<PAGE>
OHIO MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 99.4%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
-------------------------------------------------------------------------
Education -- 2.6%
-------------------------------------------------------------------------
$ 550 Ohio Higher Educational Facilities,
(Case Western University),
6.50%, 10/1/20 $ 609,614
5,875 Ohio Higher Educational Facilities,
(Oberlin College),
Variable Rate, 10/1/29(1)(2) 4,442,087
-------------------------------------------------------------------------
$ 5,051,701
-------------------------------------------------------------------------
Electric Utilities -- 5.9%
-------------------------------------------------------------------------
$ 2,000 Clyde, Electric System Revenue, (AMT),
6.00%, 11/15/14 $ 1,903,640
2,330 Ohio Air Quality Development Authority,
Variable Rate, 5/1/26(1)(2) 1,691,254
4,750 Ohio Water Development Authority,
Pollution Control Facilities, (Cleveland
Electric), (AMT), 6.10%, 8/1/20 4,282,362
4,000 Puerto Rico Electric Power Authority,
4.75%, 7/1/24 3,403,480
-------------------------------------------------------------------------
$ 11,280,736
-------------------------------------------------------------------------
Escrowed / Prerefunded -- 1.9%
-------------------------------------------------------------------------
$ 1,000 Clermont County, (Mercy Health System),
(AMBAC), Prerefunded to 9/25/01,
Variable Rate, 10/5/21(1) $ 1,103,750
1,750 Lorain County, (Lakeland County
Hospital), Escrowed to Maturity,
6.50%, 11/15/12 1,873,427
600 Warren County, (Otterbein Homes),
Prerefunded to 7/1/01, 7.20%, 7/1/11 630,960
-------------------------------------------------------------------------
$ 3,608,137
-------------------------------------------------------------------------
General Obligations -- 8.7%
-------------------------------------------------------------------------
$ 3,035 Belmont County, 7.30%, 12/1/12 $ 3,260,076
5,000 Hamilton City School District,
5.50%, 12/1/24 4,858,300
1,000 Tuscarawas County Public Library
Improvement, 6.90%, 12/1/11 1,038,700
6,855 Youngstown, 7.35%, 7/1/05 7,476,132
-------------------------------------------------------------------------
$ 16,633,208
-------------------------------------------------------------------------
Hospital -- 15.8%
-------------------------------------------------------------------------
$ 1,000 Allen County LIMA, (Convalescent Home
Foundation), (GNMA), 6.40%, 1/1/21 $ 1,004,290
1,000 Butler County, (Hamilton-Hughe
Hospital), 7.50%, 1/1/10 1,032,100
2,100 Cuyahoga County Health Care Facilities,
(Benjamin Rose Institute),
5.50%, 12/1/28 1,594,740
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
-------------------------------------------------------------------------
Hospital (continued)
-------------------------------------------------------------------------
$ 2,100 Cuyahoga County, (Fairview General
Hospital), 6.25%, 8/15/10 $ 2,188,179
1,000 East Liverpool, (City Hospital),
8.00%, 10/1/21 1,038,570
4,000 Erie County, (Firelands Community
Hospital), 6.75%, 1/1/08 4,173,760
3,000 Franklin County, (Children's Hospital),
6.60%, 5/1/13 3,163,500
5,115 Hamilton County, (Bethesda Hospital,
Inc.), 6.25%, 1/1/12 5,258,936
1,000 Hamilton County, (Wesley Hall),
6.50%, 3/1/15 1,052,430
2,200 Highland County, (Township Hospital),
6.75%, 12/1/29 1,997,248
3,800 Miami, (Upper Valley Medical Center),
6.375%, 5/15/26 3,369,992
1,000 Parma, (Parma Community General Hospital
Association), 5.35%, 11/1/18 867,110
4,250 Parma, (Parma Community General Hospital
Association), 5.375%, 11/1/29 3,498,472
-------------------------------------------------------------------------
$ 30,239,327
-------------------------------------------------------------------------
Housing -- 8.3%
-------------------------------------------------------------------------
$ 2,955 Cuyahoga County, (Rolling Hills Apts.),
(AMT), 8.00%, 1/1/28 $ 2,818,893
2,500 Franklin County, (Tuttle Park), (FHA),
(AMT), 6.50%, 3/1/26 2,575,100
5,985 Franklin County, (Tuttle Park), (FHA),
(AMT), 6.60%, 3/1/36 6,163,832
2,920 Lucas County, (Country Creek), (AMT),
8.00%, 7/1/26 2,723,718
535 Ohio HFA SFMR, (GNMA), (AMT),
Variable Rate, 3/31/31(1) 563,756
1,000 Ohio HFA, (Aristocrat), (FHA), (AMT),
7.30%, 8/1/31 1,023,620
-------------------------------------------------------------------------
$ 15,868,919
-------------------------------------------------------------------------
Industrial Development Revenue -- 17.2%
-------------------------------------------------------------------------
$ 4,500 Cleveland Airport, (Continental
Airlines), (AMT), 5.70%, 12/1/19 $ 3,884,085
2,000 Cuyahoga IDR, (Chippewa Place), (FHA),
6.60%, 8/1/15 2,090,740
2,950 Dayton, Special Facilities Revenue,
(Emery Airline Freight), 5.625%, 2/1/18 2,676,623
500 Ohio Economic Development Commission,
(Burrows Paper), (AMT), 7.625%, 6/1/11 522,355
180 Ohio Economic Development Commission,
(Cheryl & Co.), (AMT), 5.50%, 12/1/04 182,965
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
56
<PAGE>
OHIO MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
-------------------------------------------------------------------------
Industrial Development Revenue (continued)
-------------------------------------------------------------------------
$ 530 Ohio Economic Development Commission,
(Cheryl & Co.), (AMT), 5.90%, 12/1/09 $ 545,614
1,420 Ohio Economic Development Commission,
(Consolidated Biscuit), (AMT),
7.00%, 12/1/09 1,518,818
3,005 Ohio Economic Development Commission, (J
J & W LP), (AMT), 6.70%, 12/1/14 3,091,574
1,020 Ohio Economic Development Commission,
(Kmart), 6.75%, 5/15/07 1,028,170
560 Ohio Economic Development Commission,
(Luigino's, Inc.), (AMT), 6.85%, 6/1/01 561,092
1,525 Ohio Economic Development Commission,
(Progress Plastic Products), (AMT),
7.80%, 12/1/09 1,680,535
345 Ohio Economic Development Commission,
(Progress Plastics Products), (AMT),
6.80%, 12/1/01 346,594
1,000 Ohio Economic Development Commission,
(Royal Appliance Manufacturing), (AMT),
7.625%, 12/1/11 1,044,630
680 Ohio Economic Development Commission,
(Royal Appliance Manufacturing), (AMT),
7.625%, 12/1/11 710,348
880 Ohio Economic Development Commission,
(VSM Corp.), (AMT), 7.375%, 12/1/11 915,834
3,750 Ohio Environmental Facilities, (Ford
Motor), (AMT), 5.95%, 9/1/29 3,732,750
2,200 Ohio Environmental Improvement, (USX),
5.625%, 5/1/29 1,931,710
1,000 Ohio Pollution Control, (Standard Oil),
6.75%, 12/1/15 1,135,130
4,000 Ohio Solid Waste Disposal, (USG), (AMT),
5.65%, 3/1/33 3,468,080
1,000 Ohio Solid Waste Disposal, (USG), (AMT),
6.05%, 8/1/34 916,710
3,000 Ohio Solid Waste Revenue, (Republic
Engineered Steels), (AMT),
9.00%, 6/1/21 991,110
-------------------------------------------------------------------------
$ 32,975,467
-------------------------------------------------------------------------
Insured-Certificates of Participation -- 0.7%
-------------------------------------------------------------------------
$ 1,350 Cleveland, Certificates of
Participation, (Cleveland Stadium),
(AMBAC), 5.25%, 11/15/22 $ 1,264,261
-------------------------------------------------------------------------
$ 1,264,261
-------------------------------------------------------------------------
Insured-Education -- 1.0%
-------------------------------------------------------------------------
$ 2,000 University of Akron, (FGIC),
Variable Rate, 1/1/29(1)(2) $ 1,985,640
-------------------------------------------------------------------------
$ 1,985,640
-------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
-------------------------------------------------------------------------
Insured-Electric Utilities -- 2.6%
-------------------------------------------------------------------------
$ 2,000 Cuyahoga County Utility Systems,
(Medical Center Co.), (MBIA), (AMT),
6.10%, 8/15/15 $ 2,060,180
3,340 Ohio Air Quality Development Authority,
(Ohio Power), (AMBAC), 5.15%, 5/1/26 3,038,932
-------------------------------------------------------------------------
$ 5,099,112
-------------------------------------------------------------------------
Insured-General Obligations -- 3.4%
-------------------------------------------------------------------------
$ 2,110 Hudson Local School District, (FGIC),
0.00%, 12/15/09 $ 1,271,170
2,600 Norwalk City School District, (AMBAC),
4.75%, 12/1/26 2,211,326
3,000 Puerto Rico, (FSA),
Variable Rate, 7/1/22(1)(2) 3,037,500
-------------------------------------------------------------------------
$ 6,519,996
-------------------------------------------------------------------------
Insured-Hospital -- 9.1%
-------------------------------------------------------------------------
$ 4,995 Cuyahoga County, (Cleveland Clinic),
(MBIA), 5.125%, 1/1/29 $ 4,458,537
3,000 Hamilton County, (Childrens Hospital
Medical Center), (MBIA), 4.75%, 5/15/28 2,503,260
2,750 Mansfield, (Mansfield General Hospital),
(AMBAC), 6.70%, 12/1/09 2,877,353
1,000 Montgomery County, (Miami Valley
Hospital), (AMBAC), 6.25%, 11/15/16 1,027,090
6,565 Portage County, (Robinson Memorial
Hospital), (MBIA), 5.80%, 11/15/15 6,664,985
-------------------------------------------------------------------------
$ 17,531,225
-------------------------------------------------------------------------
Insured-Housing -- 0.6%
-------------------------------------------------------------------------
$ 1,100 Ohio Capital Corp., (Horizon
Apartments), (FHA), (MBIA),
6.50%, 1/1/23 $ 1,118,832
-------------------------------------------------------------------------
$ 1,118,832
-------------------------------------------------------------------------
Insured-Special Tax Revenue -- 2.6%
-------------------------------------------------------------------------
$ 2,990 Hamilton County Sales Tax, (Hamilton
County Football), (MBIA), 5.00%, 12/1/27 $ 2,639,722
1,500 Hamilton County Sales Tax, (MBIA),
4.75%, 12/1/27 1,273,230
1,575 Puerto Rico Infrastructure Financing
Authority, (AMBAC),
Variable Rate, 7/1/28(3) 1,087,380
-------------------------------------------------------------------------
$ 5,000,332
-------------------------------------------------------------------------
Insured-Transportation -- 5.9%
-------------------------------------------------------------------------
$ 1,600 Ohio Turnpike Commission, (FGIC),
4.50%, 2/15/24 $ 1,315,872
650 Ohio Turnpike Commission, (FGIC),
4.75%, 2/15/28 549,023
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
57
<PAGE>
OHIO MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
-------------------------------------------------------------------------
Insured-Transportation (continued)
-------------------------------------------------------------------------
$ 7,000 Ohio Turnpike Commission, (FGIC),
5.50%, 2/15/24 $ 6,867,280
3,000 Puerto Rico Highway and Transportation
Authority, (FSA), 4.75%, 7/1/38 2,523,600
-------------------------------------------------------------------------
$ 11,255,775
-------------------------------------------------------------------------
Nursing Home -- 6.5%
-------------------------------------------------------------------------
$ 2,000 Cuyahoga County Health Care Facilities,
(Benjamin Rose Institute),
5.50%, 12/1/17 $ 1,617,540
1,305 Cuyahoga County, (Maple Care Center),
(GNMA), (AMT), 8.00%, 8/20/16 1,505,278
1,205 North Canton Health Care Facilities,
(St. Luke Lutheran), (GNMA),
6.10%, 9/20/16 1,255,104
6,455 North Canton Health Care Facilities,
(St. Luke Lutheran), (GNMA),
9.55%, 3/20/32 8,156,538
-------------------------------------------------------------------------
$ 12,534,460
-------------------------------------------------------------------------
Senior Living / Life Care -- 3.7%
-------------------------------------------------------------------------
$ 1,990 Franklin County, (Kensington Place),
6.75%, 1/1/34 $ 2,060,605
1,000 Hamilton County Hospital Facilities,
(Episcopal Retirement Home),
6.80%, 1/1/08 1,036,830
2,400 Ohio HFA, Retirement Rental Housing,
(Encore Retirement Partners),
6.75%, 3/1/19 2,103,504
2,250 Summit County Healthcare Facilities,
(Village at Saint Edward),
5.75%, 12/1/25 1,820,295
-------------------------------------------------------------------------
$ 7,021,234
-------------------------------------------------------------------------
Solid Waste -- 1.0%
-------------------------------------------------------------------------
$ 2,400 Ohio Water Development Authority, Solid
Waste Disposal Revenue, (Bay Shore
Power), (AMT), 5.875%, 9/1/20 $ 1,980,312
-------------------------------------------------------------------------
$ 1,980,312
-------------------------------------------------------------------------
Special Tax Revenue -- 1.3%
-------------------------------------------------------------------------
$ 1,430 Cuyahoga County, Economic Development
Revenue, (Shaker Square), 6.75%, 12/1/30 $ 1,466,579
1,350 Puerto Rico Infrastructure Financing
Authority, Variable Rate, 7/1/28(1)(2) 1,071,360
-------------------------------------------------------------------------
$ 2,537,939
-------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
-------------------------------------------------------------------------
Transportation -- 0.1%
-------------------------------------------------------------------------
$ 250 Puerto Rico Highway and Transportation
Authority, 5.50%, 7/1/36 $ 237,515
-------------------------------------------------------------------------
$ 237,515
-------------------------------------------------------------------------
Water and Sewer -- 0.5%
-------------------------------------------------------------------------
$ 1,000 Vermilion Water, 7.25%, 8/15/15 $ 1,030,800
-------------------------------------------------------------------------
$ 1,030,800
-------------------------------------------------------------------------
Total Tax-Exempt Investments -- 99.4%
(identified cost $195,425,984) $190,774,928
-------------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.6% $ 1,104,661
-------------------------------------------------------------------------
Net Assets -- 100.0% $191,879,589
-------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by Ohio
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at March 31, 2000, 26.7% 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 2.9% to 10.9% 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.
(3) Security has been issued as a leveraged inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
58
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA PORTFOLIO FLORIDA PORTFOLIO MASSACHUSETTS PORTFOLIO MISSISSIPPI PORTFOLIO
<S> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------
Assets
-----------------------------------------------------------------------------------------------------------------------
Investments --
Identified cost $231,812,533 $300,601,668 $186,647,438 $15,534,293
Unrealized appreciation
(depreciation) 8,392,953 (2,978,339) (2,540,018) 138,865
-----------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $240,205,486 $297,623,329 $184,107,420 $15,673,158
-----------------------------------------------------------------------------------------------------------------------
Cash $ 71,634 $ -- $ 306,615 $ --
Receivable for investments
sold 1,930,380 -- -- 15,413
Interest receivable 3,253,733 6,442,443 2,680,376 296,646
-----------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $245,461,233 $304,065,772 $187,094,411 $15,985,217
-----------------------------------------------------------------------------------------------------------------------
Liabilities
-----------------------------------------------------------------------------------------------------------------------
Payable for investments
purchased $ 1,717,170 $ -- $ -- $ --
Demand note payable -- 1,500,000 -- --
Due to bank -- 95,540 -- 18,992
Accrued expenses 30,972 3,455 25,129 10,677
-----------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 1,748,142 $ 1,598,995 $ 25,129 $ 29,669
-----------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN
PORTFOLIO $243,713,091 $302,466,777 $187,069,282 $15,955,548
-----------------------------------------------------------------------------------------------------------------------
Sources of Net Assets
-----------------------------------------------------------------------------------------------------------------------
Net proceeds from capital
contributions and
withdrawals $235,320,138 $305,445,116 $189,609,300 $15,816,683
Net unrealized appreciation
(depreciation) (computed on
the basis of identified
cost) 8,392,953 (2,978,339) (2,540,018) 138,865
-----------------------------------------------------------------------------------------------------------------------
TOTAL $243,713,091 $302,466,777 $187,069,282 $15,955,548
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
63
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
NEW YORK PORTFOLIO OHIO PORTFOLIO RHODE ISLAND PORTFOLIO WEST VIRGINIA PORTFOLIO
<S> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Assets
-------------------------------------------------------------------------------------------------------------------
Investments --
Identified cost $343,099,165 $195,425,984 $37,154,487 $24,708,639
Unrealized appreciation
(depreciation) 5,600,249 (4,651,056) (600,233) (455,266)
-------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $348,699,414 $190,774,928 $36,554,254 $24,253,373
-------------------------------------------------------------------------------------------------------------------
Cash $ 1,141,132 $ -- $ 127,998 $ 433,098
Receivable for investments
sold 3,087,665 -- 300,000 --
Interest receivable 6,629,887 3,351,618 737,150 409,984
-------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $359,558,098 $194,126,546 $37,719,402 $25,096,455
-------------------------------------------------------------------------------------------------------------------
Liabilities
-------------------------------------------------------------------------------------------------------------------
Demand note payable $ 4,800,000 $ 2,200,000 $ -- $ --
Due to bank -- 10,867 -- --
Payable to affiliate for
Trustees' fees -- -- -- 217
Accrued expenses 48,080 36,090 11,468 2,414
-------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 4,848,080 $ 2,246,957 $ 11,468 $ 2,631
-------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN
PORTFOLIO $354,710,018 $191,879,589 $37,707,934 $25,093,824
-------------------------------------------------------------------------------------------------------------------
Sources of Net Assets
-------------------------------------------------------------------------------------------------------------------
Net proceeds from capital
contributions and
withdrawals $349,109,769 $196,530,645 $38,308,167 $25,549,090
Net unrealized appreciation
(depreciation) (computed on
the basis of identified
cost) 5,600,249 (4,651,056) (600,233) (455,266)
-------------------------------------------------------------------------------------------------------------------
TOTAL $354,710,018 $191,879,589 $37,707,934 $25,093,824
-------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
64
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA PORTFOLIO FLORIDA PORTFOLIO MASSACHUSETTS PORTFOLIO MISSISSIPPI PORTFOLIO
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------------------
Investment Income
---------------------------------------------------------------------------------------------------------------------------------
Interest $ 7,952,788 $10,092,894 $ 6,221,088 $ 507,527
---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 7,952,788 $10,092,894 $ 6,221,088 $ 507,527
---------------------------------------------------------------------------------------------------------------------------------
Expenses
---------------------------------------------------------------------------------------------------------------------------------
Investment adviser fee $ 613,407 $ 728,692 $ 429,104 $ 13,513
Trustees fees and expenses 10,335 9,317 8,989 272
Legal and accounting services 39,979 37,203 40,448 16,766
Custodian fee 65,189 78,193 58,382 7,625
Miscellaneous 8,340 45,046 8,700 2,324
---------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 737,250 $ 898,451 $ 545,623 $ 40,500
---------------------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 18,556 $ 78,193 $ 14,727 $ --
---------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 18,556 $ 78,193 $ 14,727 $ --
---------------------------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 718,694 $ 820,258 $ 530,896 $ 40,500
---------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 7,234,094 $ 9,272,636 $ 5,690,192 $ 467,027
---------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
---------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ (795,491) $(1,819,123) $ 1,626,357 $ 25,198
---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ (795,491) $(1,819,123) $ 1,626,357 $ 25,198
---------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(5,948,056) $(3,310,773) $(5,762,131) $(300,671)
---------------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(5,948,056) $(3,310,773) $(5,762,131) $(300,671)
---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(6,743,547) $(5,129,896) $(4,135,774) $(275,473)
---------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 490,547 $ 4,142,740 $ 1,554,418 $ 191,554
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
65
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
NEW YORK PORTFOLIO OHIO PORTFOLIO RHODE ISLAND PORTFOLIO WEST VIRGINIA PORTFOLIO
<S> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
Investment Income
-----------------------------------------------------------------------------------------------------------------------------
Interest $11,620,843 $ 6,655,478 $1,200,489 $ 763,829
-----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $11,620,843 $ 6,655,478 $1,200,489 $ 763,829
-----------------------------------------------------------------------------------------------------------------------------
Expenses
-----------------------------------------------------------------------------------------------------------------------------
Investment adviser fee $ 856,723 $ 451,557 $ 47,062 $ 24,899
Trustees fees and expenses 13,027 7,244 5,345 1,288
Legal and accounting services 40,423 36,368 19,736 16,200
Custodian fee 85,832 62,112 10,144 9,040
Interest expense 57,895 38,600 -- --
Miscellaneous 6,192 6,382 4,011 1,912
-----------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 1,060,092 $ 602,263 $ 86,298 $ 53,339
-----------------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ -- $ -- $ 4,063 $ --
-----------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ -- $ -- $ 4,063 $ --
-----------------------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 1,060,092 $ 602,263 $ 82,235 $ 53,339
-----------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $10,560,751 $ 6,053,215 $1,118,254 $ 710,490
-----------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
-----------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ (541,438) $ (107,570) $ (379,717) $ (39,236)
Financial futures contracts 95,836 51,376 -- (1,472)
-----------------------------------------------------------------------------------------------------------------------------
NET REALIZED LOSS $ (445,602) $ (56,194) $ (379,717) $ (40,708)
-----------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(2,627,559) $(6,547,365) $ (93,775) $(307,370)
-----------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(2,627,559) $(6,547,365) $ (93,775) $(307,370)
-----------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(3,073,161) $(6,603,559) $ (473,492) $(348,078)
-----------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 7,487,590 $ (550,344) $ 644,762 $ 362,412
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
66
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED MARCH 31, 2000
<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 $ 7,234,094 $ 9,272,636 $ 5,690,192 $ 467,027
Net realized gain (loss) (795,491) (1,819,123) 1,626,357 25,198
Net change in unrealized appreciation
(depreciation) (5,948,056) (3,310,773) (5,762,131) (300,671)
---------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 490,547 $ 4,142,740 $ 1,554,418 $ 191,554
---------------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 9,355,785 $ 16,225,304 $ 5,987,889 $ 200,995
Withdrawals (36,333,439) (64,773,539) (32,750,132) (2,373,840)
---------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(26,977,654) $(48,548,235) $(26,762,243) $(2,172,845)
---------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(26,487,107) $(44,405,495) $(25,207,825) $(1,981,291)
---------------------------------------------------------------------------------------------------------------------------------
Net Assets
---------------------------------------------------------------------------------------------------------------------------------
At beginning of period $270,200,198 $346,872,272 $212,277,107 $17,936,839
---------------------------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $243,713,091 $302,466,777 $187,069,282 $15,955,548
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
67
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED MARCH 31, 2000
<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 $ 10,560,751 $ 6,053,215 $ 1,118,254 $ 710,490
Net realized loss (445,602) (56,194) (379,717) (40,708)
Net change in unrealized appreciation
(depreciation) (2,627,559) (6,547,365) (93,775) (307,370)
-----------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 7,487,590 $ (550,344) $ 644,762 $ 362,412
-----------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 7,322,702 $ 5,581,835 $ 2,009,372 $ 663,167
Withdrawals (62,218,385) (29,615,929) (6,677,897) (2,892,631)
-----------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(54,895,683) $(24,034,094) $(4,668,525) $(2,229,464)
-----------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(47,408,093) $(24,584,438) $(4,023,763) $(1,867,052)
-----------------------------------------------------------------------------------------------------------------------------
Net Assets
-----------------------------------------------------------------------------------------------------------------------------
At beginning of period $402,118,111 $216,464,027 $41,731,697 $26,960,876
-----------------------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $354,710,018 $191,879,589 $37,707,934 $25,093,824
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
68
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED SEPTEMBER 30, 1999
<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 $ 15,716,361 $ 21,473,674 $ 12,782,948 $ 1,061,925
Net realized gain 3,046,334 8,737,267 2,848,962 222,390
Net change in unrealized appreciation
(depreciation) (29,972,370) (44,500,638) (23,254,394) (1,674,816)
---------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $(11,209,675) $ (14,289,697) $ (7,622,484) $ (390,501)
---------------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 26,307,078 $ 22,428,860 $ 22,537,239 $ 1,934,210
Withdrawals (56,905,888) (117,286,711) (53,364,100) (4,346,534)
---------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(30,598,810) $ (94,857,851) $(30,826,861) $(2,412,324)
---------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(41,808,485) $(109,147,548) $(38,449,345) $(2,802,825)
---------------------------------------------------------------------------------------------------------------------------------
Net Assets
---------------------------------------------------------------------------------------------------------------------------------
At beginning of year $312,008,683 $ 456,019,820 $250,726,452 $20,739,664
---------------------------------------------------------------------------------------------------------------------------------
AT END OF YEAR $270,200,198 $ 346,872,272 $212,277,107 $17,936,839
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
69
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED SEPTEMBER 30, 1999
<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 $ 23,967,893 $ 13,243,120 $ 2,259,695 $ 1,555,590
Net realized gain (loss) (66,830) (146,960) (41,650) 268,614
Net change in unrealized appreciation
(depreciation) (38,370,632) (17,608,485) (3,927,649) (2,763,471)
-----------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (14,469,569) $ (4,512,325) $(1,709,604) $ (939,267)
-----------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 31,675,644 $ 15,132,326 $ 7,437,315 $ 1,765,713
Withdrawals (101,151,980) (49,186,424) (6,067,386) (5,785,114)
-----------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL TRANSACTIONS $ (69,476,336) $(34,054,098) $ 1,369,929 $(4,019,401)
-----------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (83,945,905) $(38,566,423) $ (339,675) $(4,958,668)
-----------------------------------------------------------------------------------------------------------------------------
Net Assets
-----------------------------------------------------------------------------------------------------------------------------
At beginning of year $ 486,064,016 $255,030,450 $42,071,372 $31,919,544
-----------------------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 402,118,111 $216,464,027 $41,731,697 $26,960,876
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
70
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
CALIFORNIA PORTFOLIO
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 30,
MARCH 31, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.58%(1) 0.56% 0.55% 0.57% 0.57% 0.59%
Expenses after custodian
fee reduction 0.57%(1) 0.54% 0.53% 0.56% 0.56% 0.58%
Net investment income 5.76%(1) 5.30% 5.33% 5.76% 5.93% 6.22%
Portfolio Turnover 9% 28% 16% 12% 14% 58%
-------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $243,713 $270,200 $312,009 $327,004 $370,590 $410,763
-------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
71
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
FLORIDA PORTFOLIO
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 30,
MARCH 31, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.56%(1) 0.52% 0.51% 0.52% 0.52% 0.55%
Expenses after custodian
fee reduction 0.51%(1) 0.48% 0.47% 0.48% 0.49% 0.52%
Net investment income 5.82%(1) 5.26% 5.03% 5.53% 5.67% 5.94%
Portfolio Turnover 9% 40% 25% 54% 51% 61%
-------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $302,467 $346,843 $456,020 $514,201 $624,374 $712,203
-------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
72
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
MASSACHUSETTS PORTFOLIO
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 30,
MARCH 31, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.56%(1) 0.52% 0.54% 0.53% 0.55% 0.56%
Expenses after custodian
fee reduction 0.55%(1) 0.50% 0.52% 0.52% 0.54% 0.53%
Net investment income 5.85%(1) 5.40% 5.36% 5.75% 5.77% 6.00%
Portfolio Turnover 5% 24% 28% 35% 51% 87%
-------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $187,069 $212,277 $250,726 $253,675 $281,129 $302,170
-------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
73
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
MISSISSIPPI PORTFOLIO
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 30,
MARCH 31, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
-------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Net expenses 0.48%(1) 0.36% 0.37% 0.38% 0.29% 0.27%
Net expenses after
custodian fee reduction 0.48%(1) 0.34% 0.35% 0.37% 0.26% 0.23%
Net investment income 5.54%(1) 5.30% 5.21% 5.59% 5.77% 5.97%
Portfolio Turnover 4% 16% 17% 6% 12% 52%
-------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $15,956 $17,937 $20,740 $22,127 $25,280 $28,993
-------------------------------------------------------------------------------------------------------------------
+ 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:
Ratios (As a percentage of
average daily net assets):
Expenses 0.40% 0.39%
Expenses after custodian
fee reduction 0.37% 0.35%
Net investment income 5.66% 5.85%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
74
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
NEW YORK PORTFOLIO
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 30,
MARCH 31, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.54%(1) 0.53% 0.53% 0.57% 0.52% 0.54%
Expenses after custodian
fee reduction 0.54%(1) 0.52% 0.51% 0.57% 0.49% 0.51%
Net investment income 5.70%(1) 5.30% 5.28% 5.60% 5.64% 5.97%
Portfolio Turnover 17% 41% 55% 44% 47% 55%
-------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $354,710 $402,118 $486,064 $527,604 $604,530 $652,736
-------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
75
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
OHIO PORTFOLIO
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 30,
MARCH 31, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.60%(1) 0.55% 0.56% 0.56% 0.57% 0.57%
Expenses after custodian
fee reduction 0.60%(1) 0.54% 0.54% 0.55% 0.56% 0.55%
Net investment income 6.02%(1) 5.54% 5.50% 5.70% 5.69% 5.80%
Portfolio Turnover 13% 59% 17% 30% 35% 51%
-------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $191,880 $216,464 $255,030 $271,269 $292,671 $319,017
-------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
76
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
RHODE ISLAND PORTFOLIO
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 30,
MARCH 31, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
-------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Net expenses 0.44%(1) 0.39% 0.39% 0.27% 0.27% 0.29%
Net expenses after
custodian fee reduction 0.42%(1) 0.35% 0.36% 0.23% 0.24% 0.25%
Net investment income 5.73%(1) 5.24% 5.28% 5.54% 5.69% 5.96%
Portfolio Turnover 10% 18% 24% 39% 25% 42%
-------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $37,708 $41,732 $42,071 $40,218 $42,167 $42,906
-------------------------------------------------------------------------------------------------------------------
+ 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:
Ratios (As a percentage of
average daily net assets):
Expenses 0.39% 0.40% 0.41%
Expenses after custodian
fee reduction 0.35% 0.37% 0.37%
Net investment income 5.42% 5.56% 5.84%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
77
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
WEST VIRGINIA PORTFOLIO
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 30,
MARCH 31, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
-------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Net expenses 0.42%(1) 0.40% 0.37% 0.38% 0.42% 0.31%
Net expenses after
custodian fee reduction 0.42%(1) 0.38% 0.34% 0.36% 0.38% 0.29%
Net investment income 5.55%(1) 5.13% 5.34% 5.44% 5.41% 5.81%
Portfolio Turnover 0% 32% 16% 24% 43% 19%
-------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $25,094 $26,961 $31,920 $33,503 $39,501 $40,835
-------------------------------------------------------------------------------------------------------------------
+ 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:
Ratios (As a percentage of
average daily net assets):
Expenses 0.39%
Expenses after custodian
fee reduction 0.37%
Net investment income 5.73%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
78
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
-------------------------------------------
California Municipals Portfolio (California Portfolio), Florida Municipals
Portfolio (Florida Portfolio), Massachusetts Municipals Portfolio
(Massachusetts Portfolio), Mississippi Municipals Portfolio (Mississippi
Portfolio), New York Municipals Portfolio (New York Portfolio), Ohio
Municipals Portfolio (Ohio Portfolio), Rhode Island Municipals Portfolio
(Rhode Island Portfolio) and West Virginia Municipals Portfolio (West
Virginia Portfolio), collectively, the Portfolios, are registered under the
Investment Company Act of 1940, as amended, as 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 not readily available are valued at fair value using methods
determined in good faith by or at the direction of the Trustees.
B Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or accretion of discount when required
for Federal income tax purposes.
C Income Taxes -- The Portfolio is treated as a partnership for federal tax
purposes. No provision is made by the Portfolio for federal or state taxes on
any taxable income of the Portfolio because each investor in the Portfolio is
ultimately responsible for the payment of any taxes. Since some of the
Portfolios' investors are regulated investment companies that invest all or
substantially all of their assets in the Portfolio, the Portfolio normally
must satisfy the applicable source of income and diversification requirements
(under the Internal Revenue Code) in order for its investors to satisfy them.
The Portfolio will allocate at least annually among their respective
investors, each investor's distributive share of the Portfolios' net taxable
(if any) and tax-exempt investment income, net realized capital gains, and
any other items of income, gain, loss, deduction or credit. Interest income
received by the Portfolios on investments in municipal bonds, which is
excludable from gross income under the Internal Revenue Code, will retain its
status as income exempt from federal income tax when allocated to each
Portfolio's investors. The portion of such interest, if any, earned on
private activity bonds issued after August 7, 1986 may be considered a tax
preference item for investors.
D Financial Futures Contracts -- Upon the entering of a financial futures
contract, a Portfolio is required to deposit (initial margin) either in cash
or securities an amount equal to a certain percentage of the purchase price
indicated in the financial futures contract. Subsequent payments are made or
received by a Portfolio (margin maintenance) each day, dependent on the daily
fluctuations in the value of the underlying security, and are recorded for
book purposes as unrealized gains or losses by a Portfolio. A Portfolio's
investment in financial futures contracts is designed for both hedging
against anticipated future changes in interest rates and investment purposes.
Should interest rates move unexpectedly, a Portfolio may not achieve the
anticipated benefits of the financial futures contracts and may realize
a loss.
E 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 sale
transaction, a 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.
F When-issued and Delayed Delivery Transactions -- The Portfolios may engage in
when-issued and delayed delivery transactions. The Portfolios record
when-issued securities on trade date and maintain security positions such
that sufficient liquid assets will be available to make payments for the
securities purchased. Securities purchased on a when-issued or delayed
delivery basis are marked-to-market daily and begin earning interest on
settlement date.
79
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
G 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.
H Other -- Investment transactions are accounted for on a trade date basis.
Realized gains and losses are computed based on the specific identification
of the securities sold.
I Use of Estimates -- The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts
of income and expense during the reporting period. Actual results could
differ from those estimates.
J Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
of the Portfolios. Pursuant to the respective custodian agreements, IBT
receives a fee reduced by credits which are determined based on the average
daily cash balances each Portfolio maintains with IBT. All significant credit
balances used to reduce the Portfolios' custodian fees are reported as a
reduction of total expenses in the Statement of Operations.
K Interim Financial Statements -- The interim financial statements relating to
March 31, 2000 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the
Portfolios' management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
-------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to each Portfolio.
The fee is based upon a percentage of average daily net assets plus a
percentage of gross income (i.e., income other than gains from the sale of
securities). For the six months ended March 31, 2000, each Portfolio paid
advisory fees as follows:
<TABLE>
<CAPTION>
PORTFOLIO AMOUNT EFFECTIVE RATE*
<S> <C> <C>
-------------------------------------------------------------------
California $613,407 0.49%
Florida 728,692 0.46%
Massachusetts 429,104 0.44%
Mississippi 13,513 0.16%
New York 856,723 0.46%
Ohio 451,557 0.45%
Rhode Island 47,062 0.24%
West Virginia 24,899 0.19%
</TABLE>
* Advisory fees paid as a percentage of average daily net assets
(annualized).
Except as to Trustees of the Portfolios who are not members of EVM's or BMR's
organization, officers and Trustees receive remuneration for their services
to the Portfolios out of such investment adviser fee.
Certain officers and Trustees of the Portfolios are officers of the above
organizations. Trustees of the Portfolios that are not affiliated with the
Investment Adviser may elect to defer receipt of all or a percentage of their
annual fees in accordance with the terms of the Trustees Deferred
Compensation Plan. For the six months ended March 31, 2000, 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 six months
ended March 31, 2000 were as follows:
<TABLE>
<CAPTION>
CALIFORNIA PORTFOLIO
<S> <C>
------------------------------------------------------
Purchases $ 22,607,151
Sales 40,265,448
<CAPTION>
FLORIDA PORTFOLIO
<S> <C>
------------------------------------------------------
Purchases $ 30,116,503
Sales 82,610,741
<CAPTION>
MASSACHUSETTS PORTFOLIO
<S> <C>
------------------------------------------------------
Purchases $ 10,182,943
Sales 33,200,909
</TABLE>
80
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
MISSISSIPPI PORTFOLIO
<S> <C>
------------------------------------------------------
Purchases $ 714,696
Sales 2,282,134
<CAPTION>
NEW YORK PORTFOLIO
<S> <C>
------------------------------------------------------
Purchases $ 61,697,883
Sales 119,198,729
<CAPTION>
OHIO PORTFOLIO
<S> <C>
------------------------------------------------------
Purchases $ 24,949,816
Sales 43,304,883
<CAPTION>
RHODE ISLAND PORTFOLIO
<S> <C>
------------------------------------------------------
Purchases $ 3,776,120
Sales 7,544,287
<CAPTION>
WEST VIRGINIA PORTFOLIO
<S> <C>
------------------------------------------------------
Purchases $ --
Sales 1,977,470
</TABLE>
4 Federal Income Tax Basis of Investments
-------------------------------------------
The cost and unrealized appreciation (depreciation) in the value of the
investments owned by each Portfolio at March 31, 2000, as computed on a
federal income tax basis, were as follows:
<TABLE>
<CAPTION>
CALIFORNIA PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $231,812,533
------------------------------------------------------
Gross unrealized appreciation $ 17,966,717
Gross unrealized depreciation (9,573,764)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 8,392,953
------------------------------------------------------
<CAPTION>
FLORIDA PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $300,601,668
------------------------------------------------------
Gross unrealized appreciation $ 10,744,744
Gross unrealized depreciation (13,723,083)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (2,978,339)
------------------------------------------------------
<CAPTION>
MASSACHUSETTS PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $186,647,438
------------------------------------------------------
Gross unrealized appreciation $ 5,678,373
Gross unrealized depreciation (8,218,391)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (2,540,018)
------------------------------------------------------
<CAPTION>
MISSISSIPPI PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 15,534,293
------------------------------------------------------
Gross unrealized appreciation $ 522,691
Gross unrealized depreciation (383,826)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 138,865
------------------------------------------------------
<CAPTION>
NEW YORK PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $343,099,165
------------------------------------------------------
Gross unrealized appreciation $ 11,990,193
Gross unrealized depreciation (6,389,944)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 5,600,249
------------------------------------------------------
<CAPTION>
OHIO PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $195,425,984
------------------------------------------------------
Gross unrealized appreciation $ 4,456,142
Gross unrealized depreciation (9,107,198)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (4,651,056)
------------------------------------------------------
<CAPTION>
RHODE ISLAND PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 37,154,487
------------------------------------------------------
Gross unrealized appreciation $ 746,480
Gross unrealized depreciation (1,346,713)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (600,233)
------------------------------------------------------
<CAPTION>
WEST VIRGINIA PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 24,708,639
------------------------------------------------------
Gross unrealized appreciation $ 348,097
Gross unrealized depreciation (803,363)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (455,266)
------------------------------------------------------
</TABLE>
81
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
5 Line of Credit
-------------------------------------------
Each Portfolio participates with other portfolios and funds managed by BMR
and EVM and its affiliates in a $150 million unsecured line of credit
agreement with a group of banks. Borrowings will be made by the Portfolios
primarily to facilitate the handling of unusual and/or unanticipated
short-term cash requirements. Interest is charged to each participating
portfolio or fund based on its borrowings at an amount above either the
Eurodollar rate or federal funds rate. In addition, a fee computed at an
annual rate of 0.10% on the daily unused portion of the line of credit is
allocated among the participating portfolios and funds at the end of each
quarter. At March 31, 2000, the Florida Portfolio, New York Portfolio and
Ohio Portfolio had a balance outstanding pursuant to this line of credit of
$1,500,000, $4,800,000 and $2,200,000 respectively. The Portfolios did not
have any significant borrowings or allocated fees during the six months ended
March 31, 2000.
6 Financial Instruments
-------------------------------------------
The Portfolios regularly trade in financial instruments with off-balance
sheet risk in the normal course of their investing activities to assist in
managing exposure to various market risks. These financial instruments
include futures contracts and may involve, to a varying degree, elements of
risk in excess of the amounts recognized for financial statement purposes.
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.
At March 31, 2000, there were no such financial instruments outstanding.
82
<PAGE>
EATON VANCE MUNICIPALS FUNDS AS OF MARCH 31, 2000
INVESTMENT MANAGEMENT
MUNICIPALS PORTFOLIOS
Officers
Thomas J. Fetter
President and Portfolio
Manager of New York and
Ohio Municipals Portfolio
James B. Hawkes
Vice President and Trustee
Robert B. MacIntosh
Vice President and Portfolio
Manager of Massachusetts,
Rhode Island, and West Virginia
Municipals Portfolios
Cynthia J. Clemson
Vice President and Portfolio
Manager of California, Florida,
and Mississippi Municipals
Portfolios
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking Emeritus, Harvard University
Graduate School of Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
83
