
(Landmark Medical Center),
5.875%, 10/1/19 $ 1,561,275
A3 A- 1,250 Rhode Island Health and
Educational Building Corp.,
(South County Hospital),
5.75%, 11/15/26 1,285,138
Baa3 BBB 830 Rhode Island Health and
Educational Building Corp.,
(Westerly Hospital), 6.00%,
7/1/14 868,072
- --------------------------------------------------------------------------------
$ 3,714,485
- --------------------------------------------------------------------------------
Housing -- 16.4%
- --------------------------------------------------------------------------------
Aa2 AA+ $ 220 Rhode Island Housing and
Mortgage Finance Corp.,
6.50%, 4/1/27 $ 232,379
Aa2 AA+ 85 Rhode Island Housing and
Mortgage Finance Corp.,
6.85%, 4/1/27 91,416
Aa AA+ 200 Rhode Island Housing and
Mortgage Finance Corp.,
7.875%, 10/1/22 209,348
Aa2 AA+ 1,750 Rhode Island Housing and
Mortgage Finance Corp.,
(AMT), 6.60%, 10/1/25 1,860,968
Aa2 AA+ 100 Rhode Island Housing and
Mortgage Finance Corp.,
(AMT), 6.70%, 10/1/12 106,737
Aa2 AA+ 875 Rhode Island Housing and
Mortgage Finance Corp.,
(AMT), 6.80%, 10/1/25/(3)/ 929,941
Aa2 AA+ 1,000 Rhode Island Housing and
Mortgage Finance Corp.,
(AMT), 7.10%, 10/1/23 1,049,880
Aa2 AA+ 2,000 Rhode Island Housing and
Mortgage Finance Corp.,
(AMT), 7.55%, 10/1/22 2,129,620
Aa AA+ 35 Rhode Island Housing and
Mortgage Finance Corp.,
(AMT), 7.875%, 10/1/22 36,636
- --------------------------------------------------------------------------------
$ 6,646,925
- --------------------------------------------------------------------------------
Industrial Development Revenue / Pollution Control Revenue -- 1.3%
- --------------------------------------------------------------------------------
Baa3 BBB- $ 500 Puerto Rico Port Authority,
(American Airlines), (AMT),
6.30%, 6/1/23 $ 534,500
- --------------------------------------------------------------------------------
$ 534,500
- --------------------------------------------------------------------------------
Insured-Electric Utilities -- 1.7%
- --------------------------------------------------------------------------------
Aaa AAA $1,750 Puerto Rico Electric Power
Authority, (MBIA), 0.00%,
7/1/17 $ 675,080
- --------------------------------------------------------------------------------
$ 675,080
- --------------------------------------------------------------------------------
Insured-General Obligations -- 12.5%
- --------------------------------------------------------------------------------
Aaa AAA $1,500 Kent County Water
Authority, (MBIA), 6.35%,
7/15/14 $ 1,665,315
Aaa AAA 750 Puerto Rico Public Building
Authority, (AMBAC), 5.00%,
7/1/27 729,720
Aaa AAA 500 Rhode Island Depositors
Economic Protection Corp.,
(MBIA), 5.80%, 8/1/09 556,005
Aaa AAA 1,000 Rhode Island Depositors
Economic Protection Corp.,
(MBIA), 5.80%, 8/1/12 1,107,640
Aaa AAA 1,000 Warwick, RI, Series A,
(FGIC), 5.00%, 3/1/17 989,110
- --------------------------------------------------------------------------------
$ 5,047,790
- --------------------------------------------------------------------------------
See notes to financial statements
59
<PAGE>
Rhode Island Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited) Principal
- ------------------- Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Insured-Hospitals -- 15.3%
- --------------------------------------------------------------------------------
Aaa AAA $3,350 Rhode Island Health And
Educational Building Corp.,
(Lifespan) (MBIA), 5.75%,
5/15/23/(4)/ $ 3,515,456
Aaa AAA 2,700 Rhode Island Health and
Educational Building Corp.,
Lifespan Obligation Group,
(MBIA), 5.25%, 5/15/26 2,684,124
- --------------------------------------------------------------------------------
$ 6,199,580
- --------------------------------------------------------------------------------
Insured-Housing -- 5.5%
- --------------------------------------------------------------------------------
Aa2 AA+ $ 500 Rhode Island Housing and
Mortgage Finance Corp.,
(MBIA), 6.20%, 10/1/06 $ 531,040
Aaa AAA 1,075 Villa Excelsior Housing
Development Corp. Mortgage,
(MBIA), 6.75%, 1/1/19 1,156,904
Aaa AAA 500 Villa Excelsior Housing
Development Corp. Mortgage,
(MBIA), 6.85%, 1/1/24 539,325
- --------------------------------------------------------------------------------
$ 2,227,269
- --------------------------------------------------------------------------------
Insured-Special Tax Revenue -- 13.1%
- --------------------------------------------------------------------------------
Aaa AAA $3,000 Convention Center Authority
of Rhode Island, (MBIA),
5.00%, 5/15/20 $ 2,910,000
Aaa AAA 2,300 Convention Center Authority
of Rhode Island, (MBIA),
5.25%, 5/15/15 2,378,913
- --------------------------------------------------------------------------------
$ 5,288,913
- --------------------------------------------------------------------------------
Insured-Water and Sewer -- 4.3%
- --------------------------------------------------------------------------------
Aaa AAA $ 750 Rhode Island Clean Water,
Safe Drinking Water,
(AMBAC), 6.70%, 1/1/15 $ 850,065
Aaa AAA 350 Rhode Island Clean Water,
Water Pollution Control,
(MBIA), 5.40%, 10/1/15 367,038
Aaa AAA 500 Rhode Island Clean Water,
Water Pollution Control,
(MBIA), 5.85%, 10/1/09 544,335
- --------------------------------------------------------------------------------
$ 1,761,438
- --------------------------------------------------------------------------------
Life Care -- 2.6%
- --------------------------------------------------------------------------------
NR NR $1,000 Rhode Island Health and
Educational Building Corp.,
(Tockwotton Home), 6.25%,
8/15/22 $ 1,065,940
- --------------------------------------------------------------------------------
$ 1,065,940
- --------------------------------------------------------------------------------
Miscellaneous -- 0.6%
- --------------------------------------------------------------------------------
Baa1 A- $ 230 Rhode Island Depositors
Economic Protection Corp.,
5.75%, 8/1/21 $ 251,305
- --------------------------------------------------------------------------------
$ 251,305
- --------------------------------------------------------------------------------
Nursing Homes -- 1.8%
- --------------------------------------------------------------------------------
NR NR $ 725 Rhode Island Health And
Educational Building Corp.,
(Steere House), 5.80%,
7/1/20 $ 739,638
- --------------------------------------------------------------------------------
$ 739,638
- --------------------------------------------------------------------------------
Special Tax Revenue -- 4.2%
- --------------------------------------------------------------------------------
Baa3 BBB- $1,500 City of Providence Special
Obligation Tax Increment
Bonds, 7.65%, 6/1/16 $ 1,708,110
- --------------------------------------------------------------------------------
$ 1,708,110
- --------------------------------------------------------------------------------
Transportation -- 5.9%
- --------------------------------------------------------------------------------
NR BBB $ 500 Guam Airport Authority,
(AMT), 6.70%, 10/1/23 $ 548,310
Baa1 A 2,000 Puerto Rico, Highway and
Transportation Authority,
4.75%, 7/1/38 1,851,860
- --------------------------------------------------------------------------------
$ 2,400,170
- --------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $38,034,509) $40,528,806
- --------------------------------------------------------------------------------
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative
Minimum Tax.
See notes to financial statements
60
<PAGE>
Rhode Island Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
The Portfolio invests primarily in debt securities issued by Rhode Island
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at March 31, 1998, 53.0% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institution ranged from 0.2% to 3.8% of total investments.
/(1)/ Security has been issued as an inverse floater bond.
/(2)/ When-issued security.
/(3)/ Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
/(4)/ Security has been segregated to cover when-issued securities.
See notes to financial statements
61
<PAGE>
West Virginia Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments -- 100.0%
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Electric Utilities -- 11.5%
- --------------------------------------------------------------------------------
A2 A $2,000 Harrison, WV PCR
(Monongahela Power Co.
Harrison Station), (AMT),
6.75%, 8/1/24 $ 2,227,259
Baa1 BBB+ 1,000 Mason, WV PCR (Appalacian
Power Co.), 6.85%, 6/1/22 1,098,610
Baa1 BBB+ 855 Puerto Rico Electric Power
Authority, 0.00%, 7/1/17 323,686
- --------------------------------------------------------------------------------
$ 3,649,555
- --------------------------------------------------------------------------------
Escrowed/Prerefunded -- 3.0%
- --------------------------------------------------------------------------------
Aaa AAA $2,500 Kanawha-Putnam, WV Single
Family Mortgage (AMBAC),
0.00%, 12/1/16 $ 963,275
- --------------------------------------------------------------------------------
$ 963,275
- --------------------------------------------------------------------------------
General Obligations -- 2.5%
- --------------------------------------------------------------------------------
NR BBB $ 400 Guam, 5.375%, 11/15/13 $ 403,832
Baa1 A 500 Puerto Rico Commonwealth,
0.00%, 7/1/16 200,155
Baa1 A 500 Puerto Rico Commonwealth,
0.00%, 7/1/18 179,975
- --------------------------------------------------------------------------------
$ 783,962
- --------------------------------------------------------------------------------
Hospitals -- 10.1%
- --------------------------------------------------------------------------------
NR BBB+ $1,250 Berkeley, WV Building
Commission (City Hospital),
6.50%, 11/1/22 $ 1,347,163
Baa1 BBB+ 250 Princeton, WV (Community
Hospital), 6.00%, 5/1/18 259,910
A1 NR 500 West Virginia HFA
(Charleston Area Medical
Center), 6.50%, 9/1/16 536,145
A1 NR 1,000 West Virginia HFA
(Charleston Area Medical
Center), 6.50%, 9/1/23 1,070,100
- --------------------------------------------------------------------------------
$ 3,213,318
- --------------------------------------------------------------------------------
Housing -- 1.6%
- --------------------------------------------------------------------------------
Aa2 AA+ $ 500 West Virginia State Housing
Development Fund, (AMT),
5.70%, 11/1/17 $ 515,810
- --------------------------------------------------------------------------------
$ 515,810
- --------------------------------------------------------------------------------
Industrial Development Revenue/Pollution Control Revenue -- 9.2%
- --------------------------------------------------------------------------------
NR A- $1,375 Jefferson, WV (Royal
Venders, Inc.) (AMT),
5.90%, 8/1/04 $ 1,473,161
Baa2 NR 300 Kanawha, WV (Union Carbide
Chemicals and Plastics Co.)
(AMT), 8.00%, 8/1/20 325,134
NR NR 1,000 Upshur, WV Solid Waste
(TJI) (AMT), 7.00%, 7/15/25 1,122,020
- --------------------------------------------------------------------------------
$ 2,920,315
- --------------------------------------------------------------------------------
Insured-Colleges and Universities -- 9.8%
- --------------------------------------------------------------------------------
Aaa AAA $ 550 West Virginia State
University System, (AMBAC),
6.00%, 4/1/12 $ 596,151
Aaa AAA 1,000 West Virginia State
University System,
(Marshall Library),(AMBAC),
5.75%, 4/1/16 1,060,520
Aaa AAA 500 West Virginia University,
(AMBAC), 5.00%, 5/1/22 488,345
Aaa AAA 1,000 West Virginia University,
(AMBAC), 5.00%, 5/1/27 973,060
- --------------------------------------------------------------------------------
$ 3,118,076
- --------------------------------------------------------------------------------
Insured-Electric Utilities -- 3.2%
- --------------------------------------------------------------------------------
Aaa AAA $ 700 Marshall, WV PCR (Ohio
Power Kammer Plant) (MBIA),
5.45%, 7/1/14 $ 723,247
Aaa AAA 250 Puerto Rico Electric Power
Authority, "STRIPES", (FSA),
Variable Rate, 7/1/03/(1)/ 285,000
- --------------------------------------------------------------------------------
$ 1,008,247
- --------------------------------------------------------------------------------
Insured-General Obligations -- 3.8%
- --------------------------------------------------------------------------------
Aaa AAA $ 150 West Virginia (FGIC),
5.25%, 11/1/26 $ 149,772
Aaa AAA 1,000 West Virginia (FGIC),
5.75%, 11/1/21 1,056,800
- --------------------------------------------------------------------------------
$ 1,206,572
- --------------------------------------------------------------------------------
Insured-Hospitals -- 12.3%
- --------------------------------------------------------------------------------
Aaa AAA $1,300 West Virginia HFA (Cabell
Huntington Hospital)
(AMBAC), 6.25%, 1/1/19 $ 1,423,734
See notes to financial statements
62
<PAGE>
West Virginia Municipals Portfolio as of March 31, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Ratings (Unaudited)
- ------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Insured-Hospitals (continued)
- --------------------------------------------------------------------------------
Aaa AAA $ 850 West Virginia HFA
(Charleston Area Medical
Center) (MBIA),
5.75%, 9/1/13 $ 909,237
Aaa AAA 1,200 West Virginia HFA (Linked
Bulls & Bears) (MBIA),
6.10%, 1/1/18 1,284,816
Aaa AAA 300 West Virginia HFA
(University Hospital)
(MBIA), 5.00%, 6/1/16 292,638
- --------------------------------------------------------------------------------
$ 3,910,425
- --------------------------------------------------------------------------------
Insured-Lease Revenue/Certificates of Participation -- 1.6%
- --------------------------------------------------------------------------------
Aaa AAA $ 500 West Virginia School
Building Authority,
(AMBAC), 5.60%, 7/1/17 $ 525,620
- --------------------------------------------------------------------------------
$ 525,620
- --------------------------------------------------------------------------------
Insured-Life Care -- 3.8%
- --------------------------------------------------------------------------------
Aaa NR $1,250 Harrison County, WV
Building Commission,
(AMBAC), 5.25%, 4/1/28 $ 1,227,763
- --------------------------------------------------------------------------------
$ 1,227,763
- --------------------------------------------------------------------------------
Insured-Transportation -- 2.4%
- --------------------------------------------------------------------------------
Aaa AAA $1,000 West Virginia Parkways
Economic Development and
Tourism Authority (FGIC),
0.00%, 5/15/04 $ 764,710
- --------------------------------------------------------------------------------
$ 764,710
- --------------------------------------------------------------------------------
Insured-Water and Sewer -- 16.3%
- --------------------------------------------------------------------------------
Aaa AAA $ 250 Berkeley, WV Public Service
District Sewer (MBIA),
5.75%, 10/1/25 $ 264,128
Aaa AAA 500 Crab Orchard, WV Public
Service District, (AMBAC),
5.50%, 10/1/25 516,515
Aaa AAA 1,500 Parkersburg, WV Waterworks
and Sewer (FSA), 5.80%,
9/1/19 1,590,195
Aaa AAA 2,000 West Virginia Water
Development (Loan Program
II) (FSA), 5.25%, 11/1/35 2,001,399
Aaa AAA 750 West Virginia Water
Development (Loan Program
II) (FSA), 6.00%, 11/1/14 819,248
- --------------------------------------------------------------------------------
$ 5,191,485
- --------------------------------------------------------------------------------
Nursing Homes -- 2.3%
- --------------------------------------------------------------------------------
NR NR $ 705 Kanawha, WV (Beverly
Enterprises), 7.25%, 11/1/04 $ 730,747
- --------------------------------------------------------------------------------
$ 730,747
- --------------------------------------------------------------------------------
Solid Waste -- 6.6%
- --------------------------------------------------------------------------------
A2 A $2,000 Braxton County, WV,
(Weyerhaeuser Co.), (AMT),
5.80%, 6/1/27/(2)/ $ 2,092,599
- --------------------------------------------------------------------------------
$ 2,092,599
- --------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $29,616,591) $31,822,479
- --------------------------------------------------------------------------------
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 West Virginia
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at March 31, 1998, 56.3% 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 institution ranged from 0.4% to 1.6% of total investments.
/(1)/ Security has been issued as an inverse floater bond.
/(2)/ Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements
63
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS (Unaudited)
Statements of Assets and Liabilities
As of March 31, 1998
<TABLE>
<CAPTION>
California Florida Massachusetts Mississippi
Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------------------------------------------------
Assets
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investments --
Identified cost $270,444,922 $ 441,861,344 $ 219,818,375 $ 18,673,351
Unrealized appreciation 36,755,639 38,092,021 23,831,758 1,891,204
- -------------------------------------------------------------------------------------------------------------------------------
Investments, at value (Note 1A) $307,200,561 $ 479,953,365 $ 243,650,133 $ 20,564,555
- -------------------------------------------------------------------------------------------------------------------------------
Cash $ -- $ 15,823,751 $ 93,258 $ 296
Receivable for investments sold 3,390,410 3,975,854 -- 5,135
Interest receivable 4,461,718 8,592,471 3,996,829 399,561
Deferred organization expenses (Note 1D) 480 -- -- 145
- -------------------------------------------------------------------------------------------------------------------------------
Total assets $315,053,169 $ 508,345,441 $ 247,740,220 $ 20,969,692
- -------------------------------------------------------------------------------------------------------------------------------
Liabilities
- -------------------------------------------------------------------------------------------------------------------------------
Payable for when-issued securities (Note 1G) $ -- $ 21,836,683 $ -- $ --
Demand note payable (Note 5) 3,140,000 -- -- 264,000
Payable for daily variation margin on open
financial futures contracts (Note 1E and 6) 56,719 -- 46,875 3,281
Payable to affiliate for Trustees' fees (Note 2) 4,617 6,107 4,404 54
Accrued expenses 27,596 5,342 28,841 5,818
- -------------------------------------------------------------------------------------------------------------------------------
Total liabilities $ 3,228,932 $ 21,848,132 $ 80,120 $ 273,153
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets applicable to investors' interest in
Portfolio $311,824,237 $ 486,497,309 $ 247,660,100 $ 20,696,539
- -------------------------------------------------------------------------------------------------------------------------------
Sources of Net Assets
- -------------------------------------------------------------------------------------------------------------------------------
Net proceeds from capital contributions and $275,067,857 $ 448,405,288 $ 223,819,473 $ 18,805,093
withdrawals
Net unrealized appreciation of investments
(computed on the basis of identified cost) 36,756,380 38,092,021 23,840,627 1,891,446
- -------------------------------------------------------------------------------------------------------------------------------
Total $311,824,237 $ 486,497,309 $ 247,660,100 $ 20,696,539
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
64
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS (Unaudited) CONT'D
Statements of Assets and Liabilities
As of March 31, 1998
<TABLE>
<CAPTION>
New York Ohio Rhode Island West Virginia
Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------------------------------------------------
Assets
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investments --
Identified cost $466,422,435 $246,107,305 $ 38,034,509 $ 29,616,591
Unrealized appreciation 37,129,907 17,958,337 2,494,297 2,205,888
- -------------------------------------------------------------------------------------------------------------------------------
Investments, at value (Note 1A) $503,552,342 $264,065,642 $ 40,528,806 $ 31,822,479
- -------------------------------------------------------------------------------------------------------------------------------
Cash $ 440,159 $ 7 $ 862,457 $ 137,238
Receivable for investments sold 11,643,257 -- 5,000 --
Interest receivable 8,181,989 4,119,293 789,170 462,768
Deferred organization expenses (Note 1D) -- -- 153 158
- -------------------------------------------------------------------------------------------------------------------------------
Total assets $523,817,747 $268,184,942 $ 42,185,586 $ 32,422,643
- -------------------------------------------------------------------------------------------------------------------------------
Liabilities
- -------------------------------------------------------------------------------------------------------------------------------
Payable for when-issued securities (Note 1G) $ 18,909,720 $ -- $ 983,925 $ --
Demand note payable (Note 5) -- 2,879,000 -- --
Payable for daily variation margin on open
financial futures contracts (Notes 1E and 6) -- -- 8,437 5,625
Payable to affiliate for Trustees' fees (Note 2) 6,104 4,404 471 463
Accrued expenses 39,879 24,099 5,281 4,196
- -------------------------------------------------------------------------------------------------------------------------------
Total liabilities $ 18,955,703 $ 2,907,503 $ 998,114 $ 10,284
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets applicable to investors' interest in
Portfolio $504,862,044 $265,277,439 $ 41,187,472 $ 32,412,359
- -------------------------------------------------------------------------------------------------------------------------------
Sources of Net Assets
- -------------------------------------------------------------------------------------------------------------------------------
Net proceeds from capital contributions and $467,732,137 $247,319,102 $ 38,691,579 $ 30,204,546
withdrawals
Net unrealized appreciation of investments
(computed on the basis of identified cost) 37,129,907 17,958,337 2,495,893 2,207,813
- -------------------------------------------------------------------------------------------------------------------------------
Total $504,862,044 $265,277,439 $ 41,187,472 $ 32,412,359
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
65
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS (Unaudited) CONT'D
Statements of Operations
For the Six Months Ended March 31, 1998
<TABLE>
<CAPTION>
California Florida Massachusetts Mississippi
Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income (Note 1B)
- -------------------------------------------------------------------------------------------------------------------------------
Interest income $ 9,545,348 $14,172,532 $ 7,497,632 $ 618,655
- -------------------------------------------------------------------------------------------------------------------------------
Total investment income $ 9,545,348 $14,172,532 $ 7,497,632 $ 618,655
- -------------------------------------------------------------------------------------------------------------------------------
Expenses
- -------------------------------------------------------------------------------------------------------------------------------
Investment adviser fee (Note 2) $ 769,856 $ 1,133,368 $ 553,925 $ 18,304
Compensation of Trustees not members of the
Investment Adviser's organization (Note 2) 8,827 12,160 8,956 96
Custodian fee (Note 1J) 115,669 105,249 62,860 13,194
Legal and accounting services 36,340 41,900 31,300 14,900
Amortization of organization expenses (Note 1D) 2,819 3,413 2,001 311
Miscellaneous 21,044 25,482 23,907 1,736
- -------------------------------------------------------------------------------------------------------------------------------
Total expenses $ 954,555 $ 1,321,572 $ 682,949 $ 48,541
- -------------------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee (Note 1J) $ 73,338 $ 105,249 $ -- $ 2,726
- -------------------------------------------------------------------------------------------------------------------------------
Total expense reductions $ 73,338 $ 105,249 $ -- $ 2,726
- -------------------------------------------------------------------------------------------------------------------------------
Net expenses $ 881,217 $ 1,216,323 $ 682,949 $ 45,815
- -------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 8,664,131 $12,956,209 $ 6,814,683 $ 572,840
- -------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) on Investments
- -------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 6,521,324 $ 7,731,796 $ 4,609,924 $ 487,959
Financial futures contracts (849,857) 312,242 (622,028) (64,830)
- -------------------------------------------------------------------------------------------------------------------------------
Net realized gain on investment transactions $ 5,671,467 $ 8,044,038 $ 3,987,896 $ 423,129
- -------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ (480,100) $ 6,137,232 $ 540,204 $ (136,480)
Financial futures contracts 390,393 -- 242,046 27,855
- -------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of
investments $ (89,707) $ 6,137,232 $ 782,250 $ (108,625)
- -------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments $ 5,581,760 $14,181,270 $ 4,770,146 $ 314,504
- -------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $14,245,891 $27,137,479 $11,584,829 $ 887,344
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
66
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS (Unaudited) CONT'D
Statements of Operations
For the Six Months Ended March 31, 1998
<TABLE>
<CAPTION>
New York Ohio Rhode Island West Virginia
Portfolio Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------------------------------------------------------
Investment Income (Note 1B)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest income $15,046,116 $ 8,192,345 $1,163,158 $ 913,441
- --------------------------------------------------------------------------------------------------------------------------------
Total investment income $15,046,116 $ 8,192,345 $1,163,158 $ 913,441
- --------------------------------------------------------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------------------------------------------------------
Investment adviser fee (Note 2) $ 1,175,235 $ 602,729 $ 48,325 $ 36,038
Compensation of Trustees not members of the
Investment Adviser's organization (Note 2) 12,157 8,955 930 922
Custodian fee (Note 1J) 114,861 65,697 17,413 10,836
Legal and accounting services 40,000 34,939 17,650 20,400
Amortization of organization expenses (Note 1D) 2,330 1,385 319 315
Interest expense (Note 5) -- 38,859 -- --
Miscellaneous 42,458 10,701 3,666 3,179
- --------------------------------------------------------------------------------------------------------------------------------
Total expenses $ 1,387,041 $ 763,265 $ 88,303 $ 71,690
- --------------------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee (Note 1J) $ 41,745 $ 16,663 $ 5,600 $ 4,836
- --------------------------------------------------------------------------------------------------------------------------------
Total expense reductions $ 41,745 $ 16,663 $ 5,600 $ 4,836
- --------------------------------------------------------------------------------------------------------------------------------
Net expenses $ 1,345,296 $ 746,602 $ 82,703 $ 66,854
- --------------------------------------------------------------------------------------------------------------------------------
Net investment income $13,700,820 $ 7,445,743 $1,080,455 $ 846,587
- --------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) on Investments
- --------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $17,189,424 $ 2,660,820 $ 315,299 $ 501,976
Financial futures contracts (2,106,461) 105,303 (220,109) (98,416)
- --------------------------------------------------------------------------------------------------------------------------------
Net realized gain on investment transactions $15,082,963 $ 2,766,123 $ 95,190 $ 403,560
- --------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $(6,459,710) $ 1,024,370 $ 410,046 $ 225,516
Financial futures contracts 981,800 -- 90,571 36,230
- --------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) of investments $(5,477,910) $ 1,024,370 $ 500,617 $ 261,746
- --------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments $ 9,605,053 $ 3,790,493 $ 595,807 $ 665,306
- --------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $23,305,873 $11,236,236 $1,676,262 $1,511,893
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
67
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS (Unaudited) CONT'D
Statements of Changes in Net Assets
For the Six Months Ended March 31, 1998
<TABLE>
<CAPTION>
California Florida Massachusetts Mississippi
Increase (Decrease) in Net Assets Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
From operations --
Net investment income $ 8,664,131 $ 12,956,209 $ 6,814,683 $ 572,840
Net realized gain on investment transactions 5,671,467 8,044,038 3,987,896 423,129
Net change in unrealized appreciation
(depreciation) of investments (89,707) 6,137,232 782,250 (108,625)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 14,245,891 $ 27,137,479 $ 11,584,829 $ 887,344
- ----------------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 7,904,301 $ 15,423,197 $ 7,444,277 $ 684,332
Withdrawals (37,329,970) (70,264,782) (25,043,767) (3,001,884)
- ----------------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets from capital
transactions $(29,425,669) $ (54,841,585) $ (17,599,490) $ (2,317,552)
- ----------------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets $(15,179,778) $ (27,704,106) $ (6,014,661) $ (1,430,208)
- ----------------------------------------------------------------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------------------------------------------------------------
At beginning of period $327,004,015 $ 514,201,415 $ 253,674,761 $ 22,126,747
- ----------------------------------------------------------------------------------------------------------------------------------
At end of period $311,824,237 $ 486,497,309 $ 247,660,100 $ 20,696,539
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
68
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS (Unaudited) CONT'D
Statements of Changes in Net Assets
For the Six Months Ended March 31, 1998
<TABLE>
<CAPTION>
New York Ohio Rhode Island West Virginia
Increase (Decrease) in Net Assets Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
From operations --
Net investment income $ 13,700,820 $ 7,445,743 $ 1,080,455 $ 846,587
Net realized gain on investment transactions 15,082,963 2,766,123 95,190 403,560
Net change in unrealized appreciation
(depreciation) of investments (5,477,910) 1,024,370 500,617 261,746
- ----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 23,305,873 $ 11,236,236 $ 1,676,262 $ 1,511,893
- ----------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 10,833,885 $ 6,765,535 $ 2,822,460 $ 973,926
Withdrawals (56,881,228) (23,992,917) (3,528,899) (3,576,455)
- ----------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets from capital
transactions $(46,047,343) $(17,227,382) $ (706,439) $ (2,602,529)
- ----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $(22,741,470) $ (5,991,146) $ 969,823 $ (1,090,636)
- ----------------------------------------------------------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------------------------------------------------------
At beginning of period $527,603,514 $271,268,585 $ 40,217,649 $ 33,502,995
- ----------------------------------------------------------------------------------------------------------------------------
At end of period $504,862,044 $265,277,439 $ 41,187,472 $ 32,412,359
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
69
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
For the Year Ended September 30, 1997
<TABLE>
<CAPTION>
California Florida Massachusetts Mississippi
Increase (Decrease) in Net Assets Portfolio Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
From operations --
Net investment income $ 19,859,806 $ 31,305,979 $ 15,319,434 $ 1,336,230
Net realized gain on investment transactions 5,306,120 7,793,553 2,120,143 183,405
Net change in unrealized appreciation
(depreciation) of investments 11,259,842 (1,309,893) 6,805,812 719,054
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 36,425,768 $ 37,789,639 $ 24,245,389 $ 2,238,689
- ---------------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 16,666,266 $ 35,743,906 $ 12,526,247 $ 1,197,391
Withdrawals (96,678,214) (183,706,131) (64,226,111) (6,588,894)
- ---------------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets from capital
transactions $(80,011,948) $(147,962,225) $ (51,699,864) $ (5,391,503)
- ---------------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets $(43,586,180) $(110,172,586) $ (27,454,475) $ (3,152,814)
- ---------------------------------------------------------------------------------------------------------------------------------
Net Assets
- ---------------------------------------------------------------------------------------------------------------------------------
At beginning of year $370,590,195 $ 624,374,001 $ 281,129,236 $ 25,279,561
- ---------------------------------------------------------------------------------------------------------------------------------
At end of year $327,004,015 $ 514,201,415 $ 253,674,761 $ 22,126,747
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
70
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
For the Year Ended September 30, 1997
<TABLE>
<CAPTION>
New York Ohio Rhode Island West Virginia
Increase (Decrease) in Net Assets Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
From operations --
Net investment income $ 31,517,527 $ 16,012,542 $ 2,229,154 $ 2,023,743
Net realized gain (loss) on investment
transactions 9,867,274 3,902,013 84,287 (31,612)
Net change in unrealized appreciation
(depreciation) of investments 8,663,813 4,660,390 1,271,712 1,322,252
- -----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 50,048,614 $ 24,574,945 $ 3,585,153 $ 3,314,383
- -----------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 25,819,897 $ 10,983,777 $ 4,387,108 $ 1,406,737
Withdrawals (152,794,517) (56,960,953) (9,921,791) (10,718,916)
- -----------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets from capital
transactions $(126,974,620) $(45,977,176) $(5,534,683) $ (9,312,179)
- -----------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets $ (76,926,006) $(21,402,231) $(1,949,530) $ (5,997,796)
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------
At beginning of year $ 604,529,520 $292,670,816 $42,167,179 $ 39,500,791
- -----------------------------------------------------------------------------------------------------------------------------
At end of year $ 527,603,514 $271,268,585 $40,217,649 $ 33,502,995
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
71
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
California Portfolio
------------------------------------------------------------------------
Year Ended
Six Months ---------------------------------------------------------
Ended September 30, March 31,
March 31, 1998 ---------------------------------------------------------
(Unaudited) 1997 1996 1995 1994** 1994*
- --------------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net expenses/(1)/ 0.60%+ 0.57% 0.57% 0.59% 0.57%+ 0.55%+
Net expenses, after custodian fee reduction 0.55%+ 0.56% 0.56% 0.58% -- --
Net investment income 5.41%+ 5.76% 5.93% 6.22% 6.09%+ 5.72%+
Portfolio Turnover 9% 12% 14% 58% 40% 91%
- --------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $311,824 $327,004 $370,590 $410,763 $445,131 $467,259
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, May 3, 1993, to March 31, 1994.
** For the six months ended September 30, 1994. The Portfolio changed its
fiscal year from March 31 to September 30, effective September 30, 1994.
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratios for the prior
periods have not been adjusted to reflect this change.
See notes to financial statements
72
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Florida Portfolio
---------------------------------------------------------------------------------
Six Months Ended Year Ended September 30,
March 31, 1998 ---------------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993*
- -------------------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net expenses/(1)/ 0.53%+ 0.52% 0.52% 0.55% 0.48% 0.47%+
Net expenses, after custodian fee reduction 0.48%+ 0.48% 0.49% 0.52% -- --
Net investment income 5.16%+ 5.53% 5.67% 5.94% 5.65% 5.53%+
Portfolio Turnover 19% 54% 51% 61% 57% 55%
- -------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $486,497 $514,201 $624,374 $712,203 $772,123 $772,422
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, February 1, 1993, to September
30, 1993.
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratios for the prior
periods have not been adjusted to reflect this change.
See notes to financial statements
73
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Massachusetts Portfolio
--------------------------------------------------------------------------------
Six Months Ended Year Ended September 30,
March 31, 1998 ---------------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993*
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net expenses/(1)/ 0.55%+ 0.53% 0.55% 0.56% 0.51% 0.49%+
Net expenses, after custodian fee reduction 0.55%+ 0.52% 0.54% 0.53% -- --
Net investment income 5.45%+ 5.75% 5.77% 6.00% 5.74% 5.72%+
Portfolio Turnover 11% 35% 51% 87% 53% 38%
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $247,660 $253,675 $281,129 $302,170 $308,540 $290,613
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, February 1, 1993, to September
30, 1993.
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratios for the prior
periods have not been adjusted to reflect this change.
See notes to financial statements
74
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Mississippi Portfolio
----------------------------------------------------------------------------
Six Months Ended Year Ended September 30,
March 31, 1998 ------------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993*
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets+
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net expenses /(1)/ 0.45%+ 0.38% 0.29% 0.27% 0.05% 0.00%+
Net expenses after custodian fee reduction 0.43%+ 0.37% 0.26% 0.23% -- --
Net investment income 5.32%+ 5.59% 5.77% 5.97% 5.67% 4.49%+
Portfolio Turnover 9% 6% 12% 52% 38% 11%
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $20,697 $22,127 $25,280 $28,993 $29,477 $11,233
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ The operating expenses of the Portfolio reflect a reduction of the Investment
Adviser fee, an allocation of expenses to the Investment Adviser, or both.
Had such actions not been taken, the ratios would have been as follows:
<TABLE>
<S> <C> <C> <C> <C>
Expenses/(1)/ 0.40% 0.39% 0.32% 0.25%+
Expenses after custodian fee reduction 0.37% 0.35% -- --
Net investment income 5.66% 5.85% 5.40% 4.24%+
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, June 11, 1993, to September 30,
1993.
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratios for each of
the prior periods have not been adjusted to reflect this change.
See notes to financial statements
75
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
New York Portfolio
---------------------------------------------------------------------------------------
Six Months Ended Year Ended September 30,
March 31, 1998 --------------------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993*
- ----------------------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Expenses/(1)/ 0.54%+ 0.57% 0.52% 0.54% 0.48% 0.48%+
Expenses after custodian fee reduction 0.52%+ 0.57% 0.49% 0.51% -- --
Net investment income 5.32%+ 5.60% 5.64% 5.97% 5.70% 5.64%+
Portfolio Turnover 35% 44% 47% 55% 47% 37%
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $504,862 $527,604 $604,530 $652,736 $655,647 $648,807
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, June 11, 1993, to September 30,
1993.
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratios for each of
the prior periods have not been adjusted to reflect this change.
See notes to financial statements
76
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Ohio Portfolio
----------------------------------------------------------------------------------------
Six Months Ended Year Ended September 30,
March 31, 1998 ----------------------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993*
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Expenses/(1)/ 0.57%+ 0.56% 0.57% 0.57% 0.51% 0.49%+
Expenses after custodian fee reduction 0.56%+ 0.55% 0.56% 0.55% -- --
Net investment income 5.55%+ 5.70% 5.69% 5.80% 5.61% 5.61%+
Portfolio Turnover 11% 30% 35% 51% 31% 24%
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $265,277 $271,269 $292,671 $319,017 $324,412 $298,092
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, February 1, 1993, to September
30, 1993.
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratios for each of
the prior periods have not been adjusted to reflect this change.
See notes to financial statements
77
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Rhode Island Portfolio
--------------------------------------------------------------------------------
Six Months Ended Year Ended September 30,
March 31, 1998 --------------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993*
- ----------------------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets+
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net expenses/(1)/ 0.44%+ 0.27% 0.27% 0.29% 0.12% 0.00%+
Net expenses after custodian fee reduction 0.41%+ 0.23% 0.24% 0.25% -- --
Net investment income 5.36%+ 5.54% 5.69% 5.96% 5.64% 4.86%+
Portfolio Turnover 15% 39% 25% 42% 42% 23%
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $41,187 $40,218 $42,167 $42,906 $38,120 $16,981
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ The operating expenses of the Portfolio may reflect a reduction of the
Investment Adviser fee, an allocation of expenses to the Investment Adviser,
or both. Had such actions not been taken, the ratios would have been as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
Expenses/(1)/ 0.39% 0.40% 0.41% 0.33% 0.26%+
Expenses after custodian fee reduction 0.35% 0.37% 0.37% -- --
Net investment income 5.42% 5.56% 5.84% 5.43% 4.60%+
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, June 11, 1993, to September 30,
1993.
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratios for each of
the prior periods have not been adjusted to reflect this change.
See notes to financial statements
78
<PAGE>
EV Municipals Portfolios as of March 31, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
West Virginia Portfolio
-----------------------------------------------------------------------------
Six Months Ended Year Ended September 30,
March 31, 1998 ---------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993*
- -------------------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets+
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net expenses/(1)/ 0.43%+ 0.38% 0.42% 0.31% 0.10% 0.00%+
Net expenses after custodian fee reduction 0.40%+ 0.36% 0.38% 0.29% -- --
Net investment income 5.12%+ 5.44% 5.41% 5.81% 5.52% 4.50%+
Portfolio Turnover 12% 24% 43% 19% 39% 19%
- -------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $32,412 $33,503 $39,501 $40,835 $40,473 $24,760
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ The operating expenses of the Portfolio may reflect a reduction of the
Investment Adviser fee, an allocation of expenses to the Investment Adviser,
or both. Had such actions not been taken, the ratios would have been as
follows:
<TABLE>
<S> <C> <C> <C>
Expenses/(1)/ 0.39% 0.33% 0.21%+
Expenses after custodian fee reduction 0.37% -- --
Net investment income 5.73% 5.29% 4.30%+
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, February 1, 1993, to September
30, 1993.
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratios for each of
the prior periods have not been adjusted to reflect this change.
See notes to financial statements
79
<PAGE>
EV Municipals Portfolios as of March 31, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
---------------------------------------------------------------------------
California Municipals Portfolio (California Portfolio), Florida Municipals
Portfolio (Florida Portfolio), Massachusetts Municipals Portfolio
(Massachusetts Portfolio), Mississippi Municipals Portfolio (Mississippi
Portfolio), New York Municipals Portfolio (New York Portfolio), Ohio
Municipals Portfolio (Ohio Portfolio), Rhode Island Municipals Portfolio
(Rhode Island Portfolio) and West Virginia Municipals Portfolio (West
Virginia Portfolio), collectively the Portfolios, are registered under the
Investment Company Act of 1940, as amended, as non-diversified, open-end
management investment companies. The Portfolios 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 consistently
followed by the Portfolios in the preparation of their financial statements.
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 and options
on futures contracts listed on commodity exchanges are valued at closing
settlement prices. Over-the-counter options on futures contracts are
normally valued at the mean between the latest bid and asked prices.
Short-term obligations, maturing in sixty days or less, are valued at
amortized cost, which approximates value. Investments for which valuations
or market quotations are unavailable are valued at fair value using methods
determined in good faith by or at the direction of the Trustees.
B Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or discount when required for Federal
income tax purposes.
C Income Taxes -- The Portfolios are treated as partnerships for Federal tax
purposes. No provision is made by the Portfolios for Federal or state taxes
on any taxable income of the Portfolios because each investor in the
Portfolios is ultimately responsible for the payment of any taxes. Since
some of the Portfolios' investors are regulated investment companies that
invest all or substantially all of their assets in the Portfolios, the
Portfolios normally must satisfy the applicable source of income and
diversification requirements (under the Internal Revenue Code) in order for
their respective investors to satisfy them. The Portfolios will allocate at
least annually, among their respective investors, each investor's
distributive share of the Portfolios' net taxable (if any) and tax-exempt
investment income, net realized capital gains, and any other items of
income, gain, loss, deduction or credit. Interest income received by the
Portfolios on investments in municipal bonds, which is excludable from gross
income under the Internal Revenue Code, will retain its status as income
exempt from federal income tax when allocated to each Portfolio's investors.
The portion of such interest, if any, earned on private activity bonds
issued after August 7, 1986, may be considered a tax preference item for
investors.
D Deferred Organization Expenses -- Costs incurred by a Portfolio in
connection with its organization are being amortized on the straight-line
basis over five years.
E Financial Futures Contracts -- Upon the entering of a financial futures
contract, a Portfolio is required to deposit ("initial margin") either in
cash or securities an amount equal to a certain percentage of the purchase
price indicated in the financial futures contract. Subsequent payments are
made or received by a Portfolio ("margin maintenance") each day, dependent
on the daily fluctuations in the value of the underlying security, and are
recorded for book purposes as unrealized gains or losses by a Portfolio. A
Portfolio's investment in financial futures contracts is designed only to
hedge against anticipated future changes in interest rates. Should interest
rates move unexpectedly, a Portfolio may not achieve the anticipated
benefits of the financial futures contracts and may realize a loss.
F Options on Financial Futures Contracts -- Upon the purchase of a put
option on a financial futures contract by a Portfolio, the premium paid is
recorded as an investment, the value of which is marked-to-market daily.
When a purchased option expires, a Portfolio will realize a loss in the
amount of the cost of the option. When a Portfolio enters into a closing
sales transaction, the Portfolio will realize a gain or loss depending on
whether the sales proceeds from the closing sale transaction are greater or
less than the cost of the option. When a Portfolio exercises a put option,
settlement is made in cash. The risk associated with purchasing put options
is limited to the premium originally paid.
G When-issued and Delayed Delivery Transactions -- The Portfolios may engage
in when-issued or delayed delivery transactions. The Portfolios record
when-issued securities on trade date and maintain
80
<PAGE>
EV Municipals Portfolios as of March 31, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
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.
H Other -- Investment transactions are accounted for on a trade date basis.
I Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts
of revenue and expense during the reporting period. Actual results could
differ from those estimates.
J 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 balance each Portfolio maintains with IBT. All
significant credit balances used to reduce the Portfolios' custodian fees
are reflected as a reduction of operating expenses in the Statements of
Operations.
K Interim Financial Information -- The interim financial statements relating
to March 31, 1998 and 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 March 31, 1998, each
Portfolio paid advisory fees as follows:
Portfolio Amount Effective Rate*
-------------------------------------------------------------------------
California $ 769,856 0.48%
Florida 1,133,368 0.45%
Massachusetts 553,925 0.44%
Mississippi 18,304 0.17%
New York 1,175,235 0.46%
Ohio 602,729 0.45%
Rhode Island 48,325 0.24%
West Virginia 36,038 0.22%
* Advisory fees paid 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.
Certain of the officers and Trustees of the Portfolios are officers and
directors/trustees of the above organizations. Trustees of the Portfolios
that are not affiliated with the Investment Adviser may elect to defer
receipt of all or a percentage of their annual fees in accordance with the
terms of the Trustees Deferred Compensation Plan. For the six months ended
March 31, 1998, no significant amounts have been deferred.
81
<PAGE>
EV Municipals Portfolios as of March 31, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
3 Investments
----------------------------------------------------------------------------
Purchases and sales of investments, other than U.S. Government securities,
purchased option transactions and short-term obligations, for the six months
ended March 31, 1998 were as follows:
California Portfolio
----------------------------------------------------------------------------
Purchases $ 29,995,528
Sales 55,356,339
Florida Portfolio
----------------------------------------------------------------------------
Purchases $ 93,233,640
Sales 121,935,965
Massachusetts Portfolio
----------------------------------------------------------------------------
Purchases $ 28,498,811
Sales 58,564,964
Mississippi Portfolio
----------------------------------------------------------------------------
Purchases $ 1,807,833
Sales 3,390,892
New York Portfolio
----------------------------------------------------------------------------
Purchases $ 182,414,663
Sales 214,976,590
Ohio Portfolio
----------------------------------------------------------------------------
Purchases $ 29,709,570
Sales 38,511,256
Rhode Island Portfolio
----------------------------------------------------------------------------
Purchases $ 5,823,678
Sales 6,270,737
West Virginia Portfolio
----------------------------------------------------------------------------
Purchases $ 4,036,919
Sales 6,113,578
4 Federal Income Tax Basis of Investments
----------------------------------------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned by each Portfolio at March 31, 1998, as computed on a
federal income tax basis, are as follows:
California Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 270,444,922
----------------------------------------------------------------------------
Gross unrealized appreciation $ 37,298,355
Gross unrealized depreciation (542,716)
----------------------------------------------------------------------------
Net unrealized appreciation $ 36,755,639
----------------------------------------------------------------------------
Florida Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 441,861,344
----------------------------------------------------------------------------
Gross unrealized appreciation $ 40,339,012
Gross unrealized depreciation (2,246,991)
----------------------------------------------------------------------------
Net unrealized appreciation $ 38,092,021
----------------------------------------------------------------------------
Massachusetts Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 219,818,375
----------------------------------------------------------------------------
Gross unrealized appreciation $ 23,898,796
Gross unrealized depreciation (67,038)
----------------------------------------------------------------------------
Net unrealized appreciation $ 23,831,758
----------------------------------------------------------------------------
Mississippi Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 18,673,351
----------------------------------------------------------------------------
Gross unrealized appreciation $ 1,891,204
Gross unrealized depreciation --
----------------------------------------------------------------------------
Net unrealized appreciation $ 1,891,204
----------------------------------------------------------------------------
New York Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 466,422,435
----------------------------------------------------------------------------
Gross unrealized appreciation $ 37,929,737
Gross unrealized depreciation (799,830)
----------------------------------------------------------------------------
Net unrealized appreciation $ 37,129,907
----------------------------------------------------------------------------
82
<PAGE>
EV Municipals Portfolios as of March 31, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
Ohio Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 246,107,305
----------------------------------------------------------------------------
Gross unrealized appreciation $ 17,985,996
Gross unrealized depreciation (27,659)
----------------------------------------------------------------------------
Net unrealized appreciation $ 17,958,337
----------------------------------------------------------------------------
Rhode Island Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 38,034,509
----------------------------------------------------------------------------
Gross unrealized appreciation $ 2,517,950
Gross unrealized depreciation (23,653)
----------------------------------------------------------------------------
Net unrealized appreciation $ 2,494,297
----------------------------------------------------------------------------
West Virginia Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 29,616,591
----------------------------------------------------------------------------
Gross unrealized appreciation $ 2,217,059
Gross unrealized depreciation (11,171)
----------------------------------------------------------------------------
Net unrealized appreciation $ 2,205,888
----------------------------------------------------------------------------
5 Line of Credit
----------------------------------------------------------------------------
The Portfolios participate with other portfolios and funds managed by BMR
and EVM and its affiliates in a $100 million unsecured line of credit
agreement with a group of banks. The Portfolios may temporarily borrow from
the line of credit to satisfy redemption requests or settle investment
transactions. Interest is charged to each portfolio or fund based on its
borrowings at an amount above either the Eurodollar rate or federal funds
rate. In addition, a fee computed at an annual rate of 0.10% on the daily
unused portion of the line of credit is allocated among the participating
portfolios and funds at the end of each quarter. At March 31, 1998, the
California Portfolio, Mississippi Portfolio and Ohio Portfolio had a balance
outstanding pursuant to this line of credit of $3,140,000, $264,000 and
$2,879,000, respectively. The Portfolios did not have any significant
borrowings or allocated fees during the six months ended March 31, 1998.
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.
The notional or contractual amounts of these instruments represent the
investment a Portfolio has in particular classes of financial instruments
and does not necessarily represent the amounts potentially subject to risk.
The measurement of the risks associated with these instruments is meaningful
only when all related and offsetting transactions are considered.
A summary of obligations under these financial instruments at March 31,
1998, is as follows:
Futures Net
Contracts Unrealized
Expiration Appreciation
Portfolio Date Contracts Position (Depreciation)
----------------------------------------------------------------------------
California 6/98 121 US Treasury Bonds Short $741
----------------------------------------------------------------------------
Massachusetts 6/98 100 US Treasury Bonds Short 8,869
----------------------------------------------------------------------------
Mississippi 6/98 7 US Treasury Bonds Short 242
----------------------------------------------------------------------------
Rhode Island 6/98 18 US Treasury Bonds Short 1,596
----------------------------------------------------------------------------
West Virginia 6/98 12 US Treasury Bonds Short 1,925
----------------------------------------------------------------------------
At March 31, 1998 each Portfolio had sufficient cash and/or securities to
cover margin requirements on open futures contracts.
83
<PAGE>
EV Municipals Portfolio as of March 31, 1998
Municipals Portfolios
Officers Independent Trustees
Thomas J. Fetter Donald R. Dwight
President and Portfolio President, Dwight Partners, Inc.
Manager of Florida,
New York and Ohio Samuel L. Hayes, III
Municipals Portfolios Jacob H. Schiff Professor of Investment
Banking, Harvard University Graduate School of
James B. Hawkes Business Administration
Vice President and Trustee
Norton H. Reamer
Robert B. MacIntosh President and Director, United Asset
Vice President and Portfolio Management Corporation
Manager of Massachusetts
and Rhode Island John L. Thorndike
Municipals Portfolio Formerly Director, Fiduciary Company Incorporated
Timothy T. Browse Jack L. Treynor
Vice President and Portfolio Investment Adviser and Consultant
Manager of West Virginia
Municipals Portfolio
Cynthia J. Clemson
Vice President and Portfolio
Manager of California and
Mississippi Municipals Portfolio
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
84
