<PAGE>
TENNESSEE MUNICIPALS PORTFOLIO AS OF FEBRUARY 29, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 97.7%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
Education -- 5.1%
- ------------------------------------------------------------------------
$1,000 Metropolitan Government of Nashville and
Davidson County, (Belmont University),
6.40%, 12/1/19 $ 1,009,190
1,500 Metropolitan Government of Nashville and
Davidson County, (Vanderbilt
University), 5.00%, 10/1/28 1,270,125
- ------------------------------------------------------------------------
$ 2,279,315
- ------------------------------------------------------------------------
Escrowed / Prerefunded -- 5.7%
- ------------------------------------------------------------------------
$1,000 Johnson, School District Sales Tax,
(AMBAC), Prerefunded to 5/1/06,
6.70%, 5/1/21 $ 1,085,650
1,500 Shelby County, (Lebonheur Children's
Hospital), (MBIA), Escrowed to Maturity,
5.50%, 8/15/12 1,491,285
- ------------------------------------------------------------------------
$ 2,576,935
- ------------------------------------------------------------------------
General Obligations -- 2.3%
- ------------------------------------------------------------------------
$1,000 Shelby County, 5.125%, 3/1/16 $ 1,018,690
- ------------------------------------------------------------------------
$ 1,018,690
- ------------------------------------------------------------------------
Hospital -- 6.2%
- ------------------------------------------------------------------------
$ 250 Knox County, HEFA, (Mercy Health
System), 6.50%, 10/1/12 $ 245,980
750 Metropolitan Government of Nashville and
Davidson County, (Charity Obligated
Group), 5.125%, 11/1/27 735,975
1,000 Montgomery County, (Clarksville Regional
Health System), 5.375%, 1/1/28 742,010
1,000 Sumner County, (Sumner Regional Health
Systems), 7.50%, 11/1/14 1,072,210
- ------------------------------------------------------------------------
$ 2,796,175
- ------------------------------------------------------------------------
Housing -- 11.2%
- ------------------------------------------------------------------------
$ 750 Knoxville Community Development Corp.,
(Clinton Towers), 6.65%, 10/15/10 $ 763,327
1,500 Metropolitan Government of Nashville and
Davidson County, (The Park at
Hermitage), 5.90%, 2/1/19 1,426,185
1,000 Tennessee Housing Development Agency,
5.375%, 7/1/23 914,940
985 Tennessee Housing Development Agency,
5.85%, 7/1/13 975,032
1,000 Tennessee Housing Development Agency,
(AMT), 5.75%, 7/1/24 954,600
- ------------------------------------------------------------------------
$ 5,034,084
- ------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
Industrial Development Revenue -- 23.7%
- ------------------------------------------------------------------------
$1,000 Chattanooga, (E.I. du Pont de Nemours
and Co.), 6.35%, 7/1/22 $ 1,020,710
1,000 Humphreys County, (E.I. du Pont de
Nemours and Co.), (AMT), 6.70%, 5/1/24 1,034,780
400 Knox County, Industrial Development
Board Revenue (Melrose Place Ltd),
6.875%, 12/1/14 382,652
1,000 Loudon County, (Kimberly-Clark Corp.),
(AMT), 6.20%, 2/1/23 1,000,060
2,250 Maury County, (Saturn Corp.),
6.50%, 9/1/24 2,244,510
1,500 McMinn County, (Calhoun Newsprint Co. -
Bowater, Inc.), (AMT), 7.40%, 12/1/22 1,532,775
1,000 Memphis-Shelby County Airport Authority,
(Federal Express Corp.), 6.75%, 9/1/12 1,047,780
1,000 Memphis-Shelby County Airport Authority,
(Federal Express Corp.), (AMT),
6.20%, 7/1/14 960,580
500 Metropolitan Government of Nashville and
Davidson County, (Osco Treatment
Systems), (AMT), 6.00%, 5/1/03 496,585
1,000 South Fulton County, (Tyson Foods Co.),
(AMT), 6.40%, 10/1/20 969,060
- ------------------------------------------------------------------------
$10,689,492
- ------------------------------------------------------------------------
Insured-Education -- 4.7%
- ------------------------------------------------------------------------
$1,230 Metropolitan Government of Nashville and
Davidson County, HEFA, (Meharry Medical
College), (AMBAC), 6.00%, 12/1/19 $ 1,252,029
1,000 Metropolitan Government of Nashville and
Davidson County, HEFA, (Meharry Medical
College), (AMBAC), 5.00%, 12/1/24 849,610
- ------------------------------------------------------------------------
$ 2,101,639
- ------------------------------------------------------------------------
Insured-Electric Utilities -- 6.8%
- ------------------------------------------------------------------------
$1,000 Lawrenceburg, Electric Revenues, (MBIA),
6.625%, 7/1/18 $ 1,100,070
1,750 Madison County Suburban Utility
District, (MBIA), 5.00%, 2/1/19 1,541,820
400 Puerto Rico Electric Power Authority,
STRIPES, (FSA), Variable Rate, 7/1/03(1) 421,500
- ------------------------------------------------------------------------
$ 3,063,390
- ------------------------------------------------------------------------
Insured-General Obligations -- 2.6%
- ------------------------------------------------------------------------
$1,425 Franklin, Special School District,
(FSA), 0.00%, 6/1/19 $ 439,755
2,500 Franklin, Special School District,
(FSA), 0.00%, 6/1/20 721,525
- ------------------------------------------------------------------------
$ 1,161,280
- ------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
78
<PAGE>
TENNESSEE MUNICIPALS PORTFOLIO AS OF FEBRUARY 29, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
Insured-Hospital -- 4.6%
- ------------------------------------------------------------------------
$ 500 Bristol, (Bristol Memorial Hospital),
(FGIC), 6.75%, 9/1/10 $ 551,260
250 Chattanooga, (Memorial Hospital),
(MBIA), 6.625%, 9/1/09 275,565
1,500 Chattanooga-Hamilton County, (Erlanger
Medical Center), (MBIA), 5.00%, 10/1/28 1,247,415
- ------------------------------------------------------------------------
$ 2,074,240
- ------------------------------------------------------------------------
Insured-Housing -- 2.4%
- ------------------------------------------------------------------------
$1,000 Knox County, SCA Realty, MFMR, (FSA),
7.125%, 1/1/30 $ 1,062,960
- ------------------------------------------------------------------------
$ 1,062,960
- ------------------------------------------------------------------------
Insured-Special Tax Revenue -- 0.8%
- ------------------------------------------------------------------------
$ 500 Puerto Rico Public Finance Corp.,
(AMBAC), Variable Rate, 6/1/26(1)(2) $ 367,950
- ------------------------------------------------------------------------
$ 367,950
- ------------------------------------------------------------------------
Insured-Transportation -- 5.7%
- ------------------------------------------------------------------------
$1,500 Memphis-Shelby County Airport Authority,
(MBIA), (AMT), 6.00%, 3/1/24 $ 1,482,150
1,000 Memphis-Shelby County Airport Authority,
(MBIA), (AMT), 6.50%, 2/15/08 1,071,800
- ------------------------------------------------------------------------
$ 2,553,950
- ------------------------------------------------------------------------
Insured-Water and Sewer -- 3.0%
- ------------------------------------------------------------------------
$ 350 Metropolitan Government of Nashville and
Davidson County, Water System, (AMBAC),
Variable Rate, 1/1/22(1) $ 376,688
1,000 Metropolitan Government of Nashville and
Davidson County, Water System, (FGIC),
5.20%, 1/1/13 971,570
- ------------------------------------------------------------------------
$ 1,348,258
- ------------------------------------------------------------------------
Lease Revenue/Certificates of Participation -- 1.1%
- ------------------------------------------------------------------------
$ 500 Hardeman County, (Correctional
Facilities Corp.), 7.75%, 8/1/17 $ 513,040
- ------------------------------------------------------------------------
$ 513,040
- ------------------------------------------------------------------------
Nursing Home -- 2.3%
- ------------------------------------------------------------------------
$1,000 Tennessee State Veterans' Homes Board,
(Humboldt), 6.65%, 2/1/14 $ 1,035,420
- ------------------------------------------------------------------------
$ 1,035,420
- ------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
Pooled Loans -- 3.9%
- ------------------------------------------------------------------------
$1,200 Tennessee Local Development Authority,
Community Provider, 6.55%, 10/1/23 $ 1,294,236
500 Tennessee Local Development Authority,
State Loan Program, 5.00%, 3/1/15 451,675
- ------------------------------------------------------------------------
$ 1,745,911
- ------------------------------------------------------------------------
Transportation -- 5.6%
- ------------------------------------------------------------------------
$ 820 Memphis-Shelby County Airport Authority,
6.12%, 12/1/16 $ 755,819
1,825 Puerto Rico Highway and Transportation
Authority, 5.00%, 7/1/36 1,511,611
300 Puerto Rico Highway and Transportation
Authority, Variable Rate, 7/1/26(2)(3) 244,677
- ------------------------------------------------------------------------
$ 2,512,107
- ------------------------------------------------------------------------
Total Tax-Exempt Investments -- 97.7%
(identified cost $44,413,468) $43,934,836
- ------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.3% $ 1,056,877
- ------------------------------------------------------------------------
Net Assets -- 100.0% $44,991,713
- ------------------------------------------------------------------------
</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 Tennessee
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 February 29, 2000, 37.1% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage insured by financial institutions ranged from 3.5% to 18.7% of
total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These 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
79
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 29, 2000
<TABLE>
<CAPTION>
ALABAMA PORTFOLIO ARKANSAS PORTFOLIO GEORGIA PORTFOLIO KENTUCKY PORTFOLIO
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Assets
- ------------------------------------------------------------------------------------------------------------
Investments --
Identified cost $71,921,037 $44,616,524 $61,819,614 $83,415,772
Unrealized appreciation
(depreciation) (2,316,891) (645,208) (2,651,201) (475,111)
- ------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $69,604,146 $43,971,316 $59,168,413 $82,940,661
- ------------------------------------------------------------------------------------------------------------
Cash $ -- $ -- $ 74,684 $ --
Receivable for investments
sold -- 203,541 -- 1,525,916
Interest receivable 1,024,854 669,059 880,735 1,365,183
- ------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $70,629,000 $44,843,916 $60,123,832 $85,831,760
- ------------------------------------------------------------------------------------------------------------
Liabilities
- ------------------------------------------------------------------------------------------------------------
Demand note payable $ -- $ 100,000 $ -- $ 600,000
Payable for when-issued
securities -- -- 958,690 --
Due to bank 85,611 64,340 -- 59,452
Payable to affiliate for
Trustees' fees 1,181 425 1,160 1,020
Accrued expenses 6,519 7,276 5,726 6,051
- ------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 93,311 $ 172,041 $ 965,576 $ 666,523
- ------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST
IN PORTFOLIO $70,535,689 $44,671,875 $59,158,256 $85,165,237
- ------------------------------------------------------------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------------------------------------------------------------
Net proceeds from capital
contributions
and withdrawals $72,852,580 $45,317,083 $61,809,457 $85,640,348
Net unrealized depreciation
(computed on the basis of
identified cost) (2,316,891) (645,208) (2,651,201) (475,111)
- ------------------------------------------------------------------------------------------------------------
TOTAL $70,535,689 $44,671,875 $59,158,256 $85,165,237
- ------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
83
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 29, 2000
<TABLE>
<CAPTION>
LOUISIANA PORTFOLIO MARYLAND PORTFOLIO MISSOURI PORTFOLIO NORTH CAROLINA PORTFOLIO
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------
Assets
- ---------------------------------------------------------------------------------------------------------------------
Investments --
Identified cost $28,853,203 $89,106,902 $59,198,084 $102,436,375
Unrealized appreciation
(depreciation) (1,337,257) (6,549,698) (1,306,665) 416,018
- ---------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $27,515,946 $82,557,204 $57,891,419 $102,852,393
- ---------------------------------------------------------------------------------------------------------------------
Cash $ 952,257 $ 422,041 $ 64,561 $ 8,117,953
Receivable for investments
sold 165,164 35,353 45,000 1,191,000
Interest receivable 438,197 1,322,656 801,155 1,715,652
- ---------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $29,071,564 $84,337,254 $58,802,135 $113,876,998
- ---------------------------------------------------------------------------------------------------------------------
Liabilities
- ---------------------------------------------------------------------------------------------------------------------
Payable to affiliate for
Trustees' fees $ -- $ 1,020 $ -- $ 1,535
Accrued expenses 6,550 6,668 8,121 7,595
- ---------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 6,550 $ 7,688 $ 8,121 $ 9,130
- ---------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST
IN PORTFOLIO $29,065,014 $84,329,566 $58,794,014 $113,867,868
- ---------------------------------------------------------------------------------------------------------------------
Sources of Net Assets
- ---------------------------------------------------------------------------------------------------------------------
Net proceeds from capital
contributions
and withdrawals $30,402,271 $90,879,264 $60,100,679 $113,451,850
Net unrealized appreciation
(depreciation) (computed on
the basis of
identified cost) (1,337,257) (6,549,698) (1,306,665) 416,018
- ---------------------------------------------------------------------------------------------------------------------
TOTAL $29,065,014 $84,329,566 $58,794,014 $113,867,868
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
84
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 29, 2000
<TABLE>
<CAPTION>
OREGON PORTFOLIO SOUTH CAROLINA PORTFOLIO TENNESSEE PORTFOLIO VIRGINIA PORTFOLIO
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
Assets
- -------------------------------------------------------------------------------------------------------------------
Investments --
Identified cost $85,065,183 $37,044,460 $44,413,468 $121,190,113
Unrealized appreciation
(depreciation) (2,049,043) (844,533) (478,632) (2,157,457)
- -------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $83,016,140 $36,199,927 $43,934,836 $119,032,656
- -------------------------------------------------------------------------------------------------------------------
Cash $ -- $ 327,609 $ 372,080 $ --
Interest receivable 1,142,037 566,800 694,323 1,921,175
- -------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $84,158,177 $37,094,336 $45,001,239 $120,953,831
- -------------------------------------------------------------------------------------------------------------------
Liabilities
- -------------------------------------------------------------------------------------------------------------------
Demand note payable $ -- $ -- $ -- $ 100,000
Due to bank 73,085 -- -- 76,941
Payable to affiliate for
Trustees' fees -- 425 -- 1,290
Accrued expenses 9,435 4,846 9,526 10,784
- -------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 82,520 $ 5,271 $ 9,526 $ 189,015
- -------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST
IN PORTFOLIO $84,075,657 $37,089,065 $44,991,713 $120,764,816
- -------------------------------------------------------------------------------------------------------------------
Sources of Net Assets
- -------------------------------------------------------------------------------------------------------------------
Net proceeds from capital
contributions
and withdrawals $86,124,700 $37,933,598 $45,470,345 $122,922,273
Net unrealized depreciation
(computed on the basis of
identified cost) (2,049,043) (844,533) (478,632) (2,157,457)
- -------------------------------------------------------------------------------------------------------------------
TOTAL $84,075,657 $37,089,065 $44,991,713 $120,764,816
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
85
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2000
<TABLE>
<CAPTION>
ALABAMA PORTFOLIO ARKANSAS PORTFOLIO GEORGIA PORTFOLIO KENTUCKY PORTFOLIO
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------
Investment Income
- ----------------------------------------------------------------------------------------------------------------------
Interest $ 2,274,566 $ 1,428,546 $ 2,020,962 $ 2,817,748
- ----------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 2,274,566 $ 1,428,546 $ 2,020,962 $ 2,817,748
- ----------------------------------------------------------------------------------------------------------------------
Expenses
- ----------------------------------------------------------------------------------------------------------------------
Investment adviser fee $ 132,145 $ 64,845 $ 109,287 $ 170,662
Trustees fees and expenses 5,659 1,682 5,640 6,011
Legal and accounting services 23,537 23,890 24,743 26,091
Custodian fee 21,790 11,616 20,544 31,617
Miscellaneous 6,163 8,399 6,873 5,836
- ----------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 189,294 $ 110,432 $ 167,087 $ 240,217
- ----------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ -- $ -- $ -- $ 10,973
- ----------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ -- $ -- $ -- $ 10,973
- ----------------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 189,294 $ 110,432 $ 167,087 $ 229,244
- ----------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 2,085,272 $ 1,318,114 $ 1,853,875 $ 2,588,504
- ----------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ----------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ (334,357) $ (276,649) $ (316,002) $ (343,912)
Financial futures contracts (1,157) 2,054 -- (5,213)
- ----------------------------------------------------------------------------------------------------------------------
NET REALIZED LOSS $ (335,514) $ (274,595) $ (316,002) $ (349,125)
- ----------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(3,298,937) $(1,404,646) $(2,744,397) $(3,525,063)
- ----------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(3,298,937) $(1,404,646) $(2,744,397) $(3,525,063)
- ----------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(3,634,451) $(1,679,241) $(3,060,399) $(3,874,188)
- ----------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $(1,549,179) $ (361,127) $(1,206,524) $(1,285,684)
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
86
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2000
<TABLE>
<CAPTION>
LOUISIANA PORTFOLIO MARYLAND PORTFOLIO MISSOURI PORTFOLIO NORTH CAROLINA PORTFOLIO
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
Investment Income
- -------------------------------------------------------------------------------------------------------------------------------
Interest $ 925,820 $ 2,524,903 $ 1,985,196 $ 3,749,039
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 925,820 $ 2,524,903 $ 1,985,196 $ 3,749,039
- -------------------------------------------------------------------------------------------------------------------------------
Expenses
- -------------------------------------------------------------------------------------------------------------------------------
Investment adviser fee $ 33,089 $ 161,974 $ 105,749 $ 243,930
Trustees fees and expenses 1,281 5,520 4,543 7,347
Legal and accounting services 20,699 26,407 22,572 26,790
Custodian fee 10,688 26,654 15,993 21,190
Miscellaneous 3,475 7,230 6,065 8,669
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 69,232 $ 227,785 $ 154,922 $ 307,926
- -------------------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 3,036 $ 11,094 $ -- $ --
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 3,036 $ 11,094 $ -- $ --
- -------------------------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 66,196 $ 216,691 $ 154,922 $ 307,926
- -------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 859,624 $ 2,308,212 $ 1,830,274 $ 3,441,113
- -------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- -------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ (396,059) $ 158,757 $ 169,101 $ (223,571)
Financial futures contracts -- 1,051 -- --
- -------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ (396,059) $ 159,808 $ 169,101 $ (223,571)
- -------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(1,167,803) $(4,224,250) $(3,547,660) $(4,914,983)
- -------------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(1,167,803) $(4,224,250) $(3,547,660) $(4,914,983)
- -------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(1,563,862) $(4,064,442) $(3,378,559) $(5,138,554)
- -------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (704,238) $(1,756,230) $(1,548,285) $(1,697,441)
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
87
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2000
<TABLE>
<CAPTION>
OREGON PORTFOLIO SOUTH CAROLINA PORTFOLIO TENNESSEE PORTFOLIO VIRGINIA PORTFOLIO
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
Investment Income
- -----------------------------------------------------------------------------------------------------------------------------
Interest $ 2,708,547 $ 1,238,527 $ 1,406,800 $ 3,995,278
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 2,708,547 $ 1,238,527 $ 1,406,800 $ 3,995,278
- -----------------------------------------------------------------------------------------------------------------------------
Expenses
- -----------------------------------------------------------------------------------------------------------------------------
Investment adviser fee $ 164,125 $ 48,292 $ 63,954 $ 262,914
Trustees fees and expenses 4,500 1,682 1,281 7,102
Legal and accounting services 23,552 21,661 21,666 26,815
Custodian fee 23,341 14,741 11,643 34,777
Miscellaneous 10,039 4,657 5,814 14,148
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 225,557 $ 91,033 $ 104,358 $ 345,756
- -----------------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 5,508 $ 3,663 $ -- $ --
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 5,508 $ 3,663 $ -- $ --
- -----------------------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 220,049 $ 87,370 $ 104,358 $ 345,756
- -----------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 2,488,498 $ 1,151,157 $ 1,302,442 $ 3,649,522
- -----------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- -----------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 19,641 $ (153,588) $ 8,052 $ 243,633
Financial futures contracts -- 9,880 -- 5,868
- -----------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 19,641 $ (143,708) $ 8,052 $ 249,501
- -----------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(3,895,935) $(1,791,937) $(1,777,280) $(6,345,571)
- -----------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(3,895,935) $(1,791,937) $(1,777,280) $(6,345,571)
- -----------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(3,876,294) $(1,935,645) $(1,769,228) $(6,096,070)
- -----------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $(1,387,796) $ (784,488) $ (466,786) $(2,446,548)
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
88
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2000
<TABLE>
<CAPTION>
INCREASE (DECREASE) IN NET ASSETS ALABAMA PORTFOLIO ARKANSAS PORTFOLIO GEORGIA PORTFOLIO KENTUCKY PORTFOLIO
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 2,085,272 $ 1,318,114 $ 1,853,875 $ 2,588,504
Net realized gain (loss) (335,514) (274,595) (316,002) (349,125)
Net change in unrealized appreciation
(depreciation) (3,298,937) (1,404,646) (2,744,397) (3,525,063)
- ----------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (1,549,179) $ (361,127) $ (1,206,524) $ (1,285,684)
- ----------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 3,866,170 $ 1,805,948 $ 1,695,893 $ 5,295,248
Withdrawals (13,922,570) (7,263,717) (12,551,538) (16,606,237)
- ----------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(10,056,400) $(5,457,769) $(10,855,645) $(11,310,989)
- ----------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(11,605,579) $(5,818,896) $(12,062,169) $(12,596,673)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------------------------------------------------
At beginning of period $ 82,141,268 $50,490,771 $ 71,220,425 $ 97,761,910
- ----------------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 70,535,689 $44,671,875 $ 59,158,256 $ 85,165,237
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
89
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2000
<TABLE>
<CAPTION>
INCREASE (DECREASE) IN NET ASSETS LOUISIANA PORTFOLIO MARYLAND PORTFOLIO MISSOURI PORTFOLIO NORTH CAROLINA PORTFOLIO
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 859,624 $ 2,308,212 $ 1,830,274 $ 3,441,113
Net realized gain (loss) (396,059) 159,808 169,101 (223,571)
Net change in unrealized appreciation
(depreciation) (1,167,803) (4,224,250) (3,547,660) (4,914,983)
- -------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (704,238) $ (1,756,230) $(1,548,285) $ (1,697,441)
- -------------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 2,671,830 $ 3,786,993 $ 1,312,737 $ 2,724,034
Withdrawals (5,570,078) (12,924,421) (9,234,725) (16,488,855)
- -------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(2,898,248) $ (9,137,428) $(7,921,988) $(13,764,821)
- -------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(3,602,486) $(10,893,658) $(9,470,273) $(15,462,262)
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------------------------------------------------------
At beginning of period $32,667,500 $ 95,223,224 $68,264,287 $129,330,130
- -------------------------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $29,065,014 $ 84,329,566 $58,794,014 $113,867,868
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
90
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2000
<TABLE>
<CAPTION>
INCREASE (DECREASE) IN NET ASSETS OREGON PORTFOLIO SOUTH CAROLINA PORTFOLIO TENNESSEE PORTFOLIO VIRGINIA PORTFOLIO
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 2,488,498 $ 1,151,157 $ 1,302,442 $ 3,649,522
Net realized gain (loss) 19,641 (143,708) 8,052 249,501
Net change in unrealized appreciation
(depreciation) (3,895,935) (1,791,937) (1,777,280) (6,345,571)
- -----------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (1,387,796) $ (784,488) $ (466,786) $ (2,446,548)
- -----------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 3,922,560 $ 1,513,436 $ 2,268,778 $ 4,507,281
Withdrawals (12,776,559) (8,472,906) (6,217,748) (18,920,171)
- -----------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $ (8,853,999) $(6,959,470) $(3,948,970) $(14,412,890)
- -----------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(10,241,795) $(7,743,958) $(4,415,756) $(16,859,438)
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------
At beginning of period $ 94,317,452 $44,833,023 $49,407,469 $137,624,254
- -----------------------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 84,075,657 $37,089,065 $44,991,713 $120,764,816
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
91
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED AUGUST 31, 1999
<TABLE>
<CAPTION>
INCREASE (DECREASE) IN NET ASSETS ALABAMA PORTFOLIO ARKANSAS PORTFOLIO GEORGIA PORTFOLIO KENTUCKY PORTFOLIO
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 4,645,606 $ 2,845,321 $ 4,288,064 $ 5,787,422
Net realized gain (loss) 1,822,635 765,765 1,152,984 987,147
Net change in unrealized appreciation
(depreciation) (7,171,556) (3,759,621) (7,104,173) (6,310,409)
- ----------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ (703,315) $ (148,535) $ (1,663,125) $ 464,160
- ----------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 7,798,450 $ 5,682,021 $ 5,916,906 $ 6,215,330
Withdrawals (19,730,570) (11,297,759) (20,284,630) (21,552,860)
- ----------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(11,932,120) $ (5,615,738) $(14,367,724) $(15,337,530)
- ----------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(12,635,435) $ (5,764,273) $(16,030,849) $(14,873,370)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------------------------------------------------
At beginning of year $ 94,776,703 $ 56,255,044 $ 87,251,274 $112,635,280
- ----------------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 82,141,268 $ 50,490,771 $ 71,220,425 $ 97,761,910
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
92
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED AUGUST 31, 1999
<TABLE>
<CAPTION>
INCREASE (DECREASE) IN NET ASSETS LOUISIANA PORTFOLIO MARYLAND PORTFOLIO MISSOURI PORTFOLIO NORTH CAROLINA PORTFOLIO
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 1,842,095 $ 5,197,771 $ 3,882,521 $ 7,585,943
Net realized gain (loss) (132,083) 1,057,196 531,100 1,052,272
Net change in unrealized appreciation
(depreciation) (2,534,222) (9,405,694) (5,290,349) (10,001,534)
- -------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ (824,210) $ (3,150,727) $ (876,728) $ (1,363,319)
- -------------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 4,126,276 $ 11,497,954 $ 7,132,282 $ 7,046,445
Withdrawals (7,144,339) (18,276,256) (12,389,264) (29,283,120)
- -------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(3,018,063) $ (6,778,302) $ (5,256,982) $(22,236,675)
- -------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(3,842,273) $ (9,929,029) $ (6,133,710) $(23,599,994)
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------------------------------------------------------
At beginning of year $36,509,773 $105,152,253 $ 74,397,997 $152,930,124
- -------------------------------------------------------------------------------------------------------------------------------
AT END OF YEAR $32,667,500 $ 95,223,224 $ 68,264,287 $129,330,130
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
93
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED AUGUST 31, 1999
<TABLE>
<CAPTION>
INCREASE (DECREASE) IN NET ASSETS OREGON PORTFOLIO SOUTH CAROLINA PORTFOLIO TENNESSEE PORTFOLIO VIRGINIA PORTFOLIO
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 5,266,291 $ 2,658,896 $ 2,778,943 $ 7,742,491
Net realized gain (loss) 1,043,805 (175,546) 111,739 1,479,464
Net change in unrealized appreciation
(depreciation) (6,028,925) (3,664,758) (2,876,879) (9,945,787)
- -----------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 281,171 $ (1,181,408) $ 13,803 $ (723,832)
- -----------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 10,547,640 $ 6,573,386 $ 5,309,074 $ 12,279,948
Withdrawals (20,266,456) (10,676,028) (9,624,115) (25,189,332)
- -----------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $ (9,718,816) $ (4,102,642) $(4,315,041) $(12,909,384)
- -----------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (9,437,645) $ (5,284,050) $(4,301,238) $(13,633,216)
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------
At beginning of year $103,755,097 $ 50,117,073 $53,708,707 $151,257,470
- -----------------------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 94,317,452 $ 44,833,023 $49,407,469 $137,624,254
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
94
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
ALABAMA PORTFOLIO
----------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------
Expenses(1) 0.51%(2) 0.46% 0.49% 0.50% 0.49% 0.47%
Expenses after custodian fee
reduction 0.51%(2) 0.45% 0.47% 0.49% 0.45% --
Net investment income 5.58%(2) 5.18% 5.21% 5.47% 5.50% 5.77%
Portfolio Turnover 5% 23% 23% 23% 52% 51%
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $70,536 $82,141 $94,777 $102,356 $108,544 $118,486
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratio for the year
ended August 31, 1995 has not been adjusted to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
95
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
ARKANSAS PORTFOLIO
----------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------
Expenses(1) 0.47%(2) 0.45% 0.44% 0.49% 0.48% 0.46%
Expenses after custodian fee
reduction 0.47%(2) 0.43% 0.43% 0.48% 0.46% --
Net investment income 5.64%(2) 5.25% 5.22% 5.40% 5.40% 5.69%
Portfolio Turnover 12% 24% 13% 17% 11% 23%
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $44,672 $50,491 $56,255 $62,686 $74,103 $81,535
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratio for the year
ended August 31, 1995 has not been adjusted to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
96
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
GEORGIA PORTFOLIO
----------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------
Expenses(1) 0.52%(2) 0.46% 0.48% 0.49% 0.50% 0.46%
Expenses after custodian fee
reduction 0.52%(2) 0.42% 0.47% 0.47% 0.45% --
Net investment income 5.72%(2) 5.31% 5.29% 5.55% 5.59% 5.73%
Portfolio Turnover 12% 38% 19% 13% 21% 48%
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $59,158 $71,220 $87,251 $95,162 $108,974 $122,949
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratio for the year
ended August 31, 1995 has not been adjusted to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
97
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
KENTUCKY PORTFOLIO
----------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------
Expenses(1) 0.53%(2) 0.49% 0.49% 0.51% 0.53% 0.49%
Expenses after custodian fee
reduction 0.51%(2) 0.47% 0.48% 0.48% 0.50% --
Net investment income 5.75%(2) 5.36% 5.38% 5.56% 5.49% 5.75%
Portfolio Turnover 6% 11% 15% 28% 28% 30%
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $85,165 $97,762 $112,635 $123,110 $133,017 $145,269
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratio for the year
ended August 31, 1995 has not been adjusted to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
98
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
LOUISIANA PORTFOLIO
----------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets+
- --------------------------------------------------------------------------------------------------------------------
Net expenses(1) 0.45%(2) 0.37% 0.39% 0.40% 0.30% 0.22%
Net expenses after custodian
fee reduction 0.43%(2) 0.34% 0.34% 0.38% 0.23% --
Net investment income 5.62%(2) 5.16% 5.25% 5.85% 5.90% 6.06%
Portfolio Turnover 12% 20% 43% 27% 99% 46%
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $29,065 $32,668 $36,510 $34,432 $35,049 $34,309
- --------------------------------------------------------------------------------------------------------------------
+ The operating expenses of the Portfolio may reflect a reduction of the investment adviser fee, an allocation of
expenses to the Investment Adviser, or both. Had such actions not been taken, the ratios would have been as
follows:
Expenses(1) 0.41% 0.33%
Expenses after custodian fee
reduction 0.35% --
Net investment income 5.79% 5.95%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratios for the year
ended August 31, 1995 have not been adjusted to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
99
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
MARYLAND PORTFOLIO
----------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------
Expenses(1) 0.51%(2) 0.49% 0.48% 0.48% 0.51% 0.47%
Expenses after custodian fee
reduction 0.49%(2) 0.46% 0.44% 0.45% 0.48% --
Net investment income 5.18%(2) 5.05% 5.11% 5.38% 5.50% 5.79%
Portfolio Turnover 7% 31% 30% 30% 33% 30%
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $84,330 $95,223 $105,152 $107,401 $110,588 $115,004
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting quidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratio for the year
ended August 31, 1995 has not been adjusted to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
100
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
MISSOURI PORTFOLIO
----------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------
Expenses(1) 0.49%(2) 0.46% 0.47% 0.47% 0.49% 0.48%
Expenses after custodian fee
reduction 0.49%(2) 0.44% 0.45% 0.46% 0.47% --
Net investment income 5.80%(2) 5.28% 5.31% 5.52% 5.52% 5.76%
Portfolio Turnover 8% 21% 11% 5% 36% 24%
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $58,794 $68,264 $74,398 $79,882 $85,162 $93,162
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratio for the year
ended August 31, 1995 has not been adjusted to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
101
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
NORTH CAROLINA PORTFOLIO
----------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------
Expenses(1) 0.51%(2) 0.50% 0.51% 0.52% 0.52% 0.48%
Expenses after custodian fee
reduction 0.51%(2) 0.49% 0.48% 0.50% 0.48% --
Net investment income 5.73%(2) 5.24% 5.31% 5.53% 5.51% 5.78%
Portfolio Turnover 7% 3% 26% 42% 54% 33%
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $113,868 $129,330 $152,930 $167,571 $187,044 $195,179
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratio for the year
ended August 31, 1995 has not been adjusted to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
102
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
OREGON PORTFOLIO
----------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------
Expenses(1) 0.51%(2) 0.48% 0.48% 0.56% 0.50% 0.50%
Expenses after custodian fee
reduction 0.50%(2) 0.47% 0.48% 0.55% 0.47% --
Net investment income 5.67%(2) 5.27% 5.28% 5.46% 5.37% 5.60%
Portfolio Turnover 15% 35% 9% 22% 28% 22%
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $84,076 $94,317 $103,755 $113,693 $129,759 $146,391
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratio for the year
ended August 31, 1995 has not been adjusted to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
103
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
SOUTH CAROLINA PORTFOLIO
----------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------
Expenses(1) 0.46%(2) 0.43% 0.44% 0.51% 0.53% 0.44%
Expenses after custodian fee
reduction 0.44%(2) 0.40% 0.43% 0.50% 0.51% --
Net investment income 5.79%(2) 5.33% 5.37% 5.59% 5.65% 5.81%
Portfolio Turnover 8% 26% 21% 8% 36% 75%
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $37,089 $44,833 $50,117 $53,970 $58,318 $61,412
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratio for the year
ended August 31, 1995 has not been adjusted to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
104
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
TENNESSEE PORTFOLIO
----------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------
Expenses(1) 0.45%(2) 0.42% 0.44% 0.43% 0.45% 0.41%
Expenses after custodian fee
reduction 0.45%(2) 0.41% 0.42% 0.42% 0.43% --
Net investment income 5.60%(2) 5.23% 5.20% 5.48% 5.52% 5.81%
Portfolio Turnover 8% 13% 21% 3% 39% 20%
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $44,992 $49,407 $53,709 $54,162 $56,065 $58,673
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratio for the year
ended August 31, 1995 has not been adjusted to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
105
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
VIRGINIA PORTFOLIO
-----------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 --------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- ---------------------------------------------------------------------------------------------------------------
Expenses(1) 0.54%(2) 0.50% 0.52% 0.52% 0.51% 0.48%
Expenses after custodian fee
reduction 0.54%(2) 0.48% 0.50% 0.49% 0.48% --
Net investment income 5.68%(2) 5.26% 5.27% 5.53% 5.55% 5.81%
Portfolio Turnover 10% 17% 8% 25% 30% 38%
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $120,765 $137,624 $151,257 $161,658 $177,644 $191,748
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Portfolio to
increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratio for the year
ended August 31, 1995 has not been adjusted to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
106
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Alabama Municipals Portfolio (Alabama Portfolio), Arkansas Municipals
Portfolio (Arkansas Portfolio), Georgia Municipals Portfolio (Georgia
Portfolio), Kentucky Municipals Portfolio (Kentucky Portfolio), Louisiana
Municipals Portfolio (Louisiana Portfolio), Maryland Municipals Portfolio
(Maryland Portfolio), Missouri Municipals Portfolio (Missouri Portfolio),
North Carolina Municipals Portfolio (North Carolina Portfolio), Oregon
Municipals Portfolio (Oregon Portfolio), South Carolina Municipals Portfolio
(South Carolina Portfolio), Tennessee Municipals Portfolio (Tennessee
Portfolio) and Virginia Municipals Portfolio (Virginia Portfolio),
collectively the Portfolios, are registered under the Investment Company Act
of 1940, as amended, as diversified open-end management investment companies
which were organized as trusts under the laws of the State of New York on May
1, 1992. The Declarations of Trust permit the Trustees to issue interests in
the Portfolios. The following is a summary of significant accounting policies
of the Portfolios. The policies are in conformity with generally accepted
accounting principles.
A Investment Valuations -- Municipal bonds are normally valued on the basis of
valuations furnished by a pricing service. Taxable obligations, if any, for
which price quotations are readily available are normally valued at the mean
between the latest bid and asked prices. Financial futures contracts and
options on financial futures contracts listed on commodity exchanges are
valued at closing settlement prices. Over-the-counter options on financial
futures contracts are normally valued at the mean between the latest bid and
asked prices. Short-term obligations, maturing in sixty days or less, are
valued at amortized cost, which approximates value. Investments for which
valuations or market quotations are unavailable are valued at fair value
using methods determined in good faith by or at the direction of the
Trustees.
B Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or accretion of discount when required
for federal income tax purposes.
C Federal Taxes -- The Portfolios are treated as partnerships for Federal tax
purposes. No provision is made by the Portfolios for federal or state taxes
on any taxable income of the Portfolios because each investor in the
Portfolios is ultimately responsible for the payment of any taxes. Since some
of the Portfolios' investors are regulated investment companies that invest
all or substantially all of their assets in the Portfolios, the Portfolios
normally must satisfy the applicable source of income and diversification
requirements (under the Internal Revenue Code) in order for their respective
investors to satisfy them. The Portfolios will allocate at least annually
among their respective investors each investor's distributive share of the
Portfolios' net taxable (if any) and tax-exempt investment income, net
realized capital gains, and any other items of income, gain, loss, deduction
or credit. Interest income received by the Portfolios on investments in
municipal bonds, which is excludable from gross income under the Internal
Revenue Code, will retain its status as income exempt from federal income tax
when allocated to each Portfolio's investors. The portion of such interest,
if any, earned on private activity bonds issued after August 7, 1986, may be
considered a tax preference item for investors.
D Financial Futures Contracts -- Upon the entering of a financial futures
contract, a Portfolio is required to deposit (initial margin) either in cash
or securities an amount equal to a certain percentage of the purchase price
indicated in the financial futures contract. Subsequent payments are made or
received by a Portfolio (margin maintenance) each day, dependent on the daily
fluctuations in the value of the underlying security, and are recorded for
book purposes as unrealized gains or losses by a Portfolio. A Portfolio's
investment in financial futures contracts is designed for both hedging
against anticipated future changes in interest rates and investment purposes.
Should interest rates move unexpectedly, a Portfolio may not achieve the
anticipated benefits of the financial futures contracts and may realize a
loss.
E 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.
107
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
G 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.
H 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.
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 Interim Financial Statements -- The interim financial statements relating to
February 29, 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 February 29, 2000 the Portfolios paid
advisory fees as follows:
<TABLE>
<CAPTION>
PORTFOLIO AMOUNT EFFECTIVE RATE(1)
<S> <C> <C>
-------------------------------------------------------------------------
Alabama $132,145 0.35%
Arkansas 64,845 0.28%
Georgia 109,287 0.34%
Kentucky 170,662 0.38%
Louisiana 33,089 0.22%
Maryland 161,974 0.36%
Missouri 105,749 0.33%
North Carolina 243,930 0.41%
Oregon 164,125 0.37%
South Carolina 48,292 0.24%
Tennessee 63,954 0.27%
Virginia 262,914 0.41%
</TABLE>
(1) 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.
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 February 29, 2000 no significant amounts have been
deferred.
Certain officers and Trustees of the Portfolios are officers of the above
organizations.
3 Investments
- -------------------------------------------
Purchases and sales of investments, other than U.S. Government securities,
purchased options and short-term obligations, for the six months ended
February 29, 2000 were as follows:
<TABLE>
<CAPTION>
ALABAMA PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 3,544,251
Sales 11,171,017
<CAPTION>
ARKANSAS PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 5,388,705
Sales 10,022,012
<CAPTION>
GEORGIA PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 7,949,637
Sales 17,127,141
</TABLE>
108
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
KENTUCKY PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 5,117,118
Sales 14,137,660
<CAPTION>
LOUISIANA PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 3,524,580
Sales 6,859,547
<CAPTION>
MARYLAND PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 5,847,700
Sales 13,306,069
<CAPTION>
MISSOURI PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 4,691,760
Sales 12,316,452
<CAPTION>
NORTH CAROLINA PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 8,352,203
Sales 27,195,760
<CAPTION>
OREGON PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $13,419,602
Sales 18,546,878
<CAPTION>
SOUTH CAROLINA PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 3,098,579
Sales 9,859,457
<CAPTION>
TENNESSEE PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 3,846,481
Sales 6,842,543
<CAPTION>
VIRGINIA PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $13,283,999
Sales 23,682,982
</TABLE>
4 Federal Income Tax Basis of Investments
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned by each Portfolio at February 29, 2000 as computed on a
federal income tax basis, are as follows:
<TABLE>
<CAPTION>
ALABAMA PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 71,921,037
------------------------------------------------------
Gross unrealized appreciation $ 1,657,017
Gross unrealized depreciation (3,973,908)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (2,316,891)
------------------------------------------------------
<CAPTION>
ARKANSAS PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 44,616,524
------------------------------------------------------
Gross unrealized appreciation $ 727,877
Gross unrealized depreciation (1,373,085)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (645,208)
------------------------------------------------------
<CAPTION>
GEORGIA PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 61,819,614
------------------------------------------------------
Gross unrealized appreciation $ 1,581,938
Gross unrealized depreciation (4,233,139)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (2,651,201)
------------------------------------------------------
<CAPTION>
KENTUCKY PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 83,415,772
------------------------------------------------------
Gross unrealized appreciation $ 2,283,330
Gross unrealized depreciation (2,758,441)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (475,111)
------------------------------------------------------
<CAPTION>
LOUISIANA PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 28,853,203
------------------------------------------------------
Gross unrealized appreciation $ 302,649
Gross unrealized depreciation (1,639,906)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (1,337,257)
------------------------------------------------------
</TABLE>
109
<PAGE>
EATON VANCE MUNICIPALS PORTFOLIOS AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
MARYLAND PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 89,106,902
------------------------------------------------------
Gross unrealized appreciation $ 929,549
Gross unrealized depreciation (7,479,247)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (6,549,698)
------------------------------------------------------
<CAPTION>
MISSOURI PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 59,198,084
------------------------------------------------------
Gross unrealized appreciation $ 1,767,285
Gross unrealized depreciation (3,073,950)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (1,306,665)
------------------------------------------------------
<CAPTION>
NORTH CAROLINA PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $102,436,375
------------------------------------------------------
Gross unrealized appreciation $ 3,484,683
Gross unrealized depreciation (3,068,665)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 416,018
------------------------------------------------------
<CAPTION>
OREGON PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 85,065,183
------------------------------------------------------
Gross unrealized appreciation $ 1,411,117
Gross unrealized depreciation (3,460,160)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (2,049,043)
------------------------------------------------------
<CAPTION>
SOUTH CAROLINA PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 37,044,460
------------------------------------------------------
Gross unrealized appreciation $ 1,048,546
Gross unrealized depreciation (1,893,079)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (844,533)
------------------------------------------------------
<CAPTION>
TENNESSEE PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 44,413,468
------------------------------------------------------
Gross unrealized appreciation $ 965,282
Gross unrealized depreciation (1,443,914)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (478,632)
------------------------------------------------------
<CAPTION>
VIRGINIA PORTFOLIO
<S> <C>
------------------------------------------------------
AGGREGATE COST $121,190,113
------------------------------------------------------
Gross unrealized appreciation $ 2,810,342
Gross unrealized depreciation (4,967,799)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (2,157,457)
------------------------------------------------------
</TABLE>
5 Line of Credit
- -------------------------------------------
The Portfolios participate with other portfolios and funds managed by BMR and
EVM and its affiliates in a $150 million unsecured line of credit agreement
with a group of banks. Borrowings will be made by the portfolios or funds
solely to facilitate the handling of unusual and/or unanticipated short-term
cash requirements. Interest is charged to each portfolio or fund based on its
borrowings at an amount above either the Eurodollar rate or Federal Funds
effective rate. In addition, a fee computed at an annual rate of 0.10% on the
daily unused portion of the facility is allocated among the participating
portfolios and funds at the end of each quarter. At February 29, 2000 the
Arkansas Portfolio, Kentucky Portfolio and Virginia Portfolio had balances
outstanding pursuant to this line of credit of $100,000, $600,000 and
$100,000, respectively. The Portfolios did not have any significant
borrowings or allocated fees during the six months ended February 29, 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 February 29, 2000 there were no outstanding obligations under these
financial instruments.
110
<PAGE>
EATON VANCE MUNICIPALS FUNDS AS OF FEBRUARY 29, 2000
INVESTMENT MANAGEMENT
MUNICIPALS PORTFOLIOS
Officers
Thomas J. Fetter
President and Portfolio
Manager of South Carolina
Municipals Portfolio
James B. Hawkes
Vice President and Trustee
William H. Ahern, Jr.
Vice President and Portfolio
Manager of Alabama, Kentucky,
and Maryland Municipals Portfolios
Cynthia J. Clemson
Vice President and Portfolio
Manager of Georgia, Missouri, and
Tennessee Municipals Portfolios
Robert B. MacIntosh
Vice President and Portfolio
Manager of Louisiana, North
Carolina, and Virginia Municipals
Portfolios
Thomas M. Metzold
Vice President and Portfolio
Manager of Arkansas and Oregon
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 Schoool 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
111
