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Previous: SUNGLASS HUT INTERNATIONAL INC, S-3, 1996-06-03 |
Next: NATIONAL HEALTH & SAFETY CORP, S-8, 1996-06-03 |
Eaton Vance Investment Trust
For the EV Marathon Arizona Limited Maturity Municipals Fund
EV Marathon California Limited Maturity Municipals Fund
EV Marathon Connecticut Limited Maturity Municipals Fund
EV Marathon Florida Limited Maturity Municipals Fund
EV Marathon Massachusetts Limited Maturity Municipals Fund
EV Marathon Michigan Limited Maturity Municipals Fund
EV Marathon New Jersey Limited Maturity Municipals Fund
EV Marathon New York Limited Maturity Municipals Fund
EV Marathon Ohio Limited Maturity Municipals Fund
EV Marathon Pennsylvania Limited Maturity Municipals Fund
[LOGO]
Annual Shareholder Report
March 31, 1996
<TABLE>
<CAPTION>
Arizona Limited Maturity Municipals Portfolio
Portfolio of Investments - March 31, 1996
Tax-Exempt Investments - 100%
- ----------------------------------------------------------------------------------------------------------------
Ratings (Unaudited) Principal
- ---------------------- Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education - 6.5%
NR NR $15 Arizona Educational Loan
Marketing Corporation,
6.25%, 6/1/06 $ 15,077
A1 AA 15 Arizona State University
Revenue Bonds,
6.50%, 7/1/01 16,342
---------------
$ 31,419
---------------
Escrowed/Prerefunded - 21.0%
Aaa AAA $ 5 Maricopa County, Arizona,
Hospital Revenue, Escrowed
to Maturity, 6.50%, 1/1/97 $5,049
Aaa AAA 20 Maricopa County, Arizona,
School District #28,
(Kyrene Elementary),
(FGIC), Prerefunded to
7/1/01, 6.00%, 7/1/13 21,338
Aaa AAA 20 Maricopa County, Arizona,
School District # 40,
(AMBAC), Prerefunded to
7/1/00, 5.75%, 7/1/03 21,200
NR AA+ 20 Phoenix, Arizona,
Prerefunded to 7/1/98,
6.50%, 7/1/01 21,360
NR AAA 15 Phoenix, Arizona, Civic
Improvement Corporation,
Prerefunded to 7/1/03,
6.125%, 7/1/14 16,464
NR AA- 15 Tuscon, Arizona,
Prerefunded to 7/1/01,
6.75%, 7/1/15 16,604
---------------
$ 102,015
---------------
General Obligations - 21.9%
Aa AA $15 Phoenix, Arizona,
5.90%, 7/1/00 $ 15,856
A1 A 25 Maricopa County, Arizona,
School District #8, 6.10%,
7/1/04 27,048
Baa1 A 10 Puerto Rico Public Building
Authority, 6.50%, 7/1/03 10,945
Baa1 A 30 Commonwealth of Puerto
Rico, 6.00%, 7/1/05 31,809
A1 A+ 20 Tempe Union High School
District #213, (Maricopa
County, Arizona), 5.90%,
7/1/03 20,997
---------------
$ 106,655
---------------
Housing - 5.2%
NR AAA $25 Phoenix, Arizona, Industrial
Development Authority,
6.00%, 6/1/06 $ 25,263
---------------
Insured Education - 8.6%
Aaa AAA $20 East Valley, Arizona,
Institute of Technology,
District 401, (AMBAC),
5.90%, 7/1/03 $ 20,982
Aaa AAA 20 Northern Arizona University,
(AMBAC), 6.00%, 6/1/06 20,665
---------------
$ 41,647
---------------
Insured General Obligations - 14.5%
Aaa AAA 40 Maricopa County, Arizona,
School District # 28,
(FGIC), 0.00%, 7/1/03 $ 28,028
Aaa AAA 20 Maricopa County, Arizona,
(FGIC), 6.25%, 7/1/00 21,473
Aaa AAA 20 Yavapai County, Arizona,
School District, (AMBAC),
6.00%, 7/1/01 21,061
---------------
$ 70,562
---------------
Insured Special Tax Revenue - 3.3%
Aaa AAA $15 Arizona State Transportation
Board Excise Tax, (MBIA),
6.90%, 7/1/99 $ 16,168
---------------
Solid Waste - 4.9%
A2 A $25 Pima County, Arizona,
Industrial Development
Authority, (Browning Ferris
Industries), (AMT), 5.00%,
2/1/06 $ 23,876
---------------
Special Tax Revenue - 8.6%
A A- $25 Glendale, Arizona,
Improvement District #59,
6.00%, 1/1/03 $ 26,036
A1 AA+ 15 Tempe, Arizona, Municipal
Property Corporation,
5.50%, 7/1/03 15,727
---------------
$ 41,763
---------------
Transportation - 3.3%
A A+ $15 Phoenix, Arizona, Street &
Highway User Bonds,
6.10%, 7/1/01 $ 15,979
---------------
Water & Sewer - 2.2%
Aa AA- $10 Scottsdale, Arizona,
Water & Sewer,
5.75%, 7/1/03 $ 10,708
---------------
Total Tax-Exempt
Investments (identified
cost, $467,314) $ 486,055
===============
The Portfolio invests primarily in debt securities issued by Arizona municipalities. The ability of the issuers
of the debt securities to meet thier obligations may be affected by economic developments in a specific industry
or municipality. In order to reduce the risk associated with such economic developments, at March 31, 1996, 35.2%
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 institution range from 3.3% to
17.3% of total investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
California Limited Maturity Municipals Portfolio
Portfolio of Investments - March 31, 1996
Tax-Exempt Investments - 100%
- ----------------------------------------------------------------------------------------------------------------
Ratings (Unaudited) Principal
- ---------------------- Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cogeneration - 2.5%
NR BBB- $1,500 Central Valley Finance
Authority, Carson Ice-Gen.
Project, 5.20%, 7/1/99 $ 1,502,085
---------------
Education - 6.3%
Aaa AAA $1,500 California Educational
Facilities Authority, Stanford
University, 5.90%, 11/1/03 $ 1,601,385
Aaa AAA 2,000 California Educational
Facilities Authority,
California Institute of
Technology, 6.375%, 1/1/08 2,133,680
---------------
$ 3,735,065
---------------
Escrowed/Prerefunded - 19.5%
NR A- $1,700 California Educational
Facilities Authority, National
University, Prerefunded to
5/1/01, 7.15%, 5/1/21 $ 1,921,221
Aaa AAA 2,300 California State Public
Works Board, Department
of Corrections, Prerefunded
to 9/1/01, 6.50%, 9/1/19 2,548,929
Aa AA 1,500 Los Angeles Department of
Airports, Prerefunded to
5/1/97, 7.40%, 5/1/10 1,586,880
Aaa AAA 1,925 Moulton Niguel, California,
Water District, Prerefunded
to 4/1/00, 7.30%, 4/1/12 2,156,039
NR AAA 3,000 San Bernadino, California,
Certificates of Participation,
Prerefunded to 8/1/01,
7.00%, 8/1/28 3,391,230
---------------
$ 11,604,299
---------------
Electric Utility - 1.8%
A2 A+ $1,000 California Pollution
Control Financing
Authority, Southern
California Edison
Company, Series D,
6.85%, 12/1/08 $ 1,079,350
---------------
General Obligations - 11.1%
Aa AA- $1,000 Palos Verdes Library
District, 6.70%, 8/1/11 $ 1,064,960
Baa1 A 750 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 787,943
Baa1 A 490 Puerto Rico Public
Building Authority,
6.50%, 7/1/03 536,290
Baa1 A- 750 Puerto Rico Municipal
Finance Agency, 5.60%,
7/1/02 770,978
A1 AA- 1,870 City and County of
San Francisco, 6.50%,
12/15/03 2,009,483
AA AA- 1,500 Santa Monica - Malibu,
California, Unified School
District, 5.50%, 8/1/12 1,458,945
---------------
$ 6,628,599
---------------
Housing - 1.7%
Aa A+ $1,000 Department of Veterans
Affairs of the State of
California, Home Purchase
Revenue Bonds, (AMT),
7.50%, 8/1/98 $ 1,042,470
---------------
Hospitals - 4.4%
A1 AA- $2,400 California Health Facilities
Financing Authority,
Sisters of Providence,
7.50%, 10/1/10 $ 2,628,456
---------------
Industrial Development
Revenue - 2.9%
Aaa AAA $1,700 California Pollution Control
Financing Authority, North
County Recycling Center,
6.00%, 7/1/00 $ 1,700,000
---------------
Insured Electric Utilities - 7.9%
Aaa AAA $1,500 Sacramento Municipal
Utility District, (AMBAC),
5.60%, 8/15/16 (2) $ 1,473,090
Aaa AAA 1,000 Sacramento Municipal
Utility District, (MBIA),
6.20%, 8/15/05 1,080,410
Aaa AAA 2,250 Southern California Public
Power Authority, (FSA),
5.50%, 7/1/12 2,183,963
---------------
$ 4,737,463
---------------
Insured Hospital Revenue - 10.9%
Aaa AAA $1,750 ABAG Finance Authority,
Certificates of Participation,
Stanford University Hospital,
(MBIA), 4.90%, 11/1/03 $ 1,746,640
Aaa AAA 1,000 ABAG Finance Authority,
Certificates of Participation,
Stanford University Hospital,
(MBIA), 5.125%, 11/1/05 999,580
Aaa AAA 750 ABAG Finance Authority,
Certificates of Participation,
Stanford University Hospital,
(MBIA), 5.875%, 11/1/06 788,880
Aaa AAA 3,250 California Health Facilities
Financing Authority,
(Catholic Health West),
(AMBAC), 5.00%, 7/1/14 2,966,210
---------------
$ 6,501,310
---------------
Insured Lease Revenue/
Certificates of Participation - 2.2%
Aaa AAA $1,250 Merced County, California,
CSAC Lease Finance
Program, Certificates of
Participation, (FSA),
5.60%, 10/1/01 $ 1,308,225
---------------
Insured Transportation - 4.9%
Aaa AAA $1,905 Los Angeles Department
of Airports, (Los Angeles
International Airport),
(FGIC), (AMT),
5.625%, 5/15/12 $ 1,864,404
Aaa AAA 1,000 San Francisco Bay Area
Rapid Transit District,
(AMBAC), 6.75%, 7/1/09 1,077,110
---------------
$ 2,941,514
---------------
Insured Water & Sewer
Revenue - 5.0%
Aaa AAA $3,000 Los Angeles, California,
Department of Water and
Power Electric Plant,
(FGIC), 5.70%, 9/1/11 $ 3,004,140
---------------
Lease Revenue/
Certificates of Participation - 6.5%
A A $1,920 San Bernadino Joint
Power Finance Authority
Lease Revenue
Bonds, 5.40%, 12/1/08 (1) $ 1,865,011
Aa NR 2,000 University of California,
Central Chiller Project,
5.20%, 11/1/07 (1) 1,981,060
---------------
$ 3,846,071
---------------
Nursing Homes - 3.4%
NR A+ $2,000 California Statewide
Communities Development
Corporation, (Pacific
Homes), 5.90%, 4/1/09 $ 2,002,740
---------------
Special Tax Revenue - 3.5%
Aa AA $2,000 Orange County Local
Transportation Authority,
Sales Tax Revenue Bonds,
5.70%, 2/15/03 $ 2,070,980
---------------
Transportation - 1.8%
A1 NR $1,000 Contra Costa, California,
Transportation Authority,
6.40%, 3/1/01 $ 1,082,830
---------------
Water & Sewer Revenue - 3.7%
A1 A $2,000 The City of Los Angeles
Wastewater System,
6.90%, 6/1/08 $ 2,181,359
---------------
Total Tax-Exempt
Investments (identified
cost, $58,558,528) $ 59,596,956
===============
(1) Security has been segregated to cover when-issued securities.
(2) When-issued security.
The Portfolio invests primarily in debt securities issued by California municipalities. The ability of the issuers
of the debt securities to meet thier obligations may be affected by economic developments in a specific industry
or municipality. In order to reduce the risk associated with such economic developments, at March 31, 1996, 31.0%
of the securities in the portfolio of investments are backed by bond insurance of various financial institutions
and financial guaranty assurance agencies. The aggregate percentage by financial institution range from 5.8% to
9.3% of total investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Connecticut Limited Maturity Municipals Portfolio
Portfolio of Investments - March 31, 1996
Tax-Exempt Investments - 100%
- ----------------------------------------------------------------------------------------------------------------
Ratings (Unaudited) Principal
- ---------------------- Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education - 5.5%
Baa1 BBB+ $ 750 State of Connecticut
HEFA, Fairfield University
Issue, 6.90%, 7/1/14 $ 794,685
---------------
Electric Revenue - 3.7%
Baa1 A- $ 500 Puerto Rico Electric
Power Authority, 7.125%,
7/1/14 $ 539,040
---------------
Escrowed/Prerefunded - 3.8%
Aaa AAA $ 500 South Central Connecticut
Regional Water Authority,
(AMBAC), Prerefunded to
8/1/01, 6.50%, 8/1/07 $ 552,245
---------------
General Obligations - 15.7%
Aa AA $ 250 Town of Danbury,
Connecticut, 7.00%,
8/1/04 $ 286,260
NR BBB 300 Government of Guam,
4.80%, 11/15/03 284,730
Aa NR 190 Norwich, Connecticut,
5.00%, 8/1/14 174,171
Aa NR 190 Norwich, Connecticut,
5.00%, 8/1/15 173,694
Baa1 A 250 Commonwealth of Puerto
Rico, 7.50%, 7/1/04 289,580
Baa1 A 285 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 299,418
Baa1 A- 500 Puerto Rico Municipal
Finance Agency, 5.70%,
7/1/03 (1) 515,795
Baa1 A- 250 Puerto Rico Municipal
Finance Agency, 5.875%,
7/1/06 256,623
---------------
$ 2,280,271
---------------
Hospital Revenue - 4.7%
NR BBB- $ 640 Connecticut Health and
Educational Facilities
Authority, New Britain
Hospital, 7.50%, 7/1/06 $ 678,995
---------------
Housing - 14.0%
Aa AA $ 200 Connecticut Housing
Finance Authority,
6.95%, 11/15/01 $ 209,316
Aa AA 1,000 Connecticut Housing
Finance Authority,
6.90%, 11/15/99 1,058,350
Aa AA 120 Connecticut Housing
Finance Authority,
5.45%, 5/15/04 122,675
Aa AA 645 Connecticut Housing
Finance Authority,
5.35%, 11/15/07 637,821
---------------
$ 2,028,162
---------------
Insured Education - 3.3%
Aaa AAA $ 500 University of Connecticut,
(FGIC), 5.00%, 2/1/12 $ 472,750
---------------
Insured General Obligations - 15.8%
Aaa AAA $ 500 East Haven, Connecticut,
(FGIC), 5.30%, 11/1/09 $ 496,630
Aaa AAA 250 Hartford, Connecticut,
(FGIC), 5.40%, 10/1/09 250,848
Aaa AAA 315 New Haven, Connecticut,
(FGIC), 5.25%, 8/1/06 319,237
Aaa AAA 500 Old Saybrook, Connecticut,
(AMBAC), 4.10%, 8/15/01 491,935
Aaa AAA 750 State of Connecticut,
(FGIC), 5.25%, 10/1/09 746,408
---------------
$ 2,305,058
---------------
Insured Hospitals - 6.6%
Aaa AAA $ 150 Connecticut HEFA,
Stamford Hospital Issue,
(MBIA), 5.75%, 7/1/06 $ 157,325
Aaa AAA 500 Connecticut HEFA,
Stamford Hospital Issue,
(MBIA), 7.00%, 7/1/20 538,495
Aaa AAA 250 Connecticut HEFA,
Stamford Hospital Issue,
(MBIA), 6.50%, 7/1/06 269,383
---------------
$ 965,203
---------------
Insured Miscellaneous - 5.5%
Aaa AAA $ 725 Woodstock, Connecticut
Special Obligation Bonds,
(AMBAC), 7.00%, 3/1/07 $ 797,638
---------------
Insured Special Tax - 4.2%
Aaa AAA $ 600 Connecticut Special Tax,
(FGIC), 5.10%, 6/1/03 $ 612,945
---------------
Insured Transportation - 6.1%
Aaa AAA $ 750 Connecticut State Airport
Bonds, Bradley International
Airport, (FGIC), 7.40%,
10/1/04 $ 885,293
---------------
Insured Utility - 3.7%
Aaa AAA $ 500 Connecticut Municipal
Electric Authority, (MBIA),
6.00%, 1/1/07 $ 533,835
---------------
Miscellaneous - 7.4%
Aa AA- $ 410 Connecticut State
Development Authority,
5.85%, 11/15/07 $ 434,596
A2 NR 625 Connecticut State
Development Authority,
Frito-Lay Incorporated
Project, 6.375%, 7/1/04 636,925
---------------
$ 1,071,521
---------------
Total Tax-Exempt
Investments (identified
cost, $14,290,916) $ 14,517,641
===============
(1) Security has been segregated to cover margin requirements on open financial futures contracts.
The Portfolio invests primarily in debt securities issued by Connecticut municipalities. The ability of the
issuers of the debt securities to meet thier obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such economic developments, at March 31,
1996, 49.1% 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 by financial institution range
from 10.3% to 26.1% of total investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Florida Limited Maturity Municipals Portfolio
Portfolio of Investments - March 31, 1996
Tax-Exempt Investments - 100%
- ----------------------------------------------------------------------------------------------------------------
Ratings (Unaudited) Principal
- ---------------------- Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Escrowed - 22.6%
Aaa AAA $1,015 Dade County, FL,
Educational Facilities
Authority,(MBIA),
Prerefunded to 10/1/01,
7.00%, 10/1/08 $ 1,150,543
Aaa AAA 1,000 Dunnedin, Florida,
Hospital, Mease Health
Care, (MBIA), Prerefunded
to 11/15/01, 6.75%,
11/15/21 1,123,430
Aa AAA 1,295 Florida Board of Education
Capital Outlay, Prerefunded
to 6/1/99, 6.75%, 6/1/04 1,412,392
Aa AAA 1,500 Florida Board of Education
Capital Outlay, Prerefunded
to 6/1/01, 6.75%, 6/1/12 1,662,045
Aaa AAA 3,000 Florida Board of Education
Capital Outlay, Prerefunded
to 6/1/00, 7.25%, 6/1/23 3,365,580
Aaa AAA 1,500 Florida Department of
Natural Resources,
Preservation 2000,
(MBIA), 7.25%, 7/1/08 1,629,270
Aaa AAA 1,780 Hollywood, FL, Water &
Sewer, (FGIC), Prerefunded
to 10/1/02, 6.375%,
10/1/02 1,964,159
Aaa AAA 4,485 Jacksonville Electric
Authority, Bulk Power
Supply System, Prerefunded
to 10/1/00, 6.75%, 10/1/16 4,956,194
Aaa AAA 3,250 Orlando Utility Community
Water & Electric,
Prerefunded to 10/1/01,
6.50%, 10/1/20 3,605,778
Aaa AAA 2,000 Palm Bay, FL, Utility, Palm
Bay Utility Corporation,
(MBIA) Prerefunded to
10/1/02, 6.20%, 10/1/17 2,201,720
Aaa AAA 2,805 Palm Beach County
Criminal Justice Facilities,
(FGIC), Prerefunded to
6/1/00, 7.00%, 6/1/01 3,120,450
Baa1 AAA 1,750 Puerto Rico Aqueduct &
Sewer Authority,
Prerefunded to 7/1/98,
7.875%, 7/1/17 1,926,033
---------------
$ 28,117,594
---------------
General Obligations - 13.9%
Aa AA $2,900 Broward County, Florida,
5.00%, 1/1/10 $ 2,739,775
Aa AA 5,000 Florida State Board of
Education, 4.75%, 6/1/22 4,249,700
Baa1 A 1,000 Puerto Rico Public
Building Authority,
6.50%, 7/1/03 1,094,470
Baa1 A- 2,000 Puerto Rico Municipal
Finance Agency, 5.50%,
7/1/01 2,052,880
Baa1 A- 5,400 Puerto Rico Municipal
Finance Agency, 5.875%,
7/1/05 5,579,172
NR NR 1,500 Virgin Islands Public
Finance Authority,
6.80%, 10/1/00 1,588,935
---------------
$ 17,304,932
---------------
Hospitals - 3.9%
NR BBB 490 Escambia County Health
Facilities Authority, (Baptist
Hospital Inc., and Baptist
Manor Inc.) 5.50%,
10/1/96 $ 491,460
NR BBB 515 Escambia County Health
Facilities Authority, (Baptist
Hospital Inc., and Baptist
Manor Inc.) 6.00%, 10/1/97 520,701
NR BBB 545 Escambia County Health
Facilities Authority, (Baptist
Hospital Inc., and Baptist
Manor Inc.) 6.25%, 10/1/98 555,671
Baa1 NR 425 Jacksonville Health
Facilities Authority,
(National Benevolent
Association-Cypress
Village Project), 6.00%,
12/1/98 428,171
Baa1 NR 450 Jacksonville Health
Facilities Authority,
(National Benevolent
Association-Cypress
Village Project), 6.25%,
12/1/99 455,958
Baa1 NR 480 Jacksonville Health
Facilities Authority,
(National Benevolent
Association-Cypress
Village Project), 6.50%,
12/1/00 487,637
NR A- 1,635 Palm Beach County
Health Facilities Authority,
Good Samaritan Health
Systems Inc., 5.60%, 10/1/01 1,662,779
A BBB+ 290 St. Johns County Industrial
Development Authority,
(Flagler Hospital Project),
5.60%, 8/1/01 295,449
---------------
$ 4,897,826
---------------
Housing - 1.6%
Baa BBB $2,000 Puerto Rico Housing
Bank and Finance Agency,
5.10%, 12/1/03 $ 1,947,940
---------------
Industrial Development
Revenue - 2.8%
Baa2 BBB $1,470 Nassau County PCR,
(ITT Rayonier Incorporated
Project), 5.60%, 6/1/00 $ 1,493,270
Ba2 BB+ 2,000 Polk County, Florida,
Industrial Development
Authority, (IMC Fertilizer),
(AMT), 7.525%, 1/1/15 2,084,760
---------------
$ 3,578,030
---------------
Insured General Obligations - 6.8%
Aaa AAA $2,475 Dade County Local
School District, (MBIA),
6.40%, 8/1/00 $ 2,670,971
Aaa AAA 1,500 Dade County Local
School District, (MBIA),
6.00%, 8/1/06 1,605,420
Aaa AAA 1,000 Dade County Local
School District, (MBIA),
5.20%, 8/1/07 998,230
Aaa AAA 1,580 Sarasota County, FL,
(FGIC), 6.25%,10/1/05 1,704,283
Aaa AAA 1,500 Volusia County, Florida,
(MBIA), 5.25%, 12/1/13 1,422,135
---------------
$ 8,401,039
---------------
Insured Health Care - 3.5%
Aaa AAA $4,000 Jacksonville Health
Facilities Authority,
(Baptist Medical Center
Project), (MBIA), 7.25%,
6/1/25 $ 4,381,200
---------------
Insured Hospitals - 7.7%
Aaa AAA $4,000 Broward County Health
Facilities Authority,
(Holy Cross Hospital),
(AMBAC), 5.25%, 6/1/08 $ 3,967,760
Aaa AAA 2,000 Hillsborough County
Hospital Authority,
(Tampa General Hospital
Project), (FSA), 6.375%,
10/1/13 2,087,160
Aaa AAA 1,000 City of Lakeland,
(Lakeland Regional
Medical Center Project),
(FGIC), 5.40%, 11/15/01 1,040,650
Aaa AAA 1,360 North Broward Hospital
District, (MBIA), 6.20%,
1/1/04 1,466,638
Aaa AAA 1,000 Orange County Health
Facilities Authority,
(Adventist Health
System/Sunbelt Inc.)
(CGIC), 5.50%, 11/15/02 1,038,070
---------------
$ 9,600,278
---------------
Insured Lease/Certificate
of Participation - 1.0%
Aaa AAA $1,150 City of Collier County,
Certificate of Participation,
(FSA), 5.35%, 2/15/02 $ 1,183,707
---------------
$2,000 Insured Miscellaneous - 1.7%
Jacksonville, FL GTD
5.5%, 10/1/02 $ 2,092,060
---------------
Insured Special Tax - 5.9%
Aaa AAA $1,525 Florida Department of
Natural Resources,
Preservation 2000,
(AMBAC), 6.70%,
7/1/05 $ 1,687,565
Aaa AAA 5,150 Tampa, FL, Utility Tax,
(AMBAC), 6.50%,
10/1/02 5,657,584
---------------
$ 7,345,149
---------------
Insured Transportation - 8.3%
Aaa AAA $1,700 Hillsborough County
Aviation Authority, Tampa
International Airport,
(FGIC), 6.60%, 10/1/03 $ 1,836,442
Aaa AAA 2,000 Hillsborough County
Aviation Authority, Tampa
International Airport,
(FGIC), 6.80%, 10/1/05 2,166,540
Aaa AAA 3,120 Hillsborough County
Aviation Authority, Tampa
International Airport,
(FGIC), 6.85%, 10/1/06 3,384,794
Aaa AAA 2,500 Palm Beach County,
Florida, Airport, (MBIA),
7.75%, 10/1/10 2,894,950
---------------
$ 10,282,726
---------------
Insured Water & Sewer - 7.5%
Aaa AAA $3,000 Dade County, FL, Water &
Sewer Revenue, (FGIC),
5.00%, 10/1/09 $ 2,894,370
Aaa AAA 2,000 Manatee County, FL,
Public Utilities, (MBIA),
6.75%, 10/1/04 2,259,020
Aaa AAA 1,000 Pasco County, FL, Water &
Sewer Revenue,(FGIC),
5.40%, 10/1/03 1,039,300
Insured Water & Sewer (continued)
Aaa AAA 500 Port Orange, FL, Water &
Sewer Revenue,(AMBAC),
6.50%, 10/1/04 536,180
Aaa AAA 2,710 Tampa, Florida, Water &
Sewer Revenue, (FGIC),
5.25%, 10/1/13 2,570,327
---------------
$ 9,299,197
---------------
Miscellaneous - 0.8%
Baa BBB $1,000 Puerto Rico Housing
Bank & Finance Agency,
5.00%, 12/1/02 $ 976,700
---------------
Solid Waste - 0.9%
A NR $1,165 Brevard County, Florida,
Solid Waste Management
System, 5.00%, 4/1/01 $ 1,178,328
---------------
Utilities - 8.4%
Aa AA $2,000 Gainesville, Florida Utility
System Revenue,
5.00%, 10/1/16 $ 1,814,040
Aa1 AA 3,000 Jacksonville Electric
Authority, St. John's River
Power Park,
6.50%, 10/1/03 3,319,830
Aa1 AA 3,500 Jacksonville Electric
Authority, St. John's River
Power Park,
5.25%, 10/1/20 3,232,705
Aa AA- 2,000 City of Tallahassee,
Electric Refunding
Bonds, 5.90%, 10/1/05 2,124,740
---------------
$ 10,491,315
---------------
Water & Sewer Revenue - 2.7%
A3 A+ $ 330 Dunes Community
Development District,
(Flagler County,
Water & Sewer Project),
5.40%, 10/1/00 $ 339,392
A3 A+ 345 Dunes Community
Development District,
(Flagler County,
Water & Sewer Project),
5.50%, 10/1/01 355,868
A3 A+ 365 Dunes Community
Development District,
(Flagler County,
Water & Sewer Project),
5.60%, 10/1/02 377,220
A3 A+ 380 Dunes Community
Development District,
(Flagler County,
Water & Sewer Project),
5.70%, 10/1/03 394,292
Aa AA- 1,700 St. Petersburg, FL, Public
Utility Revenue,
6.65%, 10/1/03 1,846,638
---------------
$ 3,313,410
---------------
Total Tax-Exempt
Investments (identified
cost, $122,087,493) $124,391,431
===============
The Portfolio invests primarily in debt securities issued by Florida municipalities. The ability of the issuers
of the debt securities to meet thier obligations may be affected by economic developments in a specific industry
or municipality. In order to reduce the risk associated with such economic developments, at March 31, 1996, 19.5%
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 institution range from 0.8% to
18.7% of total investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Massachusetts Limited Maturity Municipals Portfolio
Portfolio of Investments - March 31, 1996
Tax-Exempt Investments - 100%
- ----------------------------------------------------------------------------------------------------------------
Ratings (Unaudited) Principal
- ---------------------- Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education - 3.6%
A1 A+ $1,200 Massachusetts Health and
Education Finance
Authority, Tufts
University, 7.40%, 8/1/18 $ 1,297,344
A A- 1,230 Massachusetts Health and
Education Finance
Authority, Suffolk
University, 5.85%, 7/1/16 1,215,498
A A- 1,000 Massachusetts Industrial
Finance Agency, Clark
University, 6.80%, 7/01/06 1,056,530
---------------
$ 3,569,372
---------------
Escrowed/Prerefunded - 15.6%
Aaa AAA $1,175 Boston, Massachusetts,
(MBIA), Prerefunded to
7/1/01, 6.75%, 7/1/11 $ 1,309,937
Aaa NR 1,000 Lowell, Massachusetts,
Prerefunded to 2/15/01,
7.625%, 2/15/10 1,154,520
Aaa AAA 2,000 Lynn, Massachusetts, Water
and Sewer Commission,
(MBIA), Prerefunded to
12/1/00, 7.25%, 12/1/10 2,261,280
Aaa BBB+ 1,245 Massachusetts Municipal
Wholesale Electric System,
Prerefunded to 7/1/02,
6.75%, 7/1/17 1,400,239
NR A+ 1,700 Massachusetts Health and
Educational Facilities
Authority, Baystate Medical
Center, Prerefunded to
7/1/99, 7.375%, 7/1/08 1,883,447
NR AAA 1,075 Massachusetts Health and
Educational Facilities
Authority, Jordan Hospital,
(FHA), Prerefunded to
8/15/98, 7.85%, 8/15/28 1,183,199
Aaa AAA 1,060 Massachusetts Health and
Educational Facilities
Authority, Berkshire Health
System, (MBIA), Prerefunded
to 10/1/98, 6.75%, 10/1/19 1,123,377
Aaa AAA 4,750 Massachusetts Water
Resource Authority,
Prerefunded to
4/1/00, 7.50%, 4/1/09 (2) 5,345,175
---------------
$ 15,661,174
---------------
General Obligations - 8.5%
Baa A- $1,000 City of Lawrence,
Massachusetts, State
Qualified Bonds, 5.00%,
9/15/02 $ 999,970
Baa A- 500 City of Lawrence,
Massachusetts, State
Qualified Bonds, 5.25%,
9/15/04 500,995
Baa1 NR 500 City of Lowell,
Massachusetts, State
Qualified Bonds, 5.50%,
8/15/97 510,320
Baa1 NR 650 City of Lowell,
Massachusetts, State
Qualified Bonds, 5.75%,
8/15/98 670,950
A1 A+ 1,240 The Commonwealth
of Massachusetts, 6.10%,
6/1/02 1,324,320
A1 A+ 1,000 The Commonwealth of
Massachusetts, 6.25%,
7/1/04 1,087,740
A A 1,650 Puerto Rico Aqueduct &
Sewer Authority, 5.00%,
7/1/15 1,483,862
Baa1 A- 750 Puerto Rico Municipal
Finance Agency, 5.60%,
7/1/02 770,978
Baa1 A 750 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 787,943
A2 NR 350 Canton, Massachusetts,
Industrial Development
Financial Authority,
5.625%, 12/01/02 355,358
---------------
$ 8,492,436
---------------
Hospitals - 11.9%
Aa AA- $2,180 City of Boston,
Massachusetts, Boston
City Hospital, (FHA
Insured Mortgage),
5.00%, 2/15/00 $ 2,201,974
Aa AA- 2,160 City of Boston,
Massachusetts, Boston
City Hospital, (FHA
Insured Mortgage),
5.15%, 2/15/01 2,191,385
A A- 1,225 Massachusetts Health and
Educational Facilities
Authority, Charlton
Memorial Hospital Issue,
7.00%, 7/1/00 1,305,483
A A- 610 Massachusetts Health and
Educational Facilities
Authority, Charlton
Memorial Hospital Issue,
7.10%, 7/1/01 657,897
Aa AA 750 Massachusetts Health and
Educational Facilities
Authority, Children's
Hospital Issue,
5.50%, 10/1/02 770,993
Hospitals (continued)
Aa AA 1,000 Massachusetts Health and
Educational Facilities
Authority, Brigham &
Women's Hospital,
5.10%, 7/1/07 978,160
Aa NR 3,000 Massachusetts Health and
Educational Facilities
Authority, Daughters of
Charity Issue,
5.75%, 7/1/02 3,120,750
A A 650 Massachusetts Health and
Educational Facilities
Authority, New England
Deaconess Hospital Issue,
6.50%, 4/1/04 684,288
---------------
$ 11,910,930
---------------
Housing - 0.2%
NR BBB+ $ 180 Massachusetts Housing
Finance Agency, (AMT),
8.10%, 8/1/23 $ 189,279
---------------
Insured Education - 3.0%
Aaa AAA 680 Massachusetts Educational
Financing Authority,
(AMBAC), (AMT),
6.65%, 1/1/01 $ 718,576
Aaa AAA 2,190 Massachusetts Educational
Financing Authority,
(MBIA), (AMT),
7.35%, 1/1/99 2,273,570
---------------
$ 2,992,146
---------------
Insured General Obligations - 13.7%
Aaa AAA $1,170 City of Attleboro,
Massachusetts, (AMBAC),
5.125%, 12/1/15 $ 1,083,151
Aaa AAA 1,000 City of Boston,
Massachusetts, (MBIA),
6.375%, 7/1/02 1,089,640
Aaa AAA 1,000 City of Boston,
Massachusetts, (AMBAC),
5.20%, 2/1/04 1,019,230
Aaa AAA 1,000 Chelsea, Massachusetts,
(AMBAC), 6.00%, 6/15/02 1,070,240
Aaa AAA 1,500 The Commonwealth of
Massachusetts, (FGIC),
7.20%, 3/1/02 1,660,320
Aaa AAA 2,500 The Commonwealth of
Massachusetts, (FGIC),
6.50%, 6/1/01 2,721,800
Aaa AAA 4,000 City of Lowell,
Massachusetts, State
Qualified Bonds, (FSA),
5.10%, 1/15/04 4,030,320
Aaa AAA 1,000 Town of Rockport,
Massachusetts, (AMBAC),
6.80%, 12/15/04 1,098,610
---------------
$ 13,773,311
---------------
Insured Hospital - 1.0%
Aaa AAA 1,000 Massachusetts Health and
Educational Facilities
Authority, Central
Massachusetts Medical
Center, (AMBAC),
5.50%, 7/1/99 $ 1,034,070
---------------
Insured Housing - 8.7%
Aaa AAA $1,900 Massachusetts Housing
Finance Agency, (AMBAC),
(AMT), 5.90%, 1/1/03 $ 1,974,670
4,800 Massachusetts Housing
Finance Agency, (AMBAC),
(AMT), (Harborpoint
Development), 6.20%,
12/1/10 (1) 4,815,744
Aaa AAA 1,840 Massachusetts Housing
Finance Agency, (AMBAC),
(AMT), 6.00%, 7/1/04 1,924,934
---------------
$ 8,715,348
---------------
Insured Solid Waste - 1.8%
Aaa AAA $1,735 Massachusetts Industrial
Finance Agency,
REFUSETECH Inc.
Project, (FSA), 5.45%,
7/1/01 $ 1,797,165
---------------
Insured Transportation - 1.0%
Aaa AAA $ 900 Massachusetts Port
Authority, (FGIC),
(AMT), 7.10%, 7/1/01 $ 995,094
---------------
Insured Utility - 3.6%
Aaa AAA $2,000 Massachusetts Municipal
Wholesale Electric
Company, (AMBAC),
6.625%, 7/1/03 $ 2,210,620
Aaa AAA 1,225 Massachusetts Municipal
Wholesale Electric
Company, (MBIA),
6.40%, 7/1/02 1,337,149
---------------
$ 3,547,769
---------------
Insured Water and Sewer - 3.7%
Aaa AAA $1,000 Lynn Water and Sewer
Commission, (FGIC),
5.50%, 6/1/99 $ 1,031,770
Aaa AAA 3,000 Massachusetts Water &
Sewer Authority, (MBIA),
5.00%, 12/1/16 2,709,600
---------------
$ 3,741,370
---------------
Nursing Homes - 2.1%
NR NR $1,000 Massachusetts Health and
Educational Facilities,
(1st Mortgage-Fairview
Extended Care), 10.125%,
1/1/11 $1,134,870
NR NR 1,000 Massachusetts Industrial
Finance Agency, Health
Care Facilities, (Age
Institute of Massachusetts),
7.60%, 11/1/05 1,001,250
---------------
$ 2,136,120
---------------
Special Tax Revenue - 5.3%
A1 AA- $3,050 The Commonwealth of
Massachusetts, 7.00%,
6/1/02 (2) $ 3,416,031
NR NR 1,750 Virgin Islands Public
Finance Authority, 6.70%,
10/1/99 1,841,438
---------------
$ 5,257,469
---------------
Transportation - 5.2%
A1 A+ $1,000 Massachusetts Bay
Transportation Authority,
5.30%, 3/1/04 $ 1,023,290
Aa AA- 1,625 Massachusetts Port
Authority, 5.00%, 7/1/15 1,480,570
Baa1 A 1,500 Puerto Rico Highway
Authority, 6.75%, 7/1/05 1,635,495
A1 A+ 1,000 Woods Hole, Martha's
Vineyard and Nantucket
Steamship Authority,
6.60%, 3/1/03 1,110,330
---------------
$ 5,249,685
---------------
Utilities - 7.4%
A BBB+ $ 500 Massachusetts Municipal
Wholesale Electric
Company, 5.70%, 7/1/01 $ 517,790
A BBB+ 1,000 Massachusetts Municipal
Wholesale Electric
Company, 5.70%, 7/1/01 1,035,580
A BBB+ 900 Massachusetts Municipal
Wholesale Electric
Company, 6.75%, 7/1/05 983,511
Baa2 BBB- 5,000 Massachusetts Industrial
Finance Agency, Eastern
Edison Project,
5.875%, 8/1/08 4,903,000
---------------
$ 7,439,881
---------------
Water & Sewer Revenue - 3.7%
A A $1,000 Massachusetts Water
Resources Authority,
6.25%, 11/1/10 $ 1,045,810
A A 1,975 Massachusetts Water
Resources Authority,
5.875%, 11/1/04 2,088,600
A A 500 Massachusetts Water
Resources Authority,
6.30%, 12/1/01 540,350
---------------
$ 3,674,760
---------------
Total Tax-Exempt
Investments (identified
cost, $98,547,321) $100,177,379
===============
(1) When-issued security.
(2) Security has been segregated to cover when-issued securities.
The Portfolio invests primarily in debt securities issued by Massachusetts municipalities. The ability of the
issuers of the debt securities to meet thier obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such economic developments, at March 31,
1996, 47.0% of the securities in the portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate percentage by financial institution range
from 5.6% to 16.9% of total investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Michigan Limited Maturity Municipals Portfolio
Portfolio of Investments - March 31, 1996
Tax-Exempt Investments - 100%
- ----------------------------------------------------------------------------------------------------------------
Ratings (Unaudited) Principal
- ---------------------- Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Escrowed/Prerefunded - 19.0%
Aaa AAA $1,500 Grand Ledge, Michigan
Public School District,
(MBIA), Prerefunded
to 5/1/04, 7.875%,
10/1/04 $ 1,820,565
A1 AA+ 500 Lansing, Michigan Tax
Increment Bonds,
Escrowed to Maturity,
6.20%, 10/1/04 541,110
Baa1 AAA 950 Puerto Rico Aqueduct &
Sewer Authority,
Prerefunded to 7/1/98,
7.875%, 7/1/17 1,045,561
Aaa AAA 2,305 Romulus, Michigan
Community School
District, Prerefunded to
5/1/07, 0.00%, 5/1/22 468,745
---------------
$ 3,875,981
---------------
General Obligations - 13.5%
Ba1 BBB $ 650 Detroit, Michigan, 6.25%,
4/1/05 $ 665,698
Ba1 BBB 495 Detroit, Michigan, 6.40%,
4/1/05 512,078
Aa AA 500 Milan, Michigan School
District, 5.00%, 5/1/08 486,720
Baa1 A 1,000 Puerto Rico Public
Building Authority,
6.60%, 7/1/04 1,096,960
---------------
$ 2,761,456
---------------
Hospitals - 14.9%
Baa NR $ 525 Flint, Michigan Hospital
Authority, (Hurley Medical
Center), 6.00%, 7/1/05 $ 507,969
A A 1,000 Kent County, Michigan
Hospital Finance Authority,
Blodgett Memorial
Medical Center, 7.25%,
7/1/05 1,068,310
A NR 505 Marquette, Michigan
Hospital Finance Authority,
6.625%, 4/1/07 509,631
NR BBB 1,000 Michigan State Hospital
Finance Authority,
(Gratiot Community
Hospital), 6.10%, 10/1/07 963,260
---------------
$ 3,049,170
---------------
Housing - 5.1%
NR A+ $1,000 Michigan State Housing
Development Authority,
6.00%, 4/1/01 $ 1,050,910
---------------
Industrial Development
Revenue - 1.5%
NR BB $ 320 Richmond, Michigan
Economic Development
Corporation, K-MART
Project, 6.30%, 1/1/99 $ 305,875
---------------
Insured Education - 2.5%
Aaa AAA $ 500 Michigan Higher Education
Student Loan Authority,
(AMBAC), (AMT),
5.65%, 4/1/07 $ 504,750
---------------
Insured General Obligations - 15.3%
Aaa AAA $ 500 Comstock, Michigan
Public Schools, (CGIC),
6.80%, 5/1/02 $ 544,460
Aaa AAA 1,000 Imlay, Michigan, School
District, 5.40%, 5/1/17 950,480
Aaa AAA 1,000 State of Michigan
Municipal Bond Authority,
Local Government Loan
Project, (MBIA), 5.375%,
11/1/17 937,490
Aaa AAA 750 Willow Run, Michigan,
Community School
District, 5.00%, 5/1/16 688,493
---------------
$ 3,120,923
---------------
Insured Industrial
Development Revenue - 5.3%
Aaa AAA $1,000 Monroe County, Michigan,
The Detroit Edison
Company, (AMBAC),
(AMT), 6.35%, 12/1/04 (1) $ 1,082,180
---------------
Insured Utility - 5.3%
Aaa AAA $1,000 Western Townships,
Michigan, Sewer Disposal
System, (CGIC),
6.70%, 1/1/06 $ 1,072,530
---------------
Lease Revenue/
Certificate of Participation - 2.6%
A1 AA- $ 500 State of Michigan Building
Authority, 6.10%, 10/1/01 $ 538,055
---------------
Nursing Home - 1.9%
NR NR $ 395 Michigan Hospital Finance
Authority, (Presbyterian
Villages), 6.20%, 1/1/06 $ 392,105
---------------
Special Tax Revenue - 10.3%
Baa1 A $ 500 Puerto Rico Highway and
Transportation, 5.00%,
7/1/02 $ 499,960
NR BBB+ 1,500 Battle Creek, Michigan
Downtown Development
Authority, 6.65%, 5/1/02 1,602,360
---------------
$ 2,102,320
---------------
Water & Sewer Revenue - 2.8%
Aa AA $ 500 Michigan Municipal
Bond Authority, 7.00%,
10/1/02 $ 568,208
---------------
Total Tax-Exempt
Investments (identified
cost, $19,846,029) $ 20,424,463
===============
(1) Security has been segregated to cover margin requirements on open financial futures contracts.
The Portfolio invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers
of the debt securities to meet their obligations may be affected by economic developments in a specific industry
or municipality. In order to reduce the risk associated with such economic developments, at March 31, 1996, 28.4%
of the securities in the portfolio of investments are backed by bond insurance of various financial institutions
and financial guaranty assurance agencies.The aggregate percentage by financial institution range from 2.3% to
20.4% of total investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
New Jersey Limited Maturity Municipals Portfolio
Portfolio of Investments - March 31, 1996
Tax-Exempt Investments - 100%
- ----------------------------------------------------------------------------------------------------------------
Ratings (Unaudited) Principal
- ---------------------- Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cogeneration - 2.8%
NR BBB- $2,250 New Jersey Economic
Development Authority,
Heating & Cooling,
(Trigen-Trenton Project),
6.10%, 12/1/05 $ 2,248,560
---------------
Education - 3.6%
NR A- $ 380 New Jersey Educational
Facilities Authority, Drew
University, 5.875%, 7/1/03 $ 400,436
NR A+ 355 Higher Education Assistance
Authority, (State of New
Jersey), (AMT), NJ Class
Loan Program, 5.70%,
1/1/02 355,824
A1 AA 1,895 Rutgers, The State
University (The State of
New Jersey), 6.20%, 5/1/04 2,059,638
---------------
$ 2,815,898
---------------
Escrowed - 4.7%
Aaa AAA $1,325 Port Authority of New York
& New Jersey, (AMBAC),
Prerefunded to 10/1/02,
7.40%, 10/1/12 $ 1,545,162
Baa1 AAA 1,985 Puerto Rico Aqueduct &
Sewer Authority,
Prerefunded to
7/1/98, 7.875%, 7/1/17 2,184,671
---------------
$ 3,729,833
---------------
General Obligations - 8.3%
Aaa AAA $1,280 County of Morris, New
Jersey, 6.50%, 8/1/02 $ 1,417,280
Aa AA 1,000 The Township of Morris,
New Jersey, 6.55%, 7/1/02 1,102,420
Aa1 AA+ 1,000 State of New Jersey, 6.00%,
8/1/04 1,069,000
Baa1 A- 750 Puerto Rico Municipal
Finance Agency, 5.60%,
7/1/02 770,978
Baa1 A 1,000 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 1,050,590
Aa AA 1,000 South Brunswick, New
Jersey, 7.125%, 7/15/02 1,133,420
---------------
$ 6,543,688
---------------
Health Care - 2.8%
A A- $1,000 New Jersey Health Care
Facilities Financing Authority,
(Atlantic City Medical Care
Center), 6.45%, 7/1/02 $ 1,050,060
A A- 340 New Jersey Health Care
Facilities Financing
Authority, (Atlantic City
Medical Care Center),
6.25%, 7/1/00 353,668
A A- 750 New Jersey Health Care
Facilities Financing
Authority, (Atlantic City
Medical Care Center),
6.55%, 7/1/03 792,323
---------------
$ 2,196,051
---------------
Housing - 11.4%
NR AA+ $1,500 New Jersey Housing
Finance Agency,
6.60%, 11/1/03 $ 1,596,270
NR A+ 2,500 New Jersey Housing and
Mortgage Finance Agency,
6.30%, 11/1/01 2,640,200
NR A+ 1,000 New Jersey Housing and
Mortgage Finance Agency,
6.40%, 11/1/02 1,054,690
NR A+ 2,570 New Jersey Housing and
Mortgage Finance Agency,
6.50%, 11/1/03 2,702,998
NR A+ 1,000 New Jersey Housing and
Mortgage Finance Agency,
6.00%, 11/1/02 1,040,080
---------------
$ 9,034,238
---------------
Industrial Development
Revenue - 0.9%
Aa3 NR $ 690 New Jersey Economic
Development Authority,
LOC: Bank of Paris,
(AMT), 6.00%, 12/1/02 $ 712,846
---------------
Insured Education - 3.7%
Aaa AAA $1,000 Essex County, New Jersey,
Improvement Authority,
(Guaranteed County
College Project), (AMBAC),
5.25%, 12/1/16 $ 936,470
Aaa AAA 1,000 New Jersey State
Educational Facilities,
Seton Hall University,
(FGIC), 6.10%, 7/1/01 1,072,950
Aaa AAA 1,000 New Jersey State
Educational Facilities,
(University of Medicine
& Dentistry), (AMBAC),
5.25%, 12/1/21 915,750
---------------
$ 2,925,170
---------------
Insured General Obligations - 16.9%
Aaa AAA $1,000 Atlantic City, New Jersey,
Board of Education,
(AMBAC), 6.00%, 12/1/02 $ 1,070,000
Aaa AAA 1,175 Edison, New Jersey,
(AMBAC), 4.70%, 1/1/04 1,168,890
Aaa AAA 500 City of Elizabeth, Union
County, New Jersey, (MBIA)
6.10%, 11/15/99 531,195
Insured General Obligations
(continued)
Aaa AAA 500 City of Elizabeth, Union
County, New Jersey, (MBIA)
6.20%, 11/15/01 539,940
Aaa AAA 500 City of Elizabeth, Union
County, New Jersey, (MBIA)
6.20%, 11/15/02 539,490
Aaa AAA 2,000 Essex County, New Jersey,
(AMBAC), 5.375%, 9/1/10 1,979,140
Aaa AAA 1,200 Jackson Township, New
Jersey, Local School District,
(FGIC), 6.60%, 6/1/02 1,326,036
Aaa AAA 1,200 Jackson Township, New
Jersey, Local School District,
(FGIC), 6.60%, 6/1/03 1,335,636
Aaa AAA 1,200 Kearney, New Jersey,
(FSA), 6.50%, 2/1/04 1,319,448
Aaa AAA 500 North Bergen, New
Jersey, General Improvement,
(MBIA), 5.25%, 3/1/06 506,920
Aaa AAA 850 Roselle, New Jersey,
(MBIA), 4.65%, 10/15/03 843,591
Aaa AAA 1,000 South Brunswick Township,
New Jersey, Board of
Education, (FGIC),
6.40%, 8/1/03 1,093,260
Aaa AAA 1,100 South River, New Jersey,
School District, (FGIC),
5.00%, 12/1/09 1,063,975
---------------
$ 13,317,521
---------------
Insured Health Care - 5.0%
Aaa AAA $2,000 New Jersey Economic
Development Authority,
(Clara Maass Health System
Project), (FSA), 5.00%,
7/1/25 $ 1,760,500
Aaa AAA 1,910 New Jersey Health Care
Facilities & Financing
Authority, (Dover
General Hospital &
Medical Center), (MBIA),
7.00%, 7/1/04 2,174,993
---------------
$ 3,935,493
---------------
Insured Industrial
Development Revenue - 4.8%
Aaa AAA $2,500 New Jersey Economic
Development Authority,
Market Transition
5.70%, 7/1/05 (1) $ 2,622,400
Aaa AAA 1,000 New Jersey Economic
Development Authority,
Market Transition
5.80%, 7/1/07 1,049,520
Aaa AAA 100 Warren County New
Jersey Pollution Control
Finance Authority,
Resource Recovery,
(MBIA), 6.55%, 12/1/06 110,601
---------------
$ 3,782,521
---------------
Insured Lease/Certificates
of Participaton - 1.1%
Aaa AAA $845 Hudson County, New Jersey,
Certificates of Participation,
(MBIA), 6.20%, 6/1/03 $ 901,150
---------------
Insured Solid Waste - 0.3%
Aaa AAA $250 The Bergen County
Utilities Authority, Solid
Waste System,
(FGIC), 6.00%, 6/15/02 $ 268,953
---------------
Insured Transportation - 10.8%
Aaa AAA $2,000 New Jersey Transportation
Trust Fund Authority,
(MBIA), 5.00%, 6/15/15 $ 1,828,960
Aaa AAA 1,500 New Jersey Turnpike
Authority, (FSA), 5.90%,
1/1/03 1,586,895
Aaa AAA 2,000 New Jersey Turnpike
Authority, (MBIA),
5.90%, 1/1/04 2,141,680
Aaa AAA 895 New Jersey Turnpike
Authority, (FSA),
6.40%, 1/1/02 980,634
Aaa AAA 1,000 Port Authority of New York
& New Jersey, (MBIA),
(AMT), 5.25%, 9/1/07 983,110
Aaa AAA 1,000 Port Authority of New York
& New Jersey, (MBIA),
(AMT), 5.375%, 9/1/08 984,390
---------------
$ 8,505,669
---------------
Insured Utility - 1.4%
Aaa AAA $1,000 Middlesex County, New
Jersey, Utility Authority,
(FGIC) 6.10%, 12/1/01 $ 1,077,030
---------------
Insured Water & Sewer - 3.2%
Aaa AAA $750 Middlesex, New Jersey,
Utility Authority, Sewer
Revenue, (FGIC), 5.00%,
9/15/07 $ 742,890
Aaa AAA 2,000 West New York & New
Jersey Utility Authority,
Sewer Revenue, (FGIC),
5.125%, 12/15/17 (1) 1,822,880
---------------
$ 2,565,770
---------------
Lease Revenue/Certificates
of Participation - 4.6%
Aa AA- $1,000 Mercer County
Improvement Authority,
(Richard J. Hughes
Justice Complex), 5.15%,
1/1/05 $ 999,860
Aa AA- 1,000 Mercer County
Improvement Authority,
(Richard J. Hughes
Justice Complex), 5.15%,
1/1/06 993,110
A1 A+ 720 New Jersey Economic
Development Authority,
Lease Revenue, (Green
Lights Energy Project),
5.00%, 1/15/06 698,270
A1 A+ 875 State of New Jersey,
Certificates of Participation,
5.90%, 4/1/99 909,204
---------------
$ 3,600,444
---------------
Solid Waste - 3.6%
Baa NR $ 300 The Atlantic County
Utilities Authority
(New Jersey),
Solid Waste System,
7.00%, 3/1/08 $ 297,588
A1 AA- 500 Gloucester County
Improvement Authority
of New Jersey,
(Landfill Project), 5.40%,
9/1/00 515,380
A1 NR 300 The Passaic County
Utilities Authority
(New Jersey), Solid
Waste Disposal, 5.70%,
3/1/98 307,446
NR A 1,700 The Union County
Utilities Authority
(New Jersey), Solid
Waste System, (AMT),
7.20%, 6/15/14 1,758,123
---------------
$ 2,878,537
---------------
Transportation - 6.4%
A1 AA- $ 500 New Jersey Highway
Authority, (Garden State
Parkway), 5.90%, 1/1/04 $ 532,185
A1 AA- 250 New Jersey Highway
Authority, (Garden State
Parkway), 6.10%, 1/1/06 266,795
Ba1 BB 1,625 Port Authority of New
York & New Jersey,
(Delta Airlines),
6.95%, 6/1/08 1,722,205
Baa1 A 1,500 Puerto Rico Highway
Authority, 6.75%, 7/1/05 1,635,495
NR A+ 910 South Jersey Port
Corporation (An
Instrumentality of the
State of New Jersey),
(AMT), 5.15%, 1/1/04 909,918
---------------
$ 5,066,598
---------------
Utility - 3.7%
Baa1 A- $1,000 Puerto Rico Electric
Power Authority,
6.125%, 7/1/08 $ 1,038,820
Baa1 A- 1,785 Puerto Rico Electric
Power Authority,
6.125%, 7/1/09 1,847,261
---------------
$ 2,886,081
---------------
Total Tax-Exempt
Investments (identified
cost, $77,501,411) $ 78,992,051
===============
(1)Security has been segregated to cover margin requirements on open financial futures contracts.
The Portfolio invests primarily in debt securities issued by New Jersey municipalities. The ability of the
issuers of the debt securities to meet their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such economic developments, at March 31,
1996, 47.2% 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 institution range
from 7.1% to 14.6% of total investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
New York Limited Maturity Municipals Portfolio
Portfolio of Investments - March 31, 1996
Tax-Exempt Investments - 100%
- ----------------------------------------------------------------------------------------------------------------
Ratings (Unaudited) Principal
- ---------------------- Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education - 12.8%
Aaa AA+ $ 500 Dormitory Authority of
the State of New York,
Columbia University,
5.10%, 7/1/01 $ 511,730
Aa AA 2,250 Dormitory Authority of
the State of New York,
Cornell University,
7.375%, 7/1/20 2,499,300
Aa AA 1,000 Dormitory Authority of
the State of New York,
Cornell University,
7.375%, 7/1/30 1,110,800
NR AA 1,000 Dormitory Authority of
the State of New York,
Manhattan College,
6.10%, 7/1/04 1,092,150
A1 A+ 5,955 Dormitory Authority of
the State of New York,
University of Rochester,
6.50%, 7/1/09 6,202,311
Baa1 BBB 1,000 Dormitory Authority of
the State of New York, City
University, 6.10%, 7/1/01 1,048,220
NR AA 3,000 Dormitory Authority of
the State of New York,
Nursing Home,
(Our Lady of Consolation),
(FHA), 5.20%, 8/1/05 2,945,460
Baa1 BBB+ 1,000 Dormitory Authority of
the State of New York, State
University, 7.25%, 5/15/99 1,070,960
Baa1 BBB+ 1,000 Dormitory Authority of
The State of New York, State
University, 5.20%, 5/15/03 998,170
---------------
$ 17,479,101
---------------
Electric Utility - 2.1%
Aa AA- $3,100 Power Authority of the
State of New York,
5.0%, 1/1/14 $ 2,843,227
---------------
Escrowed/Prerefunded - 11.5%
Aaa NR $2,250 Dormitory Authority of
the State of New York,
State University,
Prerefunded to 5/15/02,
6.75%, 5/01/21 $2,539,283
Aaa AAA 2,000 New York State Housing
Finance Agency, Escrowed
to Maturity, 6.80%,
5/15/01 2,206,640
Aaa AAA 900 New York State Housing
Finance Authority, State
University, Escrowed to
Maturity, 7.80%, 5/1/01 1,033,434
Aaa AA- 2,500 Port Authority of New York
& New Jersey, (AMBAC),
Prerefunded to 10/1/02,
7.40%, 10/1/12 2,915,400
NR AA- 2,000 Power Authority of the
State of New York,
Prerefunded to
1/1/98, 8.00%, 1/1/17 2,168,860
Aaa AAA 2,500 Suffolk County, New York
Water Authority, (AMBAC),
Prerefunded to 6/1/02,
6.00%, 6/1/17 2,723,525
Aaa A+ 1,900 Triborough Bridge and
Tunnel Authority,
Prerefunded to
1/1/01, 7.00%, 1/1/21 2,123,782
---------------
$ 15,710,924
---------------
General Obligations - 8.7%
Baa1 BBB+ $1,000 The City of New York,
6.375%, 8/1/05 $ 1,028,140
Baa1 BBB+ 3,000 The City of New York,
6.40%, 8/1/03 3,131,340
Baa1 BBB+ 1,500 The City of New York,
6.375%, 8/1/06 1,534,305
A A- 1,500 State of New York,
7.50%, 11/15/00 1,672,380
A A- 1,000 State of New York,
7.50%, 11/15/01 1,131,470
A A- 2,000 State of New York,
7.00%, 11/15/02 2,246,760
Baa1 A 1,000 Puerto Rico
Commonwealth,
6.35%, 7/1/10 1,050,590
---------------
$ 11,794,985
---------------
Health Care - 1.7%
Baa1 BBB $2,340 Dormitory Authority
of New York, Department
of Health,
5.375%, 7/1/08 $ 2,239,614
---------------
Hospitals - 4.9%
Baa BBB $ 500 Cortland County Industrial
Development Agency,
Cortland Memorial
Hospital Inc. Project,
6.15%, 7/1/02 $508,215
NR AAA 2,000 New York State Medical
Care Facilities Finance
Agency, Mount Sinai
Hospital, 5.40%, 8/15/00 2,045,840
NR AAA 3,000 New York State Medical
Care Facilities Finance
Agency, Mount Sinai
Hospital, 5.50%, 8/15/01 3,093,840
Hospitals (continued)
Aa AA 1,000 New York State Medical
Care Facilities Finance
Agency, Hospital and
Nursing Home Revenue
Bonds, 7.50%, 2/15/09 1,082,150
---------------
$ 6,730,045
---------------
Housing - 0.8%
NR AAA $1,050 New York City Housing
Development Corporation,
6.70%, 6/1/00 $ 1,104,149
---------------
Insured Education - 3.4%
Aaa AAA $1,075 Dormitory Authority of
the State of New York,
Mt. Sinai School of
Medicine, (MBIA),
6.75%, 7/1/09 $ 1,166,934
Aaa AAA 1,550 Dormitory Authority of
the State of New York,
State University,
(AMBAC), 5.25%, 7/1/14 1,468,005
Aaa AAA 1,000 Dormitory Authority of
the State of New York, City
University, (FGIC),
5.25%, 7/1/06 1,011,770
Aaa AAA 1,000 Dormitory Authority of
the State of New York, City
University, (FGIC),
5.00%, 7/1/07 973,090
---------------
$ 4,619,799
---------------
Insured General Obligation - 3.7%
Aaa AAA $2,200 Nassau County, New York,
(MBIA), 5.10%, 7/1/05 $ 2,214,322
Aaa AAA 2,750 Nassau County, New York,
(FGIC), 5.10%, 8/1/04 2,785,173
---------------
$ 4,999,495
---------------
Insured Hospital - 5.5%
Aaa AAA $4,450 New York State Medical
Care Facilities Finance
Agency, New York State
Hospital, (AMBAC),
6.10%, 2/15/04 $ 4,770,801
Aaa AAA 2,500 New York State Medical
Care Facilities Finance
Agency, New York State
Hospital, (AMBAC),
6.20%, 2/15/05 2,716,300
---------------
$ 7,487,101
---------------
Insured Housing - 1.5%
Aa AA $2,000 New York City Housing
Development Corporation,
(FHA), 5.40%, 11/1/05 $ 2,007,320
---------------
Insured Miscellaneous - 0.8%
Aaa AAA $1,000 New York State Municipal
Bond Bank Agency,
(AMBAC), 6.625%,
3/15/06 $ 1,091,430
---------------
Insured Transportation - 6.9%
Aaa AAA $1,135 Metropolitan Transportation
Authority for the City
of New York, (MBIA),
5.80%, 7/1/03 $ 1,208,662
Aaa AAA 3,500 The Port Authority of
New York and New Jersey,
(MBIA), 6.375%, 10/15/17 3,674,930
Aaa AAA 2,000 Triborough Bridge and
Tunnel Authority, (MBIA),
6.20%, 1/1/01 2,139,220
Aaa AAA 2,290 Triborough Bridge and
Tunnel Authority, (FGIC),
5.80%, 1/1/02 2,408,279
---------------
$ 9,431,091
---------------
Insured Utility - 4.3%
Aaa AAA $5,280 New York State Energy
Research and Development
Authority, Central Hudson
Gas, (FGIC), 7.375%,
10/1/14 $ 5,832,341
---------------
Insured Water and Sewer - 2.2%
Aaa AAA $1,000 New York City Municipal
Water Finance Authority,
(AMBAC), 5.80%, 6/15/03 $ 1,060,190
Aaa AAA 1,000 New York City Municipal
Water Finance Authority,
(AMBAC), 5.55%, 6/15/01 1,041,540
Aaa AAA 1,000 Suffolk County, New York,
Water Authority, (MBIA),
5.00%, 6/1/15 915,670
---------------
$ 3,017,400
---------------
Lease Revenue/Certificates
of Participation - 10.8%
A1 AA $3,000 Battery Park City
Authority, 6.00%,
11/1/03 $3,192,990
A1 AA 3,500 Housing New York
Corporation, 6.00%,
11/1/03 3,682,280
Baa1 BBB 4,715 New York Urban
Development Corporation,
5.375%, 1/1/15 4,281,974
NR BBB 1,650 Puerto Rico Industrial
Tourist Educational
Medicine & Environmental
Control, (Guaynabo Lease),
5.375%, 7/1/06 1,606,160
Lease Revenue/Certificates
of Participation (continued)
Baa1 A 2,000 Puerto Rico Public
Buildings Authority,
5.30%, 7/1/03 2,038,360
---------------
$14,801,764
---------------
Special Tax Revenue - 6.2%
Aa AA- $2,975 Municipal Assistance
Corporation for the City
of New York,
5.75%, 7/1/08 $ 3,025,397
A A 2,725 New York Local
Government Assistance
Corporation, 5.25%,
4/1/16 2,530,702
A A 1,750 New York Local
Government Assistance
Corporation, 7.00%,
4/1/04 1,950,918
A A 1,700 New York Local
Government Assistance
Corporation, 0.00%,
4/1/06 1,007,845
---------------
$ 8,514,862
---------------
Transportation - 8.5%
Baa1 BBB $1,000 Metropolitan Transportation
Authority, 5.375%, 7/1/02 $ 1,006,490
A1 A 1,750 New York State Thruway
Authority, 5.375%, 1/1/02 1,803,393
A A- 1,645 New York State Thruway
Authority, 5.80%, 4/1/09 1,662,388
Baa1 BBB 1,000 New York State Thruway
Authority, 6.00%, 4/1/03 1,030,450
Ba1 BB 2,875 Port Authority of New York
& New Jersey, (Delta Airlines),
6.95%, 6/1/08 3,046,983
Baa1 A 2,850 Puerto Rico Highway
Authority, 6.75%, 7/1/05 3,107,441
---------------
$ 11,657,145
---------------
Water & Sewer Revenue - 3.7%
A A- $1,825 New York City Municipal
Water Finance Authority,
5.70%, 6/15/02 $ 1,909,041
Aaa AAA 1,000 New York State
Environmental Facilities
Corporation, County of
Westchester Project,
5.60%, 9/15/13 1,002,050
Aa A 2,000 New York State
Environmental Facilities
Corporation, New
York City Municipal
Water Finance Authority,
6.60%, 6/15/05 2,199,860
---------------
$ 5,110,951
---------------
Total Tax-Exempt
Investments (identified
cost, $135,090,306) $136,472,744
===============
The Portfolio invests primarily in debt securities issued by New York municipalities. The ability of the
issuers of the debt securities to meet their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such economic developments, at March 31,
1996, 32.3% of the securities in the portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies.The aggregate percentage by financial institution range
from 8.3% to 13.0% of total investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Ohio Limited Maturity Municipals Portfolio
Portfolio of Investments - March 31, 1996
Tax-Exempt Investments - 100%
- ----------------------------------------------------------------------------------------------------------------
Ratings (Unaudited) Principal
- ---------------------- Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education - 5.3%
A1 A+ $ 500 The Student Loan Funding
Corporation of Cincinatti,
(AMT), 5.75%, 8/1/03 $ 511,950
A1 NR 1,200 The Student Loan Funding
Corporation of Cincinatti,
(AMT), 5.95%, 8/1/05 1,228,464
---------------
$ 1,740,414
---------------
Escrowed - 5.6%
Aaa AAA $ 650 Clermont County, Ohio,
Water Works, (AMBAC),
Prerefunded to 12/1/01,
6.625%, 12/1/16 $ 726,674
Baa1 AAA 1,000 Puerto Rico Aqueduct &
Sewer Authority,
Prerefunded to 7/1/98
7.875%, 7/1/17 1,100,590
---------------
$ 1,827,264
---------------
General Obligations - 16.5%
NR A- $ 750 City of Cincinatti School
District, (Hamilton County,
Ohio) Revenue Anticipation
Notes, 6.05%, 6/15/00 $787,538
NR NR 500 Cleveland, Ohio, City
School District, 6.50%,
6/15/97 501,420
Aa NR 500 Hamilton County, Ohio,
5.00%, 12/1/16 453,835
NR A+ 300 Kings County, Ohio, Local
School District, 7.60%,
12/1/10 336,645
Aa AA 200 State of Ohio, Infrastructure
Improvement Bonds,
6.50%, 8/1/04 222,952
Baa1 A 1,000 Commonwealth of Puerto
Rico, 6.25%, 7/1/08 1,056,430
A NR 1,000 Wauseon, Ohio School
District, 7.25%, 12/1/10 1,086,950
NR NR 924 Youngstown, Ohio, County
School District,
6.40%, 7/1/00 954,289
---------------
$ 5,400,059
---------------
Health Care - 8.6%
Aa2 NR $1,000 Hamilton County, Ohio
Hospital Facilities,
(Episcopal Retirement
Homes, Inc.), 6.80%,
1/1/08 $ 1,072,030
NR BBB- 680 Marion County, Ohio,
Health Care Facilities,
(United Church
Homes Project), 5.25%,
11/15/98 672,935
Aa2 NR 1,000 Warren County, Ohio,
Hospital Facilities,
(Otterbein Homes
Project), 7.20%, 7/1/11 1,094,340
---------------
$ 2,839,305
---------------
Hospitals - 7.8%
A A- $1,000 Erie County Hospital
Improvement (Fireland
Community Hospital
Project), 6.75%, 1/1/08 $ 1,052,110
Baa BBB 500 Hamilton County Ohio
Health System
(Providence Hospital
Project), 6.00%, 7/1/01 505,535
NR NR 990 Mt. Vernon Ohio Hospital,
(Knox Community
Hospital), 7.875%,
6/1/12 996,287
---------------
$ 2,553,932
---------------
Industrial Development
Revenue - 8.9%
NR A- $1,020 Ohio Economic
Development Commission,
(ABS Industries)
(AMT), 6.00%, 6/1/04 $ 1,038,319
NR A- 1,000 Ohio Economic
Development Commission,
(Ohio Enterprise
Bond Fund-Progress
Plastics Products), (AMT),
5.60%, 6/1/02 1,006,120
NR A- 805 Ohio Economic
Development Commission,
(Ohio Enterprise
Bond Fund-Progress
Plastics Products), (AMT),
6.80%, 12/1/01 871,896
---------------
$ 2,916,335
---------------
Insured Education - 3.0%
Aaa AAA $1,000 Ohio State Public Facilities
Commission, (Higher
Educational Facilities),
(AMBAC), 4.70%, 6/1/05 $ 985,310
---------------
Insured General Obligations - 25.8%
Aaa AAA $1,615 Cleveland, Ohio,
(MBIA), 6.50%,
11/15/01 $ 1,776,145
Aaa AAA 1,350 Mt. Vernon County, Ohio,
Local School District,
(FGIC), 7.50%, 12/1/14 1,559,534
Aaa AAA 1,760 Southwest Licking Ohio
School Facilities
Improvement, (FGIC),
7.10%, 12/1/16 1,988,096
Insured General Obligations
(continued)
Aaa AAA 400 St. Henry, Ohio, Local
School District, (MBIA),
5.25%, 12/1/19 371,840
Aaa AAA 1,000 West Clermont Ohio
School District, (AMBAC),
7.125%, 12/1/19 1,133,260
Aaa AAA 1,500 West Clermont Ohio
School District, (AMBAC),
6.90%, 12/1/12 1,663,800
---------------
$ 8,492,675
---------------
Insured Hospital - 3.8%
Aaa AAA $1,150 Portage County Ohio
Hospital Revenue Bonds,
(Robinson Hospital
Project), (MBIA), 6.50%,
11/15/04 $ 1,261,044
---------------
Insured Transportation - 2.9%
Aaa AAA $1,000 Dayton, Ohio, Airport
Revenue, (James M.
Cox-Dayton International
Airport), (AMBAC),
5.25%, 12/1/15 $ 942,610
---------------
Insured Utility - 1.6%
Aaa AAA $ 500 Cleveland, Ohio, Public
Power System, (MBIA),
6.10%, 11/15/03 $ 540,365
---------------
Insured Water & Sewer - 1.9%
Aaa AAA $ 690 Bellefontaine, Ohio, Water
System Mortgage Revenue,
(AMBAC), 5.00%,
12/1/15 $ 630,984
---------------
Lease Revenue/Certificate of
A1 A+ $ 500 Ohio Building Authority,
(State Correctional
Facilities) 6.50%,
10/1/04 $ 544,275
---------------
Nursing Homes - 2.2%
NR NR $ 350 Cuyahoga County, Ohio,
Health Care Facilities,
(Judson Retirement
Community), 8.875%,
11/15/19 $ 379,376
NR NR 300 Greene County, Ohio,
First Mortgage, (Fairview
Extended Care),
10.125%, 1/1/11 338,340
---------------
$ 717,716
---------------
Special Tax - 1.5%
NR NR $ 504 Columbus Ohio Special
Assessment, 6.05%,
9/15/05 $ 502,517
---------------
Utility - 1.0%
NR BBB $ 350 Guam Power Authority,
5.10%, 10/1/03 $ 339,820
---------------
Water & Sewer Revenue - 1.9%
A1 AA- $ 575 Hamilton County Ohio
Sewer System, (The
Metropolitan District of
Greater Cincinatti),
6.40%, 12/1/02 $ 627,503
---------------
Total Tax-Exempt
Investments (identified
cost, $32,188,327) $ 32,862,128
===============
The Portfolio invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers
of the debt securities to meet their obligations may be affected by economic developments in a specific industry
or municipality. In order to reduce the risk associated with such economic developments, at March 31, 1996, 39.0%
of the securities in the portfolio of investments are backed by bond insurance of various financial institutions
and financial guaranty assurance agencies.The aggregate percentage by financial institution range from 10.8% to
18.5% of total investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Pennsylvania Limited Maturity Municipals Portfolio
Portfolio of Investments - March 31, 1996
Tax-Exempt Investments - 100%
- ----------------------------------------------------------------------------------------------------------------
Ratings (Unaudited) Principal
- ---------------------- Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education - 3.2%
NR AAA $ 700 Montgomery County
Higher Education and
Health Authority,
(Saint Joseph's University),
6.00%, 12/15/02 $ 741,825
Aa A+ 1,500 Pennsylvania Higher
Educational Facilities
Authority, (Thomas
Jefferson University),
5.90%, 8/15/00 1,584,750
Baa1 BBB 500 Pennsylvania Higher
Educational Facilities
Authority, (The Medical
College of Pennsylvania),
7.25%, 3/1/05 526,815
---------------
$ 2,853,390
---------------
Escrowed - 23.2%
Aaa AAA $1,000 Allegheny County,
Pennsylvania, Sanitation
Authority, (FGIC)
Prerefunded to 12/1/01,
6.50%, 12/1/16 $ 1,091,070
A A- 520 Chester County Health
and Education Facilities
Authority, (Bryn Mawr
Rehabilitation Hospital),
Escrowed to Maturity,
6.50%, 7/1/02 571,568
Aaa AAA 1,000 Harrisburg, Pennsylvania,
Water Revenue Authority,
(FGIC), Prerefunded to
7/15/01, 7.00%, 7/15/06 1,108,870
Aaa AAA 500 Pennsylvania Turnpike
Commission, (FGIC),
Escrowed to
Maturity, 6.50%, 12/1/01 545,535
Aaa AAA 3,200 Philadelphia Municipal
Authority, Justice Lease
Revenue Bonds,
(FGIC), Prerefunded to
11/15/01, 7.10%,
11/15/11 3,632,832
Aaa NR 2,500 Philadelphia, Pennsylvania,
Hospital & Higher
Education, (Children's
Hospital), Prerefunded to
2/15/02, 6.50%, 2/15/21 2,759,500
Aaa AAA 1,000 The Pittsburgh Water and
Sewer Authority, (FGIC),
Prerefunded to 9/1/01,
6.75%, 9/1/10 1,114,990
Aaa AAA 2,000 Pleasant Valley School
District (Monroe County,
Pennsylvania) (AMBAC),
Prerefunded to 3/15/01,
5.85%, 3/1/05 2,104,960
Aaa AAA 1,500 Somerset County,
Pennsylvania, General
Authority, (FGIC),
Escrowed to Maturity,
6.50%, 10/15/01 1,633,980
Aaa AAA 1,000 Somerset County,
Pennsylvania, General
Authority, (FGIC),
Prerefunded to 10/15/01,
7.00%, 10/15/13 1,113,470
Aaa AAA 3,000 County of Westmoreland,
Pennsylvania, (AMBAC),
Prerefunded to 8/1/01,
6.70%, 8/1/09 3,287,010
Aaa AAA 7,880 Westmoreland County,
Pennsylvania, Municipal
Authority, 0.00%, 8/15/19 2,025,081
---------------
$ 20,988,866
---------------
General Obligation - 4.5%
A1 AA- $1,500 Commonwealth of
Pennsylvania, 6.00%,
9/15/01 1,606,140
Baa1 A 1,000 Puerto Rico Aqueduct &
Sewer Authority, 5.00%,
7/1/15 899,310
Baa1 A 1,000 The Commomwealth of
Puerto Rico, Public
Improvement Refunding
Bonds, 5.50%, 7/1/01 1,033,430
Baa1 A 500 Puerto Rico Public
Building Authority,
6.00%, 7/1/99 520,370
---------------
$ 4,059,250
---------------
Health Care - 4.8%
NR NR $1,120 Delaware County,
Pennsylvania, Industrial
Development Authority,
(Glen Riddle Project),
8.125%, 9/1/05 $ 1,128,266
Aa AA 1,030 Geisinger, Pennsylvania,
Health System, 6.00%,
7/1/01 1,079,811
Aa AA 2,000 Geisinger, Pennsylvania,
Health System, 7.375%,
7/1/02 2,164,460
---------------
$ 4,372,537
---------------
Hospitals - 16.8%
NR AAA $1,030 Indiana County,
Pennsylvania, Hospital
Authority, (Indiana
Hospital Project), (CLEE),
5.75%, 7/1/00 $ 1,063,485
NR AAA 825 Indiana County,
Pennsylvania, Hospital
Authority, (Indiana
Hospital Project), (CLEE),
5.875%, 7/1/01 860,178
Baa1 BBB+ 1000 Monroeville, Pennsylvania,
Hospital Authority,
(Forbes Health),
5.75%, 10/1/05 979,270
A NR 500 New Castle Area
Hospital Authority, (St.
Francis Hospital
of New Castle), 5.90%,
11/15/00 512,725
NR BBB 445 Northampton County
Hospital Authority,
(Easton Hospital)
6.90%, 1/1/02 455,707
Baa1 BBB+ 1,250 The Hospitals and Higher
Education Facilities
Authority of
Philadelphia, (Graduate
Health System),
6.90%, 7/1/00 1,317,713
Baa1 BBB+ 3,000 The Hospitals and Higher
Education Facilities
Authority of
Philadelphia, (Graduate
Health System),
7.00%, 7/1/05 3,186,480
Baa1 BBB+ 2,475 The Hospital and Higher
Education Facilities
Authority of
Philadelphia, (Temple
University Hospital),
6.00%, 11/15/00 2,513,585
Aa NR 4,750 Pottsville, PA, Hospital
Authority, (Daughters
of Charity),
5.00%, 8/15/12 4,300,175
---------------
$ 15,189,318
---------------
Housing - 2.8%
Aaa AAA $2,450 Pennsylvania Housing
Finance Agency, (FNMA),
5.70%, 7/1/02 $ 2,492,165
---------------
Industrial Development
Revenue - 2.1%
NR NR $885 Chester County, PA,
Industrial Development
Authority, 8.00%,
9/1/05 $ 878,681
A3 A- 1,000 Clinton County, PA,
Industrial Development
Authority, (International
Paper Company),
5.375%, 5/1/04 1,000,920
---------------
$ 1,879,601
---------------
Insured Education - 3.9%
Aaa AAA $2,280 Lycoming County
Authority, Pennnsylvania,
College Revenue
Bonds, (AMBAC),
6.00%, 11/1/01 $ 2,413,540
Aaa AAA 1,000 Northampton County
Higher Education
Authority, (Lehigh
University), (MBIA),
7.10%, 11/15/09 1,090,560
---------------
$ 3,504,100
---------------
Insured General Obligation - 1.8%
Aaa AAA $ 265 Greensburg Salem School
District, (Westmoreland
County, Pennsylvania),
(MBIA), 5.80%, 9/15/01 $ 281,873
Aaa AAA 1,000 Commonwealth of
Pennsylvania, (MBIA),
6.60%, 1/1/01 1,091,400
Aaa AAA 275 The School District of
Philadelphia, Pennsylvania,
(AMBAC), 6.35%,
5/15/02 298,862
---------------
$ 1,672,135
---------------
Insured Health Care - 2.4%
Aaa AAA $2,050 Sayre Health Care
Facilities Authority,
(Guthrie Medical
Center ), (AMBAC),
6.50%, 3/1/00 $ 2,179,560
---------------
Insured Hospitals - 10.4%
Aaa AAA $2,215 The Hospital Authority
of Beaver County,
Pennsylvania, (The
Medical Center of
Beaver, PA,), (AMBAC),
5.90%, 7/1/00 $ 2,322,073
Insured Hospitals (continued)
Aaa AAA 2,000 Delaware County
Authority of Pennsylvania,
(Delaware Memorial
Hospital), (MBIA),
5.125%, 8/15/06 1,994,300
Aaa AAA 1,000 Erie County, Pennsylvania,
Hospital Authority,
(Hamot Health
System), (AMBAC),
7.10%, 2/15/10 1,086,800
Aaa AAA 400 Franklin County
Industrial Development
Authority, ( The
Chambersburg Hospital
Project), (FGIC), 5.80%,
7/1/02 416,944
Aaa AAA 500 Lancaster County Hospital
Authority, (The Lancaster
General Hospital Project),
(AMBAC), 5.80%, 7/1/01 525,020
Aaa AAA 525 Lehigh County General
Purpose Authority, (St.
Luke's Hospital
of Bethlehem,
Pennsylvania Project),
(AMBAC), 5.70%, 7/1/01 547,129
Aaa AAA 250 Mt. Lebanon Hospital
Authority (Allegheny
County, Pennsylvania)
(St. Clair Memorial
Hospital), (FGIC), 5.90%,
7/1/02 261,780
Aaa AAA 2,100 Washington County
Hospital Authority,
(Shadyside Hospital
Project), (AMBAC),
5.80%, 12/15/02 2,220,162
---------------
$ 9,374,208
---------------
Insured Lease/Certificates
of Participation - 2.4%
Aaa AAA $500 The Harrisburg Authority
(Dauphin County,
Pennsylvania), Lease
Revenue Bonds, (FGIC),
6.25%, 6/1/01 $ 539,860
Aaa AAA 1,000 Northumberland County
Authority, Pennsylvania,
Lease Revenue
Bonds, (MBIA), 6.50%,
10/15/01 1,089,320
Aaa AAA 500 The Philadelphia
Municipal Authority,
Justice Lease Revenue
Bonds, (MBIA), 6.40%,
11/15/98 526,070
---------------
$ 2,155,250
---------------
Insured Special Tax - 4.5%
Aaa AAA $2,070 Pennsylvania
Intergovernmental
Cooperation Authority,
(City of Philadelphia
Funding Program), (FGIC),
6.00%, 6/15/02 $ 2,195,980
Aaa AAA 1,900 Pennsylvania
Intergovernmental
Cooperation Authority,
(City of Philadelphia
Funding Program), (FGIC),
5.45%, 6/15/08 1,899,829
---------------
$ 4,095,809
---------------
Insured Transportation - 4.9%
Aaa AAA $4,250 Pennsylvania State Turnpike
Commisssion, (AMBAC),
6.25%, 6/1/11 $ 4,405,635
---------------
Insured Water & Sewer - 0.8%
Aaa AAA $700 Delaware County Industrial
Development Authority,
(Philadelphia Suburban
Water Company Project),
(FGIC), 5.95%, 6/1/02 $ 736,344
---------------
Nursing Home - 0.6%
NR NR $500 Wilkins Area, Pennsylvania,
Industrial Development
Authority, (Fairview
Extended Care), 10.25%,
1/1/21 $ 569,840
---------------
Solid Waste - 3.4%
Baa A- $500 Greater Lebanon Refuse
Authority of Lebanon
County, Pennsylvania,
Solid Waste Revenue,
6.20%, 5/15/99 $ 514,760
Baa A- 500 Greater Lebanon Refuse
Authority of Lebanon
County, Pennsylvania,
Solid Waste Revenue,
6.20%, 11/15/99 516,920
Baa A- 300 Greater Lebanon Refuse
Authority of Lebanon
County, Pennsylvania,
Solid Waste Revenue,
6.40%, 5/15/00 311,925
Solid Waste (continued)
Baa A- 500 Greater Lebanon Refuse
Authority of Lebanon
County, Pennsylvania,
Solid Waste Revenue,
6.40%, 11/15/00 522,015
NR NR 1,200 Pennsylvania Economic
Development Financing
Authority, (Resource
Recovery for Northampton),
6.75%, 1/1/07 1,209,852
---------------
$ 3,075,472
---------------
Special Tax Revenue - 0.3%
NR NR $250 Virgin Islands Public
Finance Authority,
(V.I. General Obligation/
Matching Loan Fund
Notes), 6.70%,10/1/99 $ 263,063
---------------
Transportation - 4.1%
Aa3 AA- $2,550 Southeastern Pennsylvania
Transportation Authority,
LOC: Canadian Imperial
Bank of Commerce,
6.00%, 6/1/99 $ 2,672,069
Aa3 AA- 1,000 Southeastern Pennsylvania
Transportation Authority,
LOC: Canadian Imperial
Bank of Commerce,
6.00%, 6/1/01 1,063,117
---------------
$ 3,735,186
---------------
Utility - 1.2%
NR NR $1,000 Virgin Island Water &
Sewer Authority, 7.40%,
7/1/11 $ 1,046,500
---------------
Water & Sewer - 1.9%
NR AA $1,600 Pennsylvania Infrastructure
Investment Authority,
(Pennvest Pool
Program), 6.45%, 9/1/04 $ 1,762,128
---------------
Total Tax-Exempt
Investments (identified
cost, $88,507,791) $ 90,410,357
===============
The Portfolio invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the
issuers of the debt securities to meet their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such economic developments, at March 31,
1996, 48.4% of the securities in the portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies.The aggregate percentage by financial institution range
from 6.7% to 23.7% of total investments.
See notes to financial statements
</TABLE>
Limited Maturity Municipals Portfolios
Financial Statements
<TABLE>
<CAPTION>
Statements of Assets and Liabilities
March 31, 1996
- -----------------------------------------------------------------------------------------------------------
Arizona California Connecticut Florida Massachusetts
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
--------- ----------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Assets:
Investments --
Identified cost $467,314 $58,558,528 $14,290,916 $122,087,493 $98,547,321
Unrealized appreciation 18,741 1,038,428 226,725 2,303,938 1,630,058
-------- ----------- ----------- ------------ -----------
Total investments, at value (Note 1A) $486,055 $59,596,956 $14,517,641 $124,391,431 $100,177,379
Cash 2,660 84,450 249,527 130 210,483
Receivable for investments sold -- -- -- 805,225 --
Interest receivable 6,814 1,010,968 253,852 2,852,461 1,545,014
Receivable from the Investment
Adviser (Note 3) 13,822 -- -- -- --
Deferred organization expenses
(Note 1D) 3,195 2,900 2,352 8,787 8,530
-------- ----------- ----------- ------------ -----------
Total assets $512,546 $60,695,274 $15,023,372 $128,058,034 $101,941,406
-------- ----------- ----------- ------------ -----------
Liabilities:
Demand note payable (Note 6) $ -- $ -- $ -- $215,000 $ --
Payable for investments purchased -- 1,474,957 157,848 -- 4,800,000
Payable for daily variation margin on open
financial futures contracts (Note 1E) -- -- 3,000 -- --
Payable to affiliate --
Trustees' fees -- 1,693 41 2,189 --
Accrued expenses 1,244 2,544 957 5,834 6,130
-------- ----------- ----------- ------------ -----------
Total liabilities $1,244 $1,479,194 $161,846 $223,023 $4,806,130
-------- ----------- ----------- ------------ -----------
Net Assets applicable to investors'
interest in Portfolio $511,302 $59,216,080 $14,861,526 $127,835,011 $97,135,276
======== =========== =========== ============ ===========
Sources of Net Assets:
Net proceeds from capital
contributions and withdrawals $492,561 $58,177,652 $14,637,976 $125,531,073 $95,505,218
Unrealized appreciation of investments
and financial futures contracts
(computed on the basis of identified
cost) 18,741 1,038,428 223,550 2,303,938 1,630,058
-------- ----------- ----------- ------------ -----------
Total $511,302 $59,216,080 $14,861,526 $127,835,011 $97,135,276
======== =========== =========== ============ ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Assets and Liabilities
March 31, 1996
- ------------------------------------------------------------------------------------------------------------
Michigan New Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ----------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
Assets:
Investments --
Identified cost $19,846,029 $77,501,411 $135,090,306 $32,188,327 $88,507,791
Unrealized appreciation 578,434 1,490,640 1,382,438 673,801 1,902,566
----------- ----------- ------------ ----------- -----------
Total investments, at value (Note 1A) $20,424,463 $78,992,051 $136,472,744 $32,862,128 $90,410,357
Cash 274,947 1,354,175 232 38,479 259,306
Receivable for investments sold 30,000 524,772 -- -- 4,501,158
Interest receivable 464,907 1,308,117 2,440,493 627,909 1,356,793
Deferred organization expenses
(Note 1D) 3,372 3,682 5,359 2,549 5,583
----------- ----------- ------------ ----------- -----------
Total assets $21,197,689 $82,182,797 $138,918,828 $33,531,065 $96,533,197
----------- ----------- ------------ ----------- -----------
Liabilities:
Demand note payable (Note 6) $ -- $ -- $183,000 $ -- $ --
Payable for investments purchased -- 1,989,734 -- -- 4,335,225
Payable for daily variation margin on open
financial futures contracts (Note 1E) 4,500 15,750 -- -- --
Payable to affiliate --
Trustees' fees 41 1,693 2,849 412 1,693
Accrued expenses 1,742 3,044 4,500 1,278 2,279
----------- ----------- ------------ ----------- -----------
Total liabilities $6,283 $2,010,221 $190,349 $1,690 $4,339,197
----------- ----------- ------------ ----------- -----------
Net Assets applicable to investors'
interest in Portfolio $21,191,406 $80,172,576 $138,728,479 $33,529,375 $92,194,000
=========== =========== ============ =========== ===========
Sources of Net Assets:
Net proceeds from capital
contributions and withdrawals $20,617,735 $78,695,325 $137,346,041 $32,855,574 $90,291,434
Unrealized appreciation of investments
and financial futures contracts
(computed on the basis of identified
cost) 573,671 1,477,251 1,382,438 673,801 1,902,566
----------- ----------- ------------ ----------- -----------
Total $21,191,406 $80,172,576 $138,728,479 $33,529,375 $92,194,000
=========== =========== ============ =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Operations
Year Ended March 31, 1996
- ------------------------------------------------------------------------------------------------------
Arizona California Connecticut Florida Massachusetts
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
--------- ---------- ---------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest income $32,044 $3,808,980 $851,625 $7,635,674 $5,819,018
------- ---------- -------- ---------- ----------
Expenses --
Investment adviser fee (Note 3) $2,725 $327,056 $74,308 $664,262 $506,126
Compensation of Trustees not
members of the Investment
Adviser's organization -- 6,778 177 10,454 8,898
Custodian fees (Note 3) 3,742 39,911 12,186 76,701 57,180
Interest expense (Note 6) -- 14,843 -- -- 9,046
Printing and postage -- -- 1,002 -- --
Legal and accounting services 5,690 21,260 20,131 30,060 26,097
Registration costs -- -- -- -- 1,250
Bond pricing 3,416 -- -- -- --
Amortization of organization
expenses (Note 1D) 886 1,765 2,576 4,217 4,099
Miscellaneous 588 7,943 7,017 25,639 12,225
------- ---------- -------- ---------- ----------
Total expenses $17,047 $419,556 $117,397 $811,333 $624,921
------- ---------- -------- ---------- ----------
Deduct --
Reduction of investment
adviser fee (Note 3) $2,725 $ -- $53,054 $ -- $ --
Allocation of expenses to the
Investment Adviser (Note 3) 13,822 -- -- -- --
Reduction of custodian fee (Note 3) 500 26,628 8,076 25,064 18,005
------- ---------- -------- ---------- ----------
Total $17,047 $26,628 $61,130 $25,064 $18,005
------- ---------- -------- ---------- ----------
Net expenses $ -- $392,928 $56,267 $786,269 $606,916
------- ---------- -------- ---------- ----------
Net investment income $32,044 $3,416,052 $795,358 $6,849,405 $5,212,102
------- ---------- -------- ---------- ----------
Realized and Unrealized Gain
(Loss) on Investments:
Net realized gain (loss) --
Investment transactions
(identified cost basis) $7,233 $1,093,627 $104,858 $1,101,851 $527,819
Financial futures contracts (6,079) (402,738) (88,087) (806,120) (590,914)
------- ---------- -------- ---------- ----------
Net realized gain (loss) $1,154 $690,889 $16,771 $295,731 ($63,095)
------- ---------- -------- ---------- ----------
Change in unrealized appreciation --
Investments $2,524 $430,606 $273,176 $1,447,454 $1,662,159
Financial futures contracts 3,400 69,703 10,425 142,806 100,304
------- ---------- -------- ---------- ----------
Net unrealized appreciation
of investments $5,924 $500,309 $283,601 $1,590,260 $1,762,463
- -------------- ------- ---------- -------- ---------- ----------
Net realized and
unrealized gain $7,078 $1,191,198 $300,372 $1,885,991 $1,699,368
------- ---------- -------- ---------- ----------
Net increase in net assets
from operations $39,122 $4,607,250 $1,095,730 $8,735,396 $6,911,470
======= ========== ========== ========== ==========
See notes to financial Statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
Year Ended March 31, 1996
- -------------------------------------------------------------------------------------------------
Michigan New Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest income $1,512,575 $4,772,911 $8,226,792 $2,096,232 $5,569,577
---------- ---------- ---------- ---------- ----------
Expenses --
Investment adviser fee (Note 3) $126,312 $412,459 $722,493 $173,867 $478,819
Compensation of Trustees not
members of the Investment
Adviser's organization 1,395 6,450 11,725 1,766 6,494
Custodian fees (Note 3) 16,987 48,622 82,786 22,509 56,011
Interest expense (Note 6) 5,971 7,460 -- 4,284 17,317
Legal and accounting services 23,460 25,860 30,360 23,460 25,860
Registration costs -- -- -- 250 --
Amortization of organization
expenses (Note 1D) 3,122 1,793 2,576 2,577 2,680
Miscellaneous 4,818 11,779 23,721 5,977 11,998
---------- ---------- ---------- ---------- ----------
Total expenses $182,065 $514,423 $873,661 $234,690 $599,179
Deduct --
Reduction of custodian fee (Note 3) 10,680 23,238 34,821 7,558 20,958
---------- ---------- ---------- ---------- ----------
Net expenses $171,385 $491,185 $838,840 $227,132 $578,221
---------- ---------- ---------- ---------- ----------
Net investment income $1,341,190 $4,281,726 $7,387,952 $1,869,100 $4,991,356
---------- ---------- ---------- ---------- ----------
Realized and Unrealized Gain
(Loss) on Investments:
Net realized gain (loss) --
Investment transactions
(identified cost basis) $483,781 $588,158 $1,075,619 $453,529 $90,417
Financial futures contracts (169,851) (504,799) (857,703) (223,129) (560,722)
---------- ---------- ---------- ---------- ----------
Net realized gain (loss) $313,930 $83,359 $217,916 $230,400 ($470,305)
---------- ---------- ---------- ---------- ----------
Change in unrealized appreciation --
Investments $65,041 $807,472 $2,164,521 $146,955 $1,733,591
Financial futures contracts 22,438 68,215 147,906 32,301 95,204
---------- ---------- ---------- ---------- ----------
Net unrealized appreciation
of investments $87,479 $875,687 $2,312,427 $179,256 $1,828,795
- -------------- ---------- ---------- ---------- ---------- ----------
Net realized and
unrealized gain $401,409 $959,046 $2,530,343 $409,656 $1,358,490
---------- ---------- ---------- ---------- ----------
Net increase in net assets
from operations $1,742,599 $5,240,772 $9,918,295 $2,278,756 $6,349,846
========== ========== ========== ========== ==========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Year Ended March 31, 1996
- ---------------------------------------------------------------------------------------------------
Arizona California Connecticut Florida Massachusetts
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
--------- ---------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
From operations --
Net investment income $32,044 $3,416,052 $795,358 $6,849,405 $5,212,102
Net realized gain (loss)
on investments 1,154 690,889 16,771 295,731 (63,095)
Change in unrealized
appreciation of investments 5,924 500,309 283,601 1,590,260 1,762,463
-------- ----------- ----------- ------------ ------------
Net increase in net assets
from operations $39,122 $4,607,250 $1,095,730 $8,735,396 $6,911,470
-------- ----------- ----------- ------------ ------------
Capital transactions --
Contributions $111,308 $2,502,298 $1,702,174 $10,648,982 $4,408,033
Withdrawals (229,584) (30,237,193) (5,251,996) (56,128,282) (33,303,769)
-------- ----------- ----------- ------------ ------------
Decrease in net assets resulting
from capital transactions ($118,276) ($27,734,895) ($3,549,822) ($45,479,300) ($28,895,736)
-------- ----------- ----------- ------------ ------------
Total decrease in net assets ($79,154) ($23,127,645) ($2,454,092) ($36,743,904) ($21,984,266)
Net Assets:
At beginning of year 590,456 82,343,725 17,315,618 164,578,915 119,119,542
-------- ----------- ----------- ------------ ------------
At end of year $511,302 $59,216,080 $14,861,526 $127,835,011 $97,135,276
======== =========== =========== ============ ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Year Ended March 31, 1996
- -------------------------------------------------------------------------------------------------------
Michigan New Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
From operations --
Net investment income $1,341,190 $4,281,726 $7,387,952 $1,869,100 $4,991,356
Net realized gain (loss)
on investments 313,930 83,359 217,916 230,400 (470,305)
Change in unrealized
appreciation of investments 87,479 875,687 2,312,427 179,256 1,828,795
------------ ------------ ------------ ------------ ------------
Net increase in net assets
from operations $1,742,599 $5,240,772 $9,918,295 $2,278,756 $6,349,846
------------ ------------ ------------ ------------ ------------
Capital transactions --
Contributions $748,500 $2,138,038 $7,273,143 $1,242,994 $4,976,577
Withdrawals (14,497,709) (24,485,909) (52,095,383) (9,427,749) (32,738,468)
------------ ------------ ------------ ------------ ------------
Decrease in net assets resulting
from capital transactions ($13,749,209) ($22,347,871) ($44,822,240) ($8,184,755) ($27,761,891)
------------ ------------ ------------ ------------ ------------
Total decrease in net assets ($12,006,610) ($17,107,099) ($34,903,945) ($5,905,999) ($21,412,045)
At beginning of year 33,198,016 97,279,675 173,632,424 39,435,374 113,606,045
------------ ------------ ------------ ------------ ------------
At end of year $21,191,406 $80,172,576 $138,728,479 $33,529,375 $92,194,000
=========== =========== ============ =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Year Ended March 31, 1996
- -----------------------------------------------------------------------------------------------------------
Arizona California Connecticut Florida Massachusetts
Limited Limited Limited Limited Limited
Portfolio* Portfolio Portfolio Portfolio Portfolio
---------- ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
From operations --
Net investment income $8,686 $4,317,764 $874,089 $8,483,858 $5,912,832
Net realized loss
on investments (10) (3,541,623) (562,025) (4,072,437) (2,100,952)
Change in unrealized
appreciation of investments 12,817 2,987,188 573,926 5,067,690 2,792,609
-------- ----------- ----------- ------------ ------------
Net increase in net assets
from operations $21,493 $3,763,329 $885,990 $9,479,111 $6,604,489
-------- ----------- ----------- ------------ ------------
Capital transactions --
Contributions $477,295 $14,449,584 $4,383,626 $29,535,670 $17,263,223
Withdrawals (8,342) (31,573,058) (4,720,895) (60,412,518) (24,520,587)
-------- ----------- ----------- ------------ ------------
Increase (decrease) in net assets
resulting from capital transactions $468,953 ($17,123,474) ($337,269) ($30,876,848) ($7,257,364)
-------- ----------- ----------- ------------ ------------
Total increase (decrease) in net assets $490,446 ($13,360,145) $548,721 ($21,397,737) ($652,875)
Net Assets:
At beginning of year 100,010 95,703,870 16,766,897 185,976,652 119,772,417
-------- ----------- ----------- ------------ ------------
At end of year $590,456 $82,343,725 $17,315,618 $164,578,915 $119,119,542
======== =========== =========== ============ ============
*For the period from the start of business, November 3, 1994, to March 31, 1995.
Year Ended March 31, 1995
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Year Ended March 31, 1996
- -----------------------------------------------------------------------------------------------------------
Michigan New Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
From operations --
Net investment income $1,731,146 $4,840,639 $8,821,606 $1,988,159 $5,762,059
Net realized loss
on investments (1,889,732) (2,432,985) (2,970,287) (1,848,899) (1,989,932)
Change in unrealized
appreciation of investments 1,913,469 2,933,058 3,317,903 1,939,481 2,563,670
----------- ------------ ------------ ----------- ------------
Net increase in net assets
from operations $1,754,883 $5,340,712 $9,169,222 $2,078,741 $6,335,797
----------- ------------ ------------ ----------- ------------
Capital transactions --
Contributions $8,180,397 $13,706,598 $23,864,886 $8,548,567 $15,664,244
Withdrawals (12,345,746) (24,715,358) (43,169,334) (9,169,484) (32,013,516)
----------- ------------ ------------ ----------- ------------
Decrease in net assets resulting
from capital transactions ($4,165,349) ($11,008,760) ($19,304,448) ($620,917)($16,349,272)
----------- ------------ ------------ ----------- ------------
Total increase (decrease) in net assets ($2,410,466) ($5,668,048) ($10,135,226) $1,457,824 ($10,013,475)
Net Assets:
At beginning of year 35,608,482 102,947,723 183,767,650 37,977,550 123,619,520
----------- ------------ ------------ ----------- ------------
At end of year $33,198,016 $97,279,675 $173,632,424 $39,435,374 $113,606,045
=========== =========== ============ =========== ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Supplementary Data
- ------------------------------------------------------------------------------------------------------------------------
Arizona Limited Portfolio California Limited Portfolio
------------------------- --------------------------------
Year Ended March 31, Year Ended March 31,
------------------------- --------------------------------
1996 1995*** 1996 1995 1994**
------------ --------- --------- --------- --------
<S> <C> <C> <C> <C> <C>
Ratios (As a percentage of average daily
net assets)++:
Net expenses (1) 0.08% 0.00%+ 0.58% 0.53% 0.46%+
Net expenses after custodian fee reduction (1) 0.00% -- 0.55% -- --
Net investment income 5.31% 4.60%+ 4.82% 4.72% 4.50%+
Portfolio Turnover 35% 1% 36% 56% 6%
Net Assets, end of period (000 omitted) $511 $590 $59,216 $82,344 $95,704
++ The operating expenses of the Portfolios may reflect a reduction of the investment adviser fee and/or an allocation
of expenses to the Investment Adviser. Had such actions not been taken, the ratios would have been as follows:
<CAPTION>
Ratios (As a percentage of average daily net assets):
Expenses (1) 2.82% 1.31%+ 0.52%+
Net investment income 2.57% 3.29%+ 4.44%+
Connecticut Limited Portfolio Florida Limited Portfolio
------------------------- --------------------------------
Year Ended March 31, Year Ended March 31,
------------------------- --------------------------------
1996 1995 1994** 1996 1995 1994**
-------- ------- ------ --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Ratios (As a percentage of average daily
net assets)++:
Net expenses (1) 0.39% 0.17% 0.00%+ 0.55% 0.52% 0.49%+
Net expenses after custodian fee reduction (1) 0.35% -- -- 0.54% -- --
Net investment income 4.91% 4.95% 4.53%+ 4.73% 4.73% 4.53%+
Portfolio Turnover 52% 73% 39% 20% 44% 8%
Net Assets, end of period (000 omitted) $14,862 $17,316 $16,767 $127,835 $164,579 $185,977
++ The operating expenses of the Portfolios may reflect a reduction of the investment adviser fee and/or an allocation
of expenses to the Investment Adviser. Had such actions not been taken, the ratios would have been as follows:
Ratios (As a percentage of average daily net assets):
Expenses (1) 0.72% 0.67% 0.62%+
Net investment income 4.58% 4.45% 3.92%+
+ Annualized.
* For the period from the start of business, April 16, 1993, to March 31, 1994.
** For the period from the start of business, May 3, 1993, to March 31, 1994.
*** For the period from the start of business, November 3, 1994, to March 31, 1995.
(1) The expense ratios for the year ended March 31, 1996 have been adjusted to reflect a change in reporting requirements.
The new reporting guidelines require each Portfolio to increase its expense ratio by the effect of any offset arrangements
with its service providers. The expense ratios for the periods ended March 31, 1995 and 1994 have not been adjusted to reflect
this change.
Massachusetts Limited Portfolio Michigan Limited Portfolio
-------------------------- --------------------------------
Year Ended March 31, Year Ended March 31,
-------------------------- --------------------------------
1996 1995 1994** 1996 1995 1994**
-------- ------- ------ --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Ratios (As a percentage of average daily
net assets)++:
Net expenses (1) 0.57% 0.54% 0.52%+ 0.68% 0.48% 0.00%+
Net expenses after custodian fee reduction (1) 0.55% -- -- 0.64% -- --
Net investment income 4.72% 4.90% 4.57%+ 5.00% 4.88% 4.62%+
Portfolio Turnover 27% 46% 8% 40% 111% 30%
Net Assets, end of period (000 omitted) $97,135 $119,120 $119,772 $21,191 $33,198 $35,608
++ The operating expenses of the Portfolios may reflect a reduction of the investment adviser fee and/or an allocation
of expenses to the Investment Adviser. Had such actions not been taken, the ratios would have been as follows:
Ratios (As a percentage of average daily net assets):
Expenses (1) 0.59% 0.54%+
Net investment income 4.77% 4.08%+
New Jersey Limited Portfolio New York Limited Portfolio
-------------------------- --------------------------------
Year Ended March 31, Year Ended March 31,
-------------------------- --------------------------------
1996 1995 1994** 1996 1995 1994**
-------- ------- ------ --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Ratios (As a percentage of average daily
net assets):
Net expenses (1) 0.57% 0.54% 0.54%+ 0.55% 0.52% 0.47%+
Net expenses after custodian fee reduction (1) 0.55% -- -- 0.53% -- --
Net investment income 4.78% 4.73% 4.53%+ 4.66% 4.79% 4.50%+
Portfolio Turnover 42% 44% 10% 32% 31% 5%
Net Assets, end of period (000 omitted) $80,173 $97,280 $102,948 $138,728 $173,632 $183,768
+ Annualized.
* For the period from the start of business, April 16, 1993, to March 31, 1994.
** For the period from the start of business, May 3, 1993, to March 31, 1994.
(1) The expense ratios for the year ended March 31, 1996 have been adjusted to reflect a change in reporting requirements.
The new reporting guidelines require each Portfolio to increase its expense ratio by the effect of any offset arrangements
with its service providers. The expense ratios for the periods ended March 31, 1995 and 1994 have not been adjusted to reflect
this change.
Ohio Limited Portfolio Pennsylvania Limited Portfolio
-------------------------- --------------------------------
Year Ended March 31, Year Ended March 31,
-------------------------- --------------------------------
1996 1995 1994** 1996 1995 1994**
-------- ------- ------ --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Ratios (As a percentage of average daily
net assets)++:
Net expenses (1) 0.63% 0.46% 0.00%+ 0.58% 0.53% 0.50%+
Net expenses after custodian fee reduction (1) 0.61% -- -- 0.56% -- --
Net investment income 5.06% 4.96% 4.68%+ 4.81% 4.77% 4.59%+
Portfolio Turnover 47% 120% 33% 24% 39% 12%
Net Assets, end of period (000 omitted) $33,529 $39,435 $37,978 $92,194 $113,606 $123,620
++ The operating expenses of the Portfolios may reflect a reduction of the investment adviser fee and an allocation of
expenses to the Investment Adviser. Had such actions not been taken, the ratios would have been as follows:
Ratios (As a percentage of average daily net assets):
Expenses (1) 0.58% 0.54%+
Net investment income 4.84% 4.14%+
+ Annualized.
* For the period from the start of business, April 16, 1993, to March 31, 1994.
** For the period from the start of business, May 3, 1993, to March 31, 1994.
(1) The expense ratios for the year ended March 31, 1996 have been adjusted to reflect a change in reporting requirements.
The new reporting guidelines require each Portfolio to increase its expense ratio by the effect of any offset arrangements
with its service providers. The expense ratios for the periods ended March 31, 1995 and 1994 have not been adjusted to reflect
this change.
See notes to financial statements
</TABLE>
Notes to Financial Statements
(1) Significant Accounting Policies
Arizona Limited Maturity Municipals Portfolio (Arizona Limited
Portfolio), California Limited Maturity Municipals Portfolio (California
Limited Portfolio), Connecticut Limited Maturity Municipals Portfolio
(Connecticut Limited Portfolio), Florida Limited Maturity Municipals
Portfolio (Florida Limited Portfolio), Massachusetts Limited Maturity
Municipals Portfolio (Massachusetts Limited Portfolio), Michigan Limited
Maturity Municipals Portfolio (Michigan Limited Portfolio), New Jersey
Limited Maturity Municipals Portfolio (New Jersey Limited Portfolio),
New York Limited Maturity Municipals Portfolio (New York Limited
Portfolio), Ohio Limited Maturity Municipals Portfolio (Ohio Limited
Portfolio), and Pennsylvania Limited Maturity Municipals Portfolio
(Pennsylvania Limited Portfolio), collectively the Portfolios, are
registered under the Investment Company Act of 1940 as non-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. 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,
deduction or credit. Interest income received by the Portfolios on
investments in municipal bonds, which is excludable from gross income
under the Internal Revenue Code, will retain its status as income exempt
from federal income tax when allocated to each Portfolio's investors.
The portion of such interest, if any, earned on private activity bonds
issued after August 7, 1986, may be considered a tax preference item for
investors.
D. Deferred Organization Expenses -- Costs incurred by a Portfolio in
connection with its organization are being amortized on the straight-
line basis over five years beginning on the date each Portfolio
commenced operations.
E. Financial Futures Contracts -- Upon the entering of a financial
futures contract, a Portfolio is required to deposit ("initial margin")
either in cash or securities an amount equal to a certain percentage of
the purchase price indicated in the financial futures contract.
Subsequent payments are made or received by a Portfolio ("margin
maintenance") each day, dependent on the daily fluctuations in the value
of the underlying security, and are recorded for book purposes as
unrealized gains or losses by a Portfolio. A Portfolio's investment in
financial futures contracts is designed only to hedge against
anticipated future changes in interest rates. Should interest rates move
unexpectedly, a Portfolio may not achieve the anticipated benefits of
the financial futures contracts and may realize a loss.
F. 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. Use of Estimates -- The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expense during the
reporting period. Actual results could differ from those estimates.
H. Other -- Investment transactions are accounted for on a trade date
basis.
(2) Portfolio Name Changes
Arizona Limited Maturity Tax Free Portfolio, California Limited Maturity
Tax Free Portfolio, Connecticut Limited Maturity Tax Free Portfolio,
Florida Limited Maturity Tax Free Portfolio, Massachusetts Limited
Maturity Tax Free Portfolio, Michigan Limited Maturity Tax Free
Portfolio, New Jersey Limited Maturity Tax Free Portfolio, New York
Limited Maturity Tax Free Portfolio, Ohio Limited Maturity Tax Free
Portfolio and Pennsylvania Limited Maturity Tax Free Portfolio changed
their respective names to Arizona Limited Maturity Municipals Portfolio,
California Limited Maturity Municipals Portfolio, Connecticut Limited
Maturity Municipals Portfolio, Florida Limited Maturity Municipals
Portfolio, Massachusetts Limited Maturity Municipals Portfolio, Michigan
Limited Maturity Municipals Portfolio, New Jersey Limited Maturity
Municipals Portfolio, New York Limited Maturity Municipals Portfolio,
Ohio Limited Maturity Municipals Portfolio and Pennsylvania Limited
Maturity Municipals Portfolio.
(3) Investment Adviser Fee and Other Transactions
with Affiliates
The investment adviser fee is earned by Boston Management and Research
(BMR), a wholly-owned subsidiary of Eaton Vance Management (EVM), as
compensation for management and investment advisory services rendered to
each Portfolio. The fee is based upon a percentage of average daily net
assets plus a percentage of gross income (i.e., income other than gains
from the sale of securities). For the year ended March 31, 1996, each
Portfolio paid advisory fees as follows:
Portfolio Amount Effective Rate*
- ---------- ---------- ------------------
Arizona Limited $ 2,725 0.45%
California Limited 327,056 0.46%
Connecticut Limited 74,308 0.46%
Florida Limited 664,262 0.46%
Massachusetts Limited 506,126 0.46%
Michigan Limited 126,312 0.47%
New Jersey Limited 412,459 0.46%
New York Limited 722,493 0.46%
Ohio Limited 173,867 0.47%
Pennsylvania Limited 478,819 0.46%
To enhance the net income of the Arizona Limited Portfolio and
Connecticut Limited Portfolio, BMR made a reduction of its fees in the
amounts of $2,725, and $53,054, for the year ended March 31, 1996. In
addition, $13,822, of expenses related to the operation of the Arizona
Limited Portfolio, was allocated, to BMR for the year ended March 31,
1996.
Investors Bank & Trust Company (IBT) serves as custodian of the
Portfolios. Prior to November 10, 1995, IBT was an affiliate of EVM and
BMR. 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 significant credit balances used
to reduce the Portfolio's custody fees 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.
* Advisory fees paid as a percentage of average daily net assets.
(4) Investments
Purchases and sales of investments, other than U.S. Government
securities and short-term obligations, for the year ended March 31, 1996
were as follows:
Arizona California Connecticut Florida Massachusetts
Limited Limited Limited Limited Limited
Fund Fund Fund Fund Fund
---------- ---------- ---------- ---------- -----------
Purchases $199,789 $24,877,015 $8,250,736 $28,911,796 $29,004,871
Sales 267,967 44,446,230 10,784,654 65,874,757 46,682,315
Michigan New Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ---------- ---------- -----------
Purchases $10,444,968 $36,977,125 $48,785,957 $16,917,510 $24,225,600
Sales 22,415,051 53,795,384 80,959,674 22,846,327 47,926,721
(5) Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) in value of the
investments owned by each Portfolio at March 31, 1996, as computed on a
federal income tax basis, are as follows:
Arizona California Connecticut Florida Massachusetts
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ---------- ---------- -----------
Aggregate
cost $467,314 $58,558,528 $14,290,916 $122,087,493 $98,547,321
======== =========== =========== ============ ===========
Gross
unrealized
appreciation $20,046 $1,382,191 $316,726 $3,356,253 $1,995,216
Gross
unrealized
depreciation 1,305 343,763 90,001 1,052,315 365,158
-------- ---------- ----------- ------------ -----------
Net
unrealized
appreciation
$18,741 $1,038,428 $226,725 $2,303,938 $1,630,058
======== =========== =========== ============ ===========
Michigan New Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ---------- ---------- -----------
Aggregate
cost $19,846,029 $77,501,411 $135,090,306 $32,188,327 $88,507,791
========== =========== =========== =========== ===========
Gross
unrealized
appreciation $756,054 $2,011,354 $2,402,137 $810,700 $2,197,635
Gross
unrealized
depreciation 177,620 520,714 1,019,699 136,899 295,069
---------- ----------- ----------- ----------- -----------
Net
unrealized
appreciation $578,434 $1,490,640 $1,382,438 $673,801 $1,902,566
========== =========== =========== =========== ===========
(6) 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 March 31, 1996, the Florida
Limited Portfolio and New York Limited Portfolio had a balance
outstanding pursuant to this line of credit of $215,000 and $183,000,
respectively. The Portfolios did not have any significant borrowings or
allocated fees during the year ended March 31, 1996.
(7) 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.
A summary of obligations under these financial instruments at March 31,
1996 is as follows:
Futures
Contracts Net
Expiration Unrealized
Portfolio Date Contracts Position Depreciation
- ---------- --------- ---------------- -------- ------------
Connecticut
Limited 6/96 4 U.S. Treasury Bonds Short $ 3,175
Michigan
Limited 6/96 6 U.S. Treasury Bonds Short 4,763
New Jersey
Limited 6/96 21 U.S. Treasury Bonds Short 13,389
Independent Auditors' Report
To the Trustees and Investors of
Arizona Limited Maturity Municipals Portfolio
California Limited Maturity Municipals Portfolio
Connecticut Limited Maturity Municipals Portfolio
Florida Limited Maturity Municipals Portfolio
Massachusetts Limited Maturity Municipals Portfolio
Michigan Limited Maturity Municipals Portfolio
New Jersey Limited Maturity Municipals Portfolio
New York Limited Maturity Municipals Portfolio
Ohio Limited Maturity Municipals Portfolio
Pennsylvania Limited Maturity Municipals Portfolio
We have audited the accompanying statements of assets and liabilities,
including the portfolio of investments, of Arizona Limited Maturity
Municipals Portfolio, California Limited Maturity Municipals Portfolio,
Connecticut Limited Maturity Municipals Portfolio, Florida Limited
Maturity Municipals Portfolio, Massachusetts Limited Maturity Municipals
Portfolio, Michigan Limited Maturity Municipals Portfolio, New Jersey
Limited Maturity Municipals Portfolio, New York Limited Maturity
Municipals Portfolio, Ohio Limited Maturity Municipals Portfolio, and
Pennsylvania Limited Maturity Municipals Portfolio (the Portfolios), as
of March 31, 1996, and the related statements of operations for the year
then ended, and the statements of changes in net assets for the years
ended March 31, 1996 and 1995 and the supplementary data for each of the
years in the three year period ended March 31, 1996. These financial
statements and supplementary data are the responsibility of the Trusts'
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 audit to
obtain reasonable assurance about whether the financial statements and
supplementary data are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned at March 31, 1996 by correspondence
with the custodian and brokers; where replies were not received from
brokers, we performed other audit procedures. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, such financial statements and supplementary data present
fairly, in all material respects, the financial position of the
aforementioned Portfolios, as of March 31, 1996, 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
May 2, 1996
INVESTMENT MANAGEMENT FOR PORTFOLIO
OFFICERS
Thomas J. Fetter
President
James B. Hawkes
Vice President, Trustee
Robert B. MacIntosh
Vice President
William H. Ahern, Jr.
Vice President and Portfolio Manager of
Connecticut, Michigan, New Jersey, and Ohio Limited Maturity Municipals
Portfolios
Raymond E. Hender
Vice President and Portfolio Manager of Arizona, California, Florida,
Massachusetts, New York and Pennsylvania Limited Maturity Municipals
Portfolios
James L. O'Connor
Treasurer
Thomas Otis
Secretary
INDEPENDENT TRUSTEES
Donald R. Dwight
President, Dwight Partners, Inc.
Chairman, Newspaper of
New England, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of
Investment Banking, Harvard University Graduate School of Business
Administration
Norton H. Reamer
President and Director,
United Asset Management Corporation
John L. Thorndike
Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser
and Consultant
Investment Adviser of Eaton Vance Municipals Portfolio
Boston Management and Research
24 Federal Street
Boston, MA 02110
Administrator
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
89 South Street
P.O. Box 1537
Boston, MA 02205-1537
Transfer Agent
First Data Investor Services Group, Inc.
BOS725
P.O. Box 1559
Boston, MA 02104
Auditors
Deloitte & Touche LLP
125 Summer Street
Boston, MA 02110
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