<PAGE>
California Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
Hospital (continued)
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NR NR $ 1,000 San Gorgonio
Memorial Health
Care District,
5.75%, 5/1/20 $ 1,002,040
- --------------------------------------------------------------------------------
$ 6,218,334
- --------------------------------------------------------------------------------
Housing -- 5.9%
- --------------------------------------------------------------------------------
Aa AA- $ 2,730 California Housing
Finance Agency,
(AMT), 7.375%, 8/1/11 $ 2,820,882
Aa AA- 2,005 California Housing
Finance Agency,
(AMT), 7.40%, 8/1/26 2,197,861
Aa AA- 2,865 California Housing
Finance Agency,
(AMT), 7.50%, 8/1/25 3,154,451
Aa AA- 5,630 California Housing
Finance Agency,
(AMT), 7.65%, 8/1/23 5,822,828
NR NR 2,000 Los Angeles County,
Housing Authority,
Multifamily,
(Corporate Fund
for Housing),
10.50%, 12/1/29 1,851,940
A1 NR 700 Los Angeles County,
Single Family,
7.875%, 8/1/16 771,218
NR A+ 1,455 Oakland, Housing
Finance Agency,
7.10%, 1/1/10 1,542,329
- --------------------------------------------------------------------------------
$ 18,161,509
- --------------------------------------------------------------------------------
Industrial Development Revenue -- 4.2%
- --------------------------------------------------------------------------------
Baa1 A- $ 5,500 California
Pollution Control
Financing
Authority,
(Browning Ferris
Industries), (AMT),
5.80%, 12/1/16 $ 5,903,700
NR NR 3,000 California
Pollution Control
Financing
Authority, (Laidlaw
Environmental),
(AMT), 6.70%, 7/1/07 3,198,180
Baa3 BB+ 3,600 California
Statewide Community
Development
Authority, (United
Airlines), (AMT),
5.70%, 10/1/33 3,729,528
- --------------------------------------------------------------------------------
$ 12,831,408
- --------------------------------------------------------------------------------
Insured-Electric Utilities -- 5.8%
- --------------------------------------------------------------------------------
Aaa AAA $ 4,545 Northern California
Power Agency,
(MBIA), Variable
Rate, 8/1/25 /(1)/ $ 5,533,538
Aaa AAA 2,000 Southern California
Public Power
Authority, (FGIC),
Variable Rate,
7/1/12 /(1)/ 2,215,000
Aaa AAA 7,070 Southern California
Public Power
Authority, (MBIA),
0.00%, 7/1/15 3,196,488
Aaa AAA 6,915 Southern California
Public Power
Authority, (MBIA),
5.00%, 1/1/20 6,939,410
- --------------------------------------------------------------------------------
$ 17,884,436
- --------------------------------------------------------------------------------
Insured-Hospital -- 1.3%
- --------------------------------------------------------------------------------
Aaa AAA $ 4,000 California Health
Facilities
Financing
Authority, Stanford
Health
Care, (AMBAC),
5.00%, 11/15/28 $ 4,008,800
- --------------------------------------------------------------------------------
$ 4,008,800
- --------------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 3.1%
- --------------------------------------------------------------------------------
Aaa AAA $ 4,350 Stockton,
Wastewater
Treatment Plant,
(FGIC), 6.80%,
9/1/24 $ 5,149,530
Aaa AAA 13,985 Visalia Unified
School District,
(MBIA), 0.00%, 12/1/17 4,267,663
- --------------------------------------------------------------------------------
$ 9,417,193
- --------------------------------------------------------------------------------
Insured-Solid Waste -- 0.6%
- --------------------------------------------------------------------------------
Aaa AAA $ 1,500 Inland Empire Solid
Waste Finance
Authority, (FSA),
(AMT), 6.25%, 8/1/11 $ 1,730,385
- --------------------------------------------------------------------------------
$ 1,730,385
- --------------------------------------------------------------------------------
Insured-Transportation -- 3.9%
- --------------------------------------------------------------------------------
Aaa AAA $ 3,125 Port Oakland,
(MBIA), (AMT),
5.375%, 11/1/25 $ 3,238,469
</TABLE>
See notes to financial statements
36
<PAGE>
CALIFORNIA MUNICIPALS PORTFOLIO as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited)
- -------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ------------------------------------------------------------------------------------------------------------------------------------
Insured-Transportation (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aaa AAA $ 2,000 San Francisco Airport,
(MBIA), 6.75%, 5/1/13 $ 2,275,660
Aaa AAA 16,800 San Joaquin Hills,
Transportation Corridor
Agency, Toll Road Bonds,
(MBIA), 0.00%, 1/15/24 4,874,184
Aaa AAA 6,000 San Joaquin Hills,
Transportation Corridor
Agency, Toll Road Bonds,
(MBIA), 0.00%, 1/15/25 1,655,100
- ------------------------------------------------------------------------------------------------------------------------------------
$ 12,043,413
- ------------------------------------------------------------------------------------------------------------------------------------
Insured-Water and Sewer -- 10.2%
- ------------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $ 5,000 California State Department
Water Resources, (Central
Valley Water Systems),
(FGIC), 5.25%, 12/1/28 $ 5,148,750
Aaa AAA 5,000 Contra Costa County, Water
District, (MBIA),
5.00%, 10/1/24 5,031,100
Aaa AAA 5,000 East Bay, Municipal Utilities
District, Wastewater
Treatment System, (FGIC),
5.00%, 6/1/26 5,035,900
Aaa AAA 5,000 East Bay, Municipal Utilities
District, Water System,
(MBIA), Variable
Rate, 6/1/08/(1)/ 5,581,250
Aaa AAA 2,000 Metropolitan Water District,
Southern California
Waterworks, (MBIA),
5.00%, 7/1/27 2,011,940
Aaa AAA 5,000 Metropolitan Water District,
Southern California
Waterworks, (MBIA),
5.00%, 7/1/30 5,040,350
Aaa AAA 3,000 San Diego County Water
Authority, (FGIC), Variable
Rate, 4/22/09/(1)/ 3,750,000
- ------------------------------------------------------------------------------------------------------------------------------------
$ 31,599,290
- ------------------------------------------------------------------------------------------------------------------------------------
Lease Revenue /
Certificates of Participation -- 18.1%
- ------------------------------------------------------------------------------------------------------------------------------------
Aa3 A+ $ 6,500 California Public Works,
(University of California),
5.00%, 6/1/23 $ 6,503,575
</TABLE>
<TABLE>
<CAPTION>
Ratings (Unaudited)
- -------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ------------------------------------------------------------------------------------------------------------------------------------
Lease Revenue /
Certificates of Participation (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aa3 A+ $ 5,000 California Public Works,
(University of California),
5.25%, 6/1/20 $ 5,332,150
Aa3 A+ 8,000 California Public Works,
(University of California),
5.50%, 6/1/14 8,877,680
Baa3 BBB- 2,750 Inglewood, 7.00%, 8/1/19 2,970,578
Baa1 BBB 5,115 Los Angeles County,(Disney
Parking), 0.00%, 3/1/16 2,098,736
Baa1 BBB 1,925 Los Angeles County, (Disney
Parking), 0.00%, 3/1/17 747,786
Baa1 BBB 5,000 Los Angeles County, (Disney
Parking), 0.00%, 9/1/17 1,893,050
Baa1 BBB 5,370 Los Angeles County, (Disney
Parking), 0.00%, 3/1/18 1,970,414
Baa1 BBB 3,100 Los Angeles County, (Disney
Parking), 0.00%, 3/1/20 1,019,497
Baa1 BBB 6,925 Los Angeles County, (Disney
Parking), 0.00%, 9/1/20 2,219,047
Baa1 BBB 1,000 Los Angeles County, (Disney
Parking), 6.50%, 3/1/23 1,080,850
NR NR 7,000 Los Angeles County, (Marina
Del Ray), 6.50%, 7/1/08 7,685,230
A1 A+ 8,000 Pasadena Parking Facility,
6.25%, 1/1/18 9,262,159
A1 A+ 4,000 Sacramento City
Financing Authority,
5.40%, 11/1/20 4,298,840
- ------------------------------------------------------------------------------------------------------------------------------------
$ 55,959,592
- ------------------------------------------------------------------------------------------------------------------------------------
Nursing Home -- 1.0%
- ------------------------------------------------------------------------------------------------------------------------------------
NR NR $ 3,000 Banning, (San Gorgonio
Pass Convalescent),
9.50%, 12/1/11 $ 3,050,310
- ------------------------------------------------------------------------------------------------------------------------------------
$ 3,050,310
- ------------------------------------------------------------------------------------------------------------------------------------
Senior Living / Life Care -- 1.3%
- ------------------------------------------------------------------------------------------------------------------------------------
NR NR $ 4,000 San Benito Health Care
District, 5.40%,
10/1/20/(4)/ $ 3,964,400
- ------------------------------------------------------------------------------------------------------------------------------------
$ 3,964,400
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
37
<PAGE>
CALIFORNIA MUNICIPALS PORTFOLIO as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited)
- -------------------- Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ------------------------------------------------------------------------------------------------------------------------------------
Special Tax Revenue -- 6.3%
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NR BBB $ 5,000 Contra Costa County, Public
Financing Authority,
7.10%, 8/1/22 $ 5,519,500
NR NR 1,955 Fairfield, North Cordelia
District, 7.375%, 9/2/18 2,026,358
NR NR 800 Fairfield, North Cordelia
District, 8.00%, 9/2/11 839,696
NR NR 3,325 Irvine, Improvement Bond
Act 1915, (Assessment
District North 97-16, Group
Two), 5.50%, 9/2/22 3,356,488
NR BBB 600 Rancho Mirage, Joint Power
Financing Authority,
7.50%, 4/1/17 653,862
NR NR 3,000 Riverside County Community
Facilities District,
7.55%, 9/1/17 3,280,380
NR BBB 2,500 Riverside County
Redevelopment Agency,
7.50%, 10/1/26 2,831,200
NR NR 1,000 Torrance Redevelopment
Agency, 5.625%, 9/1/28 1,015,320
- ------------------------------------------------------------------------------------------------------------------------------------
$ 19,522,804
- ------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer -- 1.1%
- ------------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $ 3,000 San Francisco City
and County Sewer,
(AMBAC), Variable
Rate, 10/1/21/(1)//(5)/ $ 3,311,430
- ------------------------------------------------------------------------------------------------------------------------------------
$ 3,311,430
- ------------------------------------------------------------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $263,561,693) $308,251,271
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by California
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at September 30, 1998, 27.3% 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 0.6% to 17.5% of total investments.
/(1)/ Security has been issued as an inverse floater bond.
/(2)/ Security (or a portion thereof) has been segregated to cover when-issued
securities.
/(3)/ Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
/(4)/ When-issued security.
/(5)/ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At September
30, 1998, the value of these securities amounted to $3,311,430 or 1.1% of
the Portfolio's net assets.
See notes to financial statements
38
<PAGE>
Florida Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments -- 100.0%
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cogeneration -- 2.8%
- ------------------------------------------------------------------------
NR NR $ 4,600 Palm Beach County,
(Okeelanta Power), (AMT),
6.85%, 2/15/21/(1)/ $ 3,680,000
NR NR 11,000 Palm Beach County,
(Osceola Power), (AMT),
6.95%, 1/1/22/(1)/ 8,690,000
- ------------------------------------------------------------------------
$ 12,370,000
- ------------------------------------------------------------------------
Electric Utilities -- 7.3%
- ------------------------------------------------------------------------
Aa2 AA $14,000 Jacksonville Electric
Authority, Bulk Power
Supply System Scherer 4,
5.25%, 10/1/21 $ 14,236,740
Aa1 AA 2,850 Orlando Utilities
Commission Water and
Electric, 5.125%, 10/1/19 2,877,503
Aa2 AA- 10,000 Orlando Utilities
Commission Water and
Electric, 5.60%, 10/6/17 10,679,200
Aa3 AA- 2,515 St. Lucie County Solid
Waste Disposal, (Florida
Power & Light Co.) (AMT),
6.70%, 5/1/27 2,763,759
NR NR 1,840 Virgin Islands Water and
Power Authority, 7.40%,
7/1/11 2,026,889
- ------------------------------------------------------------------------
$ 32,584,091
- ------------------------------------------------------------------------
Escrowed / Prerefunded -- 9.9%
- ------------------------------------------------------------------------
Aaa AAA $ 9,225 Dade County, (Baptist
Hospital of Miami),
Escrowed to Maturity,
5.75%, 5/1/21 $ 10,253,219
NR BBB+ 2,830 Escambia County Health
Facilities Authority,
(Baptist Hospital, Inc.
and Baptist Manor, Inc.),
Prerefunded to 10/01/03,
6.75%, 10/1/14 3,244,199
Aa2 AA+ 8,000 Florida Board of General
Services, Prerefunded to
7/1/02, 6.60%, 7/1/17 8,876,560
NR NR 1,675 Florida State, (Mid-Bay
Bridge Authority),
Escrowed to Maturity,
6.875%, 10/1/22 2,132,158
A3 A 7,255 Hillsborough County
Capital Improvement -
Museum of
Science, Prerefunded to
1/1/01, 6.45%, 1/1/22 7,650,325
- ------------------------------------------------------------------------
Escrowed / Prerefunded (continued)
- ------------------------------------------------------------------------
Aaa AAA $ 2,000 Lee County, (Memorial
Hospital), (MBIA),
Prerefunded to 4/1/01,
Variable Rate, 4/1/20/(2)/ $ 2,347,500
Aa3 AA- 3,000 Orlando, Prerefunded to
10/1/01, 6.00%, 10/1/22 3,256,650
Aaa AAA 5,600 St. Lucie Utility System,
Escrowed to Maturity,
6.00%, 10/1/20 6,427,848
- ------------------------------------------------------------------------
$ 44,188,459
- ------------------------------------------------------------------------
General Obligations -- 11.2%
- ------------------------------------------------------------------------
Aa2 AA+ $26,000 Florida Board of
Education,
4.75%, 6/1/22 $ 25,473,239
NR BBB 5,700 Guam, 5.40%, 11/15/18 5,809,269
A3 A- 15,000 New York City, NY,
5.00%, 8/1/22 14,926,499
Baa1 A 2,100 Puerto Rico, 0.00%, 7/1/16 906,297
Baa1 A 2,500 Puerto Rico Public
Building Authority,
6.00%, 7/1/12 2,542,400
- ------------------------------------------------------------------------
$ 49,657,704
- ------------------------------------------------------------------------
Hospital -- 1.2%
- ------------------------------------------------------------------------
NR AA+ $ 4,750 Jacksonville Health
Facilities Finance
Authority, (St. Luke's
Hospital Association),
6.75%, 11/15/13 $ 5,195,408
- ------------------------------------------------------------------------
$ 5,195,408
- ------------------------------------------------------------------------
Housing -- 10.7%
- ------------------------------------------------------------------------
Aaa NR $ 1,790 Broward County Housing
Finance Authority, Single
Family, (AMT), (GNMA/FNMA),
6.10%, 10/1/19 $ 1,922,120
NR AAA 1,300 Clay County Housing
Finance Authority,
Multifamily (GNMA),
7.40%, 12/1/25 1,376,128
Aaa NR 2,005 Clay County Housing
Finance Authority, Single
Family (GNMA), (AMT),
6.55%, 3/1/28 2,159,325
Aaa NR 865 Dade County Housing
Finance Authority, Single
Family, (AMT), 7.75%,
9/1/22 909,210
</TABLE>
See notes financial statements
39
<PAGE>
Florida Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing (continued)
- ------------------------------------------------------------------------
NR AAA $ 5,850 Dade County Housing
Finance Authority, Single
Family, (GNMA), (AMT),
6.70%, 10/1/28 $ 6,304,019
Aaa NR 1,110 Dade County Housing
Finance Authority, Single
Family, (GNMA), (AMT),
7.25%, 9/1/19 1,171,028
Aaa AAA 1,480 Escambia County Housing
Finance Authority, Single
Family (GNMA), (AMT),
6.90%, 10/1/21 1,611,098
Aaa AAA 1,725 Escambia County Housing
Finance Authority, Single
Family (GNMA), (AMT),
6.95%, 10/1/27 1,879,491
Aaa NR 2,440 Escambia County Housing
Finance Authority, Single
Family (GNMA), (AMT),
7.40%, 10/1/23 2,576,713
NR AAA 1,065 Florida Housing Finance
Authority, 6.35%, 6/1/14 1,141,829
Aa3 AA 2,195 Florida Housing Finance
Authority, (AMT), 6.35%,
7/1/28 2,378,809
Aaa NR 700 Hillsborough County
Housing Finance
Authority, Single
Family (GNMA), (AMT),
7.875%, 5/1/23 738,871
NR NR 3,365 North Miami Health Care
Facilities, (The Imperial
Club), 9.25%, 1/1/13 3,830,918
NR AAA 6,205 Orange County Housing
Finance Authority, Single
Family (GNMA), (AMT),
6.60%, 4/1/28 6,685,888
NR AAA 7,230 Orange County Housing
Finance Authority, Single
Family (GNMA), (AMT),
6.85%, 10/1/27 7,843,176
NR AAA 1,695 Orange County Housing
Finance Authority, Single
Family (GNMA), (AMT),
7.375%, 9/1/24 1,801,802
Aaa NR 1,455 Polk County Housing
Finance Authority, Single
Family (GNMA), 7.15%,
9/1/23 1,533,788
Baa3 BBB 1,400 Puerto Rico Urban Renewal
and Housing Corp.,
7.875%, 10/1/04 1,477,714
- ------------------------------------------------------------------------
$ 47,341,927
- ------------------------------------------------------------------------
Industrial Development Revenue -- 1.1%
- ------------------------------------------------------------------------
Baa3 BBB- $ 4,500 Puerto Rico Port
Authority, (American
Airlines), (AMT), 6.25%,
6/1/26 $ 4,911,390
- ------------------------------------------------------------------------
$ 4,911,390
- ------------------------------------------------------------------------
Insured-Education -- 1.4%
- ------------------------------------------------------------------------
NR AAA $ 5,500 Volusia County
Educational Facilities,
(Embry-Riddle
Aeronautical University)
(CLEE), 6.625%, 10/15/22 $ 6,084,980
- ------------------------------------------------------------------------
$ 6,084,980
- ------------------------------------------------------------------------
Insured-Electric Utilities -- 5.1%
- ------------------------------------------------------------------------
Aaa AAA $ 5,000 Florida Municipal Power
Agency Stanton II (AMBAC)
Variable
Rate, 10/1/20/(2)//(3)/ $ 6,137,700
Aaa AAA 1,540 Manatee County Public
Utility, (FGIC), 0.00%,
10/1/12 828,104
Aaa AAA 2,200 Puerto Rico Electric
Power Authority,
"STRIPES", (FSA),
Variable Rate, 7/1/02/(2)/ 2,483,250
Aaa AAA 2,200 Puerto Rico Electric
Power Authority,
"STRIPES", (FSA),
Variable Rate, 7/1/03/(2)/ 2,554,750
Aaa AAA 3,000 Sunrise Utilities
Systems, (AMBAC), 5.00%,
10/1/28 3,090,270
Aaa AAA 7,000 Sunrise Utilities
Systems, (AMBAC), 5.20%,
10/1/22 7,408,520
- ------------------------------------------------------------------------
$ 22,502,594
- ------------------------------------------------------------------------
Insured-Hospital -- 10.1%
- ------------------------------------------------------------------------
Aaa AAA $ 8,000 Charlotte County Health
Care, (Bon-Secours Health
System) (FSA) Variable
Rate, 8/26/27/(2)/ $ 9,320,000
Aaa AAA 23,355 Jacksonville Health
Authority, (Daughters of
Charity) (MBIA), 5.00%,
11/15/15 23,837,513
Aaa AAA 3,000 Orange County Health
Facilities Authority
(Orlando Regional Medical
Center) (MBIA) Variable
Rate, 10/29/21/(2)/ 3,581,250
Aaa AAA 7,500 Sarasota County Public
Hospital Board, (Sarasota
Memorial Hospital),
(MBIA), 5.25%, 7/1/24 7,943,625
- ------------------------------------------------------------------------
$ 44,682,388
- ------------------------------------------------------------------------
</TABLE>
See notes financial statements
40
<PAGE>
Florida Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Insured-Housing -- 3.2%
- --------------------------------------------------------------------------------
Aaa AAA $ 725 Brevard County Housing
Finance Authority, Single
Family (FSA), 7.00%, 3/1/13 $ 768,660
Aaa AAA 3,000 Florida Health Facilities
Authority, (Brittany of
Rosemont) (AMBAC) (AMT),
6.875%, 8/1/26 3,325,110
Aaa AAA 6,530 Florida HFA, (Maitland
Club Apartments), (AMBAC),
(AMT), 6.875%, 8/1/26 7,237,656
Aaa AAA 2,675 Lee County Housing
Finance, SCA Multifamily
(FSA) (AMT), 7.05%, 1/1/30 2,964,997
- --------------------------------------------------------------------------------
$ 14,296,423
- --------------------------------------------------------------------------------
Insured-Miscellaneous -- 0.7%
- --------------------------------------------------------------------------------
Aaa AAA $ 2,000 Escambia County, (MBIA),
Prerefunded to 10/1/03,
7.20%, 1/1/15 $ 2,057,380
Aaa AAA 799 Osceola County, Industrial
Development Authority,
Community Provider Pooled
Loan Program (CGIC), 7.75%,
7/1/10 854,467
- --------------------------------------------------------------------------------
$ 2,911,847
- --------------------------------------------------------------------------------
Insured-Senior Living / Life Care -- 0.1%
- --------------------------------------------------------------------------------
Aaa AAA $ 500 Alachua County Health
Facility, (Mental Health
Services) (CGIC), 7.75%,
7/1/10 $ 541,965
- --------------------------------------------------------------------------------
$ 541,965
- --------------------------------------------------------------------------------
Insured-Solid Waste -- 0.4%
- --------------------------------------------------------------------------------
Aaa AAA $ 1,500 St. John's County Solid
Waste Disposal, (FGIC),
7.25%, 11/1/10 $ 1,623,975
- --------------------------------------------------------------------------------
$ 1,623,975
- --------------------------------------------------------------------------------
Insured-Special Tax Revenue -- 7.0%
- --------------------------------------------------------------------------------
Aaa AAA $ 3,835 Dade County, Professional
Sports Franchise, (MBIA),
0.00%, 10/1/23 $ 1,151,267
Aaa AAA 1,000 Jacksonville Excise Tax,
(FGIC), (AMT), 0.00%,
10/1/11 558,530
- --------------------------------------------------------------------------------
Insured-Special Tax Revenue (continued)
- --------------------------------------------------------------------------------
Aaa AAA $ 2,000 Jacksonville Excise Tax,
(FGIC), (AMT), 0.00%,
10/1/12 $ 1,060,840
Aaa AAA 1,185 Opa-Locka Sales Tax,
(FGIC), 7.00%, 1/1/14 1,365,274
Aaa AAA 2,000 Sunrise Public Facilities,
(MBIA), 0.00%, 10/1/10 1,195,980
Aaa AAA 1,760 Sunrise Public Facilities,
(MBIA), 0.00%, 10/1/12 946,405
Aaa AAA 2,840 Sunrise Public Facilities,
(MBIA), 0.00%, 10/1/14 1,369,505
Aaa AAA 4,000 Sunrise Public Facilities,
(MBIA), 0.00%, 10/1/15 1,827,680
Aaa AAA 4,140 Sunrise Public Facilities,
(MBIA), 0.00%, 10/1/16 1,781,276
Aaa AAA 2,525 Sunrise Public Facilities,
(MBIA), 0.00%, 10/1/17 1,029,013
Aaa AAA 11,500 Tampa Sports Authority,
(MBIA), 5.25%, 1/1/17 12,082,590
Aaa AAA 6,800 Tampa Utility Tax,
(AMBAC), 0.00%, 4/1/19 2,571,284
Aaa AAA 5,000 Tampa Utility Tax,
(AMBAC), 0.00%, 10/1/19 1,846,350
Aaa AAA 2,000 Tampa Utility Tax,
(AMBAC), 0.00%, 10/1/20 775,940
Aaa AAA 4,000 Tampa Utility Tax,
(AMBAC), 0.00%, 10/1/20 1,405,640
- --------------------------------------------------------------------------------
$ 30,967,574
- --------------------------------------------------------------------------------
Insured-Transportation -- 5.6%
- --------------------------------------------------------------------------------
Aaa AAA $ 3,475 Dade County Aviation
Facilities, (MBIA),
(AMT), 6.00%, 10/1/24 $ 3,760,645
Aaa AAA 4,000 Dade County Aviation
Facilities, (MBIA),
(AMT),6.55%, 10/1/13 4,419,360
Aaa AAA 4,150 Dade County Aviation
Facilities, (MBIA),
(AMT), 6.60%, 10/1/22 4,584,547
Aaa AAA 8,650 Greater Orlando Aviation
Authority, (FGIC), (AMT),
6.375%, 10/1/21/(4)/ 9,518,460
Aaa AAA 2,000 Orlando and Orange
County, Expressway Authority
(FGIC), 8.25%, 7/1/14 2,824,680
- --------------------------------------------------------------------------------
$ 25,107,692
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
41
<PAGE>
Florida Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Insured-Water and Sewer -- 2.3%
- --------------------------------------------------------------------------------
Aaa AAA $10,000 Dade County, Water And
Sewer System, (FGIC),
5.25%, 10/1/26 $ 10,342,300
- --------------------------------------------------------------------------------
$ 10,342,300
- --------------------------------------------------------------------------------
Miscellaneous -- 1.2%
- --------------------------------------------------------------------------------
NR NR $ 5,000 Osceola County, IDA,
Community Pooled Loan-93,
7.75%, 7/1/17 $ 5,461,350
- --------------------------------------------------------------------------------
$ 5,461,350
- --------------------------------------------------------------------------------
Nursing Home -- 4.4%
- --------------------------------------------------------------------------------
NR NR $ 300 Broward County IDA,
(Beverly Enterprises),
9.80%, 11/1/10 $ 332,667
NR NR 410 Charlotte County IDA,
(Beverly Enterprises),
10.00%, 6/1/11 463,833
NR AAA 4,285 Dade County, IDA, (Club
Care Center), (GNMA),
6.60%, 1/20/18 4,652,010
NR AAA 5,075 Dade County, IDA, (Gramercy
Park Nursing Care), (FHA),
6.60%, 8/1/23 5,546,011
NR NR 1,850 Highlands County, IDA,
(Beverly Enterprises),
9.25%, 7/1/07 2,063,416
Baa1 NR 3,750 Jacksonville Health,
(Cypress Village), 7.00%,
12/1/22 4,133,100
NR NR 330 Okaloosa County, (Beverly
Enterprises), 10.75%, 337,917
10/1/03
NR NR 630 Orange County IDA, (Beverly
Enterprises), 9.25%, 8/1/10 704,724
NR NR 1,000 Winter Garden, (Beverly
Enterprises), 8.75%, 1,127,710
7/1/12
- --------------------------------------------------------------------------------
$ 19,361,388
- --------------------------------------------------------------------------------
Senior Living / Life Care -- 1.9%
- --------------------------------------------------------------------------------
NR NR $ 6,895 Atlantic Beach, Fixed
Rate Improvement, (Fleet
Landing), 8.00%, 10/1/24 $ 7,837,409
- --------------------------------------------------------------------------------
Senior Living / Life Care (continued)
- --------------------------------------------------------------------------------
NR BBB+ $ 770 Escambia County Health
Facilities Authority,
(Baptist Hospital, Inc.
and Baptist Manor, Inc.),
6.75%, 10/1/14 $ 827,896
- --------------------------------------------------------------------------------
$ 8,665,305
- --------------------------------------------------------------------------------
Solid Waste -- 0.8%
- --------------------------------------------------------------------------------
A3 A- $ 3,450 Broward County, (Waste
Energy Co., L.P. North),
7.95%, 12/1/08 $ 3,695,985
- --------------------------------------------------------------------------------
$ 3,695,985
- --------------------------------------------------------------------------------
Transportation -- 9.9%
- --------------------------------------------------------------------------------
Aa2 AA+ $ 7,500 Florida State,
(Jacksonville
Transportation), 5.00%,
7/1/27 $ 7,536,825
Aa2 AA+ 10,000 Florida State,
(Jacksonville
Transportation), 5.25%,
7/1/22 10,334,600
NR NR 10,140 Florida State, (Mid-Bay
Bridge Authority),
6.125%, 10/1/22 11,065,782
Baa1 A 5,000 Puerto Rico Highway and
Transportation Authority,
4.75%, 7/1/38 4,907,550
Baa1 A 9,250 Puerto Rico Highway and
Transportation Authority,
5.00%, 7/1/36 9,496,605
Baa1 A 700 Puerto Rico Highway and
Transportation Authority,
5.50%, 7/1/36 764,645
- --------------------------------------------------------------------------------
$ 44,106,007
- --------------------------------------------------------------------------------
Water and Sewer -- 1.7%
- --------------------------------------------------------------------------------
Baa1 BBB+ $ 2,500 Hillsborough County
Utility, 6.625%, 8/1/11 $ 2,696,025
A1 A+ 5,000 Richmond, VA, Public
Utility Revenue, 5.125%,
1/15/28 5,025,150
- --------------------------------------------------------------------------------
$ 7,721,175
- --------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $399,089,975) $444,321,927
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
42
<PAGE>
Florida Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
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 September 30,1998, 36.3% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 0.3% to 16.6% of total investments.
/(1)/ Non-income producing security.
/(2)/ Security has been issued as an inverse floater bond.
/(3)/ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At September
30, 1998, the value of these securities amounted to $6,137,700 or 1.3% of
the Portfolio's net assets.
/(4)/ Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements
43
<PAGE>
Massachusetts Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments -- 100.0%
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assisted Living -- 0.7%
- ---------------------------------------------------------------------------------------------------------------
NR AAA $ 1,500 Massachusetts IFA,
(Briscoe House), (FHA),
7.125%, 2/1/36 $ 1,774,365
- ---------------------------------------------------------------------------------------------------------------
$ 1,774,365
- ---------------------------------------------------------------------------------------------------------------
Cogeneration -- 0.5%
- ---------------------------------------------------------------------------------------------------------------
NR BBB $ 1,250 Massachusetts IFA, (Ogden
Haverhill), (AMT),
5.60%, 12/1/19 $ 1,270,975
- ---------------------------------------------------------------------------------------------------------------
$ 1,270,975
- ---------------------------------------------------------------------------------------------------------------
Education -- 6.9%
- ---------------------------------------------------------------------------------------------------------------
Aa1 AA+ $ 1,625 Massachusetts HEFA,
(Amherst College), 6.80%, $ 1,800,110
11/1/21
Aa3 AA- 5,040 Massachusetts HEFA,
(Boston College), 4.75%,
6/1/31 4,873,277
NR AAA 3,300 Massachusetts HEFA,
(Merrimack College),
7.125%, 7/1/12 3,746,160
NR A 2,000 Massachusetts IFA,
(Belmont Hill School),
5.25%, 9/1/28 2,027,360
Baa3 BBB- 1,250 Massachusetts IFA, (Dana
Hall), 5.90%, 7/1/27 1,323,063
Baa1 BBB+ 1,000 Massachusetts IFA, (St.
Johns High School, Inc.), 1,009,870
5.35%, 6/1/28
A3 NR 2,000 New England Educational
Loan Marketing Corp.,
(AMT), 6.90%, 11/1/09 2,237,920
- ---------------------------------------------------------------------------------------------------------------
$ 17,017,760
- ---------------------------------------------------------------------------------------------------------------
Electric Utilities -- 6.5%
- ---------------------------------------------------------------------------------------------------------------
Baa2 BBB+ $ 5,060 Massachusetts Municipal
Wholesale Electric Co., $ 5,487,924
6.625%, 7/1/18
Baa2 BBB+ 3,500 Massachusetts Municipal
Wholesale Electric Co., 3,810,905
6.75%, 7/1/11
Baa1 BBB+ 3,000 Puerto Rico Electric Power
Authority, 0.00%, 7/1/17 1,234,830
Baa1 BBB+ 13,230 Puerto Rico Electric
Power Authority, 0.00%,
7/1/17 5,445,600
- ---------------------------------------------------------------------------------------------------------------
$ 15,979,259
- ---------------------------------------------------------------------------------------------------------------
Escrowed / Prerefunded -- 18.9%
- ---------------------------------------------------------------------------------------------------------------
Aaa NR $ 2,400 Massachusetts HEFA,
(Fairview Care
Facilities), Prerefunded
to 1/1/01, 10.25%, 1/1/21 $ 2,803,392
NR BBB+ 3,055 Massachusetts HEFA,
(Jordan Hospital),
Prerefunded to 10/1/02,
6.875%, 10/1/22 3,446,651
Baa3 NR 5,500 Massachusetts HEFA,
(Milford-Whitinsville
Hospital), Prerefunded to
7/15/02, 7.75%, 7/15/17 6,354,040
Aaa BBB 2,085 Massachusetts HEFA,
(Sisters of Providence
Health System),
Prerefunded to 11/15/04,
6.625%, 11/15/22 2,344,457
Aaa AAA 1,380 Massachusetts Port
Authority, (FGIC),
Prerefunded to 7/1/00,
7.50%, 7/1/20 1,495,327
Aaa AAA 29,870 Massachusetts Turnpike
Authority, Escrowed to
Maturity, 0.00%, 1/1/28 7,266,774
Aaa NR 20,860 Massachusetts Turnpike
Authority, Escrowed to
Maturity, 5.00%, 1/1/20 21,622,641
NR AAA 1,000 Puerto Rico, "RIBS",
(AMBAC), Variable Rate,
Prerefunded to 7/1/02,
7/1/15/(1)//(2)/ 1,175,620
- ---------------------------------------------------------------------------------------------------------------
$ 46,508,902
- ---------------------------------------------------------------------------------------------------------------
General Obligations -- 0.8%
- ---------------------------------------------------------------------------------------------------------------
Aaa NR $ 1,700 Nantucket, 6.80%, 12/1/11 $ 1,887,476
- ---------------------------------------------------------------------------------------------------------------
$ 1,887,476
- ---------------------------------------------------------------------------------------------------------------
Hospital -- 17.3%
- ---------------------------------------------------------------------------------------------------------------
NR BBB+ $ 1,500 Massachusetts HEFA, (Cape
Cod Healthcare), 5.45%,
11/15/23 $ 1,519,845
A1 A 3,000 Massachusetts HEFA,
(Charlton Memorial
Hospital), 3,333,240
7.25%, 7/1/13
Aa2 AA+ 2,000 Massachusetts HEFA,
(Daughters
of Charity Health 2,195,160
System),
6.10%, 7/1/14
NR AA 1,465 Massachusetts HEFA,
(FHA), (Deutsches
Altenheim), 1,570,260
7.70%, 11/1/31
NR BBB+ 3,210 Massachusetts HEFA,
(Jordan Hospital), 5.25%, 3,198,926
10/1/23
</TABLE>
See notes to financial statements
44
<PAGE>
MASSACHUSETTS MUNICIPALS PORTFOLIO as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Hospital (continued)
- --------------------------------------------------------------------------------
NR BBB+ $ 1,465 Massachusetts HEFA,
(Jordan Hospital),
5.375%, 10/1/28 $ 1,477,907
NR BBB+ 1,020 Massachusetts HEFA,
(Jordan Hospital),
6.875%, 10/1/15 1,109,036
Baa2 BBB- 500 Massachusetts HEFA,
(Milford-Whitinsville
Hospital), 5.25%, 7/15/18 501,265
Baa2 BBB- 1,500 Massachusetts HEFA,
(Milford-Whitinsville
Regional Hospital),
5.375%, 7/15/28 1,510,425
Ba1 NR 2,875 Massachusetts HEFA, (New
England Health Systems),
6.125%, 8/1/13 3,010,125
NR BBB- 2,600 Massachusetts HEFA,
(North Adams Hospital),
6.625%, 7/1/18 2,858,934
Aaa BBB 5,255 Massachusetts HEFA,
(Sisters of Providence
Health System), 6.50%,
11/15/08 5,884,129
A1 AA- 530 Massachusetts HEFA,
(Spaulding Rehabilitation
Hospital), 7.625%, 7/1/21 542,301
NR NR 8,000 Massachusetts IFA,
(Biomedical Research
Corp.), 0.00%, 8/1/08 5,065,680
NR NR 9,000 Massachusetts IFA,
(Biomedical Research
Corp.), 0.00%, 8/1/09 5,382,900
NR NR 6,000 Massachusetts IFA,
(Biomedical Research
Corp.), 0.00%, 8/1/10 3,383,040
- --------------------------------------------------------------------------------
$ 42,543,173
- --------------------------------------------------------------------------------
Housing -- 6.1%
- --------------------------------------------------------------------------------
Aa A+ $ 6,925 Massachusetts HFA, (AMT),
6.60%, 12/1/26 $ 7,447,560
Aa A+ 6,265 Massachusetts HFA, (AMT),
6.60%, 12/1/26 6,737,757
Aa A+ 860 Massachusetts HFA, (AMT),
8.10%, 12/1/21 883,968
- --------------------------------------------------------------------------------
$ 15,069,285
- --------------------------------------------------------------------------------
Industrial Development Revenue -- 4.0%
- --------------------------------------------------------------------------------
NR NR $ 3,000 Massachusetts IFA,
(Hingham Water Co.),
(AMT), 6.90%, 12/1/29 $ 3,340,920
- --------------------------------------------------------------------------------
Industrial Development Revenue (continued)
- --------------------------------------------------------------------------------
NR NR $ 2,075 Massachusetts IFA, (Mass
American Co.), (AMT),
6.60%, 12/1/15 $ 2,281,442
Baa3 BBB- 3,750 Puerto Rico Port Authority,
(American Airlines), (AMT),
6.25%, 6/1/26 4,092,825
- --------------------------------------------------------------------------------
$ 9,715,187
- --------------------------------------------------------------------------------
Insured-Education -- 4.1%
- --------------------------------------------------------------------------------
Aaa AAA $ 1,775 Massachusetts Educational
Finance Authority, (AMBAC),
(AMT), 7.30%, 1/1/12 $ 1,973,552
Aaa AAA 270 Massachusetts Educational
Finance Authority, (MBIA),
(AMT), 7.25%, 1/1/09 289,559
Aaa AAA 400 Massachusetts HEFA, (Boston
University) "RIBS", (MBIA),
Variable Rate, 10/1/31/(1)/ 474,000
Aaa AAA 2,000 Massachusetts IFA, (College
Of The Holy Cross), (MBIA),
5.00%, 9/1/23 2,002,580
Aaa AAA 5,460 Massachusetts IFA, (WGBH),
(AMBAC), 5.00%, 3/1/28 5,471,575
- --------------------------------------------------------------------------------
$ 10,211,266
- --------------------------------------------------------------------------------
Insured-Hospital -- 12.6%
- --------------------------------------------------------------------------------
Aaa AAA $ 3,750 Massachusetts HEFA, (Beth
Israel Hospital), (AMBAC),
(AMT), Variable Rate,
7/1/25/(1)/ $ 4,373,438
Aaa AAA 1,040 Massachusetts HEFA,
(Beverly Hospital),
(MBIA), 7.30%, 7/1/13 1,087,414
Aaa AAA 1,500 Massachusetts HEFA,
(Capital Assist Program),
(MBIA), 7.20%, 7/1/09 1,568,490
Aaa AAA 1,000 Massachusetts HEFA,
(Caregroup), (MBIA), 4.75%,
7/1/20 967,650
Aaa AAA 1,000 Massachusetts HEFA,
(Caregroup), (MBIA),
5.00%, 7/1/18 1,005,670
Aaa AAA 2,000 Massachusetts HEFA,
(Catholic Health East),
(AMBAC), 5.00%, 11/15/28 1,998,340
</TABLE>
See notes to financial statements
45
<PAGE>
Massachusetts Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Insured-Hospital (continued)
- --------------------------------------------------------------------------------
Aaa AAA $ 1,885 Massachusetts HEFA,
(Fallon Healthcare System),
(FSA), 6.75%, 6/1/20 $ 2,066,714
Aaa AAA 5,000 Massachusetts HEFA,
(Hallmark Health), (FSA),
5.00%, 7/1/27 4,988,250
Aaa AAA 2,000 Massachusetts HEFA, (St.
Elizabeth Hospital Issue)
"LEVRRS", (FSA), Variable
Rate, 8/12/21/(1)/ 2,362,500
Aaa AAA 2,600 Massachusetts HEFA, (St.
Luke's Hospital) "Yield
Curve Notes", (MBIA),
Variable Rate, 8/15/13/(1)/ 2,970,500
Aaa AAA 2,600 Massachusetts HEFA, (St.
Luke's Hospital) "Yield
Curve Notes", Variable
Rate, (MBIA), 8/15/23/(1)/ 2,947,750
Aaa AAA 3,000 Massachusetts HEFA, (The
Medical Center of Central
Massachusetts) (AMBAC),
"CARS", Variable Rate,
6/23/22/(1)/ 4,001,250
Aaa AAA 700 Massachusetts HEFA,
(University Hospital),
(MBIA), 7.25%, 7/1/19 756,056
- --------------------------------------------------------------------------------
$ 31,094,022
- --------------------------------------------------------------------------------
Insured-Transportation -- 2.3%
- --------------------------------------------------------------------------------
Aaa AAA $ 4,480 Massachusetts Port
Authority, (FGIC), 7.50%,
7/1/20 $ 4,828,051
Aaa AAA 2,000 Massachusetts Turnpike
Authority, (MBIA), 0.00%,
1/1/19 757,760
- --------------------------------------------------------------------------------
$ 5,585,811
- --------------------------------------------------------------------------------
Insured-Water and Sewer -- 2.6%
- --------------------------------------------------------------------------------
Aaa AAA $ 5,000 Massachusetts Water
Resources Authority,
(FSA), 4.75%, 8/1/27 $ 4,888,300
Aaa AAA 1,500 Massachusetts Water
Resources Authority,
(MBIA), 4.75%, 12/1/21 1,468,950
- --------------------------------------------------------------------------------
$ 6,357,250
- --------------------------------------------------------------------------------
Lease Revenue /
Certificates of Participation -- 3.6%
- --------------------------------------------------------------------------------
NR AA- $ 7,800 Plymouth County, (Plymouth
County Correctional
Facility), 7.00%, 4/1/22 $ 8,779,913
- --------------------------------------------------------------------------------
$ 8,779,913
- --------------------------------------------------------------------------------
Nursing Home -- 1.5%
- --------------------------------------------------------------------------------
NR NR $ 3,225 Massachusetts IFA, (Age
Institute of Massachusetts),
8.05%, 11/1/25 $ 3,674,081
- --------------------------------------------------------------------------------
$ 3,674,081
- --------------------------------------------------------------------------------
Senior Living / Life Care -- 1.2%
- --------------------------------------------------------------------------------
NR AAA $ 1,000 Boston, IDA, (Alzheimers
Center), (FHA), 6.00%,
2/1/37 $ 1,076,940
NR NR 1,900 Massachusetts IFA, (Forge
Hill), (AMT), 6.75%, 4/1/30 1,879,214
- --------------------------------------------------------------------------------
$ 2,956,154
- --------------------------------------------------------------------------------
Solid Waste -- 0.4%
- --------------------------------------------------------------------------------
NR NR $ 1,035 Pittsfield, Solid Waste
Disposal, (Vicon Recovery
Associates), 7.95%, 11/1/04 $ 1,074,123
- --------------------------------------------------------------------------------
$ 1,074,123
- --------------------------------------------------------------------------------
Transportation -- 1.3%
- --------------------------------------------------------------------------------
Baa1 A $ 1,250 Puerto Rico Highway and
Transportation Authority,
4.75%, 7/1/38 $ 1,226,888
Baa1 A 2,000 Puerto Rico Highway and
Transportation Authority,
5.00%, 7/1/36 2,053,320
- --------------------------------------------------------------------------------
$ 3,280,208
- --------------------------------------------------------------------------------
Water and Sewer -- 8.7%
- --------------------------------------------------------------------------------
Baa1 BBB $12,185 Boston, IDA, (Harbor
Electric Energy Co.),
(AMT), 7.375%, 5/15/15 $ 13,219,627
A1 A 1,500 Massachusetts Water
Resources Authority, 1,554,870
5.25%, 3/1/13
</TABLE>
See notes to financial statements
46
<PAGE>
MASSACHUSETTS MUNICIPALS PORTFOLIO as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Water and Sewer (continued)
- --------------------------------------------------------------------------------
A1 A $ 4,165 Massachusetts Water
Resources Authority,
5.25%, 12/1/15 $ 4,445,305
NR NR 2,000 Virgin Islands Water and
Power Authority, 7.60%,
1/1/12 2,287,800
- --------------------------------------------------------------------------------
$ 21,507,602
- --------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $219,810,305) $246,286,812
- --------------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
The Portfolio invests primarily in debt securities issued by Massachusetts
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by the economic developments in a
specific industry or municipality. In order to reduce the risk associated
with such economic developments, at September 30, 1998, 22.7% of the
securities in the portfolio of investments are backed by bond insurance
of various financial institutions and financial guaranty assurance
agencies. The aggregate percentage insured by financial institutions
ranged from 2.6% to 7.7% of total investments.
/(1)/ Security has been issued as an inverse floater bond.
/(2)/ Security exempt from registration under Rule 144A of the Securities Act of
1933. These may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At September 30, 1998, the
value of these securities amounted to $1,175,620 or 0.5% of the
Portfolio's net assets.
See notes to financial statements
47
<PAGE>
Mississippi Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments -- 100.0%
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- --------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education -- 2.6%
- --------------------------------------------------------------------------------
NR A $ 470 University of Mississippi
Educational Building Corp.
Athletic Facility,
6.20%, 6/1/16 $ 522,955
- --------------------------------------------------------------------------------
$ 522,955
- --------------------------------------------------------------------------------
Electric Utilities -- 6.9%
- --------------------------------------------------------------------------------
NR BBB $ 810 Guam Power Authority,
6.625%, 10/1/14 $ 907,743
Baa3 NR 450 Warren County, (Mississippi
Power & Light Co.), 7.00%,
4/1/22 501,305
- --------------------------------------------------------------------------------
$ 1,409,048
- --------------------------------------------------------------------------------
Escrowed / Prerefunded -- 15.4%
- --------------------------------------------------------------------------------
Aaa AAA $ 750 Medical Center Building
Corp., (University of
Mississippi Medical
Center), (MBIA),
Prerefunded to 12/1/04,
5.80%, 12/1/14 $ 839,903
Aaa AAA 1,000 Mississippi Educational
Facilities Authority,
(Milsaps College), (MBIA),
Prerefunded to 11/1/04,
6.50%, 11/1/19 1,158,080
Aaa NR 2,500 Mississippi Housing Finance
Corp., Single Family,
(AMT), Escrowed to
Maturity, 0.00%, 6/1/15 1,143,100
- --------------------------------------------------------------------------------
$ 3,141,083
- --------------------------------------------------------------------------------
General Obligations -- 1.0%
- --------------------------------------------------------------------------------
Aa3 AA $ 200 Mississippi State, 5.10%, $ 214,492
11/15/12
- --------------------------------------------------------------------------------
$ 214,492
- --------------------------------------------------------------------------------
Hospital -- 6.3%
- --------------------------------------------------------------------------------
Baa3 NR $ 300 Corinth and Alcorn County,
(Magnolia Registered Health
Center),
5.50%, 10/1/21 $ 302,421
NR BBB+ 500 Jones County, (South
Central Regional Medical
Center), 5.50%, 12/1/17 506,100
Baa3 BBB- 450 Mississippi Hospital
Equipment and Facilities
Authority, (Rush Medical
Foundation), 6.00%, 1/1/22 470,462
- --------------------------------------------------------------------------------
$ 1,278,983
- --------------------------------------------------------------------------------
Housing -- 14.1%
- --------------------------------------------------------------------------------
Aa NR $ 500 Hinds County, (Woodridge
Apartments), (FHA),
6.25%, 11/1/27 $ 531,310
Aaa NR 500 Mississippi Home Corp.,
Single Family, Access
Program, (AMT), (GNMA),
6.625%, 4/1/27 540,285
Aaa NR 495 Mississippi Home Corp.,
Single Family, Access
Program, (AMT), (GNMA),
7.55%, 12/1/27 569,092
Aaa NR 355 Mississippi Home Corp.,
Single Family, Access
Program, (AMT), (GNMA),
8.10%, 12/1/24 400,802
Aaa NR 745 Mississippi Home Corp.,
Single Family, Access
Program, (AMT), (GNMA),
8.125%, 12/1/24 838,080
- --------------------------------------------------------------------------------
$ 2,879,569
- --------------------------------------------------------------------------------
Industrial Development Revenue -- 15.1%
- --------------------------------------------------------------------------------
Baa2 NR $ 500 Grenada County,
(Georgia-Pacific Corp.),
5.45%, 9/1/14 $ 505,785
A3 BBB+ 250 Jones County,
(International Paper Co.),
5.80%, 10/1/21 262,983
A2 A 1,000 Lowndes County,
(Weyerhaeuser Co.), 6.80%,
4/1/22 1,269,219
NR AA- 500 Mississippi Business
Finance Corp., (AMT),
7.15%, 5/1/16/(1)/ 546,965
A3 BBB+ 450 Warren County,
(International Paper Co.),
(AMT), 6.60%, 3/1/19 495,783
- --------------------------------------------------------------------------------
$ 3,080,735
- --------------------------------------------------------------------------------
Insured-Education -- 2.6%
- --------------------------------------------------------------------------------
Aaa NR $ 500 Mississippi State
University Educational
Building Corp., (MBIA),
5.25%, 8/1/17 $ 533,115
- --------------------------------------------------------------------------------
$ 533,115
- --------------------------------------------------------------------------------
Insured-Electric Utilities -- 1.7%
- --------------------------------------------------------------------------------
Aaa AAA $ 300 Puerto Rico Electric Power
Authority, "STRIPES",
(FSA), Variable
Rate, 7/1/03/(2)/ $ 348,375
- --------------------------------------------------------------------------------
$ 348,375
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
48
<PAGE>
Mississippi Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- --------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Insured-General Obligations -- 2.9%
- --------------------------------------------------------------------------------
Aaa AAA $ 500 Hinds County, (MBIA),
6.25%, 3/1/11 $ 590,660
- --------------------------------------------------------------------------------
$ 590,660
- --------------------------------------------------------------------------------
Insured-Hospital -- 15.1%
- --------------------------------------------------------------------------------
Aaa AAA $1,000 Gulfport, (Gulfport
Memorial Hospital), (MBIA),
6.20%, 7/1/18 $ 1,114,490
Aaa AAA 1,275 Hinds County, (Mississippi
Methodist Hospital),
(AMBAC),
5.60%, 5/1/12 1,428,088
Aaa AAA 500 Mississippi Hospital
Equipment and Facilities
Authority (Mississippi
Baptist Medical Center),
(MBIA),
6.00%, 5/1/13 548,725
- --------------------------------------------------------------------------------
$ 3,091,303
- --------------------------------------------------------------------------------
Insured-Water and Sewer -- 2.0%
- --------------------------------------------------------------------------------
Aaa AAA $ 400 Mississippi Development
Bank, (Diberville Combined
Utility Water And Sewer),
(AMBAC), 5.00%, 7/1/23 $ 398,560
- --------------------------------------------------------------------------------
$ 398,560
- --------------------------------------------------------------------------------
Lease Revenue/
Certificates of Participation -- 10.6%
- --------------------------------------------------------------------------------
NR A $1,000 Mississippi Development
Bank, Golden Triangle Solid
Waste,
6.00%, 7/1/15 $ 1,078,890
A2 NR 1,000 Mississippi University
Educational Building Corp.,
Facilities Renovation,
6.15%, 6/15/15 1,091,230
- --------------------------------------------------------------------------------
$ 2,170,120
- --------------------------------------------------------------------------------
Nursing Home -- 1.6%
- --------------------------------------------------------------------------------
NR NR $ 300 Mississippi Business
Finance Corp., (Magnolia
Healthcare),
7.99%, 7/1/25 $ 328,752
- --------------------------------------------------------------------------------
$ 328,752
- --------------------------------------------------------------------------------
Senior Living / Life Care -- 1.1%
- --------------------------------------------------------------------------------
NR NR $ 200 Ridgeland, Urban Renewal,
(The Orchard), 7.75%,
12/1/15 $ 219,848
- --------------------------------------------------------------------------------
$ 219,848
- --------------------------------------------------------------------------------
Transportation -- 1.0%
- --------------------------------------------------------------------------------
Baa1 A $ 200 Puerto Rico Highway and
Transportation Authority,
5.00%, 7/1/38 $ 198,786
- --------------------------------------------------------------------------------
$ 198,786
- --------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $18,269,091) $20,406,384
- --------------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
The Portfolio invests primarily in debt securities issued by 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 September 30,1998, 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 1.7% to 23.4% 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 September 30, 1998
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments-- 100.0%
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- ------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assisted Living -- 1.5%
NR NR $ 4,000 Glen Cove IDA, (Regency
at Glen Cove), 9.50%, 7/1/12 $ 4,261,040
NR NR 2,935 North Syracuse Village
Housing Authority, (AJM
Senior
Housing, Inc., Janus
Park),
8.00%, 6/1/24 3,098,538
- --------------------------------------------------------------------------------
$ 7,359,578
- --------------------------------------------------------------------------------
Cogeneration -- 1.3%
- --------------------------------------------------------------------------------
Baa3 BBB- $ 6,000 New York City IDA,
(Brooklyn
Navy Yard Cogeneration),
5.65%, 10/1/28 $ 6,174,000
- --------------------------------------------------------------------------------
$ 6,174,000
- --------------------------------------------------------------------------------
Education -- 19.6%
- --------------------------------------------------------------------------------
A NR $ 1,000 Dutchess County IDA,
(Bard College), 7.00%,
11/1/17 $ 1,123,220
A1 NR 5,890 Monroe County IDA,
(Wilmur Assoc.), 7.25%,
12/1/16 6,242,517
Baa2 NR 1,660 New Rochelle IDA,
(College of New
Rochelle), 6.75%, 7/1/22 1,802,660
Baa1 BBB+ 8,500 New York State Dormitory
Authority, (City
University),
6.00%, 7/1/20 9,772,790
Baa1 BBB 105 New York State Dormitory
Authority, (City
University), 6.375%,
7/1/08 114,641
Aaa AAA 2,500 New York State Dormitory
Authority, (Columbia
University), 5.00%, 7/1/22 2,514,175
NR AA 1,300 New York State Dormitory
Authority, (New York
Medical College) (Asset
Guaranty), 6.875%, 7/1/21 1,467,908
A3 A- 11,000 New York State Dormitory
Authority, (State
University Educational
Facilities),
5.125%, 5/15/21 11,116,160
A3 A- 9,985 New York State Dormitory
Authority, (State
University Educational
Facilities),
5.25%, 5/15/15 10,666,876
Education (continued)
- --------------------------------------------------------------------------------
A3 A- $28,775 New York State Dormitory
Authority, (State
University Educational
Facilities),
5.25%, 5/15/19 $ 30,437,331
A3 A- 14,680 New York State Dormitory
Authority, (State
University Educational
Facilities),
5.25%, 5/15/21 15,574,305
A3 A- 2,000 New York State Dormitory
Authority, (State
University Educational
Facilities),
5.50%, 5/15/19 2,180,520
A3 A- 1,300 New York State Dormitory
Authority, (State
University Educational
Facilities),
7.50%, 5/15/11 1,628,367
- --------------------------------------------------------------------------------
$ 94,641,470
- --------------------------------------------------------------------------------
Electric Utilities -- 11.7%
- --------------------------------------------------------------------------------
Baa1 A- $12,000 Long Island Power
Authority, Electric
System Revenue, Series A,
5.25%, 12/1/26 $ 12,288,600
Baa1 A- 11,550 Long Island Power
Authority, Electric
System Revenue, Series A,
5.50%, 12/1/23 12,191,256
Baa1 A- 11,760 Long Island Power
Authority, Electric
System Revenue, Series A,
5.50%, 12/1/29 12,191,592
A1 A+ 2,365 New York State Energy
Research and Development
Authority, (Consolidated
Edison) (AMT), 7.50%,
7/1/25 2,450,589
A2 A 2,500 New York State Energy
Research and Development
Authority, (Brooklyn
Union Gas), (RIBS),
(AMT), Variable Rate,
7/1/26/(1)/ 3,381,250
A1 A+ 1,000 New York State Energy
Research and Development
Authority, (Consolidated
Edison) (AMT), 7.50%,
1/1/26 1,051,340
NR NR 3,000 New York State Energy
Research and Development
Authority, (LILCO)
"RITES" (AMT), Variable
Rate, 8/1/22/(1)/ 3,601,980
</TABLE>
See notes to financial statements
50
<PAGE>
New York Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- ------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Electric Utilities (continued)
- -------------------------------------------------------------------------------
NR NR $ 2,450 New York State Energy
Research and Development
Authority, (LILCO),
"RITES" (AMT), Variable
Rate, 8/1/22/(1)/ $ 2,941,617
Baa3 A- 3,110 New York State Energy
Research and Development
Authority, (LILCO),
(AMT), 6.90%, 8/1/22 3,426,598
NR NR 2,760 Virgin Islands Water and
Power Authority, 7.40%,
7/1/11 3,040,333
- -------------------------------------------------------------------------------
$ 56,565,155
- -------------------------------------------------------------------------------
Escrowed / Prerefunded -- 1.1%
- -------------------------------------------------------------------------------
Aaa AAA $ 1,650 Dutchess County Resource
Recovery Solid Waste
(FGIC), Prerefunded to
1/1/00, 7.50%, 1/1/09 $ 1,761,359
Aaa AAA 110 New York City, (AMBAC),
Prerefunded to 8/1/02,
7.00%, 8/1/17 124,352
Baa1 BBB 145 New York State Dormitory
Authority, (City
University), Prerefunded
to 7/1/02, 6.375%, 7/1/08 160,911
NR AAA 1,000 New York State Dormitory
Authority, (St. Francis
Hospital), (FHA),
Prerefunded to 8/1/00,
7.65%, 8/1/30 1,090,800
Baa1 BBB+ 1,800 Syracuse IDA, (St.
Joseph's Hospital Health
Center), Prerefunded to
6/1/01, 7.50%, 6/1/18 2,006,568
- -------------------------------------------------------------------------------
$ 5,143,990
- -------------------------------------------------------------------------------
General Obligations -- 5.3%
- --------------------------------------------------------------------------------
A3 A- $ 8,000 New York City, 0.00%, $ 5,464,800
8/1/07
A3 A- 2,500 New York City, 0.00%, 1,623,100
8/1/97
A3 A- 1,750 New York City, 5.00%, 1,753,780
8/15/19
A3 A- 7,375 New York City, 5.00%, 7,338,125
8/1/23
A3 A- 5,000 New York City, 5.25%, 5,152,700
8/1/16
Aa2 AA 1,700 Onondaga County,
5.875%, 2/15/11 1,952,127
Aa2 AA 1,600 Onondaga County,
5.875%, 2/15/12 1,839,216
Baa1 A 1,200 Puerto Rico, 0.00%, 7/1/18 466,584
- --------------------------------------------------------------------------------
$ 25,590,432
- --------------------------------------------------------------------------------
Health Care -- 1.3%
NR NR $ 5,000 New York State Housing
Finance Agency, "RITES",
Variable Rate, 5/1/06/(1)//(2)/ $ 6,115,750
- --------------------------------------------------------------------------------
$ 6,115,750
- --------------------------------------------------------------------------------
Hospital -- 7.5%
- --------------------------------------------------------------------------------
Baa1 BBB+ $ 7,680 New York State Dormitory
Authority, (Jamaica
Hospital), 5.20%, 2/15/15 $ 7,896,883
A3 A- 7,300 New York State Dormitory
Authority, Mental Health
Facilities, 5.375%,
2/15/26 7,532,797
NR AA 9,000 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA),
6.70%, 8/15/23 9,856,260
Aa2 AA 2,190 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA),
7.00%, 8/15/32 2,448,924
Aa2 AA 6,600 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA),
7.25%, 2/15/31 7,458,858
Aa2 AA 940 New York State MCFFA,
Insured Mortgage, (FHA),
7.45%, 8/15/31 1,034,367
- --------------------------------------------------------------------------------
$ 36,228,089
- --------------------------------------------------------------------------------
Hotel -- 0.3%
- --------------------------------------------------------------------------------
NR NR $ 3,000 Niagara County IDA,
(Wintergarden Inn
Associates), 9.75%,
6/1/11/(3)/ 1,200,000
- --------------------------------------------------------------------------------
$ 1,200,000
- --------------------------------------------------------------------------------
Housing -- 5.7%
- --------------------------------------------------------------------------------
NR NR $ 4,488 New York City HDC,
Allerville, 6.50%,
11/15/18 $ 4,496,324
NR NR 1,956 New York City HDC,
Dayton, 6.50%, 11/15/18 2,054,717
NR AAA 2,550 New York City HDC,
Multi-Unit Management,
7.35%, 6/1/19/(4)/ 2,737,170
Aa2 AAA 235 New York State Housing
Finance Agency, Baytown,
7.10%, 8/15/35 251,664
Aaa NR 30,855 New York State Mortgage
Agency, 0.00%, 10/1/14 6,816,487
</TABLE>
See notes to financial statements
51
<PAGE>
New York Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing (continued)
- --------------------------------------------------------------------------------
Aa2 NR $ 500 New York State Mortgage
Agency, 6.65%, 4/1/22 $ 530,260
Aa2 NR 8,750 New York State Mortgage
Agency, 6.90%, 4/1/15 9,460,588
Aa2 NR 1,000 New York State Mortgage
Agency, 7.50%, 4/1/15 1,073,850
- -------------------------------------------------------------------------------
$ 27,421,060
- -------------------------------------------------------------------------------
Industrial Development Revenue -- 0.6%
- -------------------------------------------------------------------------------
Baa3 BBB- $ 2,800 Port Authority of New
York and New Jersey,
(Delta Airlines), 6.95%,
6/1/08 $ 3,060,540
- -------------------------------------------------------------------------------
$ 3,060,540
- -------------------------------------------------------------------------------
Insured-Electric Utilities -- 1.2%
- -------------------------------------------------------------------------------
Aaa AAA $ 5,000 Puerto Rico Telephone
Authority, (MBIA),
Variable Rate,
1/25/07/(1)//(2)/ $ 5,575,000
- -------------------------------------------------------------------------------
$ 5,575,000
- -------------------------------------------------------------------------------
Insured-General Obligations -- 4.8%
- -------------------------------------------------------------------------------
Aaa AAA $ 700 Bethlehem Central School
District, (AMBAC), 7.10%,
11/1/08 $ 873,530
Aaa AAA 700 Bethlehem Central School
District, (AMBAC), 7.10%,
11/1/09 882,189
Aaa AAA 770 Chautauqua County
Unlimited Tax, (FGIC),
6.40%, 9/15/09 921,667
Aaa AAA 1,035 Erie County Water
Authority, (AMBAC),
0.00%, 12/1/17 262,590
Aaa AAA 700 Jamestown, (Secondary
AMBAC), 7.10%, 3/15/09 873,950
Aaa AAA 700 Jamestown, (Secondary
AMBAC), 7.10%, 3/15/10 881,146
Aaa AAA 700 Jamestown, (Secondary
AMBAC), 7.10%, 3/15/11 886,963
Aaa AAA 675 Jamestown, (Secondary
AMBAC), 7.10%, 3/15/12 860,429
Aaa AAA 675 Jamestown, (Secondary
AMBAC), 7.10%, 3/15/13 863,710
Aaa AAA 515 Jamestown, (Secondary
AMBAC), 7.10%, 3/15/14 660,570
Aaa AAA 5,000 New York State Local
Government Assistance
Corp., (MBIA), 5.00%,
4/1/21 5,019,550
Aaa AAA $ 170 New York, (AMBAC),
7.00%, 8/1/17 $ 190,181
Aaa AAA 4,500 Puerto Rico, (FSA),
Variable Rate,
7/1/22/(1)//(2)/ 5,203,125
Aaa AAA 4,500 Syracuse, (FSA),
5.25%, 10/1/14 4,744,260
- -------------------------------------------------------------------------------
$ 23,123,860
- -------------------------------------------------------------------------------
Insured-Miscellaneous -- 0.5%
- -------------------------------------------------------------------------------
Aaa AAA $ 500 New York City IDA, (USTA
National Tennis Center,
Inc.), (FSA), 6.375%,
11/15/14 $ 564,615
Aaa AAA 1,600 New York City Trust
Cultural Resources,
(American Museum of
Natural History),
(MBIA), 5.65%, 4/1/22 1,726,240
- -------------------------------------------------------------------------------
$ 2,290,855
- -------------------------------------------------------------------------------
Insured-Senior Living / Life Care -- 0.3%
- -------------------------------------------------------------------------------
Aaa AAA $ 1,400 New York State MCFFA,
Long Term Health Care,
(FSA), 6.80%, 11/1/14 $ 1,546,790
- -------------------------------------------------------------------------------
$ 1,546,790
- -------------------------------------------------------------------------------
Insured-Solid Waste -- 1.6%
- -------------------------------------------------------------------------------
Aaa AAA $ 6,795 Islip Resource Recovery
Agency, (MBIA), 6.50%,
7/1/09 $ 7,881,860
- -------------------------------------------------------------------------------
$ 7,881,860
- -------------------------------------------------------------------------------
Insured-Transportation -- 4.4%
- -------------------------------------------------------------------------------
Aaa AAA $ 6,000 New York State Thruway
Authority, (MBIA),
5.375%, 4/1/16 $ 6,396,060
Aaa AAA 3,000 Triborough Bridge and
Tunnel Authority, "RITES",
(AMBAC), Variable Rate,
1/1/12/(1)//(2)/ 3,496,470
NR AAA 3,000 Triborough Bridge and
Tunnel Authority, (MBIA),
Variable Rate,
1/1/19/(1)//(2)/ 3,254,130
NR NR 7,000 VRDC-IVRC Trust,
(NY MTA), Variable Rate,
(MBIA), 6/26/02/(1)//(2)/ 7,875,000
- -------------------------------------------------------------------------------
$ 21,021,660
- -------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
52
<PAGE>
New York Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Lease Revenue/
Certificates of Participation -- 13.3%
- -------------------------------------------------------------------------------
Baa1 BBB+ $ 8,000 New York State Dormitory
Authority, (City
University), 5.625%,
7/1/16 $ 8,807,200
Baa1 BBB+ 5,100 New York State Dormitory
Authority, (City
University),
7.00%, 7/1/09 6,033,351
Baa1 BBB+ 4,325 New York State Dormitory
Authority, (City
University),
7.50%, 7/1/10 5,360,189
Baa1 BBB+ 3,380 New York State HFA Health
Facilities, 6.00%, 5/1/06 3,782,085
NR BBB 5,865 New York State Thruway
Authority, 0.00%, 1/1/01 5,363,191
NR BBB 2,350 New York State Thruway
Authority, 0.00%, 1/1/03 1,970,052
Baa1 BBB+ 27,940 New York State UDC,
5.70%, 4/1/20 30,989,929
Baa1 BBB- 1,825 Syracuse-Hancock
International Airport,
6.625%, 1/1/12 1,961,893
- -------------------------------------------------------------------------------
$ 64,267,890
- -------------------------------------------------------------------------------
Solid Waste -- 2.1%
- -------------------------------------------------------------------------------
Baa1 NR $ 9,530 New York State EFC,
Resource Recovery,
(Huntington),
7.50%, 10/1/12 $ 10,003,069
- -------------------------------------------------------------------------------
$ 10,003,069
- -------------------------------------------------------------------------------
Special Tax Revenue -- 7.1%
- -------------------------------------------------------------------------------
A3 A+ $14,830 New York State LGAC,
5.00%, 4/1/21 $ 15,245,685
A3 A+ 11,900 New York State LGAC,
5.375%, 4/1/19 12,394,445
NR BBB+ 2,630 New York State Municipal
Bond Bank Agency, 6.875%,
3/15/06 2,883,401
Baa1 BBB+ 3,335 Triborough Bridge and
Tunnel Authority,
Convention Center, 6.00%,
1/1/11 3,790,161
- -------------------------------------------------------------------------------
$ 34,313,692
- -------------------------------------------------------------------------------
Transportation -- 6.3%
- -------------------------------------------------------------------------------
Baa1 BBB+ $ 2,535 Metropolitan
Transportation Authority
of New York, 5.50%, 7/1/14 $ 2,707,101
A1 AA- 1,500 Port Authority of New
York and New Jersey,
(AMT), Variable Rate,
1/15/27/(1)//(2)/ 1,708,635
Baa1 A $ 4,000 Puerto Rico Highway and
Transportation Authority,
4.75%, 7/1/38 $ 3,926,040
Aa3 A+ 5,000 Triborough Bridge and
Tunnel Authority, 5.20%,
1/1/22 5,125,450
Aa3 A+ 12,080 Triborough Bridge and
Tunnel Authority, 5.50%,
1/1/17 13,372,439
Aa3 A+ 3,000 Triborough Bridge and
Tunnel Authority, 6.125%,
1/1/21 3,583,470
- -------------------------------------------------------------------------------
$ 30,423,135
- -------------------------------------------------------------------------------
Water and Sewer -- 2.5%
- --------------------------------------------------------------------------------
A1 A- $ 7,000 New York City Municipal
Water Finance Authority,
5.25%, 6/15/29 $ 7,124,670
Aa2 A+ 4,545 New York State EFC, State
Water Pollution Control,
7.20%, 3/15/11 4,851,833
- --------------------------------------------------------------------------------
$ 11,976,503
- --------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $434,692,716) $481,924,378
- --------------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
The Portfolio invests primarily in debt securities issued by New York
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with
such economic developments, at September 30, 1998, 13.1% 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 institution ranged from 0.6% to 7.8%
of total investments.
/(1)/ Security has been issued as an inverse floater bond.
/(2)/ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At September 30,
1998, the value of these securities amounted to $33,228,110 or 6.8% of the
Portfolio's net assets.
/(3)/ Non-income producing security.
/(4)/ Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements
53
<PAGE>
Ohio Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments -- 100.0%
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education -- 0.3%
- ------------------------------------------------------------------------------------------------------------
Aa AA $ 550 Ohio State Higher Educational
Facilities, (Case Western University),
6.50%, 10/1/20 $ 674,905
- ------------------------------------------------------------------------------------------------------------
$ 674,905
- ------------------------------------------------------------------------------------------------------------
Electric Utilities -- 3.9%
- ------------------------------------------------------------------------------------------------------------
A1 A+ $1,185 Ohio State Air Quality Development
Authority, 6.10%, 9/1/30 $ 1,290,335
Ba1 BB+ 7,000 Ohio State Water Development
Authority, Pollution Control Facilities,
(Cleveland Electric), (AMT),
6.10%, 8/1/20 7,356,300
NR NR 915 Virgin Islands Water and Power
Authority, 7.40%, 7/1/11 1,007,937
- ------------------------------------------------------------------------------------------------------------
$ 9,654,572
- ------------------------------------------------------------------------------------------------------------
Escrowed / Prerefunded -- 3.7%
- ------------------------------------------------------------------------------------------------------------
Aaa AAA $1,000 Clermont County, (Mercy Health
System), (AMBAC), Prerefunded to
9/25/01, Variable
Rate, 10/5/21/(1)/ $ 1,200,000
Aaa NR 2,905 Greene County, IDA, (Fairview
Extended Care), Prerefunded to
1/1/01, 10.125%, 1/1/11 3,346,821
A1 NR 1,750 Lorain, (Lakeland County Hospital),
Escrowed to Maturity,
6.50%, 11/15/12 2,021,303
NR AAA 1,700 Puerto Rico, "RIBS", (AMBAC),
Variable Rate, Prerefunded to
7/1/02, 7.933%, 7/1/15/(1)(2)/ 1,998,554
Aa2 NR 600 Warren County, (Otterbein Homes),
Prerefunded to 7/1/01,
7.20%, 7/1/11 665,736
- ------------------------------------------------------------------------------------------------------------
$ 9,232,414
- ------------------------------------------------------------------------------------------------------------
General Obligations -- 6.4%
- ------------------------------------------------------------------------------------------------------------
NR NR $3,035 Belmont County, 7.30%, 12/1/12 $ 3,325,783
NR NR 800 Mahoning Valley, Sanitation District,
7.80%, 12/15/08 870,096
NR NR 950 Mahoning Valley, Sanitation District,
7.80%, 12/15/09 1,032,650
Baa1 A 1,075 Puerto Rico, 0.00%, 7/1/16 463,938
Aa2 NR $1,250 Rocky River City School District,
5.375%, 12/1/17 $ 1,354,925
NR NR 1,000 Tuscarawas Public Library
Improvement, 6.90%, 12/1/11 1,075,330
NR NR 6,855 Youngstown, 7.35%, 7/1/05 7,843,011
- ------------------------------------------------------------------------------------------------------------
$ 15,965,733
- ------------------------------------------------------------------------------------------------------------
Hospital -- 18.7%
- ------------------------------------------------------------------------------------------------------------
NR AAA $1,000 Allen County, LIMA Convalescent
Home Foundation (GNMA),
6.40%, 1/1/21 $ 1,069,540
Baa3 BBB- 1,000 Butler County, (Hamilton-Hughe
Hospital), 7.50%, 1/1/10 1,087,020
A1 A 2,100 Cuyahoga County, (Fairview General
Hospital), 6.25%, 8/15/10 2,305,758
Aa AA 4,450 Cuyahoga County, (University
Hospitals Health System),
6.00%, 1/15/22 4,763,325
Aa AA 750 Cuyahoga County, (University
Hospitals Health System),
6.50%, 1/15/19 817,118
NR A 3,280 Defiance, (Defiance Hospital),
7.625%, 11/1/03 3,338,220
Baa2 BBB+ 1,000 East Liverpool, (City Hospital),
8.00%, 10/1/21 1,093,950
A A 4,000 Erie County, (Firelands Community
Hospital), 6.75%, 1/1/08 4,381,800
Aa NR 3,000 Franklin County, (Children's
Hospital), 6.60%, 5/1/13 3,315,270
A A 1,015 Garfield Heights,
(Marymount Hospital),
6.65%, 11/15/11 1,118,205
A A 1,000 Garfield Heights,
(Marymount Hospital),
6.70%, 11/15/15 1,103,150
A2 A 5,115 Hamilton County, (Bethesda
Hospital, Inc.), 6.25%,
1/1/12 5,599,595
Aa2 NR 1,000 Hamilton County, (Wesley
Hall), 6.50%, 3/1/15 1,123,930
Baa2 BBB 3,800 Miami, (Upper Valley
Medical Center), 6.375%,
5/15/26 4,116,692
NR NR 9,305 Mt. Vernon, (Knox
Community Hospital),
7.875%, 6/1/12 9,515,850
NR A- 1,000 Parma Hospital Improvement
Revenue, (Parma Community
General Hospital
Association), 5.35%,
11/1/18 1,020,940
</TABLE>
See notes to financial statements
54
<PAGE>
Ohio Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS (CONT'D)
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Hospital (continued)
- -------------------------------------------------------------------------------
NR A- $1,000 Parma Hospital Improvement
Revenue, (Parma Community
General Hospital
Association), 5.375%,
11/1/29 $ 1,024,540
- -------------------------------------------------------------------------------
$ 46,794,903
- -------------------------------------------------------------------------------
Housing -- 15.1%
- -------------------------------------------------------------------------------
Aa NR $1,300 Clermont County, (SEM
Laurels), (FHA), 6.00%,
9/1/20 $ 1,373,112
NR NR 2,990 Cuyahoga County, (Rolling
Hills Apts.), (AMT),
8.00%, 1/1/28 3,049,381
Aa NR 2,500 Franklin County MFMR,
(Tuttle Park), (FHA),
(AMT),
6.50%, 3/1/26 2,762,525
Aa NR 5,985 Franklin County MFMR,
(Tuttle Park), (FHA),
(AMT),
6.60%, 3/1/36 6,609,714
Aa NR 3,645 Franklin County, (Hamilton
Creek Apartments) (FHA),
(AMT),
5.55%, 7/1/24 3,699,967
Aa NR 1,000 Franklin County, (Hamilton
Creek Apartments) (FHA),
(AMT),
5.80%, 7/1/14 1,041,300
Aaa NR 2,500 Kent MFMR, (Silver
Meadows), (GNMA), (AMT),
7.30%, 12/20/36 2,867,125
NR NR 2,965 Lucas County, (Country
Creek), (AMT), 8.00%,
7/1/26 2,998,475
Aaa AAA 835 Ohio HFA SFMR, (GNMA),
(AMT), Variable Rate,
3/31/31/(1)/ 939,375
Aa A 1,000 Ohio HFA, (Aristocrat),
(FHA), (AMT), 7.30%, 8/1/31 1,061,400
NR AAA 3,310 Ohio HFA, Residential,
(GNMA), (AMT), 6.375%,
3/1/25 3,556,430
NR AAA 4,595 Ohio HFA, Residential,
(GNMA), (AMT), 6.70%,
3/1/25 4,978,039
Baa3 BBB 2,925 Puerto Rico Urban Renewal
and Housing Corp., 0.00%,
10/1/99 2,825,258
- --------------------------------------------------------------------------------
$ 37,762,101
- --------------------------------------------------------------------------------
Industrial Development Revenue -- 13.1%
- --------------------------------------------------------------------------------
Aa NR $2,000 Cuyahoga, IDR, (Chippewa
Place), 6.60%, 8/1/15 $ 2,161,020
- --------------------------------------------------------------------------------
Industrial Development Revenue (continued)
- --------------------------------------------------------------------------------
Baa1 NR $3,750 Ohio Air Quality
Development Authority,
(Ashland Oil, Inc.),
6.85%, 4/1/10 $ 4,014,263
NR A- 535 Ohio Economic Development
Commission, (Burrows Paper
Corp.) (AMT), 7.625%,
6/1/11 586,702
NR A- 230 Ohio Economic Development
Commission, (Cheryl &
Co.), (AMT), 5.50%, 12/1/04 249,534
NR A- 530 Ohio Economic Development
Commission, (Cheryl &
Co.), (AMT), 5.90%, 12/1/09 581,855
NR A- 1,565 Ohio Economic Development
Commission, (Consolidated
Biscuit), (AMT), 7.00%,
12/1/09 1,776,040
NR A- 3,160 Ohio Economic Development
Commission, (J J & W LP),
(AMT), 6.70%, 12/1/14 3,551,935
NR BB 1,020 Ohio Economic Development
Commission, (Kmart Corp.),
6.75%, 5/15/07 1,103,099
NR A- 750 Ohio Economic Development
Commission, (Luigino's,
Inc.), (AMT), 6.85%, 6/1/01 751,950
NR A- 1,525 Ohio Economic Development
Commission, (Progress
Plastic Products), (AMT),
7.80%, 12/1/09 1,806,973
NR A- 575 Ohio Economic Development
Commission, (Progress
Plastics Products), (AMT),
6.80%, 12/1/01 603,049
NR A- 1,000 Ohio Economic Development
Commission, (Royal
Appliance Manufacturing
Co.), (AMT),
7.625%, 12/1/11 1,103,460
NR A- 680 Ohio Economic Development
Commission, (Royal
Appliance Manufacturing
Co.), (AMT),
7.625%, 12/1/11 750,353
NR A- 880 Ohio Economic Development
Commission, (VSM Corp.),
(AMT), 7.375%, 12/1/11 964,638
Aa3 AA 1,000 Ohio Pollution Control,
(Standard Oil Co.), 6.75%,
12/1/15 1,240,310
</TABLE>
See notes to financial statements
55
<PAGE>
Ohio Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- ------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ----------------------------------------------------------------------------------------
Industrial Development Revenue (continued)
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NR NR $ 3,000 Ohio Solid Waste Revenue, (Republic
Engineered Steels, Inc.), (AMT),
9.00%, 6/1/21 $ 3,261,270
Baa2 BBB 3,805 Ohio Water Development Authority,
(Union Carbide Corp.), 5.50%, 1/15/07 3,808,463
Baa3 BBB- 4,000 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.25%, 6/1/26 4,365,680
- ----------------------------------------------------------------------------------------
$ 32,680,594
- ----------------------------------------------------------------------------------------
Insured-Education -- 0.4%
- ----------------------------------------------------------------------------------------
Aaa AAA $ 1,000 Ohio Higher Education Facilities,
(University of Dayton), (FGIC),
5.80%, 12/1/14 $ 1,090,890
- ----------------------------------------------------------------------------------------
$ 1,090,890
- ----------------------------------------------------------------------------------------
Insured-Electric Utilities -- 5.6%
- ----------------------------------------------------------------------------------------
Aaa AAA $ 1,650 Cleveland Public Power System, (MBIA),
7.00%, 11/15/17 $ 1,823,366
Aaa AAA 7,250 Cleveland, Public Power System, (MBIA),
5.00%, 11/15/20 7,298,285
Aaa AAA 2,000 Cuyahoga County Utility Systems,
(Medical Center Co.), (MBIA), (AMT),
6.10%, 8/15/15 2,189,960
Aaa AAA 2,300 Puerto Rico Electric Power Authority,
"STRIPES", (FSA), Variable
Rate, 7/1/02/(1)/ 2,596,125
- ----------------------------------------------------------------------------------------
$ 13,907,736
- ----------------------------------------------------------------------------------------
Insured-General Obligations -- 1.4%
- ----------------------------------------------------------------------------------------
Aaa AAA $ 3,000 Puerto Rico, (FSA), Variable
Rate, 7/1/22/(1)(2)/ $ 3,468,750
- ----------------------------------------------------------------------------------------
$ 3,468,750
- ----------------------------------------------------------------------------------------
Insured-Hospital -- 7.6%
- ----------------------------------------------------------------------------------------
Aaa AAA $ 1,000 East Liverpool, (City Hospital),
(FSA), 5.00%, 10/1/21 $ 1,002,020
Aaa AAA 1,250 Mahoning County Hospital Facilities
Revenue, (Forum Health), (MBIA),
5.00%, 11/15/17 1,258,950
Ratings (Unaudited) Principal
- ------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Insured-Hospital (continued)
Aaa AAA $ 2,750 Mansfield, (Mansfield General
Hospital), (AMBAC), 6.70%, 12/1/09 $ 3,015,568
Aaa AAA 5,000 Middleburg Heights, (Southwestern
General), (FSA), 5.75%, 8/15/21 5,484,300
Aaa AAA 1,000 Montgomery County, (Miami Valley
Hospital), (AMBAC), 6.25%, 11/15/16 1,097,890
Aaa AAA 6,565 Portage County, (Robinson Memorial
Hospital), (MBIA), 5.80%, 11/15/15 7,192,023
- ----------------------------------------------------------------------------------------
$ 19,050,751
- ----------------------------------------------------------------------------------------
Insured-Housing -- 2.9%
- ----------------------------------------------------------------------------------------
Aaa AAA $ 1,100 Ohio Capital Corp., (Horizon Apts.),
(FHA), (MBIA), 6.50%, 1/1/23 $ 1,159,312
Aaa AAA 6,000 Ohio Capital Corp., (Section 8),
(FHA), (MBIA), 5.30%, 1/1/24 6,036,840
- ----------------------------------------------------------------------------------------
$ 7,196,152
- ----------------------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 1.0%
- ----------------------------------------------------------------------------------------
Aaa AAA $ 2,500 University of Cincinnati, (MBIA),
5.125%, 6/1/24 $ 2,527,725
- ----------------------------------------------------------------------------------------
$ 2,527,725
- ----------------------------------------------------------------------------------------
Insured-Special Tax Revenue -- 0.5%
- ----------------------------------------------------------------------------------------
Aaa AAA $ 2,110 Hudson Local School District, (FGIC),
0.00%, 12/15/09 $ 1,309,761
- ----------------------------------------------------------------------------------------
$ 1,309,761
- ----------------------------------------------------------------------------------------
Insured-Transportation -- 3.7%
- ----------------------------------------------------------------------------------------
Aaa AAA $ 7,000 Columbus Municipal Airport Authority,
(AMBAC), 5.00%, 1/1/28 $ 7,014,420
Aaa AAA 2,000 Ohio State Airline Quality Development
Authority, (JMG Funding), (AMBAC),
5.625%, 10/1/22 2,128,920
- ----------------------------------------------------------------------------------------
$ 9,143,340
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
56
<PAGE>
Ohio Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- ------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Insured-Water and Sewer -- 1.0%
- ----------------------------------------------------------------------------------------
Aaa NR $ 2,500 Alliance Water Works Revenue, (MBIA),
5.00%, 11/15/20 $ 2,517,900
- ----------------------------------------------------------------------------------------
$ 2,517,900
- ----------------------------------------------------------------------------------------
Lease Revenue /
Certificates of Participation -- 0.4%
- ----------------------------------------------------------------------------------------
A2 A+ $ 1,000 University of Cincinnati, 6.50%,
12/1/11 $ 1,101,640
- ----------------------------------------------------------------------------------------
$ 1,101,640
- ----------------------------------------------------------------------------------------
Nursing Home -- 6.8%
- ----------------------------------------------------------------------------------------
NR NR $ 2,000 Cuyahoga County Health Care
Facilities, (Benjamin Rose Institute),
5.50%, 12/1/17 $ 2,017,280
NR NR 2,855 Cuyahoga County Health Care
Facilities, (Benjamin Rose Institute),
5.50%,12/1/28 2,860,681
Aaa NR 1,305 Cuyahoga County, (Maple Care Center),
(GNMA), (AMT), 8.00%, 8/20/16 1,611,518
NR AAA 1,205 North Canton Health Care Facilities,
(St. Luke Lutheran), (GNMA), 6.10%,
9/20/16 1,371,338
NR AAA 6,455 North Canton Health Care Facilities,
(St. Luke Lutheran), (GNMA), 9.55%,
3/20/32 9,084,185
- ----------------------------------------------------------------------------------------
$ 16,945,002
- ----------------------------------------------------------------------------------------
Senior Living / Life Care -- 2.1%
- ----------------------------------------------------------------------------------------
Aa NR $ 1,990 Franklin County, (Kensington Place),
6.75%, 1/1/34/(3)/ $ 2,119,151
Aa2 NR 1,000 Hamilton County, (Hospital - Episcopal
Retirement Home), 6.80%, 1/1/08 1,085,500
NR BBB- 1,800 Marion, Health Care,(United Church
Home), 6.30%, 11/15/15 1,918,548
- ----------------------------------------------------------------------------------------
$ 5,123,199
- ----------------------------------------------------------------------------------------
Solid Waste -- 1.6%
- ----------------------------------------------------------------------------------------
P-1 BBB $ 4,000 Ohio State Solid Waste Disposal
Revenue, (USG Corp.), (AMT), 5.60%,
8/1/32 $ 4,073,080
- ----------------------------------------------------------------------------------------
$ 4,073,080
- ----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- ------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Transportation -- 3.4%
- --------------------------------------------------------------------------------------------
Baa1 A $ 3,000 Puerto Rico Highway and Transportation
Authority, 4.75%, 7/1/38 $ 2,944,530
Baa1 A 250 Puerto Rico Highway and Transportation
Authority, 5.00%, 7/1/36 256,665
Baa1 A 2,000 Puerto Rico Highway and Transportation
Authority, 5.00%, 7/1/38 1,987,860
Baa1 A 3,000 Puerto Rico Highway and Transportation
Authority, 6.625%, 7/1/12 3,304,380
- --------------------------------------------------------------------------------------------
$ 8,493,435
- --------------------------------------------------------------------------------------------
Water and Sewer -- 0.4%
- --------------------------------------------------------------------------------------------
NR NR $ 1,000 Vermilion Water, 7.25%, 8/15/15 $ 1,064,490
- --------------------------------------------------------------------------------------------
$ 1,064,490
- --------------------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $230,144,643) $ 249,779,073
- --------------------------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by Ohio
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the the risk associated with such economic
developments, at September 30, 1998, 25.4% 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 institution ranged from 1.0% to 12.8% of total investments.
/1/ Security has been issued as an inverse floater bond.
/2/ Security exempt from registration under Rule 144A of the Securities Act of
1993. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At September 30,
1998, the value of these securities amounted to $5,467,304 or 2.1% of the
Portfolio's net assets.
/3/ Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements
57
<PAGE>
Rhode Island Municipals Portfolio as of September 30, 1998
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments -- 100.0%
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education -- 2.0%
- ---------------------------------------------------------------------------------------------------------------------------------
A NR $ 750 Rhode Island Student Loan
Authority, (AMT), 5.60%, 12/1/12 $ 810,713
- ---------------------------------------------------------------------------------------------------------------------------------
$ 810,713
- ---------------------------------------------------------------------------------------------------------------------------------
Escrowed / Prerefunded -- 0.7%
- ---------------------------------------------------------------------------------------------------------------------------------
NR AAA $ 250 Puerto Rico, "RIBS", (AMBAC),
Variable Rate, Prerefunded to
7/1/02, 7.933%, 7/1/15/(1)//(2)/ $ 293,905
- ---------------------------------------------------------------------------------------------------------------------------------
$ 293,905
- ---------------------------------------------------------------------------------------------------------------------------------
General Obligations -- 3.3%
- ---------------------------------------------------------------------------------------------------------------------------------
Baa1 A $ 225 Puerto Rico, 0.00%, 7/1/16 $ 97,103
Baa1 A 1,000 Puerto Rico Public Buildings Authority,
5.25%, 7/1/21 1,028,480
Baa1 A- 230 Rhode Island Depositors Economic
Protection Corp., 5.75%, 8/1/21 259,509
- ---------------------------------------------------------------------------------------------------------------------------------
$ 1,385,092
- ---------------------------------------------------------------------------------------------------------------------------------
Hospital -- 9.2%
- ---------------------------------------------------------------------------------------------------------------------------------
NR AA $1,500 Rhode Island HEFA, (Landmark
Medical Center), 5.875%, 10/1/19 $ 1,594,275
A3 A- 1,250 Rhode Island HEFA, (South County
Hospital), 5.75%, 11/15/26 1,338,550
Baa3 BBB 830 Rhode Island HEFA, (Westerly
Hospital), 6.00%, 7/1/14 871,425
- ---------------------------------------------------------------------------------------------------------------------------------
$ 3,804,250
- ---------------------------------------------------------------------------------------------------------------------------------
Housing -- 16.1%
- ---------------------------------------------------------------------------------------------------------------------------------
NR AAA $ 500 Guam Housing Corp., Single Family,
5.75%, 9/1/31 $ 547,305
Aa2 AA+ 1,740 Rhode Island Housing and Mortgage
Finance Corp., (AMT),
6.60%, 10/1/25 1,872,866
Aa2 AA+ 100 Rhode Island Housing and Mortgage
Finance Corp., (AMT),
6.70%, 10/1/12 107,267
Aa2 AA+ 875 Rhode Island Housing and Mortgage
Finance Corp., (AMT),
6.80%, 10/1/25 934,903
Aa2 AA+ $1,000 Rhode Island Housing and Mortgage
Finance Corp., (AMT),
7.10%, 10/1/23 $ 1,051,920
Aa2 AA+ 2,000 Rhode Island Housing and Mortgage
Finance Corp., (AMT),
7.55%, 10/1/22 2,128,900
- ---------------------------------------------------------------------------------------------------------------------------------
$ 6,643,161
- ---------------------------------------------------------------------------------------------------------------------------------
Industrial Development Revenue -- 1.3%
- ---------------------------------------------------------------------------------------------------------------------------------
Baa3 BBB- $ 500 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.30%, 6/1/23 $ 538,140
- ---------------------------------------------------------------------------------------------------------------------------------
$ 538,140
- ---------------------------------------------------------------------------------------------------------------------------------
Insured-Education -- 1.0%
- ---------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $ 400 Rhode Island HEFA, (Roger Williams),
(AMBAC), 5.00%, 11/15/28 $ 397,816
- ---------------------------------------------------------------------------------------------------------------------------------
$ 397,816
- ---------------------------------------------------------------------------------------------------------------------------------
Insured-Electric Utilities -- 1.8%
- ---------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $1,750 Puerto Rico Electric Power Authority,
(MBIA), (IBC), 0.00%, 7/1/17 $ 733,635
- ---------------------------------------------------------------------------------------------------------------------------------
$ 733,635
- ---------------------------------------------------------------------------------------------------------------------------------
Insured-General Obligations -- 15.2%
- ---------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $1,500 Kent County Water Authority,
(MBIA), 6.35%, 7/15/14 $ 1,688,160
Aaa AAA 500 Providence, Public Building Authority,
(School and Public Facilities Projects),
(FSA), 5.00%, 12/15/18 502,460
Aaa AAA 500 Rhode Island Depositors Economic
Protection Corp., (MBIA),
5.80%, 8/1/09 572,560
Aaa AAA 1,000 Rhode Island Depositors Economic
Protection Corp., (MBIA),
5.80%, 8/1/12 1,143,310
Aaa AAA 375 Rhode Island State Consolidated
Capital Development, (FGIC),
4.75%, 9/1/17 374,291
Aaa AAA 1,000 Rhode Island State Economic
Development Corp., (FSA),
5.00%, 7/1/23 999,220
</TABLE>
See notes to financial statements
58
<PAGE>
RHODE ISLAND MUNICIPALS PORTFOLIO as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- -------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Insured-General Obligations (continued)
- ---------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $1,000 Rhode Island State Economic
Development Corp., (FSA),
5.00%, 7/1/28 $ 997,620
- ---------------------------------------------------------------------------------------------------------------------------------
$ 6,277,621
- ---------------------------------------------------------------------------------------------------------------------------------
Insured-Hospital -- 15.5%
- ---------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $2,700 Rhode Island HEFA, (Lifespan),
(MBIA), 5.25%, 5/15/26 $ 2,751,597
Aaa AAA 3,350 Rhode Island HEFA, (Lifespan),
(MBIA), 5.75%, 5/15/23 3,628,218
- ---------------------------------------------------------------------------------------------------------------------------------
$ 6,379,815
- ---------------------------------------------------------------------------------------------------------------------------------
Insured-Housing -- 4.1%
- ---------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $1,075 Villa Excelsior Housing Development
Corp. Mortgage, (MBIA),
6.75%, 1/1/19 $ 1,171,137
Aaa AAA 500 Villa Excelsior Housing Development
Corp. Mortgage, (MBIA),
6.85%, 1/1/24 544,565
- ---------------------------------------------------------------------------------------------------------------------------------
$ 1,715,702
- ---------------------------------------------------------------------------------------------------------------------------------
Insured-Special Tax Revenue -- 13.2%
- ---------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $3,000 Convention Center Authority of Rhode
Island, (MBIA), 5.00%, 5/15/20 $ 3,004,110
Aaa AAA 2,300 Convention Center Authority of Rhode
Island, (MBIA), 5.25%, 5/15/15 2,457,067
- ---------------------------------------------------------------------------------------------------------------------------------
$ 5,461,177
- ---------------------------------------------------------------------------------------------------------------------------------
Insured-Water and Sewer -- 4.4%
- ---------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $ 750 Rhode Island Clean Water, Safe
Drinking Water,
(AMBAC), 6.70%, 1/1/15 $ 866,145
Aaa AAA 350 Rhode Island Clean Water, Water
Pollution Control, (MBIA),
5.40%, 10/1/15 379,540
Aaa AAA 500 Rhode Island Clean Water, Water
Pollution Control, (MBIA),
5.85%, 10/1/09 553,700
- ---------------------------------------------------------------------------------------------------------------------------------
$ 1,799,385
- ---------------------------------------------------------------------------------------------------------------------------------
Nursing Home -- 1.8%
- ---------------------------------------------------------------------------------------------------------------------------------
NR NR $ 725 Rhode Island HEFA, (Steere House),
5.80%, 7/1/20 $ 750,150
- ---------------------------------------------------------------------------------------------------------------------------------
$ 750,150
- ---------------------------------------------------------------------------------------------------------------------------------
Senior Living / Life Care -- 2.6%
- ----------------------------------------------------------------------------------------------------------------------------------
NR NR $1,000 Rhode Island HEFA, (Tockwotton
Home), 6.25%, 8/15/22 $ 1,070,250
- ---------------------------------------------------------------------------------------------------------------------------------
$ 1,070,250
- ---------------------------------------------------------------------------------------------------------------------------------
Special Tax Revenue -- 4.2%
- ---------------------------------------------------------------------------------------------------------------------------------
Baa3 BBB- $1,500 Providence Special Obligation Tax
Increment Bonds, 7.65%, 6/1/16 $ 1,727,415
- ---------------------------------------------------------------------------------------------------------------------------------
$ 1,727,415
- ---------------------------------------------------------------------------------------------------------------------------------
Transportation -- 3.6%
- ---------------------------------------------------------------------------------------------------------------------------------
Baa1 A $1,500 Puerto Rico Highway and
Transportation Authority,
4.75%, 7/1/38 $ 1,472,265
- --------------------------------------------------------------------------------------------------------------------------------
$ 1,472,265
- --------------------------------------------------------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $37,839,301) $41,260,492
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by 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 September 30, 1998, 55.9% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institution ranged from 0.9% to 45.1% of total investments.
/(1)/ Security has been issued as an inverse floater bond.
/(2)/ Security exempt from registration under Rule 144A of the Securities Act of
1993. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At September 30,
1998, the value of these securities amounted to $293,905 or 0.7% of the
Portfolio's net assets.
See notes to financial statements
59
<PAGE>
WEST VIRGINIA MUNICIPALS PORTFOLIO as of September 30, 1998
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments -- 100.0%
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- ------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Electric Utilities -- 11.7%
- ---------------------------------------------------------------------------------------------------------------------------------
A2 A $2,000 Harrison PCR, (Monongahela Power
Co. Harrison Station), (AMT),
6.75%, 8/1/24 $ 2,245,999
Baa1 BBB+ 1,000 Mason PCR, (Appalacian Power Co.),
6.85%, 6/1/22 1,098,190
Baa1 BBB+ 855 Puerto Rico Electric Power Authority,
0.00%, 7/1/17 351,927
- --------------------------------------------------------------------------------------------------------------------------------
$ 3,696,116
- --------------------------------------------------------------------------------------------------------------------------------
Escrowed / Prerefunded -- 3.3%
- --------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $2,500 Kanawha-Putnam Single Family
Mortgage, (AMBAC), Escrowed to
Maturity, 0.00%, 12/1/16 $ 1,037,400
- --------------------------------------------------------------------------------------------------------------------------------
$ 1,037,400
- --------------------------------------------------------------------------------------------------------------------------------
General Obligations -- 1.3%
- --------------------------------------------------------------------------------------------------------------------------------
Baa1 A $ 500 Puerto Rico, 0.00%, 7/1/16 $ 215,785
Baa1 A 500 Puerto Rico, 0.00%, 7/1/18 194,410
- --------------------------------------------------------------------------------------------------------------------------------
$ 410,195
- --------------------------------------------------------------------------------------------------------------------------------
Hospital -- 10.3%
- ---------------------------------------------------------------------------------------------------------------------------------
NR BBB+ $1,250 Berkeley Building Commission, (City
Hospital), 6.50%, 11/1/22 $ 1,349,013
Baa1 BBB+ 250 Princeton, (Community Hospital),
6.00%, 5/1/18 260,385
A1 NR 500 West Virginia HFA, (Charleston Area
Medical Center), 6.50%, 9/1/16 544,210
A1 NR 1,000 West Virginia HFA, (Charleston Area
Medical Center), 6.50%, 9/1/23 1,086,390
- --------------------------------------------------------------------------------------------------------------------------------
$ 3,239,998
- --------------------------------------------------------------------------------------------------------------------------------
Housing -- 1.6%
- -------------------------------------------------------------------------------------------------------------------------------
Aa1 AA+ $ 500 West Virginia State Housing
Development Fund, (AMT),
5.70%, 11/1/17 $ 521,265
- -------------------------------------------------------------------------------------------------------------------------------
$ 521,265
- -------------------------------------------------------------------------------------------------------------------------------
Industrial Development Revenue -- 9.2%
- ------------------------------------------------------------------------------------------------------------------------------
NR A- $1,375 Jefferson, (Royal Venders, Inc.),
(AMT), 5.90%, 8/1/04 $ 1,464,760
Baa2 NR 300 Kanawha, (Union Carbide Chemicals
and Plastics Co.), (AMT),
8.00%, 8/1/20 322,497
NR NR 1,000 Upshur Solid Waste, (TJI), (AMT),
7.00%, 7/15/25 1,128,800
- -------------------------------------------------------------------------------------------------------------------------------
$ 2,916,057
- -------------------------------------------------------------------------------------------------------------------------------
Insured-Education -- 10.1%
- -------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $1,000 West Virginia State University System,
(AMBAC), 5.75%, 4/1/16 $ 1,088,340
Aaa AAA 550 West Virginia State University System,
(AMBAC), 6.00%, 4/1/12 603,284
Aaa AAA 500 West Virginia University, (AMBAC),
5.00%, 5/1/22 501,035
Aaa AAA 1,000 West Virginia University, (AMBAC),
5.00%, 5/1/27 1,002,140
- --------------------------------------------------------------------------------------------------------------------------------
$ 3,194,799
- --------------------------------------------------------------------------------------------------------------------------------
Insured-Electric Utilities -- 3.3%
- ---------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $ 700 Marshall PCR, (Ohio Power Kammer
Plant), (MBIA), 5.45%, 7/1/14 $ 742,448
Aaa AAA 250 Puerto Rico Electric Power Authority,
"STRIPES", (FSA), Variable
Rate, 7/1/03/(1)/ 290,313
- ---------------------------------------------------------------------------------------------------------------------------------
$ 1,032,761
- ---------------------------------------------------------------------------------------------------------------------------------
Insured-General Obligations -- 7.0%
- --------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $1,000 West Virginia State Roads, (FGIC),
4.50%, 6/1/23 $ 953,360
Aaa AAA 150 West Virginia, (FGIC),
5.25%, 11/1/26 154,554
Aaa AAA 1,000 West Virginia, (FGIC),
5.75%, 11/1/21 1,098,360
- --------------------------------------------------------------------------------------------------------------------------------
$ 2,206,274
- --------------------------------------------------------------------------------------------------------------------------------
Insured-Hospital -- 11.6%
- --------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $1,300 West Virginia HFA, (Cabell Huntington
Hospital), (AMBAC),
6.25%, 1/1/19 $ 1,442,324
</TABLE>
See notes to financial statements
60
<PAGE>
WEST VIRGINIA MUNICIPALS PORTFOLIO as of September 30, 1998
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
Ratings (Unaudited) Principal
- ------------------
Amount
Standard (000's
Moody's & Poor's omitted) Security Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Insured-Hospital (continued)
- -----------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $ 850 West Virginia HFA, (Charleston Area
Medical Center), (MBIA),
5.75%, 9/1/13 $ 933,309
Aaa AAA 1,200 West Virginia HFA, (Linked Bulls &
Bears), (MBIA), 6.10%, 1/1/18 1,293,528
- ----------------------------------------------------------------------------------------------------------------------------------
$ 3,669,161
- ----------------------------------------------------------------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 1.7%
- ----------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $ 500 West Virginia School Building
Authority, (AMBAC), 5.60%, 7/1/17 $ 544,680
- ----------------------------------------------------------------------------------------------------------------------------------
$ 544,680
- ----------------------------------------------------------------------------------------------------------------------------------
Insured-Senior Living / Life Care -- 3.6%
- ----------------------------------------------------------------------------------------------------------------------------------
Aaa NR $1,100 Harrison County Building Commission,
(Maplewood Retirement), (AMBAC),
5.25%, 4/1/28 $ 1,124,321
- ---------------------------------------------------------------------------------------------------------------------------------
$ 1,124,321
- ---------------------------------------------------------------------------------------------------------------------------------
Insured-Transportation -- 2.5%
- ----------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $1,000 West Virginia Parkways Economic
Development and Tourism Authority
(FGIC), 0.00%, 5/15/04 $ 800,730
- ---------------------------------------------------------------------------------------------------------------------------------
$ 800,730
- ---------------------------------------------------------------------------------------------------------------------------------
Insured-Water and Sewer -- 13.7%
- ---------------------------------------------------------------------------------------------------------------------------------
Aaa AAA $ 250 Berkeley Public Service District Sewer,
(MBIA), 5.75%, 10/1/25 $ 274,610
Aaa AAA 500 Crab Orchard Public Service District,
(AMBAC), 5.50%, 10/1/25 532,660
Aaa AAA 1,500 Parkersburg Waterworks and Sewer,
(FSA), 5.80%, 9/1/19 1,652,595
Aaa AAA 1,000 West Virginia Water Development,
(Loan Program II), (FSA),
5.25%, 11/1/35 1,022,060
Aaa AAA 750 West Virginia Water Development,
(Loan Program II), (FSA),
6.00%, 11/1/14 837,968
- --------------------------------------------------------------------------------------------------------------------------------
$ 4,319,893
- --------------------------------------------------------------------------------------------------------------------------------
Nursing Home -- 2.3%
- ---------------------------------------------------------------------------------------------------------------------------------
NR NR $ 705 Kanawha, (Beverly Enterprises),
7.25%, 11/1/04 $ 726,904
- ---------------------------------------------------------------------------------------------------------------------------------
$ 726,904
- ---------------------------------------------------------------------------------------------------------------------------------
Solid Waste -- 6.8%
- ---------------------------------------------------------------------------------------------------------------------------------
A2 A $2,000 Braxton County, (Weyerhaeuser Co.),
(AMT), 5.80%, 6/1/27/(2)/ $ 2,136,579
- ---------------------------------------------------------------------------------------------------------------------------------
$ 2,136,579
- ---------------------------------------------------------------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.0%
(identified cost $28,916,100) $31,577,133
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by 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 September 30, 1998, 56.8% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institution ranged from 9.5% to 24.9% 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
61
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS
Statements of Assets and Liabilities
As of September 30, 1998
<TABLE>
<CAPTION>
California Florida Massachusetts Mississippi
Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
- ----------------------------------------------------------------------------------------------------------------------
Investments --
Identified cost $ 263,561,693 $ 399,089,975 $ 219,810,305 $ 18,269,091
Unrealized appreciation 44,689,578 45,231,952 26,476,507 2,137,293
- ----------------------------------------------------------------------------------------------------------------------
Investments, at value $ 308,251,271 $ 444,321,927 $ 246,286,812 $ 20,406,384
- ----------------------------------------------------------------------------------------------------------------------
Cash $ 3,597,638 $ 70,159 $ 1,266,847 $ 26
Receivable for investments sold -- 4,119,173 556,000 10,271
Interest receivable 4,249,052 7,805,147 3,649,087 365,437
- ----------------------------------------------------------------------------------------------------------------------
Total assets $ 316,097,961 $ 456,316,406 $ 251,758,746 $ 20,782,118
- ----------------------------------------------------------------------------------------------------------------------
Liabilities
- ----------------------------------------------------------------------------------------------------------------------
Payable for investments purchased $ -- -- $ 1,011,806 $ --
Payable for when-issued securities 3,936,240 -- -- --
Demand note payable -- -- -- 29,000
Payable for daily variation margin
on open financial futures contracts 137,896 290,460 -- 8,231
Payable to affiliate for Trustees' fees 97 1,920 86 --
Other accrued expenses 15,045 4,206 20,402 5,223
- ----------------------------------------------------------------------------------------------------------------------
Total liabilities $ 4,089,278 $ 296,586 $ 1,032,294 $ 42,454
- ----------------------------------------------------------------------------------------------------------------------
Net Assets applicable to investors'
interest in Portfolio $ 312,008,683 $ 456,019,820 $ 250,726,452 $ 20,739,664
- ----------------------------------------------------------------------------------------------------------------------
Sources of Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Net proceeds from capital
contributions and withdrawals $ 267,695,304 $ 411,186,748 $ 224,249,945 $ 18,625,312
Net unrealized appreciation
(computed on the basis of
identified cost) 44,313,379 44,833,072 26,476,507 2,114,352
- ----------------------------------------------------------------------------------------------------------------------
Total $ 312,008,683 $ 456,019,820 $ 250,726,452 $ 20,739,664
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
62
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Assets and Liabilities
As of September 30, 1998
<TABLE>
<CAPTION>
New York Ohio Rhode Island West Virginia
Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
- ----------------------------------------------------------------------------------------------------------------------
Investments --
Identified cost $434,692,716 $230,144,643 $37,839,301 $28,916,100
Unrealized appreciation 47,231,662 19,634,430 3,421,191 2,661,033
- ----------------------------------------------------------------------------------------------------------------------
Investments, at value $481,924,378 $249,779,073 $41,260,492 $31,577,133
- ----------------------------------------------------------------------------------------------------------------------
Cash $1,335,777 $1,528,368 $ 24,289 $ 111
Receivable for investments sold 510,000 -- 10,000 --
Interest receivable 7,765,085 3,834,005 781,844 469,491
- ----------------------------------------------------------------------------------------------------------------------
Total assets $491,535,240 $255,141,446 $42,076,625 $32,046,735
- ----------------------------------------------------------------------------------------------------------------------
Liabilities
- ----------------------------------------------------------------------------------------------------------------------
Payable for investments purchased $4,980,594 $ -- $ -- $ --
Demand note payable -- -- -- 106,000
Payable for daily variation margin on
open financial futures contracts 461,105 94,400 -- 20,024
Payable to affiliate for Trustees' 119 1,316 9 150
fees
Other accrued expenses 29,406 15,280 5,244 1,017
- ----------------------------------------------------------------------------------------------------------------------
Total liabilities $ 5,471,224 $ 110,996 $ 5,253 $ 127,191
- ----------------------------------------------------------------------------------------------------------------------
Net Assets applicable to investors' $486,064,016 $255,030,450 $42,071,372 $31,919,544
interest in Portfolio
- ----------------------------------------------------------------------------------------------------------------------
Sources of Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Net proceeds from capital $439,465,576 $235,525,656 $38,650,181 $29,303,969
contributions and withdrawals
Net unrealized appreciation (computed 46,598,440 19,504,794 3,421,191 2,615,575
on the basis of identified cost)
- ----------------------------------------------------------------------------------------------------------------------
Total $486,064,016 $255,030,450 $42,071,372 $31,919,544
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
63
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Operations
For the Year Ended September 30, 1998
<TABLE>
<CAPTION>
California Florida Massachusetts Mississippi
Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
- ----------------------------------------------------------------------------------------------------------------------
Interest $18,430,349 $26,699,762 $14,559,835 $1,169,948
- ----------------------------------------------------------------------------------------------------------------------
Total investment income $18,430,349 $26,699,762 $14,559,835 $1,169,948
- ----------------------------------------------------------------------------------------------------------------------
Expenses
- ----------------------------------------------------------------------------------------------------------------------
Investment adviser fee $ 1,499,946 $ 2,175,772 $ 1,089,133 $ 34,333
Trustees fees and expenses 18,621 24,564 16,105 185
Custodian fee 158,480 205,461 151,350 23,563
Legal and accounting services 37,298 40,621 32,249 15,849
Amortization of organization expenses 3,299 3,413 2,001 456
Miscellaneous 24,034 43,984 28,642 5,126
- ----------------------------------------------------------------------------------------------------------------------
Total expenses $ 1,741,678 $ 2,493,815 $ 1,319,480 $ 79,512
- ----------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 61,317 $ 205,461 $ 38,788 $ 4,977
- ----------------------------------------------------------------------------------------------------------------------
Total expense reductions $ 61,317 $ 205,461 $ 38,788 $ 4,977
- ----------------------------------------------------------------------------------------------------------------------
Net expenses $ 1,680,361 $ 2,288,354 $ 1,280,692 $ 74,535
- ----------------------------------------------------------------------------------------------------------------------
Net investment income $16,749,988 $24,411,408 $13,279,143 $1,095,413
- ----------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ----------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 7,546,724 $10,550,685 $ 6,941,642 $ 714,580
Financial futures contracts (2,057,580) 371,270 (1,360,303) (141,254)
- ----------------------------------------------------------------------------------------------------------------------
Net realized gain $ 5,489,144 $10,921,955 $ 5,581,339 $ 573,326
- ----------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 7,453,839 $13,277,163 $ 3,184,953 $ 109,609
Financial futures contracts 13,453 (398,880) 233,177 4,672
- ----------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) $ 7,467,292 $12,878,283 $ 3,418,130 $ 114,281
- ----------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain $12,956,436 $23,800,238 $ 8,999,469 $ 687,607
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from
operations $29,706,424 $48,211,646 $22,278,612 $1,783,020
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
64
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Operations
For the Year Ended September 30, 1998
<TABLE>
<CAPTION>
New York Portfolio Ohio Portfolio Rhode Island Portfolio West Virginia Portfolio
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
- ---------------------------------------------------------------------------------------------------------------------------------
Interest $29,156,949 $15,942,764 $2,309,745 $1,845,096
- ---------------------------------------------------------------------------------------------------------------------------------
Total investment income $29,156,949 $15,942,764 $2,309,745 $1,845,096
- ---------------------------------------------------------------------------------------------------------------------------------
Expenses
- ---------------------------------------------------------------------------------------------------------------------------------
Investment adviser fee $ 2,284,029 $ 1,174,214 $ 98,372 $ 69,657
Trustees fees and expenses 23,903 18,476 1,891 2,032
Custodian fee 225,502 143,393 32,315 23,399
Legal and accounting services 40,951 33,635 18,589 17,847
Amortization of organization expenses 2,330 1,385 472 473
Interest -- 80,106 -- --
Miscellaneous 82,623 17,407 6,880 7,170
- ---------------------------------------------------------------------------------------------------------------------------------
Total expenses $ 2,659,338 $ 1,468,616 $ 158,519 $ 120,578
- ---------------------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 80,282 $ 36,995 $ 12,929 $ 9,161
- ---------------------------------------------------------------------------------------------------------------------------------
Total expense reductions $ 80,282 $ 36,995 $ 12,929 $ 9,161
- ---------------------------------------------------------------------------------------------------------------------------------
Net expenses $ 2,579,056 $ 1,431,621 $ 145,590 $ 111,417
- ---------------------------------------------------------------------------------------------------------------------------------
Net investment income $26,577,893 $14,511,143 $2,164,155 $1,733,679
- ---------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ---------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions
(identified cost basis) $18,847,137 $ 3,815,867 $ 388,348 $ 626,849
Financial futures contracts (2,012,754) 124,487 (449,618) (215,886)
- ---------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) $16,834,383 $ 3,940,354 $ (61,270) $ 410,963
- ---------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 3,642,045 $ 2,700,463 $1,336,940 $ 680,661
Financial futures contracts 348,578 (129,636) 88,975 (11,153)
- ---------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) $ 3,990,623 $ 2,570,827 $1,425,915 $ 669,508
- ---------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain $20,825,006 $ 6,511,181 $1,364,645 $1,080,471
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from $47,402,899 $21,022,324 $3,528,800 $2,814,150
operations
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
65
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
For the Year Ended September 30, 1998
<TABLE>
<CAPTION>
Increase (Decrease) in Net Assets California Florida Massachusetts Mississippi
Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
From operations --
Net investment income $ 16,749,988 $ 24,411,408 $ 13,279,143 $ 1,095,413
Net realized gain 5,489,144 10,921,955 5,581,339 573,326
Net change in unrealized
appreciation (depreciation) 7,467,292 12,878,283 3,418,130 114,281
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 29,706,424 $ 48,211,646 $ 22,278,612 $ 1,783,020
- ----------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 22,739,308 $ 23,116,173 $ 23,126,655 $ 1,791,601
Withdrawals (67,441,064) (129,509,414) (48,353,576) (4,961,704)
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets from
capital transactions $(44,701,756) $(106,393,241) $(25,226,921) $(3,170,103)
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets $(14,995,332) $ (58,181,595) $ (2,948,309) $(1,387,083)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------------------------------------------------
At beginning of year $327,004,015 $ 514,201,415 $253,674,761 $22,126,747
- ----------------------------------------------------------------------------------------------------------------------
At end of year $312,008,683 $ 456,019,820 $250,726,452 $20,739,664
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
66
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
For the Year Ended September 30, 1998
<TABLE>
<CAPTION>
RHODE ISLAND WEST VIRGINIA
Increase (Decrease) in Net Assets NEW YORK PORTFOLIO OHIO PORTFOLIO PORTFOLIO PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
From operations --
Net investment income $ 26,577,893 $ 14,511,143 $ 2,164,155 $ 1,733,679
Net realized gain (loss) 16,834,383 3,940,354 (61,270) 410,963
Net change in unrealized
appreciation (depreciation) 3,990,623 2,570,827 1,425,915 669,508
- -----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from
operations $ 47,402,899 $ 21,022,324 $ 3,528,800 $ 2,814,150
- -----------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 21,974,717 $ 12,482,905 $ 5,483,365 $ 1,913,546
Withdrawals (110,917,114) (49,743,364) (7,158,442) (6,311,147)
- -----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets from
capital transactions $ (88,942,397) $(37,260,459) $(1,675,077) $(4,397,601)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (41,539,498) $(16,238,135) $ 1,853,723 $(1,583,451)
- -----------------------------------------------------------------------------------------------------------------------
Net Assets
- -----------------------------------------------------------------------------------------------------------------------
At beginning of year $ 527,603,514 $271,268,585 $40,217,649 $33,502,995
- -----------------------------------------------------------------------------------------------------------------------
At end of year $ 486,064,016 $255,030,450 $42,071,372 $31,919,544
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
67
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
For the Year Ended September 30, 1997
<TABLE>
<CAPTION>
Increase (Decrease) in Net Assets California Portfolio Florida Portfolio Massachusetts Portfolio Mississippi 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 5,306,120 7,793,553 2,120,143 183,405
Net change in unrealized appreciation
(depreciation) 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 $(80,011,948) $(147,962,225) $(51,699,864) $(5,391,503)
transactions
- ------------------------------------------------------------------------------------------------------------------------------------
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
68
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
For the Year Ended September 30, 1997
<TABLE>
<CAPTION>
Increase (Decrease) in Net Assets New York Portfolio Ohio Portfolio Rhode Island Portfolio West Virginia 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) 9,867,274 3,902,013 84,287 (31,612)
Net change in unrealized
appreciation (depreciation) 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
69
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
California Portfolio
---------------------------------------------------------------------------
Year Ended
---------------------------------------------------------------------------
September 30, March 31,
---------------------------------------------------------------------------
1998 1997 1996 1995 1994/(1)/ 1994/(2)/
- -----------------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Expenses /(3)/ 0.55% 0.57% 0.57% 0.59% 0.57%/(4)/ 0.55%/(4)/
Expenses after custodian fee reduction 0.53% 0.56% 0.56% 0.58% -- --
Net investment income 5.33% 5.76% 5.93% 6.22% 6.09%/(4)/ 5.72%/(4)/
Portfolio Turnover 16% 12% 14% 58% 40% 91%
- -----------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $312,009 $327,004 $370,590 $410,763 $445,131 $467,259
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
/(1)/ For the six months ended September 30, 1994. The Portfolio changed its
fiscal year from March 31 to September 30, effective September 30, 1994.
/(2)/ For the period from the start of business, May 3, 1993, to March 31,
1994.
/(3)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting
guidelines. 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.
/(4)/ Annualized.
See notes to financial statements
70
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Florida Portfolio
---------------------------------------------------------
Year Ended September 30,
---------------------------------------------------------
1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets
- ----------------------------------------------------------------------------------------------------------------------
Expenses /(1)/ 0.51% 0.52% 0.52% 0.55% 0.48%
Expenses after custodian fee reduction 0.47% 0.48% 0.49% 0.52% --
Net investment income 5.03% 5.53% 5.67% 5.94% 5.65%
Portfolio Turnover 25% 54% 51% 61% 57%
- ----------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $456,020 $514,201 $624,374 $712,203 $772,123
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting
guidelines. 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
71
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Massachusetts Portfolio
--------------------------------------------------------
Year Ended September 30,
--------------------------------------------------------
1998 1997 1996 1995 1994
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets
- ---------------------------------------------------------------------------------------------------------------------
Expenses /(1)/ 0.54% 0.53% 0.55% 0.56% 0.51%
Expenses after custodian fee reduction 0.52% 0.52% 0.54% 0.53% --
Net investment income 5.36% 5.75% 5.77% 6.00% 5.74%
Portfolio Turnover 28% 35% 51% 87% 53%
- ---------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $250,726 $253,675 $281,129 $302,170 $308,540
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting
guidelines. 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
72
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Mississippi Portfolio
-----------------------------------------------------
Year Ended September 30,
-----------------------------------------------------
1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets +
- ----------------------------------------------------------------------------------------------------------------------
Net expenses /(1)/ 0.37% 0.38% 0.29% 0.27% 0.05%
Net expenses after custodian fee reduction 0.35% 0.37% 0.26% 0.23% --
Net investment income 5.21% 5.59% 5.77% 5.97% 5.67%
Portfolio Turnover 17% 6% 12% 52% 38%
- ----------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $20,740 $22,127 $25,280 $28,993 $29,477
- ----------------------------------------------------------------------------------------------------------------------
+ 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 action not been taken, the ratios would have been as follows:
Expenses /(1)/ 0.40% 0.39% 0.32%
Expenses after custodian fee reduction 0.37% 0.35% --
Net investment income 5.66% 5.85% 5.40%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting guidelines.
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
73
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
New York Portfolio
-----------------------------------------------------
Year Ended September 30,
-----------------------------------------------------
1998 1997 1996 1995 1994
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets
- ---------------------------------------------------------------------------------------------------------------------
Expenses /1/ 0.53% 0.57% 0.52% 0.54% 0.48%
Expenses after custodian fee reduction 0.51% 0.57% 0.49% 0.51% --
Net investment income 5.28% 5.60% 5.64% 5.97% 5.70%
Portfolio Turnover 55% 44% 47% 55% 47%
- ---------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $486,064 $527,604 $604,530 $652,736 $655,647
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
/1/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting guidelines.
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
74
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Ohio Portfolio
-------------------------------------------------------
Year Ended September 30,
-------------------------------------------------------
1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets
- ----------------------------------------------------------------------------------------------------------------------
Expenses /(1)/ 0.56% 0.56% 0.57% 0.57% 0.51%
Expenses after custodian fee reduction 0.54% 0.55% 0.56% 0.55% --
Net investment income 5.50% 5.70% 5.69% 5.80% 5.61%
Portfolio Turnover 17% 30% 35% 51% 31%
- ----------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $255,030 $271,269 $292,671 $319,017 $324,412
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting guidelines.
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>
Eaton Vance Municipals Portfolios as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Rhode Island Portfolio
-------------------------------------------------------
Year Ended September 30,
-------------------------------------------------------
1998 1997 1996 1995 1994
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets +
- -----------------------------------------------------------------------------------------------------------------------
Net expenses /(1)/ 0.39% 0.27% 0.27% 0.29% 0.12%
Net expenses after custodian fee reduction 0.36% 0.23% 0.24% 0.25% --
Net investment income 5.28% 5.54% 5.69% 5.96% 5.64%
Portfolio Turnover 24% 39% 25% 42% 42%
- -----------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $42,071 $40,218 $42,167 $42,906 $38,120
- -----------------------------------------------------------------------------------------------------------------------
+ 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 action not been taken, the ratios would have been as follows:
Expenses /(1)/ 0.39% 0.40% 0.41% 0.33%
Expenses after custodian fee reduction 0.35% 0.37% 0.37% --
Net investment income 5.42% 5.56% 5.84% 5.43%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
/(1)/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting guidelines.
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>
EATON VANCE MUNICIPALS PORTFOLIOS as of September 30, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
West Virginia Portfolio
---------------------------------------------------------------
Year Ended September 30,
---------------------------------------------------------------
1998 1997 1996 1995 1994
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets +
- ---------------------------------------------------------------------------------------------------------------------------------
Net expenses /1/ 0.37% 0.38% 0.42% 0.31% 0.10%
Net expenses after custodian fee reduction 0.34% 0.36% 0.38% 0.29% --
Net investment income 5.34% 5.44% 5.41% 5.81% 5.52%
Portfolio Turnover 16% 24% 43% 19% 39%
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $31,920 $33,503 $39,501 $40,835 $40,473
- ----------------------------------------------------------------------------------------------------------------------------------
+ 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 action not been taken, the ratios would have been as follows:
Expenses /1/ 0.39% 0.33%
Expenses after custodian fee reduction 0.37% --
Net investment income 5.73% 5.29%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
/1/ The expense ratios for the year ended September 30, 1995 and periods
thereafter have been adjusted to reflect a change in reporting guidelines.
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>
EATON VANCE MUNICIPALS PORTFOLIOS as of September 30, 1998
NOTES TO FINANCIAL STATEMENTS
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.
78
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
NOTES TO FINANCIAL STATEMENTS
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 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 Legal Fees -- Legal fees and other related expenses incurred as part of
negotiations of the terms and requirements of capital infusions, or that are
expected to result in the restructuring of or a plan of reorganization for
an investment are recorded as realized losses. Ongoing expenditures to
protect or enhance an investment are treated as operating expenses.
I Other -- Investment transactions are accounted for on a trade date basis.
J 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.
K 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.
2 Investment Adviser Fee and Other Transactions with Affiliates
----------------------------------------------------------------------------
The investment adviser fee is earned by Boston Management and Research
(BMR), a wholly-owned subsidiary of Eaton Vance Management (EVM), as
compensation for management and investment advisory services rendered to
each Portfolio. The fee is based upon a percentage of average daily net
assets plus a percentage of gross income (i.e., income other than gains from
the sale of securities). For the year ended September 30, 1998, each
Portfolio paid advisory fees as follows:
<TABLE>
<CAPTION>
Portfolio Amount Effective Rate*
----------------------------------------------------------------------------
<S> <C> <C>
California $1,499,946 0.48%
Florida 2,175,772 0.45%
Massachusetts 1,089,133 0.44%
Mississippi 34,333 0.16%
New York 2,284,029 0.45%
Ohio 1,174,214 0.45%
Rhode Island 98,372 0.24%
West Virginia 69,657 0.21%
</TABLE>
* Advisory fees paid as a percentage of average daily net assets.
Except as to Trustees of the Portfolios who are not members of EVM's or
BMR's organization, officers and Trustees receive remuneration for their
services to the Portfolios out of such investment adviser fee.
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 year ended
September 30, 1998, no significant amounts have been deferred.
3 Investments
----------------------------------------------------------------------------
Purchases and sales of investments, other than U.S. Government securities,
purchased option transactions and short-term obligations, for the year ended
September 30, 1998 were as follows:
<TABLE>
<CAPTION>
California Portfolio
----------------------------------------------------------------------------
<S> <C>
Purchases $ 48,255,219
Sales 82,464,411
Florida Portfolio
--------------------------------------------------------------------------
Purchases $117,685,882
Sales 192,327,102
Massachusetts Portfolio
--------------------------------------------------------------------------
Purchases $ 67,637,378
Sales 94,535,228
</TABLE>
79
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
<TABLE>
<CAPTION>
Mississippi Portfolio
----------------------------------------------------------------------------
<S> <C>
Purchases $ 3,439,676
Sales 5,650,818
New York Portfolio
----------------------------------------------------------------------------
Purchases $ 272,779,799
Sales 339,391,309
Ohio Portfolio
----------------------------------------------------------------------------
Purchases $ 45,050,590
Sales 71,033,728
Rhode Island Portfolio
----------------------------------------------------------------------------
Purchases $ 9,611,432
Sales 10,341,612
West Virginia Portfolio
----------------------------------------------------------------------------
Purchases $ 5,133,011
Sales 8,152,600
</TABLE>
4 Federal Income Tax Basis of Investments
----------------------------------------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned by each Portfolio at September 30, 1998, as computed on a
federal income tax basis, are as follows:
<TABLE>
<CAPTION>
California Portfolio
----------------------------------------------------------------------------
<S> <C>
Aggregate Cost $ 263,561,693
----------------------------------------------------------------------------
Gross unrealized appreciation $ 44,837,570
Gross unrealized depreciation (147,992)
----------------------------------------------------------------------------
Net unrealized appreciation $ 44,689,578
----------------------------------------------------------------------------
Florida Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 399,215,789
----------------------------------------------------------------------------
Gross unrealized appreciation $ 47,359,537
Gross unrealized depreciation (2,253,399)
----------------------------------------------------------------------------
Net unrealized appreciation $ 45,106,138
----------------------------------------------------------------------------
Massachusetts Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 219,810,305
----------------------------------------------------------------------------
Gross unrealized appreciation $ 26,476,507
Gross unrealized depreciation --
----------------------------------------------------------------------------
Net unrealized appreciation $ 26,476,507
----------------------------------------------------------------------------
Mississippi Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 18,269,091
----------------------------------------------------------------------------
Gross unrealized appreciation $ 2,137,293
Gross unrealized depreciation --
----------------------------------------------------------------------------
Net unrealized appreciation $ 2,137,293
----------------------------------------------------------------------------
New York Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 434,700,464
----------------------------------------------------------------------------
Gross unrealized appreciation $ 47,413,384
Gross unrealized depreciation (189,470)
----------------------------------------------------------------------------
Net unrealized appreciation $ 47,223,914
----------------------------------------------------------------------------
Ohio Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 230,144,643
----------------------------------------------------------------------------
Gross unrealized appreciation $ 19,656,204
Gross unrealized depreciation (21,774)
----------------------------------------------------------------------------
Net unrealized appreciation $ 19,634,430
----------------------------------------------------------------------------
Rhode Island Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 37,839,301
----------------------------------------------------------------------------
Gross unrealized appreciation $ 3,421,191
Gross unrealized depreciation --
----------------------------------------------------------------------------
Net unrealized appreciation $ 3,421,191
----------------------------------------------------------------------------
West Virginia Portfolio
----------------------------------------------------------------------------
Aggregate Cost $ 28,916,100
----------------------------------------------------------------------------
Gross unrealized appreciation $ 2,661,033
Gross unrealized depreciation --
----------------------------------------------------------------------------
Net unrealized appreciation $ 2,661,033
----------------------------------------------------------------------------
</TABLE>
80
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
5 Line of Credit
---------------------------------------------------------------------------
The Portfolios participate with other portfolios and funds managed by BMR
and EVM and its affiliates in a $100 million ($80 million effective October
13, 1998) 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 September 30, 1998, the Mississippi Portfolio and West Virginia
Portfolio had a balance outstanding pursuant to this line of credit of
$29,000 and $106,000, respectively. The Portfolios did not have any
significant borrowings or allocated fees during the year ended September 30,
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 September 30,
1998, is as follows:
<TABLE>
<CAPTION>
Futures
Contracts Net Unrealized
Expiration Appreciation
Portfolio Date Contracts Position (Depreciation)
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
California 12/98 121 US Treasury Bonds Short $(376,199)
----------------------------------------------------------------------------
Florida 12/98 240 US Treasury Bonds Short (398,880)
----------------------------------------------------------------------------
Mississippi 12/98 7 US Treasury Bonds Short (22,941)
----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Futures
Contracts Net Unrealized
Expiration Appreciation
Portfolio Date Contracts Position (Depreciation)
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
New York 12/98 381 US Treasury Bonds Short (633,222)
----------------------------------------------------------------------------
Ohio 12/98 78 US Treasury Bonds Short (129,636)
----------------------------------------------------------------------------
West Virginia 12/98 16 US Treasury Bonds Short (45,458)
----------------------------------------------------------------------------
</TABLE>
At September 30, 1998 each Portfolio had sufficient cash and/or securities
to cover margin requirements on open futures contracts.
81
<PAGE>
Eaton Vance Municipals Portfolios as of September 30, 1998
INDEPENDENT AUDITORS' REPORT
To the Trustees and Investors of the California Municipals Portfolio, Florida
Municipals Portfolio, Massachusetts Municipals Portfolio, Mississippi Municipals
Portfolio, New York Municipals Portfolio, Ohio Municipals Portfolio, Rhode
Island Municipals Portfolio, and West Virginia Municipals Portfolio
- -------------------------------------------------------------------------------
We have audited the accompanying statements of assets and liabilities, including
the portfolio of investments, of the California Municipals Portfolio, Florida
Municipals Portfolio, Massachusetts Municipals Portfolio, Mississippi Municipals
Portfolio, New York Municipals Portfolio, Ohio Municipals Portfolio, Rhode
Island Municipals Portfolio, and West Virginia Municipals Portfolio (the
Portfolios) as of September 30, 1998, the related statements of operations for
the year then ended, the statements of changes in net assets for the years ended
September 30, 1998 and 1997 and the supplementary data for each of years in the
five-year period ended September 30, 1998. (For the California Municipals
Portfolio, the supplementary data is for each of the years in the five-year
period ended September 30, 1998 and the period from the start of business, May
3, 1993, to March 31, 1994). These financial statements and supplementary data
are the responsibility of the Portfolio's management. Our responsibility is to
express an opinion on these financial statements and supplementary data based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and supplementary
data are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities held as of
September 30, 1998 by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other audit procedures. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and supplementary data present fairly,
in all material respects, the financial position of the aforementioned
Portfolios at September 30, 1998, the results of their operations, the changes
in their net assets and their supplementary data for the respective stated
periods in conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
October 30, 1998
82
<PAGE>
Municipals Portfolio as of September 30, 1998
INVESTMENT MANAGEMENT
Municipals Portfolios
Officers
Thomas J. Fetter
President and Portfolio
Manager of Florida,
New York and Ohio
Municipals Portfolios
James B. Hawkes
Vice President and Trustee
Robert B. MacIntosh
Vice President and Portfolio
Manager of Massachusetts
and Rhode Island
Municipals Portfolio
Timothy T. Browse
Vice President and Portfolio
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
Independent Trustees
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking, Harvard University Graduate School
of Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
John L. Thorndike
Formerly Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
83
