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Previous: CALIFORNIA TAX FREE PORTFOLIO, N-30D, 1995-11-28 |
Next: FRANKLIN STRATEGIC MORTGAGE PORTFOLIO, NSAR-B, 1995-11-28 |
<PAGE> 1
The Eaton Vance Municipals Trust
For the California Municipals Portfolio
Florida Tax Free Portfolio
New York Tax Free Portfolio
[LOGO]
Annual Shareholder Report
September 30, 1995
Investment Adviser of State Tax Free Portfolio
Boston Management and Research
24 Federal Street
Boston, MA 02110
Administrator of EV Traditional State Tax Free Fund
Eaton Vance Management
24 Federal Street
Boston, MA 02110
(617) 482-8260
Principal Underwriter
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
Custodian
Investors Bank & Trust Company
24 Federal Street
Boston, MA 02110
Transfer Agent
The Shareholder Services Group, Inc.
BOS725
P.O. Box 1559
Boston, MA 02104
Independent Auditors
Deloitte & Touche LLP
125 Summer Street
Boston, MA 02110
<PAGE> 2
<TABLE>
California Tax Free Portfolio
Portfolio of Investments - September 30, 1995
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS - 100%
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COGENERATION - 3.4%
NR BBB- $ 2,985 Central Valley Financing
Authority, Carson Ice-Gen
Project, 6.20%, 7/1/20 $ 2,914,584
NR BBB- 10,900 Sacramento Cogeneration
Authority, Procter &
Gamble Project,
6.50%, 7/1/21 10,987,636
-----------
$13,902,220
-----------
ESCROWED TO MATURITY - 16.2%
NR NR $ 130 City of Commerce Joint
Powers Financing Authority,
8.00%, 3/1/22 $ 153,456
NR BBB 2,000 City of Rancho Mirage
Joint Powers Financing
Authority, Civic Center,
7.50%, 4/1/17 2,320,380
Aaa AAA 8,000 County of Sacramento,
SFMRB (GNMA), (AMT),
8.125%, 7/1/16 (2)9,771,840
Aaa AAA 6,000 County of Sacramento,
SFMRB (GNMA), (AMT),
8.25%, 1/1/21 (2) 7,790,400
Aaa AAA 14,285 County of Sacramento,
SFMRB (GNMA), (AMT),
8.50%, 11/1/16 (2) 18,319,941
Aaa AAA 3,000 City and County of San
Francisco Sewer System
Secondary "RITES", (AMBAC),
Variable, 10/1/21 (1) 3,604,680
Baa1 A- 2,375 City of San Luis Obispo,
Capital Improvement
Board, 8.25%, 6/1/06 2,489,523
NR BBB 1,575 Fontana Public Financing
Authority, North Fontana
Redevelopment Project,
7.75%, 12/1/20 1,871,462
Aaa AAA 6,400 Port of Oakland, (BIGI),
0%, 11/1/05 3,784,960
NR NR 3,200 Oceanside California
Community Development
Commission, 8.40%, 6/1/18 3,357,408
NR NR 3,000 Poway Redevelopment
Agency, Paguay
Redevelopment Project,
7.75%, 12/15/21 3,567,420
NR BBB+ 1,000 City of Upland, Police
Building Construction,
8.20%, 8/1/16 1,054,870
NR NR 4,000 Huntington Beach Public
Financing Authority,
Huntington Beach Redevelop-
ment Projects, 8.375%, 5/1/18 4,472,080
NR NR 2,975 Sacramento-Yolo Port
District Port Facilities,
8.30%, 12/1/03 3,286,125
-----------
$65,844,545
-----------
GENERAL OBLIGATIONS - 1.9%
Baa1 A $ 3,000 Puerto Rico,
6.50%, 7/1/23 $ 3,131,640
AA Aa 5,000 East Bay Municipal
Utilities District,
Wastewater System,
5.00%, 4/1/15 4,435,100
-----------
$ 7,566,740
-----------
HOSPITALS - 1.1%
NR BBB+ $ 2,700 City of Stockton,
Dameron Hospital
Association,
8.30%, 12/1/14 $ 2,854,818
NR A 1,500 Woodland, Memorial
Hospital, 8.20%, 8/1/15 1,610,175
-----------
$ 4,464,993
-----------
HOUSING - 8.6%
Aa AA- $ 3,770 California Housing
Finance Agency (HFA),
(AMT), 7.375%, 8/1/11 $ 3,923,288
Aa AA- 800 California HFA, 7.375%,
8/1/17 855,792
Aa AA- 5,000 California HFA, (AMT),
7.40%, 8/1/26 5,381,050
Aa AA- 3,875 California HFA,
(AMT), 7.50%, 8/1/25 4,150,513
Aa AA- 8,185 California HFA (FHA),
(AMT), 7.65%, 8/1/23 8,549,724
Aa AA- 2,500 California HFA,
8.10%, 8/1/16 2,571,800
Aa AA- 2,500 California HFA,
8.20%, 8/1/17 2,596,875
Aa AA- 1,325 California HFA,
(AMT), 8.60%, 8/1/19 1,394,165
Aa3 NR 60 California HFA,
9.875%, 8/1/10 61,343
A NR 845 The Housing Authority
of the County of Los
Angeles, 7.875%, 8/1/16 874,541
NR NR 2,000 The Housing Authority
of the County of Los
Angeles, 10.50%, 12/1/29 2,061,700
</TABLE>
16
<PAGE> 3
<TABLE>
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING (CONTINUED)
NR A+ 2,050 City of Oakland HFA,
7.10%, 1/1/10 2,086,716
NR AAA 495 County of Riverside,
California HFA,
(GNMA), (AMT),
6.85%, 10/1/16 526,452
-----------
$35,033,959
-----------
INSURED-EDUCATION - 1.0%
Aaa AAA $ 3,330 Regents of the University
of California, (MBIA),
4.75%, 9/1/21 $ 2,770,826
Aaa AAA 1,500 Regents of the University
of California, (AMBAC),
4.875%, 9/1/19 1,280,340
-----------
$ 4,051,166
-----------
INSURED-GENERAL OBLIGATION - 0.3%
Aaa AAA $ 4,700 Roseville Unified High
School District, (FGIC),
0%, 6/1/20 $ 1,032,919
-----------
INSURED-HOUSING - 0.2%
Aaa AAA $ 720 California HFA, (MBIA),
(AMT), 7.00%, 8/1/23 $ 752,177
-----------
INSURED-HOSPITALS - 1.1%
Aaa AAA $ 5,250 Anaheim Memorial
Hospital, (AMBAC),
5.125%, 5/15/20 $ 4,547,813
-----------
INSURED-LEASE REVENUE/
CERTIFICATE OF PARTICIPATION - 4.3%
Aaa AAA $ 3,300 California Statewide
Communities Development
Authority, Motion Picture
and Television Fund,
(AMBAC), 5.68%, 1/1/24 $ 3,052,401
Aaa AAA 7,700 Moulton Niguel
Water District, (AMBAC),
4.80%, 9/1/17 6,548,003
Aaa AAA 4,350 Stockton, California
Wastewater Treatment Plant,
(FGIC), 6.80%, 9/1/24 4,701,350
Aaa AAA 13,985 Visalia Unified School
District, (MBIA),
0%, 12/1/17 3,206,201
-----------
$17,507,955
-----------
INSURED-TAX ALLOCATION - 1.0%
Aaa AAA $ 4,850 City of San Jose
Redevelopment Agency,
(MBIA), 4.75%, 8/1/24 $ 4,000,086
INSURED-TRANSPORTATION - 3.1%
Aaa AAA $10,000 Port of Oakland, (AMT),
(BIGI), 0%, 11/1/19 $ 1,734,500
Aaa AAA 10,000 Airports Commission
City and County of San
Francisco, San Francisco
International Airport,
(MBIA), 6.75%, 5/1/13 10,807,200
-----------
$12,541,700
-----------
INSURED-UTILITIES - 8.8%
Aaa AAA $ 5,700 Anaheim Public Financing
Authority, Anaheim
Electric Utility, (FGIC),
5.75%, 10/1/22 $ 5,444,754
Aaa AAA 8,000 Northern California Power
Agency "RIBS," (MBIA),
Variable, 9/2/25 (1) 8,640,960
Aaa AAA 3,500 Sacramento Municipal
Utilities District, (MBIA),
6.375%, 8/15/22 3,627,820
Aaa AAA 4,000 Southern California Public
Power Authority, (FGIC),
Variable, 7/1/12 (1) 4,000,000
Aaa AAA 6,915 Southern California Public
Power Authority, (MBIA),
5.00%, 1/1/20 6,044,747
Aaa AAA 2,750 Southern California Public
Power Authority, (MBIA),
5.50%, 7/1/20 2,576,970
Aaa AAA 5,750 Southern California Public
Power Authority, (MBIA),
5.75%, 7/1/21 5,569,393
-----------
$35,904,644
-----------
INSURED-WATER & SEWER - 2.7%
Aaa AAA $ 5,000 East Bay Municipal Utility
District "Yield Curve
Notes," (MBIA), Variable,
6/1/08 (1) $ 4,799,800
Aaa AAA 3,430 San Buenaventura Water
District, (AMBAC), 4.75%,
10/1/13 2,965,441
Aaa AAA 3,000 San Diego County Water
Authority, "RITES", (FGIC),
Variable, 4/22/09 (1) 3,074,79
-----------
$10,840,031
-----------
LEASE REVENUE/CERTIFICATES
OF PARTICIPATION - 22.6%
A1 AA- $ 2,945 City of Beverly Hills,
6.75%, 6/1/19 $ 3,026,606
A1 A- 3,140 California State Public
Works Board, Various
Community College Projects,
5.625%, 12/1/18 2,879,694
</TABLE>
17
<PAGE> 4
<TABLE>
CALIFORNIA TAX FREE PORTFOLIO (CONTINUED)
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LEASE REVENUE/CERTIFICATES
OF PARTICIPATION (CONTINUED)
A1 A- 7,485 California State Public
Works Board, Various
University of California
Projects, 5.625%, 12/1/18 6,209,107
A1 A- 3,000 California State Public
Works Board, Various
University of California
Projects, 5.50%, 6/1/10 2,866,080
A1 A- 8,000 California State Public
Works Board, Various
University of California
Projects, 5.50%, 6/1/14 7,376,800
A A- 2,800 California State Public
Works Board, California
State Prison-Susanville,
5.375%, 6/1/12 2,586,500
A A- 3,500 California State Public Works
Board, California State Prison-
Susanville, 5.375%, 6/1/18 3,107,965
A1 A- 5,000 California State Public Works
Board, Various University of
California Projects, 5.25%,
6/1/20 4,369,250
A1 A- 14,025 California State Public Works
Board, Various University
of California Projects,
5.50%, 6/1/19 12,717,029
NR A 4,150 California Statewide
Community Development
Authority, Eskaton Health
Facilities, 5.875%, 5/1/20 3,862,322
A BBB 2,750 City of Inglewood, California,
Civic Center Improvement
Project, 7.00%, 8/1/19 2,841,438
A A- 5,115 County of Los Angeles,
Disney Parking Project,
0%, 3/1/16 1,217,114
A A- 1,925 County of Los Angeles,
Disney Parking Project,
0%, 3/1/17 426,927
A A- 5,370 County of Los Angeles,
Disney Parking Project,
0%, 3/1/18 1,110,086
A A- 3,100 County of Los Angeles,
Disney Parking Project,
0%, 3/1/20 550,188
A A- 5,000 County of Los Angeles,
Disney Parking Project,
0%, 9/1/17 1,070,600
A A- 1,000 County of Los Angeles,
Disney Parking Project,
6.50%, 3/1/23 992,330
NR NR 14,000 County of Los Angeles,
Capital Asset Leasing
Corporation, Marina del Rey,
6.50%, 7/1/08 13,725,460
Aa AA 4,305 County of Orange Water
District, 5.00%, 8/15/18 3,668,376
A1 A+ 4,000 Pasadena Parking Facility
Project, 6.25%, 1/1/18 4,111,480
NR A- 2,360 Richmond Joint Powers
Financing Authority,
7.00%, 5/15/07 2,532,091
Aa A+ 4,000 City of Sacramento
Financing Authority,
5.40%, 11/1/20 3,666,440
Aa NR 6,000 University of California at
Los Angeles Chiller/
Cogeneration Project,
5.60%, 11/1/20 5,537,460
NR BBB 1,000 Watsonville Mammoth
Lakes, 7.875%, 6/1/11 1,072,130
-----------
$91,523,473
-----------
NURSING HOMES - 0.8%
NR NR $ 3,250 Banning, San Georgonio Pass Convalescent
Hospital, (AMT), 9.50%, 12/1/11 $ 3,381,365
-----------
SOLID WASTE - 0.6%
Baa1 NR $ 2,350 Mojave Desert and
Mountain Solid Waste Joint
Powers Authority, (AMT),
7.875%, 6/1/20 $ 2,569,396
-----------
SPECIAL TAX - 4.9%
NR NR $ 2,100 City of Fairfield, Green
Valley Road-Mangels
Boulevard Extension
Assessment District,
7.375%, 9/2/18 $ 2,147,880
NR NR 970 City of Fairfield, Green
Valley Road-Mangels
Boulevard Extension
Assessment District,
8.00%, 9/2/11 999,876
NR NR 3,000 Lincoln Unified School
District, 7.625%, 9/1/21 3,128,730
Baa NR 10,800 Pleasanton Joint Powers
Financing Authority,
6.15%, 9/2/12 10,654,200
NR NR 3,000 County of Riverside
Community Facilities
District, 7.55%, 9/1/17 3,053,790
-----------
$19,984,476
-----------
</TABLE>
18
<PAGE> 5
<TABLE>
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX ALLOCATION - 9.0%
NR NR $ 2,945 City of Commerce
Joint Powers Financing
Authority, 8.00%, 3/1/22 $ 3,110,951
NR BBB 5,000 County of Contra
Costa Public Financing
Authority, 7.10%, 8/1/22 5,134,300
NR BBB 3,910 Fontana Public Financing
Authority, Downtown
Redevelopment Project
7.00%, 9/1/21 3,952,111
NR BBB 8,220 Fontana Redevelopment
Agency, Jurupa Hills
Redevelopment Project
Area, 7.00%, 10/1/14 8,351,191
NR BBB 2,500 City of Pittsburg
Redevelopment Agency,
7.40%, 8/15/20 2,614,900
NR BBB 600 City of Rancho Mirage
Joint Powers Financing
Authority, 7.50%, 4/1/17 632,592
NR BBB 2,500 County of Riverside
Redevelopment Agency,
7.50%, 10/1/26 2,619,025
NR BBB 5,605 San Carlos Redevelopment
Agency, 7.10%, 9/1/17 5,777,185
NR NR 1,400 City of Simi Valley
Community Development
Agency, 8.20%, 9/1/12 1,419,852
Baa1 BBB+ 3,000 Westminster Redevelopment
Agency, 7.30%, 8/1/213,107,820
------------
$ 36,719,927
------------
TRANSPORTATION - 5.8%
NR BBB $ 3,050 Guam Airport Authority,
(AMT), 6.70%, 10/1/23 $ 3,056,558
Aa AA- 2,000 City of Long Beach
Harbor Revenue Bonds,
(AMT), 7.25%, 5/15/192,154,720
A1 A- 1,400 County of Orange,
California Airport Revenue
Bonds, 8.125%, 7/1/16 1,449,294
NR NR 12,000 San Joaquin Hills
Transportation Corridor
Agency, Toll Road Revenue
Bonds, (Fitch: rated BBB),
0%, 1/1/14 3,481,440
NR NR 5,765 San Joaquin Hills
Transportation Corridor
Agency, Toll Road Revenue
Bonds, (Fitch: rated BBB),
0%, 1/1/26 721,778
NR NR 35,975 San Joaquin Hills
Transportation Corridor
Agency, Toll Road Revenue
Bonds, (Fitch: rated BBB),
0%, 1/1/27 4,205,117
NR NR 4,940 San Joaquin Hills
Transportation Corridor
Agency, Toll Road Revenue
Bonds, (Fitch: rated BBB),
7.00%, 1/1/30 5,074,368
Baa1 BBB 1,500 Stockton Port District,
7.95%, 1/1/05 1,598,940
Baa1 BBB 1,500 Stockton Port District,
8.10%, 1/1/14 1,611,510
------------
$ 23,353,725
------------
UTILITIES - 1.7%
Aa AA- $ 7,070 Southern California
Public Power Authority,
0%, 7/1/15 $ 2,109,829
Aa AA- 3,425 Southern California
Public Power Authority,
5.50%, 7/1/20 3,176,277
Aa AA 1,490 Southern California
Public Power Authority,
6.875%, 7/1/15 1,530,170
------------
$ 6,816,276
------------
WATER AND SEWER - 0.9%
NR BBB $ 3,190 Orange Cove Irrigation
District, 6.625%, 2/1/17 $ 3,232,904
Aa AA- 515 City of Pasadena, Water
Revenue Bonds, 5.00%,
7/1/18 449,760
------------
$ 3,682,664
------------
TOTAL TAX-EXEMPT INVESTMENTS
(IDENTIFIED COST, $381,719,158) $406,022,251
============
<FN>
(1) The above securities have been issued as an inverse floater bond.
(2) Security have been segregated to cover margin requirements for open
financial futures contracts.
</TABLE>
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
eco-nomic developments, at September 30, 1995, 35.2% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guarenty assurance agencies. The aggregate
percentage by financial institution range from 0.1% to 13.0% of total
investments.
See notes to financial statements
19
<PAGE> 6
<TABLE>
Florida Tax Free Portfolio
Portfolio of Investments - September 30, 1995
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS - 100%
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COGENERATION - 3.5%
Baa3 BBB- $ 7,275 Martin County, Indian
Town Project, (AMT),
7.875%, 12/15/25 $ 7,985,840
NR NR 4,000 Palm Beach County,
Okeelanta Power L.P.
Project (AMT),
6.85%, 2/15/21 3,942,760
NR NR 9,250 Palm Beach County,
Osceola Power L.P. Project
(AMT), 6.95%, 1/1/22 9,226,413
NR NR 3,100 Palm Beach County, Osceola
Power L.P. Project (AMT),
6.85%, 1/1/14 3,077,246
-----------
$24,232,259
-----------
EDUCATION - 0.8%
NR AAA $ 5,500 Volusia County Educational
Facilities, Embry-Riddle
Aeronautical University
Project (CLEE),
6.625%, 10/15/22 $ 5,863,055
-----------
ESCROWED - 3.8%
NR A+ $ 2,100 Charlotte County, St.
Joseph's Hospital, 8.25%,
8/15/18 $ 2,359,497
Aaa AAA 9,225 Dade County, Baptist
Hospital of Miami Project,
5.75%, 5/1/21 9,163,377
Aaa AAA 5,000 Florida Municipal Power
Agency Stanton II Project
(AMBAC),
Variable, 10/1/20 (1) 6,306,250
Aaa AAA 1,185 Jacksonville Transportation
Authority, 7.375%, 7/1/20 1,353,554
NR NR 1,675 Mid-Bay Bridge Authority,
6.875%, 10/1/22 1,881,879
Aaa AAA 2,000 Orlando & Orange County
Expressway Authority (FGIC),
8.25%, 7/1/14 2,585,120
NR AAA 2,355 Pinellas County Health
Facilities Finance Authority,
Sun Coast Health System,
Series A, 8.50%, 2,773,695
-----------
$26,423,372
-----------
GENERAL OBLIGATIONS - 7.5%
Aa AA $ 1,000 Florida Board of
Education, 6.75%, 6/1/09 $ 1,113,690
Aa AA 16,100 Florida Board of
Education, 6.70%, 6/1/22 17,056,823
Aa AA 1,500 Florida Board of
Education, 5.20%, 6/1/23 1,351,890
Aa AA 8,000 Florida Board of
General Services,
6.60%, 7/1/17 8,454,960
NR BBB 4,675 Guam Government,
5.40%, 11/15/18 4,068,840
A A 7,255 Hillsborough County,
Museum of Science &
Industry, 6.45%, 1/1/22 7,410,692
Baa1 A 2,000 Puerto Rico, 6.50%,
7/1/23 2,087,760
Baa1 A 3,235 Puerto Rico Public
Building Authority, 5.50%,
7/1/21 2,988,137
Baa1 A 7,350 Puerto Rico Public
Building Authority,
5.70%, 7/1/09 7,335,374
-----------
$51,868,165
-----------
HEALTH CARE - 7.4%
NR AAA $ 5,075 Dade County Industrial
Development Authority,
Gramercy Park Nursing Care
Center,
6.60%, 8/1/23 $ 5,298,351
NR AAA 4,285 Dade County Industrial
Development Authority,
Florida Club Care Center
(GNMA), 6.60%, 1/20/18 4,333,849
NR BBB+ 3,600 Escambia County Health
Facilities Authority, Baptist
Hospital, Inc. and The Baptist
Manor, Inc., 6.75%, 10/1/14 3,686,580
NR BBB+ 8,995 Escambia County Health
Facilities Authority, Baptist
Hospital, Inc.,
6.00%, 10/1/14 8,564,769
Baa1 NR 3,750 Jacksonville Health Facilities
Authority, National Benevolent
Association, Cypress Village
Florida Project,
7.00%, 12/1/22 3,805,125
A NR 14,000 City of Venice Health
Facilities, 6.00%, 12/1/14 15,304,100
A NR 9,810 City of Venice Health
Facilities, 5.75%, 12/1/24 10,544,573
-----------
$51,537,347
-----------
</TABLE>
20
<PAGE> 7
<TABLE>
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOSPITAL REVENUE - 1.4%
NR AA+ $ 4,750 Jacksonville Health Facilities
Finance Authority, St. Luke's
Hospital Association Project,
6.75%, 11/15/13 $ 5,070,008
A BBB+ 5,000 St. John's County Industrial
Development Authority, Flagler
Hospital Project,
6.00%, 8/1/22 4,794,000
-----------
$ 9,864,008
-----------
HOUSING - 10.6%
NR AAA $ 630 Broward County HFA
SFMR (GNMA), (AMT),
7.35%, 3/1/23 $ 654,665
NR AAA 1,300 Clay County HFA
MFMR (GNMA),
7.40%, 12/1/25 1,382,043
Aaa NR 2,750 Clay County HFA
SFMR (GNMA), (AMT),
6.55%, 3/1/28 2,785,035
Aaa NR 290 Dade County HFA
SFMR (GNMA),
7.10%, 3/1/17 304,068
Aaa NR 1,220 Dade County HFA
SFMR (GNMA), (AMT),
7.75%, 9/1/22 1,284,306
Aaa NR 1,160 Dade County HFA
SFMR (GNMA), (AMT),
7.25%, 9/1/23 1,209,718
Aaa NR 75 Dade County HFA
SFMR (GNMA),
7.00%, 3/1/24 77,795
NR AAA 5,100 Dade County HFA
SFMR (GNMA), (AMT)
6.55%, 10/1/27 5,149,113
NR AAA 5,850 Dade County HFA
SFMR (GNMA), (AMT)
6.70%, 4/1/28 6,019,943
Aaa NR 2,540 Escambia County HFA
SFMR (GNMA), (AMT),
7.40%, 10/1/23 2,646,401
Aaa NR 7,500 Escambia County HFA
SFMR (GNMA), (AMT),
6.85%, 10/1/17 7,655,325
Aaa NR 5,000 Escambia County HFA
SFMR (GNMA), (AMT),
6.90%, 10/1/21 5,143,800
Aaa NR 6,250 Escambia County HFA
SFMR (GNMA), (AMT),
6.95%, 10/1/27 6,444,500
NR AAA 1,125 Florida HFA (FHA),
6.35%, 6/1/14 1,142,719
Aaa NR 960 Hillsborough County
HFA SFMR (GNMA),
(AMT), 7.875%, 5/1/23 1,025,040
NR NR 3,475 City of North Miami
Health Care Facilities,
The Imperial Club Project,
9.25%, 1/1/13 3,712,065
NR AAA 1,695 Orange County HFA
SFMR (GNMA), (AMT),
7.375%, 9/1/24 1,788,632
Aaa NR 12,000 Orange County HFA
SFMR (GNMA), (AMT),
6.85%, 10/1/27 (3) 12,421,440
NR AAA 8,000 Orange County HFA
SFMR (GNMA), (AMT),
6.60%, 4/1/28 8,057,520
Aaa NR 845 Palm Beach County HFA
SFMR (GNMA),
7.60%, 3/1/23 891,551
Aaa NR 1,455 Polk County HFA SFMR
(GNMA), 7.15%, 9/1/23 1,520,199
Baa BBB 1,400 Puerto Rico Urban
Renewal & Housing Corp,
7.875%, 10/1/04 1,582,770
Aaa AAA 860 Puerto Rico Housing Finance
Corp SFMR (GNMA),
7.65%, 10/15/22 910,602
-----------
$73,809,250
-----------
INDUSTRIAL DEVELOPMENT/
POLLUTION CONTROL REVENUE - 2.3%
B1 BB+ $15,200 Polk County Industrial
Development Authority
(AMT), 7.525%, 1/1/15 $15,952,552
-----------
INSURED HEALTH CARE - 0.4%
Aaa AAA $ 500 Alachua County Health
Facility, Mental Health
Services Project
(CGIC), 7.75%, 7/1/10 $ 565,260
Aaa AAA 2,050 Hillsborough County IDA,
Allegany Health Systems,
J. Knox Village
(MBIA), 5.75%, 12/1/21 2,022,510
-----------
$ 2,587,770
-----------
INSURED HOSPITALS - 5.7%
Aaa AAA $ 8,000 Charlotte County Health
Care, Bon-Secours Health
System Project
(FSA), Variable,
8/30/27 (1) $ 8,026,880
Aaa AAA 23,355 Jacksonville FL Health
Authority, Daughters of
Charity (MBIA),
5.00%, 11/15/15 20,846,439
</TABLE>
21
<PAGE> 8
<TABLE>
FLORIDA TAX FREE PORTFOLIO (CONTINUED)
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSURED HOSPITAL - (CONTINUED)
Aaa AAA 2,000 Lee County, Memorial
Hospital (MBIA), Variable,
4/1/20 (1) 2,161,080
Aaa AAA 5,290 Orange County Health
Facilities Finance Authority,
(FGIC), 7.875%, 12/1/25 5,614,753
Aaa AAA 3,000 Orange County Health
Facilities Authority (MBIA),
Variable, 10/29/21 (1) 3,199,950
-----------
$39,849,102
-----------
INSURED HOUSING - 2.3%
Aaa AAA $ 1,430 Brevard County HFA
SFMR (FSA), 7.00%,
3/1/13 $ 1,493,292
Aaa AAA 1,720 Duval County HFA
SFMR (FGIC), 7.35%,
7/1/24 1,811,900
Aaa AAA 6,530 FL HEFA, Maitland
Club Apartment Project
(AMBAC) (AMT),
6.875%, 8/1/26 6,776,377
Aaa AAA 3,000 FL HFA, Brittany of
Rosemont Project (AMBAC)
(AMT), 6.875%, 8/1/26 3,113,190
Aaa AAA 2,675 Lee County SCA
MFMR (FSA) (AMT),
7.05%, 1/1/30 2,773,387
-----------
$15,968,146
-----------
INSURED INDUSTRIAL DEVELOPMENT/
POLLUTION CONTROL REVENUE - 1.2%
Aaa AAA $ 8,200 Citrus County PCR
(MBIA), 6.35%, 2/1/22 $ 8,558,996
-----------
INSURED MISCELLANEOUS - 0.4%
Aaa AAA $ 2,000 Escambia County (MBIA),
7.20%, 1/1/15 $ 2,150,300
Aaa AAA 799 Osceola County IDA
Community Provider
Pooled Loan Program,
(CGIC), 7.75%, 7/1/10 854,251
-----------
$ 3,004,551
-----------
INSURED SOLID WASTE - 0.3%
Aaa AAA $ 1,500 St. John's County Solid
Waste Disposal (FGIC),
7.25%, 11/1/10 $ 1,685,850
-----------
INSURED SPECIAL TAX
REVENUE - 7.9%
Aaa AAA $ 5,630 FL Department of
Environmental Protection
(AMBAC), 4.75%, 7/1/06 $ 5,527,421
Aaa AAA 14,250 FL Department of
Environmental Protection
(MBIA), 4.75%, 7/1/09 13,318,905
Aaa AAA 9,675 FL Department of
Environmental Protection
(MBIA), 4.75%, 7/1/10 8,920,157
Aaa AAA 3,000 City of Jacksonville- River
City Renaissance Project
(FGIC), 5.375%, 10/1/18 2,799,570
Aaa AAA 1,000 City of Jacksonville (FGIC)
(AMT), 0%, 10/1/10 426,230
Aaa AAA 1,000 City of Jacksonville (FGIC)
(AMT), 0%, 10/1/11 396,450
Aaa AAA 2,000 City of Jacksonville (FGIC)
(AMT), 0%, 10/1/12 739,720
Aaa AAA 2,000 City of Jacksonville (FGIC)
(AMT), 0%, 10/1/13 691,600
Aaa AAA 2,000 City of Jacksonville (FGIC)
(AMT), 0%, 10/1/14 645,980
Aaa AAA 1,500 City of Jacksonville (FGIC)
(AMT), 0%, 10/1/15 452,085
Aaa AAA 1,185 City of Opa-Locka (FGIC),
7.00%, 1/1/14 1,327,449
Aaa AAA 2,500 Puerto Rico Highway &
Transportation Authority
(FSA), 5.50%, 7/1/17` 2,389,900
Aaa AAA 7,650 Puerto Rico Highway &
Transportation Authority
(FSA), 5.25%, 7/1/21 7,032,951
Aaa AAA 5,000 St. Petersburg Excise Tax
(FGIC), 5.00%, 10/1/16 4,517,950
Aaa AAA 2,000 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/10 871,300
Aaa AAA 1,760 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/12 667,286
Aaa AAA 2,840 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/14 943,022
Aaa AAA 4,000 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/15 1,241,200
Aaa AAA 4,140 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/16 1,211,571
Aaa AAA 2,525 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/17 696,925
-----------
$54,817,672
-----------
INSURED TRANSPORTATION - 7.0%
Aaa AAA $ 4,000 Dade County Aviation
Facilities (MBIA) (AMT),
6.55%, 10/1/13 $ 4,219,320
Aaa AAA 8,455 FL State Turnpike Authority
(FGIC), 6.35%, 7/1/2 28,788,803
</TABLE>
22
<PAGE> 9
<TABLE>
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSURED TRANSPORTATION (CONTINUED)
Aaa AAA 3,000 FL State Turnpike Authority
(FGIC), 5.00%, 7/1/19 2,667,660
Aaa AAA 8,600 Greater Orlando Aviation
Authority, Orlando Airport
Facilities (FGIC),
(AMT), 6.375%, 10/1/21 8,869,696
Aaa AAA 14,000 Orlando & Orange County
Expressway Authority
(FGIC), Variable, 7/1/04 (1) 14,218,120
Aaa AAA 10,920 Orlando & Orange County
Expressway Authority
(FGIC), 5.125%, 7/1/20 9,798,734
-----------
$48,562,333
-----------
INSURED UTILITIES - 8.5%
Aaa AAA $41,465 FL Municipal Power Agency
Stanton II Project (AMBAC),
4.50%, 10/1/27 (3) $33,007,384
Aaa AAA 7,770 FL Municipal Power
Agency Stanton II Project
(AMBAC), 4.50%, 10/1/16 6,511,338
Aaa AAA 8,000 FL Municipal Power
Agency Stanton II Project
(AMBAC), 5.10%, 10/1/25 7,064,080
Aaa AAA 4,000 Lakeland Electric & Water
(FGIC), 6.00%, 10/1/13 (2) 4,026,280
Aaa AAA 1,540 Manatee County Public
Utility (FGIC), 0%, 10/1/12 580,980
Aaa AAA 1,750 Puerto Rico Electric Power
Authority (FSA), Variable,
7/1/02 (1) 1,939,315
Aaa AAA 2,200 Puerto Rico Electric Power
Authority (FSA), Variable,
7/1/03 (1) 2,462,284
Aaa AAA 3,500 Vero Beach Electric (MBIA),
5.375%, 12/1/21 3,265,115
-----------
$58,856,776
-----------
INSURED WATER & SEWER - 5.4%
Aaa AAA $11,450 Broward County Water &
Sewer (AMBAC), 5.125%,
10/1/15 $10,529,535
Aaa AAA 9,500 Dade County Water and
Sewer System (FGIC),
5.00%, 10/1/13 8,717,580
Aaa AAA 2,000 City of Fort Myers Utility
(FGIC), 5.00%, 10/1/16 1,800,460
Aaa AAA 6,900 Palm Bay Utility Corp
Project (MBIA), 5.00%,
10/1/22 6,024,597
Aaa AAA 4,000 Sanford Water and Sewer
(AMBAC), 4.50%, 10/1/21 3,255,640
Aaa AAA 1,700 St. John's County Water &
Sewer (MBIA), 0%, 6/1/16 507,314
Aaa AAA 3,550 St. John's County Water &
Sewer (MBIA), 0%, 6/1/17 999,148
Aaa AAA 5,600 St. Lucie County Utility
System (FGIC), 6.00%.
10/1/20 5,672,632
-----------
$37,506,906
-----------
LIFE CARE - 1.0%
NR NR $ 6,895 Atlantic Beach, Fleet
Landing Project,
8.00%, 10/1/24 $ 7,208,860
-----------
LEASE / CERTIFICATES OF
PARTICIPATION - 0.4%
A1 A+ $ 2,280 Florida State Department
of General Services,
7.00%, 9/1/20 $ 2,465,273
-----------
NURSING HOMES - 1.1%
NR NR $ 300 Broward County Industrial
Development Authority,
Beverly Enterprises -
Florida, Inc. Project,
9.80%, 11/1/10 $ 335,520
NR NR 475 Charlotte County Industrial
Development Authority,
Beverly Enterprises,
10.00%, 6/1/11 542,279
NR NR 4,000 Citrus County Industrial
Development Authority,
Beverly Enterprises,
7.25%, 4/1/03 4,012,040
NR NR 700 Highlands County Industrial
Development Authority,
Beverly Enterprises - Florida,
Inc. Project, 9.25%, 7/1/07 775,817
NR NR 410 Okaloosa County, Beverly
Enterprises, 10.75%, 10/1/03 448,200
NR NR 700 Orange County Industrial
Development Authority,
Beverly Enterprises, 9.25%,
8/1/10 776,475
NR NR 1,000 Winter Garden, Beverly
Enterprises, 8.75%, 7/1/12 1,092,750
-----------
$ 7,983,081
-----------
SOLID WASTE - 0.6%
A A $ 3,870 Broward County Waste
Energy Company, L.P.
North Project,
7.95%, 12/1/08 $ 4,296,590
-----------
</TABLE>
23
<PAGE> 10
<TABLE>
FLORIDA TAX FREE PORTFOLIO (CONTINUED)
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SPECIAL TAX REVENUE - 6.2%
A1 A+ $10,620 Orange County 5.375%,
1/1/24 $ 9,654,111
A1 NR 3,000 City of Orlando, 6.00%,
10/1/22 2,941,050
Baa1 A 7,410 Puerto Rico Highway &
Transportation Authority,
5.50%, 7/1/19 6,908,047
Baa1 A 6,310 Puerto Rico Highway &
Transportation Authority,
5.25%, 7/1/20 5,636,281
Baa1 A 10,135 Puerto Rico Highway &
Transportation Authority,
5.00%, 7/1/22 8,684,682
Baa1 A 10,560 Puerto Rico Highway &
Transportation Authority,
5.25%, 7/1/21 9,413,290
------------
$ 43,237,461
------------
TRANSPORTATION - 1.4%
NR NR $10,140 Mid-Bay Bridge
Authority,
6.125%, 10/1/22 $ 9,634,318
UTILITIES - 12.5%
NR BBB $32,325 Guam Power Authority,
5.25%, 10/1/23 $ 27,848,634
Aa1 AA 42,005 Jacksonville Electric
Authority, Bulk Power
Supply System, Scherer 4
Project, 5.25%, 10/1/21(3) 38,294,278
Aa1 AA 2,850 Orlando Utilities
Commission Water and
Electric, 5.125%, 10/1/19 2,554,940
Aa AA 1,750 Orlando Utilities
Commission Water and
Electric, 5.25%, 10/1/23 1,588,400
Baa1 A- 185 Puerto Rico Electric
Power Authority, 7.125%,
7/1/14 201,743
Baa1 A- 10,000 Puerto Rico Electric
Power Authority, 7.00%,
7/1/21 11,379,200
A2 A+ 2,515 St. Lucie County Solid
Waste Disposal, Florida Power
& Light Company (AMT),
6.70%, 5/1/27 2,631,520
NR NR 2,000 Virgin Islands Water &
Power Authority, 7.40%,
7/1/11 2,100,420
------------
$ 86,599,134
------------
WATER & SEWER - 0.4%
Baa1 BBB+ $ 2,500 Hillsborough County
Utility, 6.625%, 8/1/11 $ 2,637,625
------------
TOTAL TAX-EXEMPT INVESTMENTS
(IDENTIFIED COST, $661,202,447) $695,010,453
============
<FN>
(1) The above securities have been issued as inverse floater bonds.
(2) When-issued security.
(3) Security has been segregated to cover open when-issued securities (Note 1F).
</TABLE>
The Portfolio invests primarily in debt securities issued by Florida
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 1995, 50.8% of the securities in the
portfolio of investments are backed by bond insurance of various financial
guaranty assurance agencies. The aggregate percentage by financial
institution ranges from 0.2% to 12.8% of total investments.
See notes to financial statements.
24
<PAGE> 11
<TABLE>
New York Tax Free Portfolio
Portfolio of Investments - September 30, 1995
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS - 100%
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSISTED LIVING - 0.3%
NR NR $ 1,970 Village of North Syracuse
Housing Authority, (AJM
Senior Housing,
Inc. Janus Park Project),
8.00%, 6/1/24 $ 1,922,168
-----------
EDUCATION - 12.7%
A NR $ 1,000 Dutchess County IDA,
Bard College, 7.00%,
11/1/17 $ 1,084,310
A1 NR 6,295 Monroe County IDA,
University of Rochester,
7.25%, 12/1/16 6,646,324
NR BBB- 1,660 City of New Rochelle IDA
Civic Facilities, College
of New Rochelle,
6.75%, 7/1/22 1,704,920
Baa1 BBB+ 6,895 Dormitory Authority, State
University Educational
Facilities,
4.75%, 7/1/14 6,124,208
Baa1 BBB+ 2,500 Dormitory Authority, State
University Educational
Facilities, 5.00%, 5/15/18 2,118,800
Baa1 BBB+ 11,500 Dormitory Authority, State
University Educational
Facilities, 5.25%, 5/15/13 10,464,310
Baa1 BBB+ 7,600 Dormitory Authority, State
University Educational Facilities,
5.25%, 5/15/15 6,850,260
Baa1 BBB+ 7,605 Dormitory Authority, State
University Educational
Facilities, 5.25%, 5/15/19 6,714,759
Baa1 BBB+ 6,805 Dormitory Authority, State
University Educational
Facilities, 5.25%, 5/15/21 6,043,657
Baa1 BBB+ 3,130 Dormitory Authority, State
University Educational
Facilities, 5.50%, 5/15/08 3,041,139
Baa1 BBB+ 28,250 Dormitory Authority, State
University Educational
Facilities, 5.50%, 5/15/13 26,375,613
Baa1 BBB+ 415 Dormitory Authority, State
University Educational
Facilities, 7.375%, 5/15/14 450,279
Baa1 BBB+ 1,300 Dormitory Authority, State
University Educational
Facilities, 7.50%, 5/15/11 1,497,184
NR AA 1,300 Dormitory Authority, New
York Medical College
(Asset Guaranty), 6.875%,
7/1/21 1,391,845
A1 A+ 950 Dormitory Authority,
University of Rochester,
5.625%, 7/1/12 927,276
-----------
$81,434,884
-----------
ELECTRIC UTILITIES - 4.9%
A1 A $ 2,500 New York State Energy
Resource & Development
Authority, Brooklyn Union
Gas (RIBS)(AMT),
Variable, 7/1/26 (1) $ 2,918,350
Aa3 A+ 500 New York State Energy
Resource & Development
Authority, Consolidated Edison
(AMT), 7.75%, 1/1/24 538,345
Aa3 A+ 2,365 New York State Energy
Resource & Development
Authority, Consolidated Edison
(AMT), 7.50%, 7/1/25 2,563,684
Aa3 A+ 1,000 New York State Energy
Resource & Development
Authority, Consolidated Edison
(AMT), 7.50%, 1/1/26 1,098,470
Aa AA- 18,000 Power Authority of the
State of New York,
5.25%, 1/1/18 16,447,500
Baa1 A- 11,500 Puerto Rico Electric Power
Authority, 0%, 7/1/17 3,023,350
Baa1 A- 2,250 Puerto Rico Electric Power
Authority, 5.50%, 7/1/20 2,081,183
NR NR 3,000 Virgin Islands Water and
Power Authority, 7.40%,
7/1/11 3,150,630
-----------
$31,821,512
-----------
ESCROWED - 7.6%
Aaa AAA $ 725 Albany Municipal Water
(MBIA), 7.50%, 12/1/17 $ 806,592
Aaa BBB 1,000 Dormitory Authority, City
University, 7.625%, 7/1/20 1,152,840
Aaa BBB+ 1,530 Dormitory Authority, State
University Educational
Facilities, 7.70%, 5/15/12 1,763,677
NR BBB 1,000 Dormitory Authority, City
University, 8.125%, 7/1/08 1,116,170
Baa1 BBB- 2,250 Dormitory Authority, Upstate
Community College,
7.20%, 7/1/21 2,582,842
Baa1 NR 2,000 Dormitory Authority, Upstate
Community College,
7.30%, 7/1/21 2,305,860
</TABLE>
25
<PAGE> 12
<TABLE>
NEW YORK TAX FREE PORTFOLIO (CONTINUED)
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ESCROWED (CONTINUED)
Aaa AAA 500 Erie County Water Authority,
Water Works System, 6.00%,
12/1/08 528,920
Aaa AAA 500 Metropolitan Transportation
Authority Commuter Facilities
Bonds, 7.50%, 7/1/19 571,735
Aaa AAA 1,000 New York Local Government
Assistance Corporation
(LGAC), 7.00%, 4/1/16 1,136,100
Aaa AAA 5,500 New York LGAC, 6.75%,
4/1/21 6,238,980
Aaa BBB 1,000 New York State Housing
Finance Agency Service
Contracts, 7.80%, 9/15/11 1,173,510
Aaa AAA 1,775 New York State Housing
Finance Agency Service
Contracts, 7.375%, 9/15/21 2,073,520
Aaa BBB+ 90 New York State Medical Care
Facilities Finance Agency,
Mental Health Services
Facilities, 7.75%, 8/15/10 103,334
Aaa AAA 450 New York State Medical Care
Facilities Finance Agency,
Mental Health Services
Facilities, 7.875%, 8/15/08 525,047
Aaa AAA 3,320 New York State Medical Care
Facilities Finance Agency,
Mental Health Services
Facilities, 7.50%, 2/15/21 3,842,004
Aaa NR 8,100 New York State Urban
Development Corporation
Correctional Facilities,
6.50%, 1/1/21 8,848,197
Baa1 BBB 4,750 New York State Thruway
Authority, Local Highway
and Bridge Service Contract
Bonds, 7.25%, 1/1/10 (2) 5,404,740
Baa1 BBB 5,350 New York State UDC,
Onondaga Co. Convention
Center, 7.875% 1/1/10 6,241,577
NR AA- 500 Power Authority of the
State of New York,
8.00%, 1/1/17 548,960
NR A 1,760 Puerto Rico Highway &
Transportation Authority,
6.625%, 7/1/18 1,989,310
-----------
$48,953,915
-----------
GENERAL OBLIGATIONS - 1.6%
Baa1 A- $ 120 New York City, 8.25%,
11/15/16 $ 136,942
Baa1 A- 4,000 New York City, 7.50%,
2/1/18 4,399,280
Aa AA 1,700 Onondaga County,
5.875%, 2/15/11 1,758,259
Aa AA 1,600 Onondaga County,
5.875%, 2/15/12 1,641,424
Baa1 A 2,175 Puerto Rico Public
Building Authority, Public
Education and Health
Facilities, 5.75%, 7/1/15 2,102,594
-----------
$10,038,499
-----------
HEALTH CARE - 19.1%
NR AAA $ 6,705 Dormitory Authority, United
Health Services (FHA),
7.35%, 8/1/29 $ 7,225,509
Aa AAA 4,785 New York State Medical
Care Facilities Finance
Agency (MCFFA),
Hospital Insured Mortgage
(FHA), 5.25%, 8/15/14 4,443,782
NR AA 2,670 New York State MCFFA,
Hospital and Nursing
Insured Mortgage
(FHA), 6.10%, 8/15/15 2,663,645
NR AAA 3,710 New York State MCFFA,
Hospital and Nursing Insured
Mortgage (FHA), 6.125%,
2/15/14 3,902,994
Aa AA 1,000 New York State MCFFA,
Hospital and Nursing Insured
Mortgage (FHA), 6.55%,
8/15/12 1,043,570
Aa AA 3,800 New York State MCFFA,
Hospital and Nursing Insured
Mortgage (FHA), 6.65%,
8/15/32 3,946,338
NR AA 9,000 New York State MCFFA,
Hospital and Nursing Insured
Mortgage (FHA), 6.70%,
8/15/23 9,446,220
Aa AA 1,050 New York State MCFFA,
Hospital and Nursing Insured
Mortgage (FHA), 6.75%,
2/15/12 1,107,446
Aa AA 1,500 New York State MCFFA,
Hospital and Nursing Insured
Mortgage (FHA), 6.95%,
2/15/32 1,586,430
Aa AA 2,190 New York State MCFFA,
Hospital and Nursing Insured
Mortgage (FHA), 7.00%,
8/15/32 2,326,262
Aa AA 6,600 New York State MCFFA,
Hospital and Nursing Insured
Mortgage (FHA), 7.25%,
2/15/31 7,124,634
</TABLE>
26
<PAGE> 13
<TABLE>
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTH CARE (CONTINUED)
Aa AA 750 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA),
7.35%, 2/15/29 819,128
Aa AA 2,425 New York State MCFFA,
Insured Mortgage Project
(FHA), 6.20%, 2/15/10 2,484,607
Aa AA 3,500 New York State MCFFA,
Insured Mortgage Project
(FHA), 6.20%, 8/15/14 3,591,490
Aa AA 5,625 New York State MCFFA,
Insured Mortgage Project
(FHA), 6.20%, 8/15/15 5,723,775
Aa AA 6,550 New York State MCFFA,
Insured Mortgage Project
(FHA), 6.25%, 8/15/15 6,661,285
Aa AA 2,500 New York State MCFFA,
Insured Mortgage Project
(FHA), 6.50%, 2/15/35 2,552,300
Aa AA 950 New York State MCFFA,
Insured Mortgage Project
(FHA), 7.45%, 8/15/31 1,030,095
Baa1 BBB+ 10,205 New York State MCFFA,
Mental Health Services
Facilities, 5.25%, 2/15/19 9,320,737
Baa1 BBB+ 11,500 New York State MCFFA,
Mental Health Services
Facilities, 5.25%, 8/15/23 9,895,865
Baa1 BBB+ 6,625 New York State MCFFA,
Mental Health Services
Facilities, Series 1994 A,
5.25%, 8/15/23 5,700,879
Baa1 BBB+ 1,230 New York State MCFFA,
Mental Health Services
Facilities, 7.50%, 2/15/21 1,372,754
Baa1 BBB+ 1,610 New York State MCFFA,
Mental Health Services
Facilities, 7.625%, 8/15/17 1,777,150
Baa1 BBB+ 145 New York State MCFFA,
Mental Health Services
Facilities, 7.75%, 8/15/10 161,153
Baa1 BBB+ 495 New York State MCFFA,
Mental Health Services
Facilities, 7.875%, 8/15/08 558,469
Baa BBB 19,700 New York State MCFFA,
Secured Hospital
(Brookdale), 6.80%, 8/15/12 20,263,223
Baa BBB 5,540 New York State MCFFA,
Secured Hospital,
7.35%, 8/15/11 5,881,652
------------
$122,611,392
------------
HOSPITALS - 0.7%
Aa AAA $ 1,500 Dormitory Authority,
Long Island Jewish Medical
Center (FHA),7.75%,
8/15/27 $ 1,629,735
NR AAA 1,000 Dormitory Authority,
St. Francis Hospital (FHA),
7.65%, 8/1/30 1,119,780
Baa1 BBB+ 1,800 Syracuse Industrial
Development Agency (IDA),
St. Joseph's Hospital Health
Center, 7.50%, 6/1/18 1,914,804
------------
$ 4,664,319
------------
HOUSING - 5.5%
NR NR $ 4,744 New York City Housing
Development Corporation
(HDC),Allerville Project,
6.50%, 11/15/18 $ 4,772,297
Baa A 4,750 New York City HDC,
General Housing,
6.50%, 5/1/22 4,797,690
NR NR 2,080 New York City HDC,
Dayton Project,
6.50% 11/15/18 2,092,643
NR AAA 2,550 New York City HDC,
Multi-Unit Management,
7.35%, 6/1/19 2,702,439
Aa A+ 235 New York State Housing
Finance Agency, Baytown,
7.10%, 8/15/35 248,280
Aa NR 250 New York State Mortgage
Agency, 6.90%, 4/1/03 263,523
Aa NR 8,750 New York State Mortgage
Agency, 6.90%, 4/1/15 9,220,313
Aa NR 1,000 New York State Mortgage
Agency, 7.50%, 4/1/15 1,082,280
Aa NR 295 New York State Mortgage
Agency, 7.65%, 4/1/19 311,963
Aa NR 625 New York State Mortgage
Agency, 7.70%, 10/1/12 676,644
Aa NR 270 New York State Mortgage
Agency, 8.00%, 10/1/17 287,312
Aa NR 6,350 New York State Mortgage
Agency (AMT),
6.40%, 10/1/20 6,318,568
Aa NR 1,600 New York State Mortgage
Agency (AMT),
7.95%, 10/1/21 1,727,808
Baa BBB 350 Puerto Rico Commonwealth
Urban Renewal & Housing
Corporation, 7.875%, 10/1/04 395,693
</TABLE>
27
<PAGE> 14
<TABLE>
NEW YORK TAX FREE PORTFOLIO (CONTINUED)
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING (CONTINUED)
Aaa AAA 410 Puerto Rico Housing
Financial Corporation
Single-Family (GNMA),
7.65%, 10/15/22 434,124
-----------
$35,331,577
-----------
INSURED COLLEGE & UNIVERSITY - 1.8%
Aaa AAA $ 6,950 Dormitory Authority,
Marist College (MBIA),
6.00%, 7/1/22 $ 6,958,549
Aaa AAA 5,000 Dormitory Authority,
New York University
(MBIA), 5.00%, 7/1/11 4,698,350
-----------
$11,656,899
-----------
INSURED GENERAL OBLIGATIONS - 1.0%
Aaa AAA $ 1,035 Erie County Water
Authority (AMBAC),
0%, 12/1/17 $ 211,295
Aaa AAA 3,900 New York City Trust for
Cultural Resources,
Museum of Modern Art
(AMBAC), 5.40%, 1/1/12 3,764,748
Aaa AAA 2,480 New York State Environmental
Facilities Corporation (EFC),
Jamaica Water Supply Company
(AMT) (AMBAC), 7.625%,
4/1/29 2,677,334
-----------
$ 6,653,377
-----------
INSURED GENERAL OBLIGATIONS
LOCAL - 1.8%
Aaa AAA $ 520 Chautauqua County
Unlimited Tax (FGIC),
6.40%, 9/15/08 $ 574,621
Aaa AAA 770 Chautauqua County
Unlimited Tax (FGIC),
6.40%, 9/15/09 847,123
Aaa AAA 465 Chautauqua County
Unlimited Tax (FGIC),
7.30%, 4/1/07 547,793
Aaa AAA 725 Jamestown, (Secondary
AMBAC), 7.00%, 3/15/07 838,521
Aaa AAA 600 Jamestown, (Secondary
AMBAC), 7.00%, 3/15/08 693,852
Aaa AAA 675 Jamestown, (Secondary
AMBAC), 7.00%, 3/15/13 789,278
Aaa AAA 700 Jamestown, (Secondary
AMBAC), 7.10%, 3/15/09 814,891
Aaa AAA 700 Jamestown, (Secondary
AMBAC), 7.10%, 3/15/10 816,739
Aaa AAA 700 Jamestown, (Secondary
AMBAC), 7.10%, 3/15/11 817,929
Aaa AAA 675 Jamestown, (Secondary
AMBAC), 7.10%, 3/15/12 789,271
Aaa AAA 515 Jamestown, (Secondary
AMBAC), 7.10%, 3/15/14 601,808
Aaa AAA 2,000 New York City
(AMBAC), 7.00%, 8/1/17 2,201,300
Aaa AAA 500 Oyster Bay (FGIC),
6.60%, 2/15/12 533,400
Aaa AAA 450 Oyster Bay (FGIC),
6.60%, 2/15/13 480,060
-----------
$11,346,586
-----------
INSURED GENERAL OBLIGATIONS
SCHOOL DISTRICT - 0.2%
Aaa AAA $ 700 Bethlehem Central School
District (AMBAC),
7.10%, 11/1/08 $ 819,903
Aaa AAA 700 Bethlehem Central School
District (AMBAC),
7.10%, 11/1/09 814,716
-----------
$ 1,634,619
-----------
INSURED GENERAL OBLIGATIONS
TERRITORY - 0.7%
Aaa AAA $ 4,500 Commonwealth of Puerto
Rico Public Improvement
Residual Interest Tax Exempt
Securities (FSA), Variable,
7/1/22 (1) $ 4,616,865
-----------
INSURED HEALTH CARE - 4.4%
Aaa AAA $ 1,500 New York State MCFFA,
Long Term Health Care
(CGIC), 6.80%, 11/1/14 $ 1,588,695
Aaa AAA 1,300 New York State MCFFA,
New York Hospital (FHA)
(AMBAC), 6.60%, 2/15/11 1,409,226
Aaa AAA 5,400 New York State MCFFA,
New York Hospital (FHA)
(AMBAC), 6.75%, 8/15/14 5,794,146
Aaa AAA 20,525 New York State MCFFA,
Mental Health Services
Facilities (MBIA),
5.375%, 2/15/14 19,280,980
-----------
$28,073,047
-----------
INSURED HOUSING - 0.1%
Aaa AAA $ 500 New York City HDC,
Charter Oaks (MBIA),
7.375% 4/1/17 $ 524,525
-----------
INSURED MISCELLANEOUS - 0.1%
Aaa AAA $ 500 New York City IDA,
(USTA National Tennis
Center Incorporated Project)
(FSA), 6.375%, 11/15/14 $ 522,020
-----------
INSURED SOLID WASTE - 1.6%
Aaa AAA $ 1,650 Dutchess County Resource
Recovery Solid Waste
(FGIC), 7.50%, 1/1/09 $ 1,814,505
</TABLE>
28
<PAGE> 15
<TABLE>
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSURED SOLID WASTE (CONTINUED)
Aaa AAA 6,795 Islip Resource Recovery
Agency (MBIA),
6.50%, 7/1/09 7,272,960
Aaa AAA 1,000 Montgomery, Otesgo,
Schoharie Solid Waste
Management Authority
(MBIA), 5.25%, 1/1/14 936,350
-----------
$10,023,815
-----------
INSURED TOLL & TURNPIKE - 1.0%
Aaa AAA $ 3,000 Triborough Bridge &
Tunnel Authority Residual
Interest Securities (MBIA),
Variable, 1/1/19 (1) $ 3,033,030
Aaa AAA 3,000 Triborough Bridge &
Tunnel Authority
Residual Interest Securities
(MBIA), Variable, 1/1/12 (1) 3,229,230
-----------
$ 6,262,260
-----------
INSURED WATER & SEWER - 0.1%
Aaa AAA $ 275 Albany Municipal Water
Financial Authority (MBIA),
7.50%, 12/1/17 $ 298,944
-----------
LEASE/CERTIFICATE OF
PARTICIPATION - 8.7%
Baa1 BBB $ 1,955 Dormitory Authority,
City University,
5.75%, 7/1/13 $ 1,869,000
Baa1 BBB 17,815 Dormitory Authority,
City University,
5.75%, 7/1/13 17,031,318
Baa1 BBB 250 Dormitory Authority,
City University,
6.375%, 7/1/08 256,618
Baa1 BBB 5,100 Dormitory Authority,
City University,
7.00%, 7/1/09 5,653,044
Baa1 BBB 4,325 Dormitory Authority,
City University,
7.50%, 7/1/10 4,967,133
Baa1 BBB 6,125 New York State HFA
Service Contract,
5.375%, 9/15/11 5,635,000
NR BBB 5,865 New York State Thruway
Authority, 0%, 1/1/01 4,438,046
Baa1 BBB 5,775 New York State Urban
Development Corporation
(UDC) Correctional Facilities,
5.50%, 1/1/14 5,342,337
Baa1 BBB 7,670 New York State UDC
Correctional Facilities,
5.25%, 1/1/13 6,896,557
Baa1 BBB 500 New York State UDC,
Alfred Technology,
7.875%, 1/1/20 549,070
Baa1 BBB 750 New York State UDC,
Clarkson Center for
Advanced Materials,
7.80%, 1/1/20 821,512
Baa1 BBB 750 New York State UDC,
Clarkson Center for
Advanced Materials,
8.00%, 1/1/20 839,737
Baa1 A 1,825 Syracuse - Hancock
International Airport
Certificates of Participation,
6.625%, 1/1/12 1,921,105
-----------
$56,220,477
-----------
MISCELLANEOUS - 1.6%
Aa AA- $ 200 City of New York Municipal
Assistance Corporation,
7.50%, 7/1/08 $ 218,888
Aa AA- 485 City of New York Municipal
Assistance Corporation,
7.625%, 7/1/08 530,896
Aa AA- 635 City of New York Municipal
Assistance Corporation,
7.625%, 7/1/08 714,724
NR NR 1,300 New York City IDA, (YMCA
of Greater New York),
8.00%, 8/1/16 1,394,536
Aaa AAA 7,000 VRDC-IVRC Trust, Variable
Rate, 6/26/02 (1) 7,214,340
-----------
$10,073,384
-----------
SOLID WASTE - 2.0%
Baa1 A- $ 2,665 Hempstead IDA Resource
Recovery, American
Refunding Fuel Co.,
7.40%, 12/1/10 $ 2,782,473
Baa NR 9,530 New York State EFC
Resource Recovery,
Huntington Project,
7.50%, 10/1/12 10,056,056
-----------
$12,838,529
-----------
SPECIAL TAX REVENUE - 12.5%
A A $12,160 New York State LGAC,
5.00%, 4/1/21 $10,582,240
A A 5,000 New York State LGAC,
5.00%, 4/1/21 4,368,900
A A 8,750 New York State LGAC,
5.00%, 4/1/23 7,526,313
A A 4,750 New York State LGAC,
5.25%, 4/1/16 4,406,908
A A 2,500 New York State LGAC,
5.25%, 4/1/19 2,265,400
</TABLE>
29
<PAGE> 16
<TABLE>
NEW YORK TAX FREE PORTFOLIO (CONTINUED)
- --------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SPECIAL TAX REVENUE (CONTINUED)
A A 4,500 New York State LGAC,
5.375%, 4/1/16 4,221,180
A A 5,225 New York State LGAC,
5.50%, 4/1/17 4,960,040
A A 12,420 New York State LGAC,
5.50%, 4/1/18 11,731,808
A A 13,000 New York State LGAC,
5.50%, 4/1/21 12,140,570
NR BBB+ 2,630 New York State Municipal
Bond Bank Agency,
6.875%, 3/15/06 2,866,095
Baa1 BBB 3,100 New York State Thruway
Authority Contract, Local &
Highway Building, 5.25%,
4/1/13 2,800,478
Baa1 A 2,000 Puerto Rico Highway and
Transportation Authority,
5.50%, 7/1/15 1,902,740
Baa1 A 2,500 Puerto Rico Highway and
Transportation Authority,
5.50%, 7/1/15 2,378,425
Baa1 A 4,840 Puerto Rico Highway and
Transportation Authority,
6.625%, 7/1/18 5,079,774
Baa1 BBB 3,335 Triborough Bridge &
Tunnel Authority, Convention
Center, 6.00%, 1/1/11 3,318,158
------------
$ 80,549,029
------------
TRANSPORTATION - 6.2%
Baa1 BBB $ 4,025 MTA Transit Facilities
Service Contract,
4.75%, 7/1/19 $ 3,261,417
Baa1 BBB 3,670 MTA Transit Facilities
Service Contract,
4.75%, 7/1/19 2,973,764
Baa1 BBB 2,000 MTA Transit Facilities
Service Contract,
5.75%, 7/1/13 1,928,740
Baa1 BBB 725 MTA Transit Facilities
Service Contract,
5.75%, 7/1/13 699,168
NR BBB 2,350 New York State
Thruway Authority,
Cross Westchester Expressway
Project, 0%, 1/1/03 1,587,566
Ba1 BB 6,500 Port Authority of New
York and New Jersey,
5.75%, 6/15/30 6,254,170
Ba1 BB 2,800 Port Authority of
New York and New Jersey,
Delta Airlines LaGuardia
Airport, 6.95%, 6/1/08 2,969,512
A1 AA- 1,500 Port Authority of New York
and New Jersey (AMT),
Variable, 1/15/27 (1) 1,553,730
Aa A+ 5,330 Triborough Bridge and
Tunnel Authority (TBTA)
General Purpose, 5.00%,
1/1/12 4,869,062
Aa A+ 11,580 TBTA General Purpose,
5.50%, 1/1/17 11,048,941
Aa A+ 2,500 TBTA General Purpose,
6.125%, 1/1/21 2,583,100
------------
$ 39,729,170
------------
WATER & SEWER REVENUE - 3.8%
Aa A $11,050 New York State EFC, State
Water Pollution Control,
6.875%, 6/15/10 $ 12,110,568
Aa A+ 4,545 New York State EFC,
State Water Pollution
Control, 7.20%, 3/15/11 5,052,540
Aa A 2,750 New York State EFC,
State Water Pollution
Control, 7.00%, 6/15/12 3,053,738
Aa A 150 New York State EFC,
State Water Pollution
Control, 7.50%, 6/15/12 169,304
Baa1 A 3,750 Puerto Rico Aqueduct
& Sewer Authority,
7.875%, 7/1/17 4,160,625
------------
$ 24,546,775
------------
TOTAL TAX-EXEMPT INVESTMENTS
(IDENTIFIED COST, $610,645,613) $642,348,587
============
<FN>
(1) The above securities have been issued as an inverse floater bond.
(2) Security has been segregated to cover margin requirements for open
financial futures contracts.
</TABLE>
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, 1995, 23.7% 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 by financial institutions ranged from 0.1% to 11.0% of total
investments.
See notes to financial statements.
30
<PAGE> 17
Tax Free Portfolios
Financial Statements
<TABLE>
STATEMENTS OF ASSETS AND LIABILITIES
- ---------------------------------------------------------------------------------------------------------------------
September 30, 1995
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
CALIFORNIA FLORIDA NEW YORK
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS:
Investments -
Identified cost $381,719,158 $661,202,447 $610,645,613
Unrealized appreciation 24,303,093 33,808,006 31,702,974
------------ ------------ ------------
Total investments, at value (Note 1A) $406,022,251 $695,010,453 $642,348,587
Cash 589 5,917,921 696
Receivable for investments sold 50,000 45,000 17,612,917
Interest receivable 6,743,380 15,155,609 10,635,275
Deferred organization expenses (Note 1D) 14,563 21,095 14,921
------------ ------------ ------------
Total assets $412,830,783 $716,150,078 $670,612,396
------------ ------------ ------------
LIABILITIES:
Demand note payable (Note 5) $ 2,032,000 $ -- $ 476,000
Payable for investments purchased -- -- 16,908,493
Payable for when-issued securities (Note 1F) -- 3,936,280 --
Payable for daily variation margin on open
financial futures contracts (Note 1E) 103,125 -- 477,125
Payable to affiliates -
Trustees' fees 4,638 5,150 5,150
Custodian fee 8,667 1,879 1,500
Accrued expenses 12,215 3,633 7,819
------------ ------------ ------------
Total liabilities $ 2,160,645 $ 3,946,942 $ 17,876,087
------------ ------------ ------------
NET ASSETS applicable to investors' interest in Portfolio $410,670,138 $712,203,136 $652,736,309
============ ============ ============
SOURCES OF NET ASSETS:
Net proceeds from capital contributions and withdrawals $386,540,544 $678,395,130 $621,396,197
Unrealized appreciation of investments and financial
futures contracts (computed on the basis of identified cost) 24,129,594 33,808,006 31,340,112
------------ ------------ ------------
Total $410,670,138 $712,203,136 $652,736,309
============ ============ ============
</TABLE>
See notes to financial statements
31
<PAGE> 18
<TABLE>
STATEMENTS OF OPERATIONS
- ---------------------------------------------------------------------------------------------------------------------
For the Year Ended September 30, 1995
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
CALIFORNIA FLORIDA NEW YORK
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest income (Note 1B) $ 28,624,042 $ 47,432,310 $ 41,798,094
------------ ------------ ------------
Expenses -
Investment adviser fee (Note 2) $ 2,121,262 $ 3,433,489 $ 3,031,508
Compensation of Trustees not members of the
Investment Adviser's organization (Note 2) 18,570 21,513 20,640
Custodian fee (Note 2) 187,581 231,473 221,548
Interest expense (Note 5) -- 267,593 --
Legal and accounting services 42,258 37,372 37,661
Amortization of organization expenses (Note 1D) 5,625 8,829 6,278
Miscellaneous 120,219 36,944 193,968
------------ ------------ ------------
Total expenses $ 2,495,515 $ 4,037,213 $ 3,511,603
Deduct reduction of custodian fee (Note 2) 47,611 220,751 220,048
------------ ------------ ------------
Net expenses $ 2,447,904 $ 3,816,462 $ 3,291,555
------------ ------------ ------------
Net investment income $ 26,176,138 $ 43,615,848 $ 38,506,539
------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss -
Investment transactions (identified cost basis) $(19,076,355) $(10,100,669) $(12,293,704)
Financial futures contracts (3,974,440) (12,765,513) (6,983,956)
------------ ------------ ------------
Net realized loss on investments $(23,050,795) $(22,866,182) $(19,277,660)
------------ ------------ ------------
Change in unrealized appreciation (depreciation) -
Investments $ 34,125,832 $ 54,420,669 $ 43,541,560
Financial futures contracts (650,309) -- (498,006)
------------ ------------ ------------
Net unrealized appreciation of investments $ 33,475,523 $ 54,420,669 $ 43,043,554
------------ ------------ ------------
Net realized and unrealized gain on investments $ 10,424,728 $ 31,554,487 $ 23,765,894
------------ ------------ ------------
Net increase in net assets from operations $ 36,600,866 $ 75,170,335 $ 62,272,433
============ ============ ============
</TABLE>
See notes to financial statements
32
<PAGE> 19
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
- ---------------------------------------------------------------------------------------------------------------------
For the Year Ended September 30, 1995
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
CALIFORNIA FLORIDA NEW YORK
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- -------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations -
Net investment income $ 26,176,138 $ 43,615,848 $ 38,506,539
Net realized loss on investments (23,050,795) (22,866,182) (19,277,660)
Change in unrealized appreciation of investments 33,475,523 54,420,669 43,043,554
------------- ------------- -------------
Net increase in net assets from operations $ 36,600,866 $ 75,170,335 $ 62,272,433
------------- ------------- -------------
Capital transactions -
Contributions $ 39,600,866 $ 64,327,943 $ 61,423,633
Withdrawals (110,738,796) (199,418,295) (126,606,533)
------------- ------------- -------------
Decrease in net assets resulting from capital transactions $ (71,062,129) $(135,090,352) $ (65,182,900)
------------- ------------- -------------
Total decrease in net assets $ (34,461,263) $ (59,920,017) $ (2,910,467)
NET ASSETS:
At beginning of year 445,131,401 772,123,153 655,646,776
------------- ------------- -------------
At end of year $ 410,670,138 $ 712,203,136 $ 652,736,309
============= ============= =============
</TABLE>
See notes to financial statements
33
<PAGE> 20
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CALIFORNIA FLORIDA NEW YORK
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------------- ------------- --------------
Year Ended Year Ended Year Ended
September 30, 1994** March 31, 1994* September 30, 1994
------------------ --------------- ------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations-
Net investment income $ 13,943,369 $ 25,183,098 $ 45,081,235 $ 38,006,256
Net realized gain (loss) on investment transactions (10,624,666) 10,976,521 (5,816,054) (2,555,481)
Change in unrealized depreciation of investments (942,071) (34,132,327) (84,917,438) (67,884,728)
------------ ------------ ------------- ------------
Net increase (decrease) in net assets from operations $ 2,376,632 $ 2,027,292 $ (45,652,257) $(32,433,953)
------------ ------------ ------------- ------------
Capital transactions-
Contribution $ 24,605,354 $553,867,973 $ 174,248,758 $135,102,754
Withdrawals (49,109,598) (88,736,272) (128,894,901) (95,828,619)
------------ ------------ ------------- ------------
Increase (decrease) in net assets resulting from
capital transactions $(24,504,244) $465,131,701 $ 45,353,857 $ 39,274,135
------------ ------------ ------------- ------------
Total increase (decrease) in net assets $(22,127,612) $467,158,993 $ (298,400) $ 6,840,182
NET ASSETS:
At beginning of year 467,259,013 100,020 772,421,553 648,806,594
------------ ------------ ------------- ------------
At end of year $445,131,401 $467,259,013 $ 772,123,153 $655,646,776
============ ============ ============= ============
<FN>
* For the period from the start of business, May 3, 1993 to March 31, 1994.
** For the six months ended September 30, 1994 (Note 7).
</TABLE>
See notes to financial statements
34
<PAGE> 21
<TABLE>
SUPPLEMENTARY DATA
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CALIFORNIA PORTFOLIO FLORIDA PORTFOLIO
----------------------------------- ----------------------------------
YEAR ENDED YEAR ENDED
----------------------------------- ----------------------------------
SEPTEMBER 30, MARCH 31 SEPTEMBER 30,
--------------------- ----------- ----------------------------------
1995 1994*** 1994** 1995 1994 1993*
---------- --------- ----------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
RATIOS (As a percentage of average daily net assets):
Expenses 0.59% 0.57%+ 0.55%+ 0.55% 0.48% 0.47%+
Net investment income 6.22% 6.09%+ 5.72%+ 5.94% 5.65% 5.53%+
Net assets, end of year (000 omitted) $410,763 $445,131 $467,259 $712,203 $772,123 $772,422
PORTFOLIO TURNOVER 58% 40% 91% 61% 57% 55%
</TABLE>
<TABLE>
<CAPTION>
NEW YORK PORTFOLIO
--------------------------------------
YEAR ENDED SEPTEMBER 30,
--------------------------------------
1995 1994 1993*
---------- --------- ----------
<S> <C> <C> <C>
RATIOS (As a percentage of average daily net assets):
Expenses 0.54% 0.48% 0.48%+
Net investment income 5.97% 5.70% 5.64%+
Net assets, end of year (000 omitted) $652,736 $655,647 $648,807
PORTFOLIO TURNOVER 55% 47% 37%
<FN>
+ Annualized.
* For the period from the start of business, February 1, 1993, to September 30, 1993.
** For the period from the start of business, May 3, 1993 to March 31, 1994.
*** For the six months ended September 30, 1994 (Note 7).
</TABLE>
See notes to financial statements
35
<PAGE> 22
Notes to Financial Statements
- --------------------------------------------------------------------------------
(1) SIGNIFICANT ACCOUNTING POLICIES
California Tax Free Portfolio ("California Portfolio") is registered under
the Investment Company Act of 1940 as a diversified open-end management
investment company. The Florida Tax Free Portfolio ("Florida Portfolio") and
New York Tax Free Portfolio ("New York Portfolio"), collectively the
Portfolios, are registered under the Investment Company Act of 1940 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 of
the Portfolios. The policies are in conformity with generally accepted
accounting principles.
A. INVESTMENT VALUATIONS - Municipal bonds are normally valued on the basis
of valuations furnished by a pricing service. Taxable obligations, if any,
for which price quotations are readily available are normally valued at the
mean between the latest bid and asked prices. Futures contracts listed on
commodity exchanges are valued at closing settlement prices. Short-term
obligations, maturing in sixty days or less, are valued at amortized cost,
which approximates value. Investments for which valuations or market
quotations are unavailable are valued at fair value using methods determined
in good faith by or at the direction of the Trustees.
B. INCOME - Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or 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, deductions
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 the Portfolios' 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 the Portfolios in
connection with their 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 the Portfolios ("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, the Portfolios may not achieve the anticipated
benefits of the financial futures contracts and may realize a loss.
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 payment 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.
G. OTHER - Investment transactions are accounted for on a trade date basis.
36
<PAGE> 23
- --------------------------------------------------------------------------------
(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).
<TABLE>
For the year ended September 30, 1995 each portfolio paid advisory fees as
follows:
<CAPTION>
PORTFOLIO AMOUNT EFFECTIVE RATE*
--------- -------- ----------------
<S> <C> <C>
California $2,121,262 0.50%
Florida 3,433,489 0.47%
New York 3,031,508 0.47%
<FN>
* Advisory fees paid as a percentage of average daily net assets.
</TABLE>
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 Portfolio out of such investment adviser fee. Investors Bank & Trust
Company (IBT), an affiliate of EVM and BMR, serves as custodian of the
Portfolios. Pursuant to the 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 siginificant credit balances are reported as
a reduction of expenses in the statement of operations. 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 portion of
their annual fees in accordance with the terms of the Trustees Deferred
Compensation Plan. For the year ended September 30, 1995, no significant
amounts have been deferred.
- --------------------------------------------------------------------------------
<TABLE>
(3) INVESTMENTS
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations, for the year ended September 30, 1995, were as follows:
<CAPTION>
CALIFORNIA PORTFOLIO FLORIDA PORTFOLIO NEW YORK PORTFOLIO
-------------------- ----------------- ------------------
<S> <C> <C> <C>
Purchases $240,733,525 $442,070,821 $355,016,997
Sales 289,176,459 538,413,651 397,804,899
</TABLE>
- --------------------------------------------------------------------------------
<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, 1995, as computed on a federal
income tax basis, are as follows:
<CAPTION>
CALIFORNIA PORTFOLIO FLORIDA PORTFOLIO NEW YORK PORTFOLIO
-------------------- ----------------- ------------------
<S> <C> <C> <C>
Aggregate Cost $381,719,158 $661,202,447 $610,645,613
============ ============ ============
Gross unrealized appreciation $ 24,714,474 $ 37,104,327 $ 34,539,991
Gross unrealized depreciation 411,381 3,296,321 2,837,017
------------ ------------ ------------
Net unrealized appreciation $ 24,303,093 $ 33,808,006 $ 31,702,974
============ ============ ============
</TABLE>
37
<PAGE> 24
- --------------------------------------------------------------------------------
(5) LINE OF CREDIT
The Portfolios participate with other Portfolios and Funds managed by BMR and
EVM in a $120 million unsecured line of credit agreement with a bank. The line
of credit consists of a $20 million committed facility and a $100 million
discretionary facility. Each Portfolio may temporarily borrow up to 5% of its
total assets to satisfy redemption requests or settle transactions. Interest is
charged to each Portfolio or Fund based on its borrowings at an amount above
either the bank's adjusted certificate of deposit rate, a variable adjusted
certificate of deposit rate, or a federal funds effective rate. In addition, a
fee computed at an annual rate of 1/4 of 1% on the $20 million committed
facility and on the daily unused portion of the $100 million discretionary
facility is allocated among the participating funds and portfolios at the end
of each quarter. At September 30, 1995, the California Portfolio and New
York Portfolio had loan balances outstanding pursuant to this line of credit of
$2,032,000 and $476,000, respectively.
For the year ended September 30, 1995, the Florida Portfolio had an average
daily balance outstanding pursuant to this line of credit of $9,287,587, at an
average interest rate of 7.28%. The Florida Portfolio had a maximum outstanding
month-end balance during the year ended September 30, 1995 of $26,664,000. The
California and New York Portfolios did not have any significant borrowings or
allocated fees during the year ended September 30, 1995.
- --------------------------------------------------------------------------------
(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 written options and 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.
<TABLE>
A summary of obligations under these financial instruments at September 30,
1995 is as follows:
<CAPTION>
FUTURES CONTRACTS NET UNREALIZED
PORTFOLIO EXPIRATION DATE CONTRACTS POSITION DEPRECIATION
- ----- ----------------- --------- -------- --------------
<S> <C> <C> <C> <C>
California 12/95 75 U.S. Treasury Bonds Short $173,499
New York 12/95 347 U.S. Treasury Bonds Short 362,862
</TABLE>
At September 30, 1995 each Portfolio had sufficient cash and/or securities to
cover margin requirements on open futures contracts. The Florida Portfolio
did not have any open obligations under these financial instruments at
September 30, 1995.
- --------------------------------------------------------------------------------
(7) CHANGE IN FISCAL YEAR
The California Portfolio changed its fiscal year end from March 31 to
September 30, effective September 30, 1994.
38
<PAGE> 25
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
To the Trustees and Investors of:
California Tax Free Portfolio
Florida Tax Free Portfolio
New York Tax Free Portfolio
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of California Tax Free Portfolio,
Florida Tax Free Portfolio and New York Tax Free Portfolio as of September 30,
1995, the related statements of operations for the year then ended, the
statements of changes in net assets for the years ended September 30, 1995 and
1994, and for the California Tax Free Portfolio, the year ended March 31, 1994
and the supplementary data for each of the years in the three-year period ended
September 30, 1995. These financial statements and supplementary data are the
responsibility of each Trust's management. Our responsibility is to express an
opinion on the 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 audits 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 procedure included confirmation of securities
owned at September 30, 1995, 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 California Tax
Free Portfolio, Florida Tax Free Portfolio and New York Tax Free Portfolio at
September 30, 1995, 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 27, 1995
39
<PAGE> 26
<TABLE>
INVESTMENT MANAGEMENT
- --------------------------------------------------------------------------------
<S> <C> <C>
FUNDS OFFICERS INDEPENDENT TRUSTEES
THOMAS J. FETTER DONALD R. DWIGHT
President President, Dwight Partners, Inc.
Chairman, Newspaper of New England, Inc.
JAMES B. HAWKES
Vice President, Trustee SAMUEL L. HAYES, III
Jacob H. Schiff Professor of Investment
ROBERT B. MACINTOSH Banking, Harvard University Graduate
Vice President School of Business Administration
JAMES L. O'CONNOR NORTON H. REAMER
Treasurer President and Director, United Asset
Management Corporation
THOMAS OTIS
Secretary JOHN L. THORNDIKE
Director, Fiduciary Company Incorporated
JACK L. TREYNOR
Investment Adviser and Consultant
- --------------------------------------------------------------------------------
PORTFOLIOS OFFICERS INDEPENDENT TRUSTEES
THOMAS J. FETTER DONALD R. DWIGHT
President and Portfolio Manager of President, Dwight Partners, Inc.
Florida Tax Free Portfolio Chairman, Newspaper of New England, Inc.
JAMES B. HAWKES SAMUEL L. HAYES, III
Vice President, Trustee Jacob H. Schiff Professor of Investment
Banking, Harvard University Graduate
ROBERT B. MACINTOSH School of Business Administration
Vice President and Portfolio Manager
of California Tax Free Portfolio NORTON H. REAMER
President and Director, United Asset
NICOLE ANDERES Management Corporation
Vice President and Portfolio Manager
of New York Tax Free Portfolio JOHN L. THORNDIKE
Director, Fiduciary Company Incorporated
JAMES L. O'CONNOR
Treasurer JACK L. TREYNOR
Investment Adviser and Consultant
THOMAS OTIS
Secretary
</TABLE>
40
<PAGE> 27
INVESTMENT ADVISER OF STATE TAX FREE PORTFOLIO
Boston Management and Research
24 Federal Street
Boston, MA 02110
ADMINISTRATOR OF EV TRADITIONAL STATE TAX FREE FUND
Eaton Vance Management
24 Federal Street
Boston, MA 02110
PRINCIPAL UNDERWRITER
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
CUSTODIAN
Investors Bank & Trust Company
24 Federal Street
Boston, MA 02110
TRANSFER AGENT
The Shareholder Services Group, Inc.
BOS725
P.O. Box 1559
Boston, MA 02104
INDEPENDENT AUDITORS
Deloitte & Touche LLP
125 Summer Street
Boston, MA 02110
41
<PAGE> 28
(THIS SPACE INTENTIONALLY LEFT BLANK.)
<PAGE> 29
(THIS SPACE INTENTIONALLY LEFT BLANK.)
<PAGE> 30
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Funds, including distribution plan,
sales charges and expenses. Please read the prospectus carefully before you
invest or send money.
EATON VANCE MUNICIPALS TRUST
24 FEDERAL STREET
BOSTON, MA 02110
T-CSRC
<PAGE> 31
INVESTMENT MANAGEMENT FOR PORTFOLIO
OFFICERS INDEPENDENT TRUSTEES
THOMAS J. FETTER DONALD R. DWIGHT
President and Portfolio President, Dwight Partners, Inc.
Manager of Florida Tax Free Chairman, Newspapers of New England,
Portfolio Inc.
JAMES B. HAWKES SAMUEL L. HAYES, III
Vice President, Trustee Jacob H. Schiff Professor of
Investment Banking,
ROBERT B. MACINTOSH Harvard University Graduate School
Vice President and of Business Administration
Portfolio Manager of California
Tax Free Portfolio NORTON H. REAMER
President and Director, United Asset
NICOLE ANDERES Management Corporation
Vice President and Portfolio
Manager of New York JOHN L. THORNDIKE
Tax Free Portfolio Vice President and Director,
Fiduciary Company Incorporated
JAMES L. O'CONNOR
Treasurer JACK L. TREYNOR
Investment Adviser and Counsultant
THOMAS OTIS
Secretary
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