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[FRONT COVER]
The Eaton Vance Investment Trust
For the 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
North Carolina Limited Maturity Tax Free Portfolio
Ohio Limited Maturity Tax Free Portfolio
Pennsylvania Limited Maturity Tax Free Portfolio
Virginia Limited Maturity Tax Free Portfolio
[LOGO]
Semi-Annual Shareholder Report
September 30, 1995
Investment Adviser of the Limited Maturity Tax Free Portfolios
Boston Management and Research
24 Federal Street
Boston, MA 02110
Administrator of Eaton Vance Limited Maturity Tax Free Funds
Eaton Vance Management
24 Federal Street
Boston, MA 02110
(617) 482-8260
Principal Underwriter
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
Custodian
Investors Bank & Trust Company
24 Federal Street
Boston, MA 02110
Transfer Agent
The Shareholder Services Group, Inc.
BOS725
P.O. Box 1559
Boston, MA 02104
<PAGE>
Arizona Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- --------------------------- ------------
Education - 2.8%
A1 AA $15 Arizona State University
Revenue Bonds, 6.50%,
7/1/01 $ 16,494
----------
Escrowed/Prerefunded - 22.1%
Aaa AAA $10 Maricopa County, Arizona,
Hospital Revenue,
Escrowed to Maturity,
6.50%, 1/1/97 $ 10,157
Aaa AAA 20 Maricopa County, Arizona,
School District #28,
(Kyrene Elementary),
(FGIC), Prerefunded to
7/1/01, 6.00%, 7/1/13 21,449
NR AA+ 20 Phoenix, Arizona,
Prerefunded to 7/1/98,
6.50%, 7/1/01 21,481
NR AAA 15 Phoenix, Arizona, Civic
Improvement Corporation,
Prerefunded to 7/1/03,
6.125%, 7/1/14 16,530
NR AA+ 20 Scottsdale, Arizona,
Prerfunded to 7/1/00,
6.00%, 7/1/10 21,590
NR AA- 15 Tuscon, Arizona,
Prerefunded to 7/1/01,
6.75%, 7/1/15 16,725
Aaa AAA 20 University of Arizona
Medical Center
Corporation, (MBIA),
Prerefunded to 7/1/01,
7.00%, 7/1/11 22,758
----------
$130,690
----------
General Obligations - 23.5%
Aa AA $15 Phoenix, Arizona, 5.90%,
7/1/00 $ 16,005
Aa A+ 25 Pima County, Arizona,
6.20%, 7/1/99 26,704
A1 A 25 Maricopa County, Arizona,
School District #8,
6.10%, 7/1/04 26,616
Baa1 A 25 Puerto Rico Public
Building Authority,
6.50%, 7/1/03 27,431
Baa1 A 20 Commonwealth of Puerto
Rico, 6.00%, 7/1/05 21,287
A1 A+ 20 Tempe Union High School
District #213, (Maricopa
County, Arizona), 5.90%,
7/1/03 21,053
----------
$139,096
----------
Housing - 4.2%
NR AAA $25 Phoenix, Arizona,
Industrial Development
Authority, 6.00%, 6/1/06 $ 25,154
----------
Insured Education - 11.5%
Aaa AAA $25 Arizona Educational Loan
Marketing Corporation,
(MBIA), 6.80%, 9/1/98 $ 26,501
Aaa AAA 20 East Valley, Arizona,
Institute of Technology,
District 401, (AMBAC),
5.90%, 7/1/03 21,029
Aaa AAA 20 Northern Arizona
University, (AMBAC),
6.00%, 6/1/06 20,711
----------
$ 68,241
----------
Insured General Obligations - 17.0%
Aaa AAA $20 Maricopa County, Arizona,
School District #40,
(AMBAC), 5.75%, 7/1/03 $ 21,025
Aaa AAA 25 Maricopa County, Arizona,
School District #80,
(FGIC), 6.30%, 7/1/05 26,894
Aaa AAA 15 Maricopa County, Arizona,
School District #28,
(FGIC), 0.00%, 7/1/03 10,188
Aaa AAA 20 Maricopa County, Arizona,
(FGIC), 6.25%, 7/1/00 21,682
Aaa AAA 20 Yavapai County, Arizona,
School District, (AMBAC),
6.00%, 7/1/01 21,108
----------
$100,897
----------
Insured Special Tax Revenue - 2.8%
Aaa AAA $15 Arizona State
Transportation Board
Excise Tax, (MBIA),
6.90%, 7/1/99 $ 16,355
----------
Special Tax Revenue - 7.1%
A A- $25 Glendale, Arizona
Improvement District #59,
6.00%, 1/1/03 $ 26,085
A1 AA+ 15 Tempe, Arizona, Municipal
Property Corporation,
5.50%, 7/1/03 15,709
----------
$ 41,794
----------
Transportation - 2.7%
A A+ $15 Phoenix, Arizona Street &
Highway User Bonds,
6.10%, 7/1/01 $ 16,076
----------
<PAGE>
Arizona Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments (continued)
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- --------------------------- ------------
Utility - 1.7%
Baa1 A $10 Puerto Rico Electric
Power Authority, 6.75%,
1/1/01 $ 10,048
----------
Water & Sewer - 4.6%
Aa AA- $10 Scottsdale, Arizona,
Water & Sewer, 5.75%,
7/1/03 $ 10,653
Baa1 A 15 Puerto Rico Aqueduct &
Sewer Authority, 7.875%,
7/1/17 16,643
----------
$ 27,296
----------
Total tax-exempt
investments (identified
cost, $565,333) $592,141
==========
The Portfolio invests primarily in debt securities issued by Arizona
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 1995, 31.3% 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 7.2% to 14.2% of total
investments.
See notes to financial statements
<PAGE>
California Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- --------------------------- ------------
Cogeneration - 2.2%
NR BBB- $1,500 Central Valley Finance
Authority, Carson Ice-Gen.
Project, 5.20%, 7/1/99 $ 1,509,990
------------
Education - 5.5%
Aaa AAA $1,500 California Educational
Facilities Authority,
Stanford University, 5.90%,
11/1/03 $ 1,613,235
Aaa AAA 2,000 California Educational
Facilities Authority,
California Institute of
Technology, 6.375%, 1/1/08 2,122,740
------------
$ 3,735,975
------------
Escrowed/Prerefunded - 19.1%
NR A- $1,700 California Educational
Facilities Authority,
National University,
Prerefunded to 5/1/01,
7.15%, 5/1/21 $ 1,946,398
Aaa AAA 2,300 California State Public
Works Board, Department of
Corrections, Prerefunded to
9/1/01, 6.50%, 9/1/19 2,577,955
Aaa AAA 1,500 East Bay Municipal Utility
District, Water System
Bonds, (AMBAC), Prerefunded
to 6/1/01, 6.375%, 6/1/21 1,676,805
Aaa AAA 2,000 Los Angeles County
Commission Authority, Sales
Tax Bonds, Prerefunded to
7/1/01, 6.75%, 7/1/18 2,261,700
NR AAA 1,000 Puerto Rico Highway,
Prerefunded to 7/1/00,
7.75%, 7/1/16 1,160,470
NR AAA 100 Redevelopment Agency of the
City of Azusa, SFMR,
Escrowed to Maturity,
6.40%, 10/1/02 107,564
NR AAA 3,000 San Bernadino, California,
Certificates of
Participation, Prerefunded
to 8/1/01, 7.00%, 8/1/28 3,434,910
------------
$13,165,802
------------
Electric Utilities - 9.3%
A2 A+ $ 500 California Pollution
Control Financing
Authority, Southern
California Edison Company,
Series C, 6.85%, 12/1/08 $ 533,035
A2 A+ 1,000 California Pollution
Control Financing
Authority, Southern
California Edison Company,
Series D, 6.85%, 12/1/08 1,066,070
Aa AA- 1,700 Department of Water and
Power of the City of Los
Angeles, Electric Plant
Revenue Bonds, 5.75%,
11/15/02 1,799,399
Aa AA- 2,000 Southern California Public
Power Authority, 5.50%,
7/1/12 1,911,320
Aa NR 1,000 Southern California Public
Power Authority,
Transmission Project,
7.00%, 7/1/00 1,078,170
------------
$ 6,387,994
------------
General Obligations - 13.5%
A1 A $1,625 State of California, 6.80%,
10/1/02 $ 1,835,633
A1 A 1,100 State of California, 6.10%,
9/1/04 1,185,250
Aa AA- 1,000 Palos Verdes Library
District, 6.70%, 8/1/11 1,061,160
Baa1 A 750 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 791,760
Baa1 A 475 Puerto Rico Public Building
Authority, 6.50%, 7/1/03 521,184
Baa1 A- 750 Puerto Rico Municipal
Finance Agency, 5.60%,
7/1/02 772,388
A1 AA- 1,870 City and County of San
Francisco, 6.50%, 12/15/03 2,021,657
A1 AA- 1,000 City and County of San
Francisco, Public Schools
Facilities Improvement
Project, 7.60%, 9/1/06 1,072,480
------------
$9,261,512
------------
Housing - 5.5%
Aa A+ $1,000 Department of Veterans
Affairs of the State of
California, Home Purchase
Revenue Bonds, (AMT),
7.50%, 8/1/98 $1,026,330
A2 NR 1,000 Orange County, California,
Apartment Development
Revenue Bonds, Villa La
Paz, LOC Tokai Bank, 4.50%,
8/15/07 986,610
<PAGE>
California Limited Maturity Tax Free Portfolio (continued)
Tax-Exempt Investments (continued)
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- --------------------------- ------------
Housing (continued)
NR AA+ 750 Housing Authority of the
County of Santa Clara,
Orchard Glen Apartments,
5.25%, 11/1/98 752,888
NR AAA 1,000 The City of Palmdale,
California, Oasis at
Palmdale Apartments,
(FNMA), 5.60%, 12/1/99 1,027,530
------------
$3,793,358
------------
Hospitals - 3.9%
A1 AA- $2,400 California Health
Facilities Financing
Authority, Sisters of
Providence, 7.50%,
10/1/10 $2,653,608
------------
Industrial Development
Revenue - 2.5%
Aaa AAA $1,700 California Pollution
Control Financing
Authority, North County
Recycling Center, 6.00%,
7/1/00 $1,700,000
------------
Insured Education - 1.6%
Aaa AAA $1,000 The Regents of the
University of California,
(MBIA), 6.00%, 9/1/02 $1,079,550
------------
Insured Electric Utilities - 6.1%
Aaa AAA $1,000 California Pollution
Control Financing
Authority, Southern
California Edison Company,
(MBIA), 6.85%, 12/1/08 $1,075,070
Aaa AAA 1,900 Northern California Power
Agency, (MBIA), 6.00%,
8/1/03 2,048,409
Aaa AAA 1,000 Sacramento Municipal
Utility District, (MBIA),
6.20%, 8/15/05 1,083,780
------------
$4,207,259
------------
Insured General Obligations - 4.8%
Aaa AAA $1,000 The City and County of San
Francisco, School District
Facilities Improvement
Projects, (FGIC), 6.00%,
6/15/01 $1,072,490
Aaa AAA 1,925 Moulton Niguel, California
Water District, (AMBAC),
7.30%, 4/1/12 2,186,165
------------
$3,258,655
------------
Insured Hospital Revenue - 5.1%
Aaa AAA $1,750 ABAG Finance Authority,
Certificates of
Participation, Stanford
University Hospital,
(MBIA), 4.90%, 11/1/03 $1,739,553
Aaa AAA 1,000 ABAG Finance Authority,
Certificates of
Participation, Stanford
University Hospital,
(MBIA), 5.125%, 11/1/05 994,900
Aaa AAA 750 ABAG Finance Authority,
Certificates of
Participation, Stanford
University Hospital,
(MBIA), 5.875%, 11/1/06 786,383
------------
$3,520,836
------------
Insured Lease Revenue/
Certificates of Participation - 1.9%
Aaa AAA $1,250 Merced County, California,
CSAC Lease Finance Program,
Certificates of
Participation, (FSA),
5.60%, 10/1/01 $1,315,475
------------
Insured Transportation - 1.6%
Aaa AAA $1,000 San Francisco Bay Area
Rapid Transit District,
(AMBAC), 6.75%, 7/1/09 $1,080,410
------------
Insured Water & Sewer
Revenue - 2.1%
Aaa AAA $ 585 Sweetwater Authority, Water
Revenue Bonds, (AMBAC),
7.00%, 4/1/10 $ 634,058
Aaa AAA 750 City of Vallejo,
California, Water
Improvement Project,
(FGIC), 6.00%, 11/1/00 804,368
------------
$1,438,426
------------
Lease Revenue/Certificate of
Participation - 2.9%
Aa NR $2,000 University of California,
Central Chiller Project,
5.20%, 11/1/07 $1,954,360
------------
Special Tax Revenue - 3.0%
Aa AA $2,000 Orange County Local
Transportation Authority,
Sales Tax Revenue Bonds,
5.70%, 2/15/03 $2,053,000
------------
<PAGE>
Tax-Exempt Investments (continued)
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- --------------------------- ------------
Transportation - 3.9%
A1 NR $1,000 Contra Costa, California
Transportation Authority,
6.40%, 3/1/01 $ 1,080,300
Aa AA 1,500 Los Angeles Department of
Airports, 7.40%, 5/1/10 1,590,000
------------
$ 2,670,300
------------
Water & Sewer Revenue - 5.5%
A NR $ 700 Coachella Valley Water
District, Flood Control
Project, Certificates of
Participation, 5.75%,
10/1/00 $ 714,263
A1 A 2,000 The City of Los Angeles
Wastewater System, 6.90%,
6/1/08 2,188,380
Baa1 A 750 Puerto Rico Aqueduct and
Sewer Authority, 7.875%,
7/1/17 832,125
------------
$ 3,734,768
------------
Total tax-exempt
investments (identified
cost $66,519,577) $68,521,278
============
The Portfolio invests primarily in debt securities issued by California
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 1995, 23.2% 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 1.9% to 12.9% of total
investments.
See notes to financial statements
<PAGE>
Connecticut Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- -------------------------- -----------
Education - 7.1%
NR A $ 345 State of Connecticut HEFA,
The Taft School Issue,
4.50%, 7/1/01 $ 338,141
Baa1 BBB+ 750 State of Connecticut HEFA,
Fairfield University
Issue, 6.90%, 7/1/14 783,390
-----------
$1,121,531
-----------
Electric Revenue - 3.5%
Baa1 A- $ 500 Puerto Rico Electric Power
Authority, 7.125%, 7/1/14 $ 545,250
-----------
Escrowed/Prerefunded - 3.5%
Aaa AAA $ 500 South Central Connecticut
Regional Water Authority,
(AMBAC), Prerefunded to
8/1/01, 6.50%, 8/1/07 $ 557,050
-----------
General Obligations - 20.8%
Aa AA- $ 500 State of Connecticut,
5.95%, 11/15/00 $ 534,645
Aa AA- 500 State of Connecticut,
6.50%, 3/1/03 551,050
Aa AA 250 Town of Danbury,
Connecticut, 7.00%, 8/1/04 287,805
NR BBB 300 Government of Guam, 4.80%,
11/15/03 287,331
A1 NR 125 Town of Killington,
Connecticut, 6.80%,
9/15/07 133,905
A1 NR 125 Town of Newton,
Connecticut, 4.60%,
6/15/02 125,420
Baa1 A 250 Commonwealth of Puerto
Rico, 7.50%, 7/1/04 294,765
Baa1 A 285 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 300,869
Baa1 A- 500 Puerto Rico Municipal
Finance Agency, 5.70%,
7/1/03 516,685
Baa1 A- 250 Puerto Rico Municipal
Finance Agency, 5.875%,
7/1/06 256,935
-----------
$3,289,410
-----------
Hospital Revenue - 4.3%
NR BBB- $ 640 Connecticut Health and
Educational Facilities
Authority, New Britain
Hospital, 7.50%, 7/1/06 $ 683,834
-----------
Housing - 8.9%
Aa AA $ 120 Connecticut Housing
Finance Authority, 5.45%,
5/15/04 $ 120,401
Aa AA 200 Connecticut Housing
Finance Authority, 6.95%,
11/15/01 210,734
Aa AA 1,000 Connecticut Housing
Finance Authority, 6.90%,
11/15/99 1,068,250
-----------
$1,399,385
-----------
Insured Transportation - 5.6%
Aaa AAA $ 750 Connecticut State Airport
Bonds, Bradley
International Airport,
(FGIC), 7.40%, 10/1/04 $ 886,230
-----------
Insured Hospitals - 15.2%
Aaa AAA $ 695 Connecticut Development
Authority, Hartford
Hospital Real Estate
Corporation Project,
(MBIA), (AMT), 6.875%,
10/1/06 $ 751,545
Aaa AAA 750 Connecticut HEFA, Bristol
Hospital Issue, (MBIA),
7.00%, 7/1/09 824,753
Aaa AAA 500 Connecticut HEFA,
Waterbury Hospital Issue,
(FSA), 7.00% 7/1/20 549,835
Aaa AAA 250 Connecticut HEFA, Stamford
Hospital Issue, (MBIA),
6.50%, 7/1/06 269,653
-----------
$2,395,786
-----------
Insured General Obligations - 7.7%
Aaa AAA $315 New Haven, Connecticut,
(FGIC), 5.25%, 8/1/06 $ 314,458
Aaa AAA 500 Old Saybrook, Connecticut,
(AMBAC), 4.10%, 8/15/01 490,270
Aaa AAA 100 Town of Oxford,
Connecticut, (FGIC),
6.90%, 2/1/06 108,465
Aaa AAA 300 City of Waterbury,
Connecticut, (FGIC),
4.80%, 4/15/01 303,480
-----------
$1,216,673
-----------
Insured Miscellaneous - 5.1%
Aaa AAA $725 Woodstock, Connecticut
Special Obligation Bonds,
(AMBAC), 7.00%, 3/1/07 $ 800,705
-----------
Insured Special Tax - 7.2%
Aaa AAA $525 Connecticut Special
Assessment Unemployment
Compensation Advance Fund
Revenue Bonds, (AMBAC),
4.60%, 5/15/00 $ 529,316
<PAGE>
Tax-Exempt Investments (continued)
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- -------------------------- -----------
Insured Special Tax (continued)
Aaa AAA 600 Connecticut Special Tax,
(FGIC), 5.10%, 6/1/03 608,310
-----------
$ 1,137,626
-----------
Miscellaneous - 7.2%
A1 AA- $500 Connecticut State
Development Authority,
4.60%, 11/15/01 $ 500,765
A2 NR 625 Connecticut State
Development Authority,
Frito-Lay Incorporated
Project, 6.375%, 7/1/04 638,537
-----------
$ 1,139,302
-----------
Solid Waste - 1.8%
NR A- $300 Eastern Connecticut
Resource Recovery
Authority, Wheelabrator
Lisbon Project, (AMT),
4.90%, 1/1/02 $ 290,265
-----------
Special Tax Revenue - 2.1%
A1 AA- $300 State of Connecticut,
Special Tax Obligation
Bonds, 7.00%, 10/1/99 $ 326,905
-----------
Total tax-exempt
investments (identified
cost $15,417,395) $15,789,952
===========
The Portfolio invests primarily in debt securities issued by Connecticut
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 1995, 40.8% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage by financial institution range from 3.5% to 14.1% of total
investments.
See notes to financial statements
<PAGE>
Florida Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ --------------------------- -----------
Escrowed/Prerefunded - 22.8%
Aaa AAA $1,015 Dade County FL, Educational
Facilities Authority,
(MBIA), Prerefunded to
10/1/01, 7.00%, 10/1/08 $ 1,162,510
Aaa AAA 1,000 Dunnedin FL Hospital, Mease
Health Care, (MBIA),
Prerefunded to 11/15/01,
6.75%, 11/15/21 1,134,270
Aaa AAA 3,000 Florida Board of Education
Capital Outlay, Prerefunded
to 6/1/00 7.25%, 6/1/23 3,405,330
Aaa AAA 1,500 Florida Department of
Natural Resources,
Preservation 2000, (MBIA),
7.25%, 7/1/08 1,650,120
Aaa AAA 1,000 Florida MPA, All
Requirements Power Supply
Project, (AMBAC),
Prerefunded to 10/1/02,
6.25%, 10/1/21 1,112,240
Aaa AAA 1,500 Florida MPA, Stanton II
Project, (AMBAC),
Prerefunded to 6/1/02,
6.50%, 10/1/20 1,690,575
Aaa AAA 1,780 Hollywood FL Water & Sewer,
(FGIC), Prerefunded to
10/1/02 6.375%, 10/1/02 1,980,837
Aaa AAA 1,500 Jacksonville Beach
Utilities, (MBIA),
Prerefunded to 10/1/01,
6.50%, 10/1/12 1,678,995
Aaa AAA 2,500 Jacksonville Electric
Authority, Bulk Power
Supply System, Prerefunded
to 10/1/00, 6.75%, 10/1/21 2,790,875
Aaa AAA 4,485 Jacksonville Electric
Authority, Bulk Power
Supply System, Prerefunded
to 10/1/00, 6.75%, 10/1/16 5,006,830
Aaa AAA 1,000 Manatee County Public
Utilities, (MBIA),
Prerefunded to 10/1/01,
6.80%, 10/1/05 1,134,930
Aaa AAA 3,250 Orlando Utility Community
Water & Electric,
Prerefunded to 10/1/01,
6.50%, 10/1/20 3,637,823
Aaa AAA 2,000 Palm Bay FL Utility, Palm
Bay Utility Corporation,
(MBIA) Prerefunded to
10/1/02, 6.20%, 10/1/17 2,218,560
Aaa AAA 2,805 Palm Beach County Criminal
Justice Facilities, (FGIC),
Prerefunded to 6/1/00,
7.00%, 6/1/01 3,154,727
-----------
$31,758,622
-----------
General Obligations - 13.2%
Aa AA $1,500 Florida State Board of
Education, 6.25%, 6/1/01 $ 1,635,990
Aa AA 1,500 Florida State Board of
Education, 6.75%, 6/1/12 1,670,535
Aa AA 2,000 Florida State Board of
Education, 6.75%, 6/1/00 2,207,360
Aa AA 1,295 Florida State Board of
Education, 6.75%, 6/1/04 1,423,412
NR A 350 Hillsborough County,
(Environmentally Sensitive
Lands Acquisition and
Protection Program), 6.00%,
7/1/03 370,136
Baa1 A 1,000 Puerto Rico Public Building
Authority, 6.50%, 7/1/03 1,097,230
Baa1 A- 2,000 Puerto Rico Municipal
Finance Agency, 5.50%,
7/1/01 2,057,240
Baa1 A- 775 Puerto Rico Municipal
Finance Agency, 5.60%,
7/1/02 798,134
Baa1 A- 5,400 Puerto Rico Municipal
Finance Agency, 5.875%,
7/1/05 5,587,704
NR NR 1,500 Virgin Islands Public
Finance Authority, 6.80%,
10/1/00 1,602,960
-----------
$18,450,701
-----------
Hospitals - 3.9%
NR BBB $470 Escambia County Health
Facilities Authority,
(Baptist Hospital Inc., and
Baptist Manor Inc.) 5.00%,
10/1/95 $470,005
NR BBB 490 Escambia County Health
Facilities Authority,
(Baptist Hospital Inc., and
Baptist Manor Inc.) 5.50%,
10/1/96 493,278
NR BBB 515 Escambia County Health
Facilities Authority,
(Baptist Hospital Inc., and
Baptist Manor Inc.) 6.00%,
10/1/97 523,276
NR BBB 545 Escambia County Health
Facilities Authority,
(Baptist Hospital Inc., and
Baptist Manor Inc.) 6.25%,
10/1/98 558,690
<PAGE>
Tax-Exempt Investments (continued)
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ --------------------------- -----------
Hospitals (continued)
Baa1 NR 425 Jacksonville Health
Facilities Authority,
(National Benevolent
Association- Cypress
Village Project), 6.00%,
12/1/98 429,573
Baa1 NR 450 Jacksonville Health
Facilities Authority,
(National Benevolent
Association- Cypress
Village Project), 6.25%,
12/1/99 457,839
Baa1 NR 480 Jacksonville Health
Facilities Authority,
(National Benevolent
Association-Cypress Village
Project), 6.50%, 12/1/00 489,821
NR A- 1,635 Palm Beach County Health
Facilities Authority, Good
Samaritan Health Systems
Inc., 5.60% 10/1/01 1,670,807
A BBB+ 290 St. Johns County Industrial
Development Authority,
(Flagler Hospital Project),
5.60%, 8/1/01 296,911
-----------
$5,390,200
-----------
Housing - 1.4%
Baa BBB $2,000 Puerto Rico Housing Bank
and Finance Agency, 5.10%,
12/1/03 $1,961,960
-----------
Industrial Development
Revenue - 2.6%
Baa2 BBB $1,470 Nassau County PCR, (ITT
Rayonier Incorporated
Project), 5.60%, 6/1/00 $1,492,109
B1 BB+ 2,000 Polk County, Florida,
Industrial Development
Authority, (IMC
Fertilizer), 7.525%, 1/1/15 2,089,640
-----------
$3,581,749
-----------
Insured General
Obligations - 5.4%
Aaa AAA $2,475 Dade County Local School
District, (MBIA), 6.40%,
8/1/00 $2,705,868
Aaa AAA 1,500 Dade County Local School
District, (MBIA), 6.00%,
8/1/06 1,573,320
Aaa AAA 1,000 Dade County Local School
District, (MBIA), 5.20%,
8/1/07 1,007,330
Aaa AAA 500 Duval County Local School
District, (AMBAC), 6.00%,
8/1/03 542,790
Aaa AAA 1,580 Sarasota County FL, (FGIC),
6.25%, 10/1/05 1,707,222
-----------
$7,536,530
-----------
Insured Health Care - 3.2%
Aaa AAA $4,000 Jacksonville Health
Facilities Authority,
(Baptist Medical Center
Project), (MBIA), 7.25%,
6/1/05 (1) $4,436,280
-----------
Insured Hospitals - 8.7%
Aaa AAA $1,050 Hillsborough County
Hospital Authority, (Tampa
General Hospital Project),
(FSA), 5.875%, 10/1/00 $1,126,493
Aaa AAA 2,000 Hillsborough County
Hospital Authority, (Tampa
General Hospital Project),
(FSA), 6.375%, 10/1/13 2,081,100
Aaa AAA 1,000 City of Lakeland, (Lakeland
Regional Medical Center
Project), (FGIC), 5.40%,
11/15/01 1,057,980
Aaa AAA 1,360 North Broward Hospital
District, (MBIA), 6.20%,
1/1/04 1,480,972
Aaa AAA 1,000 Orange County Health
Facilities Authority,
(Adventist Health System/
Sunbelt Inc,) (CGIC),
5.50%, 11/15/02 1,063,370
Aaa AAA 4,500 South Broward Hospital
District, (AMBAC), 7.50%,
5/1/08 5,260,725
-----------
$12,070,640
-----------
Insured Housing - 1.4%
Aaa AAA $2,000 Florida Housing Finance
Agency, Multi-Family
Housing, (Lantana-Oxford
Project), (FSA), 5.50%,
11/1/07 $ 2,006,920
-----------
Insured Lease Revenue/Certificates
of Participation - 1.1%
Aaa AAA $1,150 City of Collier County,
Certificate of
Participation, (FSA),
5.35%, 2/15/02 $ 1,193,827
Aaa AAA 315 Santa Rosa County, Florida,
(FSA), 5.90%, 2/1/01 338,118
-----------
$ 1,531,945
-----------
<PAGE>
Tax-Exempt Investments (continued)
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ --------------------------- -----------
Insured Miscellaneous - 2.5%
Aaa AAA $2,000 City of Jacksonville,
Guaranteed Entitlement,
(AMBAC), 5.50% 10/1/02 $ 2,134,880
Aaa AAA 500 Lee County Capital Revenue,
(MBIA), 7.30%, 10/1/07 557,640
Aaa AAA 755 Miami Sports and Exhibition
Authority, Special
Obligation, (FGIC), 5.65%,
10/1/02 809,858
-----------
$ 3,502,378
-----------
Insured Solid Waste - 0.4%
Aaa AAA $ 535 Pinellas County Resource
Recovery, (MBIA), 6.85%
10/1/03 $ 599,216
-----------
Insured Special Tax - 5.3%
Aaa AAA $1,525 Florida Department of
Natural Resources,
Preservation 2000, (AMBAC),
6.70%, 7/1/05 $ 1,713,277
Aaa AAA 5,150 Tampa FL Utility Tax,
(AMBAC), 6.50%, 10/1/02 5,703,419
-----------
$ 7,416,696
-----------
Insured Transportation - 8.2%
Aaa AAA $1,700 Hillsborough County
Aviation Authority, Tampa
International Airport,
(FGIC), 6.60%, 10/1/03 $ 1,855,601
Aaa AAA 2,000 Hillsborough County
Aviation Authority, Tampa
International Airport,
(FGIC), 6.80%, 10/1/05 2,186,000
Aaa AAA 3,120 Hillsborough County
Aviation Authority, Tampa
International Airport,
(FGIC), 6.85%, 10/1/06 3,408,600
Aaa AAA 1,000 Port Everglades Authority
FL, Port Facilities,
(FGIC), 7.00%, 9/1/00 1,119,680
Aaa AAA 2,500 Palm Beach County, Florida,
Airport, (MBIA), 7.75%,
10/1/10 2,917,700
-----------
$11,487,581
-----------
Insured Water & Sewer - 5.5%
Aaa AAA $ 600 Cape Coral FL Wastewater,
(FSA), 5.75%, 7/1/01 $ 640,026
Aaa AAA 790 Cape Coral FL Wastewater,
(FSA), 6.10%, 7/1/05 845,087
Aaa AAA 2,000 Manatee County FL, Public
Utilities, (MBIA), 6.75%,
10/1/04 2,291,520
Aaa AAA 1,005 Northern Palm Beach County
FL Water Control District,
(MBIA), 7.15%, 11/1/02 1,107,329
Aaa AAA 1,080 Northern Palm Beach County
FL Water Control District,
(MBIA), 7.15%, 11/1/03 1,188,875
Aaa AAA 1,000 Pasco County FL, Water &
Sewer Revenue, (FGIC),
5.40%, 10/1/03 1,060,530
Aaa AAA 500 Port Orange FL Water &
Sewer Revenue, (AMBAC),
6.50%,10/1/04 541,210
-----------
$ 7,674,577
-----------
Miscellaneous - 0.7%
Baa BBB $1,000 Puerto Rico Housing Bank &
Finance Agency, 5.00%,
12/1/02 $ 982,830
-----------
Solid Waste - 0.8%
A NR $1,165 Brevard County, Florida,
Solid Waste Management
System 5.00%, 4/1/01 $ 1,174,448
-----------
Special Tax Revenue - 0.3%
Baa1 BBB+ $ 400 Puerto Rico Infrastructure
Financing Authority, 7.60%,
7/1/00 $ 437,924
-----------
Transportation - 0.7%
A A $ 925 Florida Sunshine Skyway
Revenue Bonds, 6.40%,
7/1/04 $ 994,856
-----------
Utilities - 7.1%
Aa1 AA $3,000 Jacksonville Electric
Authority, St. John's River
Power Park, 6.50%, 10/1/03 $3,362,670
Aa1 AA 4,000 Jacksonville Electric
Authority, St. John's River
Power Park, Crossover
Refunding, 6.95%, 10/1/04 4,420,080
Aa AA- 2,000 City of Tallahassee,
Electric Refunding Bonds,
5.90%, 10/1/05 2,151,560
-----------
$9,934,310
-----------
Water & Sewer Revenue - 4.6%
A3 A+ $ 330 Dunes Community Development
District, (Flagler County,
Water & Sewer Project),
5.40%, 10/1/00 $ 342,695
<PAGE>
Tax-Exempt Investments (continued)
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ --------------------------- -----------
Water & Sewer Revenue (continued)
A3 A+ 345 Dunes Community Development
District, (Flagler County,
Water & Sewer Project),
5.50%, 10/1/01 360,180
A3 A+ 365 Dunes Community Development
District, (Flagler County,
Water & Sewer Project),
5.60%, 10/1/02 382,166
A3 A+ 380 Dunes Community Development
District, (Flagler County,
Water & Sewer Project),
5.70%, 10/1/03 400,155
A1 A+ 1,110 Pinellas County FL, Water
Revenue Certificates,
5.90%, 10/1/01 1,139,126
Aa AA- 1,700 St. Petersberg FL, Public
Utility Revenue, 6.65%,
10/1/03 1,941,625
Baa1 A 1,750 Puerto Rico Aqueduct &
Sewer Authority, 7.875%,
7/1/17 1,871,136
-----------
$ 6,437,083
-----------
Total tax-exempt
investments (identified
cost, $134,625,228) $139,367,446
===========
The Portfolio invests primarily in debt securities issued by Florida
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 1995, 41.7% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage by financial institution range from 0.8% to 15.1% of total
investments.
See notes to financial statements
<PAGE>
Massachusetts Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ --------------------------- ----------
Education - 7.4%
A1 A+ $1,200 Massachusetts Health and
Education Finance
Authority, Tufts University
Issue, 7.40%, 8/1/18 $ 1,293,444
A A- 1,000 Massachusetts Industrial
Finance Agency, Clark
University Issue, 6.80%,
7/01/06 1,095,940
Aaa NR 5,450 The New England Education
Loan Marketing Corporation,
5.80%, 3/1/02 5,695,359
----------
$ 8,084,743
----------
Electric Utilities - 4.8%
A BBB+ $ 500 Massachusetts Municipal
Wholesale Electric Company,
6.50%, 7/1/02 $ 544,515
A BBB+ 500 Massachusetts Municipal
Wholesale Electric Company,
5.70%, 7/1/01 520,270
A BBB+ 1,000 Massachusetts Municipal
Wholesale Electric Company,
5.70%, 7/1/01 1,040,540
A BBB+ 900 Massachusetts Municipal
Wholesale Electric Company,
6.75%, 7/1/05 988,416
Baa1 A- 2,000 Puerto Rico Electric Power
Authority, 7.00%, 7/1/07 2,156,140
----------
$ 5,249,881
----------
Escrowed/Prerefunded - 21.4%
Aaa NR $1,655 City of Boston,
Massachusetts, Boston City
Hospital, (FHA),
Prerefunded to 8/15/00,
7.15%, 8/15/01 $ 1,871,209
Aaa AAA 1,175 Boston, Massachusetts,
(MBIA), Prerefunded to
7/1/01, 6.75%, 7/1/11 1,319,196
Aaa A+ 1,000 The Commonwealth of
Massachusetts, Prerefunded
to 10/1/96, 7.125%, 10/1/05 1,049,810
Aaa A+ 470 The Commonwealth of
Massachusetts, Prerefunded
to 12/15/98, 7.375%,
12/15/04 519,698
Aaa A+ 1,000 The Commonwealth of
Massachusetts, Prerefunded
to 8/1/01, 6.75%, 8/1/06 1,124,030
Aaa NR 1,000 Lowell, Massachusetts,
Prerefunded to 2/15//01,
7.625%, 2/15/10 1,165,770
Aaa AAA 2,000 Lynn, Massachusetts Water
and Sewer Commission,
(MBIA), Prerefunded to
12/1/00, 7.25%, 12/1/10 2,282,300
Aaa BBB+ 1,245 Massachusetts Municipal
Wholesale Electric System,
Prerefunded to 7/1/02,
6.75%, 7/1/17 1,409,091
NR A+ 1,700 Massachusetts Health and
Educational Facilities
Authority, Baystate Medical
Center, Prerefunded to
7/1/99, 7.375%, 7/1/08 1,898,322
NR AAA 1,085 Massachusetts Health and
Educational Facilities
Authority, Jordan Hospital
Issue, (FHA), Prerefunded
to 8/15/98, 7.85%, 8/15/28 1,206,867
Aaa AAA 1,750 Massachusetts Industrial
Finance Agency, Museum of
Science Issue, (FSA),
Prerefunded to 11/1/99,
7.30%, 11/1/09 1,966,668
Aaa AAA 6,750 Massachusetts Water
Resource Authority,
Prerefunded to 4/1/00,
7.50%, 4/1/09 7,675,763
----------
$23,488,724
----------
General Obligations - 9.5%
Baa NR $ 750 Greater New Bedford
Regional Refuse Management
District, Landfill Bonds,
(AMT), 5.00%, 5/1/99 $743,685
Baa NR 750 Greater New Bedford
Regional Refuse Management
District, Landfill Bonds,
(AMT), 5.10%, 5/1/00 737,970
Baa A- 1,000 City of Lawrence,
Massachusetts State
Qualified Bonds, 5.00%,
9/15/02 998,230
Baa A- 500 City of Lawrence,
Massachusetts State
Qualified Bonds, 5.25%,
9/15/04 500,690
Baa1 NR 500 City of Lowell,
Massachusetts, State
Qualified Bonds, 5.50%,
8/15/97 511,055
Baa1 NR 650 City of Lowell,
Massachusetts, State
Qualified Bonds, 5.75%,
8/15/98 671,385
<PAGE>
Tax-Exempt Investments - continued
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ --------------------------- ----------
General Obligations (continued)
A1 A+ 730 The Commonwealth of
Massachusetts Dedicated
Income Tax Bonds, 7.875%,
6/1/97 775,253
A1 A+ 1,240 The Commonwealth of
Massachusetts, 6.10%,
6/1/02 1,343,329
A1 A+ 1,000 The Commonwealth of
Massachusetts, 6.25%,
7/1/04 1,100,190
Baa1 A- 750 Puerto Rico Municipal
Finance Agency, 5.60%,
7/1/02 772,388
Baa1 A 750 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 791,760
A NR 210 Taunton, Massachusetts,
8.00%, 2/1/01 240,059
Baa1 BBB+ 1,275 Worcester, Massachusetts,
6.80%, 5/15/00 1,327,109
----------
$10,513,103
----------
Hospitals - 10.6%
Aa AA- $2,180 City of Boston,
Massachusetts, Boston City
Hospital, (FHA Insured
Mortgage), 5.00%, 2/15/00 $ 2,207,969
Aa AA- 2,160 City of Boston,
Massachusetts, Boston City
Hospital, (FHA Insured
Mortgage), 5.15%, 2/15/01 2,203,416
A A- 1,225 Massachusetts Health and
Educational Facilities
Authority, Charlton
Memorial Hospital Issue,
7.00%, 7/1/00 1,317,537
A A- 610 Massachusetts Health and
Educational Facilities
Authority, Charlton
Memorial Hospital Issue,
7.10%, 7/1/01 663,991
Aa AA 750 Massachusetts Health and
Educational Facilities
Authority, Children's
Hospital Issue, 5.50%,
10/1/02 775,463
Aa AA 500 Massachusetts Health and
Educational Facilities
Authority, Children's
Hospital Issue, 5.60%,
10/1/03 517,230
Aa NR 3,000 Massachusetts Health and
Educational Facilities
Authority, Daughters of
Charity Issue, 5.75%,
7/1/02 3,141,120
A A 650 Massachusetts Health and
Educational Facilities
Authority, New England
Deaconess Hospital Issue,
6.50%, 4/1/04 689,098
----------
$11,515,824
----------
Housing - 0.2%
NR BBB+ $ 180 Massachusetts Housing
Finance Agency, (AMT),
8.10%, 8/1/23 $ 188,089
----------
Industrial Development
Revenue - 0.3%
A2 NR $ 350 Canton, Massachusetts,
Industrial Development
Finance Authority, General
Signal Corporation, 5.625%,
12/1/02 $ 353,147
----------
Insured Education - 3.5%
Aaa AAA $ 635 Massachusetts Educational
Financing Authority,
(AMBAC), (AMT), 6.40%,
1/1/99 $ 661,041
Aaa AAA 690 Massachusetts Educational
Financing Authority,
(AMBAC), (AMT), 6.65%,
1/1/01 731,421
Aaa AAA 2,300 Massachusetts Educational
Financing Authority,
(MBIA), (AMT), 7.35%,
1/1/99 2,399,544
----------
$3,792,006
----------
Insured General Obligations - 13.1%
Aaa AAA $1,000 City of Boston,
Massachusetts, (MBIA),
6.375%, 7/1/02 $1,093,320
Aaa AAA 1,000 City of Boston,
Massachusetts, (AMBAC),
5.20%, 2/1/04 1,017,490
Aaa AAA 1,000 Chelsea, Massachusetts,
(AMBAC), 6.00%, 6/15/02 1,073,870
Aaa AAA 1,500 The Commonwealth of
Massachusetts, (FGIC),
7.20%, 3/1/02 1,676,550
Aaa AAA 2,500 The Commonwealth of
Massachusetts, (FGIC),
6.50%, 6/1/01 2,743,200
<PAGE>
Massachusetts Limited Maturity Tax Free Portfolio (continued)
Tax-Exempt Investments - continued
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ --------------------------- ----------
Insured General Obligations (continued)
Aaa AAA 4,000 City of Lowell,
Massachusetts, State
Qualified Bonds, (FSA),
5.10%,
1/15/04 4,050,880
Aaa AAA 1,000 Town of Palmer,
Massachusetts, (MBIA),
5.50%, 10/1/01 1,043,470
Aaa AAA 1,000 Town of Rockport,
Massachusetts, (AMBAC),
6.80%, 12/15/04 1,105,360
Aaa AAA 440 City of Worcester,
Massachusetts, (MBIA),
6.80%, 5/15/00 483,441
----------
$14,287,581
----------
Insured Hospitals - 3.8%
Aaa AAA $1,060 Massachusetts Health and
Educational Facilities
Authority, Berkshire Health
Systems, (MBIA), 6.75%,
10/1/19 $ 1,130,638
Aaa AAA 400 Massachusetts Health and
Educational Facilities
Authority, Metro West
Health, (AMBAC), 5.80%,
11/15/02 427,068
Aaa AAA 1,000 Massachusetts Health and
Educational Facilities
Authority, Massachusetts
General Hospital Issue,
(AMBAC), 4.85%, 7/1/04 994,300
Aaa AAA 1,000 Massachusetts Health and
Educational Facilities
Authority, Central
Massachusetts Medical
Center, (AMBAC), 5.50%,
7/1/99 1,042,040
Aaa AAA 540 Massachusetts Health and
Educational Facilities
Authority, Central
Massachusetts Medical
Center, (AMBAC), 5.70%,
7/1/00 569,236
----------
$ 4,163,282
----------
Insured Housing - 3.6%
Aaa AAA $1,900 Massachusetts Housing
Finance Agency, (AMBAC),
(AMT), 5.90%, 1/1/03 $ 1,965,322
Aaa AAA 1,840 Massachusetts Housing
Finance Agency, (AMBAC),
(AMT), 6.00%, 7/1/04 1,913,342
----------
$ 3,878,664
----------
Insured Solid Waste - 1.7%
Aaa AAA $1,735 Massachusetts Industrial
Finance Agency, REFUSETECH
Inc. Project, (FSA), 5.45%,
7/1/01 $ 1,805,875
----------
Insured Transportation - 0.9%
Aaa AAA $ 900 Massachusetts Port
Authority, (FGIC), (AMT),
7.10%, 7/1/01 $ 1,002,762
Insured Utility - 3.3%
Aaa AAA $2,000 Massachusetts Municipal
Wholesale Electric Company,
(AMBAC), 6.625%, 7/1/03 $ 2,229,400
Aaa AAA 1,225 Massachusetts Municipal
Wholesale Electric Company,
(MBIA), 6.40%, 7/1/02 1,342,539
----------
$ 3,571,939
----------
Insured Water & Sewer - 1.0%
Aaa AAA $1,000 Lynn Water and Sewer
Commission, (FGIC), 5.50%,
6/1/99 $ 1,039,470
----------
Special Tax Revenue - 4.9%
A1 AA- $3,050 The Commonwealth of
Massachusetts, 7.00%,
6/1/02 $ 3,435,673
NR NR 1,750 Virgin Islands Public
Finance Authority, 6.70%,
10/1/99 1,858,378
----------
$5,294,051
----------
Transportation - 4.9%
A1 A+ $1,500 Massachusetts Bay
Transportation Authority,
5.10%, 3/1/02 $1,540,305
A1 A+ 1,000 Massachusetts Bay
Transportation Authority,
5.30%, 3/1/04 1,033,510
Baa1 A 1,500 Puerto Rico Highway
Authority, 6.75%, 7/1/05 1,625,220
A1 A+ 1,000 Woods Hole, Martha's
Vineyard and Nantucket
Steamship Authority, 6.60%,
3/1/03 1,117,650
----------
$5,316,685
----------
Water & Sewer Revenue - 5.1%
Aa A+ $1,500 Massachusetts Water
Pollution Abatement Trust,
4.75%, 8/1/04 $1,479,705
<PAGE>
Tax-Exempt Investments - continued
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ --------------------------- ----------
Water & Sewer Revenue (continued)
A A 1,975 Massachusetts Water
Resources Authority,
5.875%, 11/1/04 2,095,297
A A 500 Massachusetts Water
Resources Authority, 6.30%,
12/1/01 542,308
Baa1 A 1,300 Puerto Rico Aqueduct and
Sewer Authority, 7.875%,
7/1/17 1,442,350
----------
$ 5,559,660
----------
Total tax-exempt
investments (identified
cost $106,487,409) $109,105,486
==========
The Portfolio invests primarily in debt securities issued by Massachusetts
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 1995, 30.9% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage by financial institution range from 5.4% to 12.6% of total
investments.
See notes to financial statements
<PAGE>
Michigan Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- ------------------------ -----------
Education - 4.1%
A1 AA- $1,000 Michigan State
University, 6.00%,
8/15/06 $1,053,230
-----------
Escrowed/Prerefunded - 6.5%
Aaa AAA $1,000 Dearborn Michigan
Economic Development
Corporation, Prerefunded
to 8/15/01, 6.95%,
8/5/21 $1,137,590
A1 AA+ 500 Lansing Michigan Tax
Increment Bonds,
Escrowed to Maturity,
6.20%, 10/1/04 548,715
-----------
$1,686,305
-----------
General Obligation - 14.7%
NR BBB- $ 500 Detroit, Michigan,
5.70%, 5/1/02 $ 495,660
Ba1 BBB 650 Detroit, Michigan,
6.25%, 4/1/05 660,212
Ba1 BBB 495 Detroit, Michigan,
6.40%, 4/1/05 502,727
A1 AA 1,000 Oakland County Michigan
Evergreen-Farmington
Sewage Disposal System,
6.50%, 11/1/05 1,062,090
Baa1 A 1,000 Puerto Rico Public
Building Authority,
6.60%, 7/1/04 1,097,050
-----------
$3,817,739
-----------
Hospitals - 10.4%
A A $1,000 Kent County, Michigan
Hospital Finance
Authority, Blodgett
Memorial Medical Center,
7.25%, 7/1/05 $1,077,480
A NR 535 Marquette Michigan
Hospital Finance
Authority, 6.625%,
4/1/07 540,061
Aa AA 1,000 Royal Oak, Michigan
Hospital Finance
Authority, William
Beaumont Hospital,
7.75%, 1/1/03 1,083,650
-----------
$2,701,191
-----------
Housing - 4.1%
NR A+ $1,000 Michigan State Housing
Development Authority,
6.00%, 4/1/01 $1,052,390
-----------
Industrial Development
Revenue - 4.5%
NR A+ $ 750 Michigan Strategic Fund,
Welch Foods Incorporated
Project, 6.75%, 7/1/01 $ 800,588
NR BBB 360 Richmond, Michigan
Economic Development
Corporation, K-MART
Project, 6.30%, 1/1/99 364,680
-----------
$1,165,268
-----------
Insured Education - 1.9%
Aaa AAA $ 500 Michigan Higher
Education Student Loan
Authority, (AMBAC),
(AMT), 5.65%, 4/1/07 $ 503,410
-----------
Insured General
Obligations - 16.1%
Aaa AAA $1,000 Comstock, Michigan
Public Schools, (CGIC),
6.80%, 5/1/02 $1,092,570
Aaa AAA 1,500 Grand Ledge, Michigan
Public Schools, (MBIA),
7.875%, 5/1/11 1,773,315
Aaa AAA 225 Jackson County,
Michigan, Wastewater
Disposal
Facilities-Clark Lake,
(MBIA), 8.00%, 4/1/01 261,043
Aaa AAA 425 Jackson County,
Michigan, Wastewater
Disposal
Facilities-Clark Lake,
(MBIA), 8.00%, 4/1/02 494,139
Aaa AAA 500 State of Michigan
Municipal Bond
Authority, Local
Government Loan Project,
(MBIA), 7.25%, 5/1/20 545,865
-----------
$4,166,932
-----------
Insured Industrial
Development Revenue - 4.2%
Aaa AAA $1,000 Monroe County, Michigan,
The Detroit Edison
Company, (AMBAC), (AMT),
6.35%, 12/1/04 $1,077,570
-----------
Insured Utility - 4.2%
Aaa AAA $1,000 Western Townships
Michigan, Sewer Disposal
System, (CGIC), 6.70%,
1/1/06 $1,075,660
-----------
Lease Revenue/
Certificates of
Participation - 8.4%
A1 AA- $1,000 State of Michigan
Building Authority,
6.40%, 10/1/04 $1,092,570
A1 AA- 1,000 State of Michigan
Building Authority,
6.10%, 10/1/01 1,081,570
-----------
$2,174,140
-----------
<PAGE>
Tax-Exempt Investments (continued)
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- ------------------------ -----------
Special Tax Revenue - 10.2%
A1 AA- $ 875 Michigan State
Comprehensive Trans,
7.625%, 5/1/11 $ 542,905
Baa1 A 500 Puerto Rico Highway and
Transportation, 5.00%,
7/1/02 502,230
NR BBB+ 1,500 Battle Creek, Michigan
Downtown Development
Authority, 6.65%, 5/1/02 1,599,975
-----------
$ 2,645,110
-----------
Utility - 2.2%
Baa1 A- $ 535 Puerto Rico Electric
Power Authority, 6.125%,
7/1/09 $ 556,507
-----------
Water & Sewer Revenue - 8.5%
Aa AA $1,000 Michigan Municipal Bond
Authority, 7.00%,
10/1/02 $ 1,140,180
Baa1 A 950 Puerto Rico Aqueduct and
Sewer Authority, 7.875%,
7/1/17 1,054,024
-----------
$ 2,194,204
-----------
Total tax-exempt
investments (identified
cost $24,819,371) $25,869,656
===========
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 September 30, 1995, 26.4% 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 6.1% to 11.9% of total
investments.
See notes to financial statements
<PAGE>
New Jersey Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ --------------------------- ----------
Education - 3.6%
NR A- $ 380 New Jersey Educational
Facilities Authority, Drew
University, 5.875%, 7/1/03 $ 400,345
NR A+ 360 Higher Education Assistance
Authority, (State of New
Jersey), (AMT), NJ Class
Loan Program, 5.70%,
1/1/02 360,148
A1 AA 1,895 Rutgers, The State
University (The State of
New Jersey) 6.20%, 5/1/04 2,062,878
A AA 250 University of Medicine and
Dentistry of New Jersey
Bonds, Series B, 7.05%,
12/1/00 262,425
----------
$ 3,085,796
----------
Escrowed - 2.5%
Aaa AAA $1,635 Commonwealth of Puerto
Rico, Prerefunded to
7/1/99, (FGIC), 7.375%,
7/1/04 $ 1,830,824
A A 300 University of Puerto Rico,
University System Revenue
Refunding Bonds, Series K,
6.50%, 6/1/04 317,550
----------
$ 2,148,374
----------
General Obligations - 13.3%
Aa NR $1,000 Cherrry Hill Township, New
Jersey, 6.20%, 6/1/08 $ 1,053,240
Aaa AAA 1,280 County of Morris, New
Jersey, 6.50%, 8/1/02 1,433,690
Aa AA 1,000 The Township of Morris, New
Jersey, 6.55%, 7/1/02 1,111,840
Aa1 AA+ 1000 State of New Jersey, 7.25%,
4/15/01 1,099,270
Aa1 AA+ 1000 State of New Jersey, 6.00%,
8/1/04 1,076,900
Aa NR 1,000 County of Ocean, New
Jersey, 6.75%, 7/13/01 1,112,680
Aa NR 1,000 County of Ocean, New
Jersey, 6.375%, 4/15/01 1,090,370
Baa1 A- 750 Puerto Rico Municipal
Finance Agency, 5.60%,
7/1/02 772,388
Baa1 A 1,000 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 1,055,680
Baa1 A 440 Commonwealth of Puerto
Rico, 8.00%, 7/1/06 482,368
Aa AA 1,000 South Brunswick, New
Jersey, 7.125%, 7/15/02 1,141,800
----------
$11,430,226
----------
Health Care - 2.6%
A A- $1,000 New Jersey Health Care
Facilities Financing
Authority, (Atlantic City
Medical Care Center),
6.45%, 7/1/02 $ 1,057,410
A A- 340 New Jersey Health Care
Facilities Financing
Authority, (Atlantic City
Medical Care Center),
6.25%, 7/1/00 356,106
A A- 750 New Jersey Health Care
Facilities Financing
Authority, (Atlantic City
Medical Care Center),
6.55%, 7/1/03 798,053
----------
$ 2,211,569
----------
Housing - 13.1%
NR AA+ $2,000 New Jersey Housing Finance
Agency, 6.30%, 11/1/00 $ 2,096,920
NR AA+ 1,500 New Jersey Housing Finance
Agency, 6.60%, 11/1/03 1,600,290
NR A+ 2,500 New Jersey Housing and
Mortgage Finance Agency,
6.30%, 11/1/01 2,660,275
NR A+ 1000 New Jersey Housing and
Mortgage Finance Agency,
6.40%, 11/1/02 1,057,500
NR A+ 2,570 New Jersey Housing and
Mortgage Finance Agency,
6.50%, 11/1/03 2,708,215
NR A+ 1,000 New Jersey Housing and
Mortgage Finance Agency,
6.00%, 11/1/02 1,039,010
----------
$11,162,210
----------
Industrial Development
Revenue - 0.9%
Aa3 NR $ 765 New Jersey Economic
Development Authority, LOC:
Bank of Paris, (AMT),
6.00%, 12/1/02 $ 787,766
----------
Insured Education - 1.7%
Aaa AAA $ 335 New Jersey State
Educational Facilities,
Seton Hall University,
6.00%, 7/1/00 $ 356,507
Aaa AAA 1,000 New Jersey State
Educational Facilities,
Seton Hall University,
6.10%, 7/1/01 1,075,890
----------
$ 1,432,397
----------
<PAGE>
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ --------------------------- ----------
Insured General
Obligations - 11.8%
Aaa AAA $1,000 Atlantic City, New Jersey,
Board of Education,
(AMBAC), 6.00%, 12/1/02 $ 1,076,280
Aaa AAA 1,175 Edison, New Jersey,
(AMBAC), 4.70%, 1/1/04 1,165,412
Aaa AAA 500 City of Elizabeth, Union
County, New Jersey, (MBIA)
6.10%, 11/15/99 534,350
Aaa AAA 500 City of Elizabeth, Union
County, New Jersey, (MBIA)
6.20%, 11/15/01 541,905
Aaa AAA 500 City of Elizabeth, Union
County, New Jersey, (MBIA)
6.20%, 11/15/02 541,355
Aaa AAA 1,200 Jackson Township, New
Jersey, Local School
District, (FGIC), 6.60%,
6/1/02 1,328,232
Aaa AAA 1,200 Jackson Township, New
Jersey, Local School
District, (FGIC), 6.60%,
6/1/03 1,336,152
Aaa AAA 1,200 Kearney, New Jersey, (FSA),
6.50%, 2/1/04 1,323,672
Aaa AAA 850 Roselle, New Jersey,
(MBIA), 4.65%, 10/15/03 841,007
Aaa AAA 1,000 South Brunswick Township,
New Jersey, Board of
Education, (FGIC), 6.40%,
8/1/03 1,095,750
Aaa AAA 270 Union County, New Jersey,
(FSA), 6.375%, 11/1/01 293,498
----------
$10,077,613
----------
Insured Health Care - 2.5%
Aaa AAA $1,910 New Jersey Health Care
Facilities & Financing
Authority, (Dover General
Hospital & Medical Center),
(MBIA), 7.00%, 7/1/04 $ 2,176,197
----------
Insured Housing - 2.1%
Aaa AAA $1,440 New Jersey State Housing
and Mortgage Finance
Agency, (MBIA), 7.25%,
10/1/15 $ 1,505,923
Aaa AAA 300 Puerto Rico Housing Bank
and Finance Agency, Special
Obligation, (FSA), 5.95%,
10/1/01 309,897
----------
$ 1,815,820
----------
Insured Industrial Development
Revenue - 4.4%
Aaa AAA $2,500 New Jersey Economic
Development Authority,
Market Transition 5.70%,
7/1/05 $ 2,629,500
Aaa AAA 1,000 New Jersey Economic
Development Authority,
Market Transition 5.80%,
7/1/07 1,042,950
Aaa AAA 100 Warren County New Jersey
Pollution Control Finance
Authority, Resource
Recovery, (MBIA), 6.55%,
12/1/06 110,563
----------
$ 3,783,013
----------
Insured Solid Waste - 1.9%
Aaa AAA $1,315 The Bergen County Utilities
Authority, Solid Waste
System, (FGIC), 5.80%,
6/15/00 $ 1,391,112
Aaa AAA 250 The Bergen County Utilities
Authority, Solid Waste
System, (FGIC), 6.00%,
6/15/02 268,170
----------
$ 1,659,282
----------
Insured Transportation - 8.5%
Aaa AAA $1,500 New Jersey Turnpike
Authority, (AMBAC), 5.90%,
1/1/03 $ 1,581,975
Aaa AAA 2,000 New Jersey Turnpike
Authority, (AMBAC), 5.90%,
1/1/04 2,148,140
Aaa AAA 895 New Jersey Turnpike
Authority, (AMBAC), 6.40%,
1/1/02 981,976
Aaa AAA 2,325 Port Authority of New York
& New Jersey, (AMBAC),
7.40%, 10/1/12 2,610,254
----------
$7,322,345
----------
Insured Utility - 1.3%
Aaa AAA $1,000 Middlesex County, New
Jersey, Utility Authority,
(FGIC) 6.10%, 12/1/01 $1,083,470
----------
Insured Water & Sewer - 2.3%
Aaa AAA $ 870 The Ocean County Utilities
Authority of New Jersey,
Wastewater Revenue Bonds,
(FGIC), 6.40%, 1/1/01 $ 905,914
<PAGE>
New Jersey Limited Maturity Tax Free Portfolio (continued)
Tax-Exempt Investments (continued)
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ --------------------------- ----------
Insured Water & Sewer (continued)
Aaa AAA 1,000 The Ocean County Utilities
Authority of New Jersey,
Wastewater Revenue Bonds,
(FGIC), 6.70%, 1/1/07 1,044,860
----------
$1,950,774
----------
Lease Revenue/Certficates
of Participation - 3.4%
Aa AA- $1,000 Mercer County Improvement
Authority, (Richard J.
Hughes Justice Complex),
5.15%, 1/1/05 $1,000,700
Aa AA- 1,000 Mercer County Improvement
Authority, (Richard J.
Hughes Justice Complex),
5.15%, 1/1/06 1,000,220
A1 A+ 875 State of New Jersey,
Certificates of
Participation, 5.90%,
4/1/99 914,165
----------
$2,915,085
----------
Solid Waste - 5.5%
Baa NR $ 300 The Atlantic County
Utilities Authority (New
Jersey), Solid Waste
System, 7.00%, 3/1/08 $ 302,433
A1 AA- 500 Gloucester County
Improvement Authority of
New Jersey, (Landfill
Project), 5.20%, 9/1/99 514,740
A1 AA- 500 Gloucester County
Improvement Authority of
New Jersey, (Landfill
Project), 5.40%, 9/1/00 519,150
NR BBB- 1,250 New Jersey Economic
Development Authority,
Heating & Cooling, (Trigen-
Trenton Project), 6.10%,
12/1/04 1,254,388
A1 NR 300 The Passaic County
Utilities Authority (New
Jersey), Solid Waste
Disposal, 5.70%, 3/1/98 308,667
NR A 1,700 The Union County Utilities
Authority (New Jersey),
Solid Waste System, (AMT),
7.20%, 6/15/04 1,784,779
----------
$4,684,157
----------
Special Tax Revenue - 0.4%
Baa1 BBB+ $ 300 Puerto Rico Infrastructure
Financing Authority,
Special Tax Revenue Bonds,
7.60%, 7/1/00 $ 328,443
----------
Transportation - 12.9%
Aa A+ $1,350 New Jersey Transportation
Trust Fund Authority,
6.00%, 6/15/01 $1,443,663
Aa A+ 2,300 New Jersey Transportation
Trust Fund Authority,
6.00%, 6/15/02 2,469,901
A1 AA- 500 New Jersey Highway
Authority, (Garden State
Parkway), 5.90%, 1/1/04 534,570
A1 AA- 250 New Jersey Highway
Authority, (Garden State
Parkway), 6.10%, 1/1/06 267,960
A1 AA- 500 The Port Authority of New
York and New Jersey, 5.50%
8/1/05 521,370
A1 AA- 480 The Port Authority of New
York and New Jersey, 6.90%,
7/1/08 516,787
Baa1 A 2,600 Puerto Rico Highway
Authority, 6.75%, 7/1/05 2,817,048
NR A+ 755 South Jersey Port
Corporation (An
Instrumentality of the
State of New Jersey),
(AMT), 4.75%, 1/1/00 759,553
NR A+ 830 South Jersey Port
Corporation (An
Instrumentality of the
State of New Jersey),
(AMT), 4.95%, 1/1/02 831,702
NR A+ 910 South Jersey Port
Corporation (An
Instrumentality of the
State of New Jersey),
(AMT), 5.15%, 1/1/04 918,436
----------
$11,080,990
----------
Utilities - 2.7%
Baa1 A- $ 990 Puerto Rico Electric Power
Authority, 6.125%, 7/1/08 $ 1,037,946
Baa1 A- 1,250 Puerto Rico Electric Power
Authority, 6.125%, 7/1/08 1,300,250
----------
$ 2,338,196
----------
<PAGE>
Tax-Exempt Investments (continued)
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ --------------------------- ----------
----------
Water & Sewer Revenue - 2.6%
Baa1 A $1,985 Puerto Rico Aqueduct &
Sewer Authority, 7.875%,
7/1/17 $ 2,202,354
----------
Total tax-exempt
investments (identified
cost, $83,167,449) $85,676,077
==========
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 September 30, 1995, 36.5% 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 5.4% to 13.9% of total
investments.
See notes to financial statements
<PAGE>
New York Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ ------------------------- -----------
Education - 9.5%
Aaa AA+ $ 500 Dormitory Authority of
the State of New York,
Columbia University,
5.10%, 7/1/01 $ 516,525
Aa AA 2,250 Dormitory Authority of
the State of New York,
Cornell University,
7.375%, 7/1/20 2,539,035
Aa AA 1,000 Dormitory Authority of
the State of New York,
Cornell University,
7.375%, 7/1/30 1,128,460
NR AA 1,000 Dormitory Authority of
the State of New York,
Manhattan College, 6.10%,
7/1/04 1,094,020
A1 A+ 5,955 Dormitory Authority of
the State of New York,
University of Rochester,
6.50%, 7/1/09 6,179,444
Baa1 BBB 1,000 Dormitory Authority of
the State of New York,
City University, 6.10%,
7/1/01 1,053,200
Baa1 BBB+ 1,000 Dormitory Authority of
the State of New York,
State University, 7.25%,
5/15/99 1,083,430
Baa1 BBB+ 1,000 Dormitory Authority of
The State of New York,
State University, 5.20%,
5/15/03 999,310
-----------
$14,593,424
-----------
Electric Utility - 2.9%
Aa AA- $3,125 Power Authority of the
State of New York, 6.60%,
1/1/02 $ 3,469,406
Aa AA- 970 Power Authority of the
State of New York,
7.875%, 1/1/07 1,056,301
-----------
$ 4,525,707
-----------
Escrowed/Prerefunded - 15.5%
Aaa AAA $1,710 The City of New York,
Escrowed to Maturity,
(AMBAC), 6.25%, 8/1/02 $ 1,873,527
Aaa NR 2,250 Dormitory Authority of
the State of New York,
State University,
Prerefunded to 5/15/02,
6.75%, 5/15/21 2,556,338
Aaa AAA 5,000 New York Local Government
Assistance Corporation,
Prerefunded to 4/1/01,
7.00%, 4/1/16 5,680,500
Aaa AAA 2,000 New York State Housing
Finance Agency, Escrowed
to Maturity, 6.80%,
5/15/01 2,224,480
Aaa AAA 900 New York State Housing
Finance Authority, State
University, Escrowed to
Maturity, 7.80%, 5/1/01 1,044,954
Aaa AA- 2,275 Power Authority of the
State of New York,
Prerefunded to 1/1/96,
7.375%, 1/1/18 2,339,724
NR AA- 2,750 Power Authority of the
State of New York,
Prerefunded to 1/1/98,
8.00%, 1/1/17 3,019,280
Aaa AAA 2,500 Suffolk County, New York
Water Authority, (AMBAC),
Prerefunded to 6/1/02,
6.00%, 6/1/17 2,735,525
Aaa A+ 1,900 Triborough Bridge and
Tunnel Authority,
Prerefunded to 1/1/95,
7.25%, 1/1/06 2,141,984
-----------
$23,616,312
-----------
General Obligations - 8.1%
Baa1 BBB+ $ 500 The City of New York,
6.875%, 2/1/02 $ 533,510
Baa1 BBB+ 1,000 The City of New York,
6.375%, 8/1/05 1,028,740
Baa1 BBB+ 3,000 The City of New York,
6.40%, 8/1/03 3,130,770
Baa1 BBB+ 1,500 The City of New York,
6.375%, 8/1/06 1,527,660
A A- 1,500 State of New York, 7.50%,
11/15/00 1,710,765
A A- 1,000 State of New York, 7.50%,
11/15/01 1,155,830
A A- 2,000 State of New York, 7.00%,
11/15/02 2,277,880
Baa1 A 1,000 Puerto Rico Commonwealth,
6.35%, 7/1/10 1,055,680
-----------
$12,420,835
-----------
Hospitals - 5.4%
Baa BBB $ 500 Cortland County
Industrial Development
Agency, Cortland Memorial
Hospital Inc. Project,
6.15%, 7/1/02 $ 510,710
NR AAA 2,000 New York State Medical
Care Facilities Finance
Agency, Mount Sinai
Hospital, 5.40%, 8/15/00 2,056,600
NR AAA 3,000 New York State Medical
Care Facilities Finance
Agency, Mount Sinai
Hospital, 5.50%, 8/15/01 3,112,230
<PAGE>
Tax-Exempt Investments - (continued)
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ ------------------------- -----------
Hospitals (continued)
Baa1 BBB+ 1,415 New York State Medical
Care Facilities Finance
Agency, Hospital and
Nursing Home Revenue
Bonds, 7.625%, 2/15/08 1,523,219
Aa AA 1,000 New York State Medical
Care Facilities Finance
Agency, Hospital and
Nursing Home Revenue
Bonds, 7.50%, 2/15/09 1,094,350
-----------
$8,297,109
-----------
Housing - 0.7%
NR AAA $1,050 New York City Housing
Development Corporation,
6.70%, 6/1/00 $1,109,430
-----------
Industrial Development
Revenue - 0.7%
A NR $1,045 United Nations
Development Corporation,
5.70%, 7/1/02 $1,099,152
-----------
Insured Education - 2.8%
Aaa AAA $1,075 Dormitory Authority of
the State of New York,
Mt. Sinai School of
Medicine, (MBIA), 6.75%,
7/1/09 $1,163,763
Aaa AAA 2,000 Dormitory Authority of
the State of New York,
(FGIC), 7.00% 7/1/13 2,173,660
Aaa AAA 1,000 Dormitory Authority of
the State of New York,
City University, (FGIC),
5.25%, 7/1/06 1,015,510
-----------
$4,352,933
-----------
Insured General
Obligations - 2.3%
Aaa AAA $ 765 Brookhaven, New York,
(MBIA), 5.50%, 5/1/02 $ 800,557
Aaa AAA 2,750 Nassau County, New York,
(FGIC), 5.10%, 8/1/04 2,790,783
-----------
$3,591,340
-----------
Insured Hospital - 4.9%
Aaa AAA $4,450 New York State Medical
Care Facilities Finance
Agency, New York State
Hospital, (AMBAC), 6.10%,
2/15/04 $4,815,657
Aaa AAA 2,500 New York State Medical
Care Facilities Finance
Agency, New York State
Hospital, (AMBAC), 6.20%,
2/15/05 2,723,900
-----------
$7,539,557
-----------
Insured Housing - 1.3%
Aa AA $2,000 New York City Housing
Development Corporation,
(FHA), 5.40%, 11/1/05 $1,998,360
-----------
Insured Miscellaneous - 0.7%
Aaa AAA $1,000 New York State Municipal
Bond Bank Agency,
(AMBAC), 6.625%, 3/15/06 $1,089,480
-----------
Insured Solid Waste - 0.7%
Aaa AAA $1,000 Duchess County Resource
Recovery Agency, (FGIC),
7.20%, 1/1/02 $1,114,730
-----------
Insured Special Tax - 0.7%
Aaa AAA $1,500 Municipal Assistance
Corporation for the City
of New York, (MBIA),
6.875%, 7/1/01 $1,060,030
-----------
Insured Transportation - 8.6%
Aaa AAA $ 905 Metropolitan
Transportation Authority
for the City of New York,
(MBIA), 5.60%, 7/1/01 $ 951,065
Aaa AAA 1,135 Metropolitan
Transportation Authority
for the City of New York,
(MBIA), 5.80%, 7/1/03 1,209,081
Aaa AAA 3,500 The Port Authority of New
York and New Jersey,
(MBIA), 6.375%, 10/15/17 3,632,020
Aaa AAA 2,500 The Port Authority of New
York and New Jersey,
(AMBAC), 7.40%, 10/1/12 2,806,725
Aaa AAA 2,000 Triborough Bridge and
Tunnel Authority, (MBIA),
6.20%, 1/1/01 2,157,980
Aaa AAA 2,290 Triborough Bridge and
Tunnel Authority, (FGIC),
5.80%, 1/1/02 2,432,324
-----------
$13,189,195
-----------
<PAGE>
New York Limited Maturity Tax Free Portfolio (continued)
Tax-Exempt Investments - (continued)
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ ------------------------- -----------
Insured Utility - 5.0%
Aaa AAA $5,280 New York State Energy
Research and Development
Authority, Central Hudson
Gas, (FGIC), 7.375%,
10/1/14 $ 5,955,365
Aaa AAA 1,600 New York State Power
Authority, (MBIA),
7.875%, 1/1/13 1,755,344
-----------
$ 7,710,709
-----------
Insured Water & Sewer - 2.7%
Aaa AAA $1,000 Buffalo New York Sewer
Authority, (FGIC), 5.00%,
7/1/03 $ 1,014,020
Aaa AAA 1,000 New York City Municipal
Water Finance Authority,
(FGIC), 6.00%, 6/15/19 1,003,170
Aaa AAA 1,000 New York City Municipal
Water Finance Authority,
(AMBAC), 5.55%, 6/15/01 1,045,530
Aaa AAA 1,000 New York City Municipal
Water Finance Authority,
(AMBAC), 5.80%, 6/15/03 1,060,340
-----------
$ 4,123,060
-----------
Lease Revenue/
Certificates of
Participation - 5.8%
A1 AA $3,000 Battery Park City
Authority, 6.00%, 11/1/03 $ 3,223,950
A1 AA 3,500 Housing New York
Corporation, 6.00%,
11/1/03 3,659,075
Baa1 A 2,000 Puerto Rico Public
Buildings Authority,
5.30%, 7/1/03 2,033,200
-----------
$ 8,916,225
-----------
Special Tax Revenue - 8.5%
Aa AA- $2,975 Municipal Assistance
Corporation for the City
of New York, 5.75%,
7/1/08 $ 3,047,412
Aa AA- 2,500 Municipal Assistance
Corporation for the City
of New York, 7.30%,
7/1/08 2,786,175
Aa AA- 1,000 Municipal Assistance
Corporation for the City
of New York, 6.75%,
7/1/96 1,058,650
A A 1,750 New York Local Government
Assistance Corporation,
7.00%, 4/1/04 1,945,615
A A 2,120 New York Local Government
Assistance Corporation,
7.20%, 4/1/04 2,378,237
A A 750 New York Local Government
Assistance Corporation,
5.90%, 4/1/05 791,985
Baa1 BBB+ 660 New York State Medical
Care Facilities Finance
Agency, Mental Health
Services Facilities,
7.10%, 8/15/01 717,783
Baa1 BBB+ 350 Puerto Rico
Infrastructure Financing
Authority, 7.60%, 7/1/00 383,184
-----------
$13,109,041
-----------
Transportation - 7.6%
Baa1 BBB $1,000 Metropolitan
Transportation Authority,
5.375%, 7/1/02 $ 1,017,140
A1 A 1,750 New York State Thruway
Authority, 5.375%, 1/1/02 1,809,290
Baa1 BBB 1,500 New York State Thruway
Authority, 5.80%, 4/1/00 1,553,220
Baa1 BBB 2,000 New York State Thruway
Authority, 6.00%, 4/1/02 2,086,060
Baa1 BBB 1,000 New York State Thruway
Authority, 6.00%, 4/1/03 1,039,050
Baa1 A 2,850 Puerto Rico Highway
Authority, 6.75%, 7/1/05 3,087,918
Aa A+ 1,000 Triborough Bridge and
Tunnel Authority, 6.75%,
1/1/02 1,090,630
-----------
$11,683,308
-----------
Water & Sewer Revenue - 5.6%
A A- $1,825 New York City Municipal
Water Finance Authority,
5.70%, 6/15/02 $ 1,909,461
Aa AA- 1,000 New York State
Environmental Facilities
Corporation, 7.50%,
3/15/11 1,105,490
Aa A 1,000 New York State
Environmental Facilities
Corporation, 6.90%,
6/15/02 1,128,390
Aa A 1,125 New York State
Environmental Facilities
Corporation, 6.50%,
6/15/04 1,224,641
Aaa AAA 1,000 New York State
Environmental Facilities
Corporation, County of
Westchester Project,
6.30%, 9/15/05 1,095,127
<PAGE>
Tax-Exempt Investments - (continued)
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ ------------------------- -----------
Water & Sewer Revenue (continued)
Aa A 2,000 New York State
Environmental Facilities
Corporation, New York
City Municipal Water
Finance Authority, 6.60%,
6/15/05 2,181,740
-----------
$ 8,644,849
-----------
Total tax-exempt
investments (identified
cost $150,966,523) $153,784,786
===========
The Portfolio invests primarily in debt securities issued by New York
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 1995, 29.7% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage by financial institution range from 9.0% to 11.4% of total
investments.
See notes to financial statements
<PAGE>
North Carolina Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- ------------------------- ---------
Escrowed/Prerefunded - 4.4%
NR NR $10 Newton, North Carolina,
Prerefunded to 6/1/96,
7.30%, 6/1/99 $ 10,368
---------
General Obligations - 47.1%
A A $10 Beaufort County, North
Carolina, 6.50%, 5/1/09 $ 10,652
Aaa AAA 15 Durham County, North
Carolina, 5.80%, 4/1/02 16,078
Aa1 AA+ 10 Forsyth County, North
Carolina, 6.20%, 3/1/04 10,790
Aa1 AAA 10 Greensborough, North
Carolina Public
Improvements, 6.25%,
3/1/07 10,783
Aaa AAA 10 Mecklenberg County, North
Carolina, 5.75%, 3/1/02 10,723
Aa1 AA+ 10 Orange County, North
Carolina, 5.10%, 6/1/02 10,382
Baa1 A 10 Puerto Rico, 6.00%,
7/1/05 10,644
Baa1 A 10 Puerto Rico Public
Building Authority,
6.10%, 7/1/00 10,623
A A+ 10 Rocky Mount, North
Carolina, 5.75%, 5/1/00 10,499
A1 A+ 10 Union County, North
Carolina, 6.50%, 4/1/05 10,825
---------
$111,999
---------
Housing - 10.7%
Aaa AAA $15 Durham, North Carolina
New Public Housing,
5.75%, 10/1/00 $ 15,409
Aa A+ 10 North Carolina Housing
Finance Authority, (AMT),
5.70%, 3/1/05 10,233
---------
$ 25,642
---------
Hospital Revenue - 4.1%
Aa AA- $10 Pitt County, North
Carolina, Memorial
Hospital, 5.10%, 12/1/07
(1) $ 9,839
---------
Insured General Obligations - 15.6%
Aaa AAA $15 Gaston County, North
Carolina, (MBIA), 5.70%,
3/1/02 $ 15,966
Aaa AAA 10 Lincoln County, North
Carolina, (MBIA), 6.10%,
6/1/01 10,760
Aaa AAA 10 Morganton, North Carolina
Water and Sewer, (FGIC),
5.60%, 6/1/03 10,540
---------
$ 37,266
---------
Insured Lease Revenue - 4.5%
Aaa AAA $10 Harnett County, North
Carolina COP, (AMBAC),
6.00%, 12/1/01 $ 10,693
---------
Lease Revenue/Certificate of
Participation - 4.5%
Aa AA $10 Greensborough, North
Carolina Parking Revenue
COP, 6.25%, 12/1/08 $ 10,644
---------
Utility - 4.4%
Baa1 A- $10 Puerto Rico Electric
Power Authority, 6.125%,
7/1/08 $ 10,484
---------
Water & Sewer - 4.7%
A BBB $10 Lower Cape Fear, North
Carolina Water and Sewer,
(AMT), 7.40%, 3/1/06 $ 11,096
---------
Total tax-exempt
investments (identified
cost $229,029) $238,031
=========
(1) When-issued security. At September 30, 1995, the Portfolio had sufficient
cash and/or securities segregated as collateral for when-issued securities.
The Portfolio invests primarily in debt securities issued by North Carolina
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 1995, 20.1% 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 4.5% to 11.2% of total
investments.
See notes to financial statements
<PAGE>
Ohio Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- ---------------------------- ------------
Education - 5.7%
A NR $ 325 The Student Loan Funding
Corporation of Cincinatti,
(AMT), 6.875%, 8/1/98 $ 339,099
A1 A+ 500 The Student Loan Funding
Corporation of Cincinatti,
(AMT), 5.75%, 8/1/03 513,570
A1 NR 1,200 The Student Loan Funding
Corporation of Cincinatti,
(AMT), 5.95%, 8/1/05 1,232,316
------------
$2,084,985
------------
Escrowed - 4.7%
Aaa AAA $ 650 Clermont County, Ohio, Water
Works, (AMBAC), Prerefunded
to 12/1/01, 6.625%, 12/1/16 $ 731,530
NR NR 900 Franklin County, Ohio,
Prerefunded to 12/1/01,
6.375%, 12/1/20 998,361
------------
$1,729,891
------------
General Obligations - 16.7%
NR A+ $ 750 City of Cincinatti School
District, (Hamilton County,
Ohio) Revenue Anticipation
Notes, 6.05%, 6/15/00 $ 789,585
NR NR 500 Cleveland, Ohio, City School
District, 6.50%, 6/15/97 502,560
Aaa AAA 1,090 Columbus, Ohio, 6.30%,
1/1/05 1,192,776
NR NR 300 Kings County, Ohio, Local
School District, 7.60%,
12/1/10 336,324
Aa AA 200 State of Ohio,
Infrastructure Improvement
Bonds, 6.50%, 8/1/04 224,514
Baa1 A 1,000 Commonwealth of Puerto Rico,
6.25%, 7/1/08 1,064,290
A NR 1,000 Wauseon, Ohio School
District, 7.25%, 12/1/10 1,089,850
NR NR 924 Youngstown, Ohio, County
School District, 6.40%,
7/1/00 955,083
------------
$6,154,982
------------
Health Care - 8.5%
Aa2 NR $1,250 Hamilton County, Ohio
Hospital Facilities,
(Episcopal Retirement Homes,
Inc.), 6.80%, 1/1/08 $1,363,675
NR BBB- 680 Marion County, Ohio, Health
Care Facilties, (United
Church Homes Project),
5.25%, 11/15/98 669,814
Aa2 NR 1,000 Warren County, Ohio,
Hospital Facilities,
(Otterbein Homes Project),
7.20,
7/1/11 1,104,030
------------
$3,137,519
------------
Hospitals - 7.0%
A A- $1,000 Erie County Hospital
Improvement (Fireland
Community Hospital Project),
6.75%, 1/1/08 $1,059,410
Baa BBB 500 Hamilton County Ohio Health
System (Providence Hospital
Project), 6.00%, 7/1/01 506,960
NR NR 990 Mt. Vernon Ohio Hospital,
(Knox Community Hospital),
7.875%, 6/1/12 1,025,531
------------
$2,591,901
------------
Industrial Development
Revenue - 8.1%
NR A- $1,020 Ohio Economic Development
Commission, (ABS Industries)
(AMT), 6.00%, 6/1/04 $1,035,014
NR A- 1,000 Ohio Economic Development
Commission, (Ohio Enterprise
Bond Fund-Progress Plastics
Products), (AMT), 5.60%,
6/1/02 1,005,980
NR A- 855 Ohio Economic Development
Commission, (Ohio Enterprise
Bond Fund-Progress Plastics
Products), (AMT), 6.80%,
12/1/01 928,564
------------
$2,969,558
------------
Insured Education - 3.7%
Aaa AAA $350 Ohio State Public Facilities
Commission, (Higher
Educational Facilities),
(AMBAC), 6.50%, 12/1/01 381,651
<PAGE>
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- ---------------------------- ------------
Insured Education (continued)
Aaa AAA 1,000 Ohio State Public Facilities
Commission, (Higher
Educational Facilities),
(AMBAC), 4.70%, 6/1/05 985,450
------------
$ 1,367,101
------------
Insured General
Obligations - 23.5%
Aaa AAA $1,615 Cleveland, Ohio, (MBIA),
6.50%, 11/15/01 $ 1,784,963
Aaa AAA 1,350 Mt. Vernon County, Ohio,
Local School District,
(FGIC), 7.50%, 12/1/14 1,571,508
Aaa AAA 1,760 Southwest Licking Ohio
School Facilities
Improvement, (FGIC), 7.10%,
12/1/16 1,985,245
Aaa AAA 1,000 West Clermont Ohio School
District, (AMBAC), 7.125%,
12/1/19 1,140,990
Aaa AAA 1,500 West Clermont Ohio School
District, (AMBAC), 6.90%,
12/1/12 1,672,680
Aaa AAA 400 West Geauga, Ohio, Local
School District, (AMBAC),
8.10%, 11/1/03 482,712
------------
$ 8,638,098
------------
Insured Hospitals - 6.7%
Aaa AAA $1,080 Portage County Ohio Hospital
Revenue Bonds, (Robinson
Hospital Project), (MBIA),
6.50%, 11/15/03 $ 1,195,236
Aaa AAA 1,150 Portage County Ohio Hospital
Revenue Bonds, (Robinson
Hospital Project), (MBIA),
6.50%, 11/15/04 1,275,845
------------
$ 2,471,081
------------
Insured Utilties - 3.4%
Aaa AAA $ 500 Clevelend, Ohio, Public
Power System, (MBIA), 6.10%,
11/15/03 $ 546,385
Aaa AAA 650 Clevelend, Ohio, Public
Power System, (MBIA), 7.00%,
11/15/17 712,875
------------
$ 1,259,260
------------
Lease Revenue/Certificate
of Participation - 1.5%
A1 A+ $ 500 Ohio Building Authority,
(State Correctional
Facilities) 6.50%, 10/1/04 $ 547,760
------------
Special Tax - 1.4%
NR NR $ 504 Columbus Ohio Special
Assessment, 6.05%, 9/15/05 $ 505,054
------------
Utility - 0.9%
NR BBB $ 350 Guam Power Authority, 5.10%,
10/1/03 $ 344,813
------------
Water & Sewer Revenue - 8.2%
A1 AA- $ 900 Hamilton County Ohio Sewer
System, (The Metropolitan
District of Greater
Cincinatti), 6.40%, 12/1/02 $ 986,652
A1 A 850 Ohio State Water Development
Authority, Pollution Control
Facilities, (Phillip Morris
Project), 7.25%,12/1/08 906,616
Baa1 A 1,000 Puerto Rico Aqueduct & Sewer
Authority, 7.875%, 7/1/17 1,109,500
------------
$ 3,002,768
------------
Total tax-exempt investments
(identified cost,
$35,685,052) $36,804,771
============
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 September 30, 1995, 37.3% 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 9.7% to 15.0% of total
investments.
See notes to financial statements
<PAGE>
Pennsylvania Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ -------------------------- -----------
Education - 3.8%
NR AAA $ 700 Montgomery County Higher
Education and Health
Authority, (Saint Joseph's
University), 6.00%,
12/15/02 $ 747,481
Aa A+ 1,500 Pennsylvania Higher
Educational Facilities
Authority, (Thomas
Jefferson University),
5.90%, 8/15/00 1,598,130
Baa1 BBB 500 Pennsylvania Higher
Educational Facilities
Authority, (The Medical
College of Pennsylvania),
7.25%, 3/1/05 530,465
A1 AA- 1,000 The Pennsylvania State
University Bonds, 6.25%,
3/1/06 1,073,770
-----------
$3,949,846
-----------
Escrowed/Prerefunded - 23.2%
Aaa AAA $1,000 Allegheny County,
Pennsylvania, Sanitation
Authority, (FGIC)
Prerefunded to 12/1/01,
6.50%, 12/1/16 $1,103,630
AAA A- 520 Chester County Health and
Education Facilities
Authority, (Bryn Mawr
Rehabilitation Hospital),
Escrowed to Maturity,
6.50%, 7/1/02 568,786
Aaa AAA 500 Dauphin County Hospital
Authority, (Polyclinic
Medical Center of
Harrisburg), (MBIA),
Prerefunded to 8/15/99,
6.90%, 8/15/11 544,860
Aaa AAA 1,000 Harrisburg, Pennsylvania
Water Revenue Authority,
(FGIC), Prerefunded to
7/15/01, 7.00%, 7/15/06 1,123,210
Aaa AAA 1,355 Manheim Boro,
Pennsylvania, Water &
Sewer Authority, (MBIA),
Prerefunded to 9/1/01,
6.65%, 9/1/05 1,500,893
Aaa AAA 500 Pennsylvania Turnpike
Commission, (FGIC),
Escrowed to Maturity,
6.50%, 12/1/01 551,815
Aaa AAA 3,200 Philadelphia Municipal
Authority, Justice Lease
Revenue Bonds, (FGIC),
Prerefunded to 11/15/01,
7.10%, 11/15/11 3,679,648
Aaa NR 2,500 Philadelphia,
Pennsylvania, Hospital &
Higher Education,
(Children's Hospital),
Prerefunded to 2/15/02,
6.50%, 2/15/21 2,789,375
Aaa AAA 2,000 The Pittsburgh Water and
Sewer Authority, (FGIC),
Prerefunded to 9/1/01,
6.75%, 9/1/10 2,256,260
Aaa AAA 2,000 Pleasant Valley School
District (Monroe County,
Pennsylvania) (AMBAC),
Prerefunded to 3/15/01,
5.85%, 3/1/05 2,124,120
Aaa AAA 1,095 Schuykill County,
Pennsylvania,
Redevelopment Authority,
(FGIC), Prerefunded to
6/1/01, 6.75%, 6/1/02 1,210,117
Aaa AAA 1,500 Somerset County,
Pennsylvania, General
Authority, (FGIC),
Escrowed to Maturity,
6.50%,
10/15/01 1,652,715
Aaa AAA 1,000 Somerset County,
Pennsylvania, General
Authority, (FGIC),
Prerefunded to 10/15/01,
7.00%, 10/15/13 1,127,920
Aa AA+ 500 Temple University of the
Commonwealth System,
Hospital & Higher
Education, Prerefunded to
8/1/98, 6.90%, 8/1/99 534,880
Aaa AAA 3,000 County of Westmoreland,
Pennsylvania, (AMBAC),
Prerefunded to 8/1/01,
6.70%, 8/1/09 3,326,550
-----------
$24,094,779
-----------
General Obligations - 4.7%
Aa NR $ 325 Chester County,
Pennsylvania, 6.50%,
12/15/02 $ 357,448
<PAGE>
Pennsylvania Limited Maturity Tax Free Portfolio (continued)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ -------------------------- -----------
General Obligations (continued)
A1 AA- 1,220 Hatboro-Horsham School
District of Montgomery
County, Pennsylvania,
6.70%, 4/1/08 1,319,125
A1 AA- 1,500 Commonwealth of
Pennsylvania, 6.00%,
9/15/01 1,617,015
Baa1 A 1,000 The Commomwealth of Puerto
Rico, Public Improvement
Refunding Bonds, 5.50%,
7/1/01 1,042,320
Baa1 A 500 Puerto Rico Public
Building Authority, 6.00%,
7/1/99 526,045
-----------
$ 4,861,953
-----------
Health Care - 4.2%
NR NR $1,120 Delaware County,
Pennsylvania, Industrial
Development Authority,
(Glen Riddle Project),
8.125%, 9/1/05 $ 1,121,355
Aa AA 1,030 Geisinger, Pennsylvania,
Health System, 6.00%,
7/1/01 1,083,910
Aa AA 2,000 Geisinger, Pennsylvania,
Health System, 7.375%,
7/1/01 2,186,820
-----------
$ 4,392,085
-----------
Hospitals - 11.7%
NR AAA $1,030 Indiana County,
Pennsylvania, Hospital
Authority, (Indiana
Hospital Project), (CLEE),
5.75%, 7/1/00 $ 1,072,292
NR AAA 825 Indiana County,
Pennsylvania, Hospital
Authority, (Indiana
Hospital Project), (CLEE),
5.875%, 7/1/01 866,019
Baa1 BBB+ 1,000 Monroeville, Pennsylvania,
Hospital Authority,
(Forbes Health), 5.75%,
10/1/05 (1) 983,610
A NR 500 New Castle Area Hospital
Authority, (St. Francis
Hospital of New Castle),
5.90%, 11/15/00 515,505
NR BBB 500 Northampton County
Hospital Authority,
(Easton Hospital) 6.90%,
1/1/02 514,700
Baa1 BBB+ 1,640 The Hospitals and Higher
Education Facilities
Authority of Philadelphia,
(Graduate Health System),
6.70%, 7/1/98 1,704,895
Baa1 BBB+ 1,250 The Hospitals and Higher
Education Facilities
Authority of Philadelphia,
(Graduate Health System),
6.90%, 7/1/00 1,328,450
Baa1 BBB+ 1,000 The Hospitals and Higher
Education Facilities
Authority of Philadelphia,
(Graduate Health System),
7.00%, 7/1/05 1,073,840
Baa1 BBB+ 2,475 The Hospital and Higher
Education Facilities
Authority of Philadelphia,
(Temple University
Hospital), 6.00%, 11/15/00 2,524,921
Aa NR 1,535 Pottsville, PA, Hospital
Authority, (Daughters of
Charity), 4.75%, 8/15/03 1,495,612
-----------
$12,079,844
-----------
Housing - 3.7%
Aaa AAA $2,450 Pennsylvania Housing
Finance Agency, (FNMA),
5.70%, 7/1/02 $ 2,486,677
Aa AA 1,250 Pennsylvania Housing
Finance Agency, (FHA),
7.125%, 4/1/14 1,297,188
-----------
$3,783,865
-----------
Industrial Development
Revenue - 2.9%
NR A- $1,100 Butler County, PA
Industrial Development
Authority, (Sherwood Oaks
Project), 5.10%, 6/1/01 $1,074,073
NR NR 885 Chester County, PA,
Industrial Development
Authority, 8.00%, 9/1/05 886,805
A3 A- 1,000 Clinton County, PA,
Industrial Development
Authority, (International
Paper Company), 5.375%,
5/1/04 1,006,430
-----------
$2,967,308
-----------
<PAGE>
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ -------------------------- -----------
Insured Education - 5.7%
Aaa AAA $2,280 Lycoming County Authority,
Pennnsylvania, College
Revenue Bonds, (AMBAC),
6.00%, 11/1/01 $2,438,688
Aaa AAA 1,000 Northampton County Higher
Education Authority,
(Lehigh University),
(MBIA), 7.10%, 11/15/09 1,102,500
Aaa AAA 2,000 Pennsylvania State Higher
Education Assistance
Agency, (FGIC), 6.80%,
12/1/00 2,145,760
Aaa AAA 250 Pennsylvania Higher
Educational Facilities
Authority (Bryn Mawr
College), (FGIC), 6.75%,
12/1/01 271,373
-----------
$5,958,321
-----------
Insured General
Obligations - 7.5%
Aaa AAA $ 915 Conestoga Valley School
Disrtict of Lancaster
County, Pennsylvania,
(FGIC), 6.80%, 5/1/03 $ 998,402
Aaa AAA 1,235 Dauphin County,
Pennsylvania, (MBIA),
6.00%, 8/1/02 1,323,253
Aaa AAA 265 Greensburg Salem School
District, (Westmoreland
County, Pennsylvania),
(MBIA), 5.80%, 9/15/01 282,649
Aaa AAA 1,000 Commonwealth of
Pennsylvania, (MBIA),
6.60%, 1/1/01 1,095,040
Aaa AAA 385 Pennsylvania Finance
Authority, (South Side
Area School District,
Beaver County Project),
(AMBAC), 5.40%, 9/1/01 399,549
Aaa AAA 1,000 Pennsylvania Public School
District Building
Authority, (Hazelton Area
School District Project),
(FGIC), 6.50%, 3/1/08 1,055,240
Aaa AAA 275 The School District of
Philadelphia,
Pennsylvania, (AMBAC),
6.35%, 5/15/02 298,568
Aaa AAA 750 Pocono Mountain School
District, Monroe County,
Pennsylvania, (AMBAC),
5.90%, 10/1/02 795,113
Aaa AAA 1,385 City of Pittsburgh,
Pennsylvania, (MBIA),
6.00%, 9/1/01 1,494,637
-----------
$7,742,451
-----------
Insured Health Care - 2.1%
Aaa AAA $2,050 Sayre Health Care
Facilities Authority,
(Guthrie Medical Center),
(AMBAC), 6.50%, 3/1/00 $2,208,773
-----------
Insured Hospitals - 9.6%
Aaa AAA $2,215 The Hospital Authority of
Beaver County,
Pennsylvania, (The Medical
Center of Beaver, PA),
(AMBAC), 5.90%, 7/1/00 $2,349,783
Aaa AAA 500 Delaware County Authority
of Pennsylvania, (Crozer-
Chester Medical Center),
(MBIA), 7.10%, 12/15/99 549,170
Aaa AAA 2,000 Delaware County Authority
of Pennsylvania, (Delaware
Memorial Hospital),
(MBIA), 5.125%, 8/15/06 1,987,520
Aaa AAA 1,000 Erie County, Pennsylvania,
Hospital Authority, (Hamot
Health System), (AMBAC),
7.10%, 2/15/10 1,086,850
Aaa AAA 400 Franklin County Industrial
Development Authority,
(The Chambersburg Hospital
Project), (FGIC), 5.80%,
7/1/02 420,888
Aaa AAA 500 Lancaster County Hospital
Authority, (The Lancaster
General Hospital Project),
(AMBAC), 5.80%, 7/1/01 528,900
Aaa AAA 525 Lehigh County General
Purpose Authority, (St.
Luke's Hospital of
Bethlehem, Pennsylvania
Project), (AMBAC), 5.70%,
7/1/01 552,185
<PAGE>
Pennsylvania Limited Maturity Tax Free Portfolio (continued)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ -------------------------- -----------
Insured Hospitals (continued)
Aaa AAA 250 Mt. Lebanon Hospital
Authority (Allegheny
County, Pennsylvania) (St.
Clair Memorial Hospital),
(FGIC), 5.90%, 7/1/02 264,330
Aaa AAA 2,100 Washington County Hospital
Authority, (Shadyside
Hospital Project),
(AMBAC), 5.80%, 12/15/02 2,214,597
-----------
$9,954,223
-----------
Insured Lease Revenue/
Certificates of
Participation - 3.0%
Aaa AAA $ 500 The Harrisburg Authority
(Dauphin County,
Pennsylvania), Lease
Revenue Bonds, (FGIC),
6.25%, 6/1/01 $ 538,075
Aaa AAA 1,000 Northumberland County
Authority, Pennsylvania,
Lease Revenue Bonds,
(MBIA), 6.50%, 10/15/01 1,101,810
Aaa AAA 500 The Philadelphia Municipal
Authority, Justice Lease
Revenue Bonds, (MBIA),
6.40%, 11/15/98 534,020
Aaa AAA 810 The Philadelphia Municipal
Authority, Justice Lease
Revenue Bonds, (MBIA),
6.60%, 11/15/00 890,757
-----------
$3,064,662
-----------
Insured Special Tax - 2.1%
Aaa AAA $2,070 Pennsylvania
Intergovernmental
Cooperation Authority,
(City of Philadelphia
Funding Program), (FGIC),
6.00%, 6/15/02 $2,225,374
-----------
Insured Transportation - 4.3%
Aaa AAA $4,250 Pennsylvania State
Turnpike Commisssion,
(AMBAC), 6.25%, 6/1/11 $4,427,778
-----------
Insured Water & Sewer - 1.7%
Aaa AAA $ 700 Delaware County Industrial
Development Authority,
(Philadelphia Suburban
Water Conpany Project),
(FGIC), 5.95%, 6/1/02 $ 743,722
Aaa AAA 1,000 City of Philadelphia,
Pennsylvania, Water and
Wastewater Revenue Bonds,
(FSA), 4.875%, 6/15/01 1,012,570
-----------
$1,756,292
-----------
Solid Waste - 3.0%
Baa A- $ 500 Greater Lebanon Refuse
Authority of Lebanon
County, Pennsylvania,
Solid Waste Revenue,
6.20%, 5/15/99 $ 517,240
Baa A- 500 Greater Lebanon Refuse
Authority of Lebanon
County, Pennsylvania,
Solid Waste Revenue,
6.20%, 11/15/99 519,390
Baa A- 300 Greater Lebanon Refuse
Authority of Lebanon
County, Pennsylvania,
Solid Waste Revenue,
6.40%, 5/15/00 313,452
Baa A- 500 Greater Lebanon Refuse
Authority of Lebanon
County, Pennsylvania,
Solid Waste Revenue,
6.40%, 11/15/00 524,545
NR NR 1,200 Pennsylvania Economic
Development Financing
Authority, (Resource
Recovery for Northampton),
6.75%, 1/1/07 1,206,396
-----------
$3,081,023
-----------
Special Tax Revenue - 0.5%
Baa1 BBB+ $ 250 Puerto Rico Infrastructure
Financing Authority,
Special Tax Revenue Bonds,
7.60%, 7/1/00 $ 273,703
NR NR 250 Virgin Islands Public
Finance Authority, (V.I.
General Obligation/
Matching Fund Loan Notes),
6.70%, 10/1/99 265,483
-----------
$ 539,186
-----------
Transportation - 3.6%
Aa3 AA- $2,550 Southeastern Pennsylvania
Transportation Authority,
LOC: Canadian Imperial
Bank of Commerce, 6.00%,
6/1/99 $2,681,886
<PAGE>
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ---------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ----- ------ -------------------------- -----------
Transportation (continued)
AA3 AA- 1,000 Southeastern Pennsylvania
Transportation Authority,
LOC: Canadian Imperial
Bank of Commerce, 6.00%,
6/1/01 1,063,860
-----------
$ 3,745,746
-----------
Utility - 1.0%
NR NR $1,000 Virgin Island Water &
Power Authority, 7.40%,
7/1/11 $ 1,050,210
-----------
Water & Sewer - 1.7%
NR AA $1,600 Pennsylvania
Infrastructure Investment
Authority, (Pennvest Pool
Program), 6.45%, 9/1/04 $ 1,764,684
-----------
Total tax-exempt
investments (identified
cost, $100,829,234) $103,648,403
===========
(1) When-issued security. At September 30, 1995, the Portfolio had sufficient
cash and/or securities segregated as collateral for when-issued securities.
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 September 30, 1995, 36.0% 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 0.5% to 16.7% of total
investments.
See notes to financial statements
<PAGE>
Virginia Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- -------------------------- --------
Education - 3.3%
A1 AA- $10 Virginia Commonwealth
University, 4.80%, 5/1/02 $10,028
--------
Escrowed/Prerefunded - 19.8%
Aaa AAA $10 Prince William County,
Virginia Water and Sewer,
(FGIC), Prerefunded to
7/1/02, 6.50%, 7/1/21 $11,129
Aaa AAA 10 Roanoke Hospital, (MBIA),
Prerefunded to 7/1/00,
6.50%, 7/1/25 10,867
Aa AA 15 Virginia Public Schools,
Prerefunded to 6/1/97,
6.60%, 6/1/00 15,687
Aaa AAA 20 Winchester Medical Center,
Prerefunded to 1/1/00,
(AMBAC), 7.25%, 1/1/15 22,473
--------
$60,156
--------
General Obligations - 27.6%
Aaa AAA $10 Arlington, Virginia,
5.00%, 6/1/05 $10,199
A1 A+ 10 Botetourt County,
Virginia, 5.70%, 7/15/03 10,531
Aa AA- 5 Hampton, Virginia, 5.85%,
3/1/07 5,085
A1 A 10 Montgomery County,
Virginia, 6.25%, 11/1/97 10,458
Aa AA- 15 Newport News, Virginia,
6.20%, 12/1/01 16,057
Baa1 A 10 Puerto Rico Public
Building Authority, 6.10%,
7/1/00 10,623
Aaa AAA 10 State of Virginia, 6.00%,
6/1/01 10,772
Aa AA 10 Virginia Beach, Virginia,
5.60%, 11/1/06 10,215
--------
$83,940
--------
Hospitals - 6.9%
A NR $10 Petersburg, Virginia
Hospital Authority, 6.00%,
7/1/03 $10,413
Aa AA 10 Virginia Beach Development
Authority, Sentara Bayside
Hospital, 6.30%, 11/1/04 10,650
--------
$21,063
--------
Industrial Development Revenue - 10.8%
A1 A+ $10 Fairfax County, Virginia
Economic Development
Authority, Ogden Martin,
(AMT), 7.30%, 2/1/11 $10,912
NR A- 10 Fauquier County, Virginia
Industrial Development
Authority, 7.30%, 10/1/02 11,096
A1 NR 10 Louden County, Virginia
Industrial Development
Authority, 6.10%, 5/15/04 10,763
--------
$32,771
--------
Insured General Obligation - 3.5%
Aaa AAA $10 Frankiln County, Virginia,
(FGIC), 6.00%, 7/15/07 $10,538
--------
Insured Lease Revenue/Certificates of
Participation - 6.9%
Aaa AAA $10 Frederick County, Virginia
COP, (MBIA), 5.85%,
12/1/03 $10,673
Aaa AAA 10 Louden County, Virginia
COP, (FSA), 5.90%, 3/1/00 10,420
--------
$21,093
--------
Insured Miscellaneous - 3.4%
Aaa AAA $10 Richmond Redevelopment and
Housing Authority, Old
Manchester Project,
(CGIC), 5.70%, 3/1/01 $10,352
--------
Insured Transportation - 3.5%
Aaa AAA $10 Chesapeake Bay Bridge and
Tunnel, (FGIC), 6.00,
7/1/07 $10,741
--------
Lease Revenue/Certificate of
Participation - 3.7%
Aa AA $10 Henrico County, Virginia
Industrial development
Authority, 6.50%, 8/1/06 $ 11,188
--------
Miscellaneous - 3.6%
Aa AA $10 Virginia Public Building
Authority, 6.25%, 8/1/01 $ 10,914
--------
Water & Sewer - 7.0%
Aa AA $10 Chesterfield, Virginia
Water and Sewer, 5.90%,
11/1/02 $ 10,604
A1 A+ 10 Rivanna, Virginia Water
and Sewer Authority,
6.00%, 10/1/03 10,696
--------
$ 21,300
--------
Total tax-exempt
investments (identified
cost $293,422) $304,084
========
The Portfolio invests primarily in debt securities issued by Virginia
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 1995, 17.3% 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 3.4% to 7.0% of total
investments.
See notes to financial statements
<PAGE>
Limited Maturity Tax Free Portfolios
Financial Statements
Statements of Assets and Liabilities
September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Arizona California Connecticut Florida Massachusetts Michigan
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
-------- ---------- ---------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments -
Identified cost $565,333 $66,519,577 $15,417,395 $134,625,228 $106,487,409 $24,819,371
Unrealized appreciation 26,808 2,001,701 372,557 4,742,218 2,618,077 1,050,285
------ -------- -------- --------- --------- ----------
Total investments, at
value (Note 1A) $592,141 $68,521,278 $15,789,952 $139,367,446 $109,105,486 $25,869,656
Cash 103 150,948 11,199 717,672 459,999 485
Receivable for
investments sold -- -- 55,000 -- -- 1,079,040
Interest receivable 9,781 1,199,741 271,044 3,327,349 1,757,622 582,448
Receivable from the
Investment Adviser
(Note 2) 9,385 -- -- -- -- --
Deferred organization
expenses (Note 1D) 3,638 3,908 3,640 10,895 10,579 4,933
------ -------- -------- --------- --------- ----------
Total assets $615,048 $69,875,875 $16,130,835 $143,423,362 111,333,686 27,536,562
------ -------- -------- --------- --------- ----------
Liabilities:
Demand note payable (Note
5) $ -- $ -- $ -- $ -- $ -- $ 444,000
Payable to affiliates -
Trustees' fees -- 1,397 43 2,590 1,908 426
Custodian fees -- -- 72 2,618 1,350 339
Accrued expenses 1,590 1,507 1,125 2,693 2,338 1,272
------ -------- -------- --------- --------- ----------
Total liabilities $ 1,590 $ 2,904 $ 1,240 $ 7,901 $ 5,596 $ 446,037
------ -------- -------- --------- --------- ----------
Net Assets applicable to
investors' interest in
Portfolio $613,458 $69,872,971 $16,129,595 $143,415,461 $111,328,090 $27,090,525
====== ======== ======== ========= ========= ==========
Sources of Net Assets:
Net proceeds from capital
contributions and
withdrawals $586,650 $67,871,270 $15,757,038 $138,673,243 $108,710,013 $26,040,240
Unrealized appreciation
of investments (computed
on the basis of
identified cost) 26,808 2,001,701 372,557 4,742,218 2,618,077 1,050,285
------ -------- -------- --------- --------- ----------
Total $613,458 $69,872,971 $16,129,595 $143,415,461 $111,328,090 $27,090,525
====== ======== ======== ========= ========= ==========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Assets and Liabilities
September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
North
New Jersey New York Carolina Ohio Pennsylvania Virginia
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ----------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments -
Identified cost $83,167,449 $150,966,523 $229,029 $35,685,052 $100,829,234 $293,422
Unrealized appreciation 2,508,628 2,818,263 9,002 1,119,719 2,819,169 10,662
-------- --------- ---------- -------- --------- --------
Total investments, at value
(Note 1A) $85,676,077 $153,784,786 $238,031 $36,804,771 $103,648,403 $304,084
Cash 671 621,235 48,185 274,726 413,143 2,910
Receivable for investments sold 4,425,566 -- -- -- -- --
Interest receivable 1,552,264 2,769,529 3,810 722,895 1,560,256 5,165
Receivable from the Investment
Adviser (Note 2) -- -- 4,866 -- -- 5,497
Deferred organization expenses
(Note 1D) 4,578 6,647 3,638 3,838 6,923 3,557
-------- --------- ---------- -------- --------- --------
Total assets $91,659,156 $157,182,197 $298,530 $37,806,230 $105,628,725 $321,213
-------- --------- ---------- -------- --------- --------
Liabilities:
Demand note payable (Note 5) $ 325,000 $ -- $ -- $ -- $ -- $ --
Payable for investments purchased 1,819,085 -- 9,968 -- 2,113,655 --
Payable to affiliates -
Trustees' fees 1,396 2,590 -- 427 1,908 --
Custodian fees -- 3,034 -- 98 -- --
Accrued expenses 2,220 2,750 1,484 1,454 2,438 1,463
-------- --------- ---------- -------- --------- --------
Total liabilities $ 2,147,701 $ 8,374 $ 11,452 $ 1,979 $ 2,118,001 $ 1,463
-------- --------- ---------- -------- --------- --------
Net Assets applicable to investors'
interest in Portfolio $89,511,455 $157,173,823 $287,078 $37,804,251 $103,510,724 $319,750
======== ========= ========== ======== ========= ========
Sources of Net Assets:
Net proceeds from capital
contributions and withdrawals $87,002,827 $154,355,560 $278,076 $36,684,532 $100,691,555 $309,088
Unrealized appreciation of
investments (computed on the basis
of identified cost) 2,508,628 2,818,263 9,002 1,119,719 2,819,169 10,662
-------- --------- ---------- -------- --------- --------
Total $89,511,455 $157,173,823 $287,078 $37,804,251 $103,510,724 $319,750
======== ========= ========== ======== ========= ========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Operations
Six Months Ended September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Arizona California Connecticut Florida Massachusetts Michigan
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
-------- --------- --------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest income (Note 1B) $16,583 $2,055,893 $440,409 $4,047,304 $3,062,695 $ 835,120
------ ------- ------- ------- --------- --------
Expenses -
Investment adviser fee
(Note 2) $ 1,363 $ 176,371 $ 38,380 $ 351,182 $ 265,896 $ 69,945
Compensation of Trustees
not members of the
Investment Adviser's
organization 264 3,529 98 6,248 4,693 971
Custodian fees (Note 2) 1,793 19,955 5,833 39,730 27,475 9,006
Printing and postage 124 -- 1,002 -- -- --
Legal and accounting
services 4,978 19,428 18,299 28,228 24,265 21,928
Amortization of
organization expenses
(Note 1D) 443 757 1,288 2,108 2,050 1,561
Miscellaneous 2,100 12,123 3,661 12,432 9,128 6,078
------ ------- ------- ------- --------- --------
Total expenses $11,065 $ 232,163 $ 68,561 $ 439,928 $ 333,507 $ 109,489
------ ------- ------- ------- --------- --------
Deduct preliminary
reduction of
investment adviser fee
(Note 2) $ 1,363 $ -- $ 35,286 $ -- $ -- $ --
Deduct preliminary
allocation of expenses
to the Investment
Adviser (Note 2) 9,385 -- -- -- -- --
Deduct reduction of
custodian fees (Note 2) 317 18,486 4,013 12,321 11,608 7,047
------ ------- ------- ------- --------- --------
Total $11,065 $ 18,486 $ 39,299 $ 12,321 $ 11,608 $ 7,047
------ ------- ------- ------- --------- --------
Net expenses $ -- $ 213,677 $ 29,262 $ 427,607 $ 321,899 $ 102,442
------ ------- ------- ------- --------- --------
Net investment income $16,583 $1,842,216 $411,147 $3,619,697 $2,740,796 $ 732,678
------ ------- ------- ------- --------- --------
Realized and Unrealized
Gain (Loss) on
Investments:
Net realized gain (loss)
-
Investment transactions
(identified cost basis) $ 262 $ 258,229 $ 9,950 $ (9,718) $ (39,766) $ 89,569
Financial futures
contracts (6,079) (392,888) (77,970) (785,149) (575,026) (155,939)
------ ------- ------- ------- --------- --------
Net realized loss on
investments $(5,817) $ (134,659) $(68,020) $ (794,867) $ (614,792) $ (66,370)
------ ------- ------- ------- --------- --------
Change in unrealized
appreciation -
Investments $10,591 $1,393,879 $419,008 $3,885,734 $2,650,178 $ 536,892
Financial futures
contracts 3,400 69,703 13,600 142,806 100,304 27,201
------ ------- ------- ------- --------- --------
Net unrealized
appreciation of
investments $13,991 $1,463,582 $432,608 $4,028,540 $2,750,482 $ 564,093
------ ------- ------- ------- --------- --------
Net realized and
unrealized gain on
investments $ 8,174 $1,328,923 $364,588 $3,233,673 $2,135,690 $ 497,723
------ ------- ------- ------- --------- --------
Net increase in net
assets from
operations $24,757 $3,171,139 $775,735 $6,853,370 $4,876,486 $1,230,401
====== ======= ======= ======= ========= ========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Operations
Six Months Ended September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
New North
Jersey New York Carolina Ohio Pennsylvania Virginia
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
--------- --------- ------------ --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest income (Note 1B) $2,489,042 $4,335,568 $5,402 $1,090,834 $2,890,795 $ 6,690
------- ------- ---------- ------- -------- --------
Expenses -
Investment adviser fee
(Note 2) $ 215,061 $ 379,668 $ 552 $ 90,213 $ 249,262 $ 622
Compensation of Trustees
not members of the
Investment Adviser's
organization 3,200 6,248 -- 972 4,694 --
Custodian fees (Note 2) 22,474 43,155 1,480 11,390 25,892 1,749
Printing and postage -- -- 124 -- -- 124
Legal and accounting
services 24,128 28,628 2,328 21,928 24,128 2,328
Bond pricing -- -- -- -- -- 1,156
Amortization of
organization expenses
(Note 1D) 897 1,288 440 1,288 1,340 432
Miscellaneous 9,854 10,041 934 6,198 15,276 157
------- ------- ---------- ------- -------- --------
Total expenses $ 275,614 $ 469,028 $5,858 $ 131,989 $ 320,592 $ 6,568
------- ------- ---------- ------- -------- --------
Deduct preliminary
reduction of
investment adviser
fee (Note 2) $ -- $ -- $ 552 $ -- $ -- $ 622
Deduct preliminary
allocation of expenses
to the Investment
Adviser (Note 2) -- -- 4,866 -- -- 5,497
Deduct reduction of
custodian fees (Note 2) 13,592 25,625 440 4,597 13,572 449
------- ------- ---------- ------- -------- --------
Total $ 13,592 $ 25,625 $5,858 $ 4,597 $ 13,572 $ 6,568
------- ------- ---------- ------- -------- --------
Net expenses $ 262,022 $ 443,403 $ -- $ 127,392 $ 307,020 $ --
------- ------- ---------- ------- -------- --------
Net investment income $2,227,020 $3,892,165 $5,402 $ 963,442 $2,583,775 $ 6,690
------- ------- ---------- ------- -------- --------
Realized and Unrealized
Gain (Loss) on
Investments:
Net realized gain (loss) -
Investment transactions
(identified cost
basis) $ (24,897) $ 268,341 $ -- $ 231,074 $ (314,525) $ --
Financial futures
contracts (467,818) (834,507) -- (198,591) (545,788) --
------- ------- ---------- ------- -------- --------
Net realized gain
(loss) on investments $ (492,715) $ (566,166) $ -- $ 32,483 $ (860,313) $ --
------- ------- ---------- ------- -------- --------
Change in unrealized
appreciation -
Investments $1,825,460 $3,600,346 $4,208 $ 592,873 $2,650,194 $ 4,319
Financial futures
contracts 81,604 147,906 -- 32,301 95,204 --
------- ------- ---------- ------- -------- --------
Net unrealized
appreciation of
investments $1,907,064 $3,748,252 $4,208 $ 625,174 $2,745,398 $ 4,319
------- ------- ---------- ------- -------- --------
Net realized and
unrealized gain on
investments $1,414,349 $3,182,086 $4,208 $ 657,657 $1,885,085 $ 4,319
------- ------- ---------- ------- -------- --------
Net increase in net
assets from
operations $3,641,369 $7,074,251 $9,610 $1,621,099 $4,468,860 $11,009
======= ======= ========== ======= ======== ========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Changes in Net Assets
Six Months Ended September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Arizona California Connecticut Florida Massachusetts Michigan
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
-------- ------------ ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Increase
(Decrease) in
Net Assets:
From operations -
Net investment
income $ 16,583 $ 1,842,216 $ 411,147 $ 3,619,697 $ 2,740,796 $ 732,678
Net realized
loss on
investments (5,817) (134,659) (68,020) (794,867) (614,792) (66,370)
Change in
unrealized
appreciation of
investments 13,991 1,463,582 432,608 4,028,540 2,750,482 564,093
------ ---------- --------- ---------- ---------- -----------
Net increase in
net assets
from
operations $ 24,757 $ 3,171,139 $ 775,735 $ 6,853,370 $ 4,876,486 $ 1,230,401
------ ---------- --------- ---------- ---------- -----------
Capital
transactions -
Contributions $ 66,575 $ 1,290,241 $ 601,391 $ 4,437,740 $ 2,320,808 $ 520,163
Withdrawals (68,330) (16,932,134) (2,563,149) (32,454,564) (14,988,746 (7,858,055)
------ ---------- --------- ---------- ---------- -----------
Decrease in net
assets
resulting from
capital
transactions $ (1,755) $(15,641,893) $(1,961,758) $(28,016,824) $(12,667,938) $(7,337,892)
------ ---------- --------- ---------- ---------- -----------
Total increase
(decrease) in
net assets $ 23,002 $(12,470,754) $(1,186,023) $(21,163,454) $ (7,791,452) $(6,107,491)
Net Assets:
At beginning of
period 590,456 82,343,725 17,315,618 164,578,915 119,119,542 33,198,016
------ ---------- --------- ---------- ---------- -----------
At end of period $613,458 $ 69,872,971 $16,129,595 $143,415,461 $111,328,909 $27,090,525
====== ========== ========= ========== ========== ===========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Changes in Net Assets
Six Months Ended September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
North
New Jersey New York Carolina Ohio Pennsylvania Virginia
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------ ------------ ------------ ----------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From operations -
Net investment income $ 2,227,020 $ 3,892,165 $ 5,402 $ 963,442 $ 2,583,775 $ 6,690
Net realized gain
(loss) on investments (492,715) (566,166) -- 32,483 (860,313) --
Change in unrealized
appreciation of
investments 1,907,064 3,748,252 4,208 625,174 2,745,398 4,319
---------- ---------- ---------- --------- ---------- --------
Net increase in net
assets from
operations $ 3,641,369 $ 7,074,251 $ 9,610 $ 1,621,099 $ 4,468,860 $ 11,009
---------- ---------- ---------- --------- ---------- --------
Capital transactions -
Contributions $ 1,142,131 $ 5,054,457 $ 55,196 $ 818,313 $ 2,639,124 $101,077
Withdrawals (12,551,720) (28,587,309) (13,487) (4,070,535) (17,203,305) (12,964)
---------- ---------- ---------- --------- ---------- --------
Increase (decrease) in
net assets resulting
from capital
transactions $(11,409,589) $(23,532,852) $ 41,709 $(3,252,222) $(14,564,181) $ 88,113
---------- ---------- ---------- --------- ---------- --------
Total increase
(decrease) in net
assets $ (7,768,220) $(16,458,601) $ 51,319 $(1,631,123) $(10,095,321) $ 99,122
Net Assets:
At beginning of period 97,279,675 173,632,424 235,759 39,435,374 113,606,045 220,628
---------- ---------- ---------- --------- ---------- --------
At end of period $ 89,511,455 $157,173,823 $287,078 $37,804,251 $103,510,724 $319,750
========== ========== ========== ========= ========== ========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Changes in Net Assets
Year Ended March 31, 1995
<TABLE>
<CAPTION>
Arizona California Connecticut Florida Massachusetts Michigan
Limited Limited Limited Limited Limited Limited
Portfolio* Portfolio Portfolio Portfolio Portfolio Portfolio
--------- ------------ ---------- ------------ ----------- -------------
<S> <C> <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 $ 1,731,146
Net realized
loss on
investments (10) (3,541,623) (562,025) (4,072,437) (2,100,952) (1,889,732)
Net unrealized
appreciation of
investments 12,817 2,987,188 573,926 5,067,690 2,792,609 1,913,469
------- ---------- -------- ---------- --------- -----------
Net increase in
net assets from
operations $ 21,493 $ 3,763,329 $ 885,990 $ 9,479,111 $ 6,604,489 $ 1,754,883
------- ---------- -------- ---------- --------- -----------
Capital
transactions -
Contributions $477,295 $ 14,449,584 $ 4,383,626 $ 29,535,670 $ 17,263,223 $ 8,180,397
Withdrawals (8,342) (31,573,058) (4,720,895) (60,412,518) (24,520,587) (12,345,746)
------- ---------- -------- ---------- --------- -----------
Increase
(decrease) in
net assets
resulting from
capital
transactions $468,953 $(17,123,474) $ (337,269) $(30,876,848) $ (7,257,364) $ (4,165,349)
------- ---------- -------- ---------- --------- -----------
Total increase
(decrease) in
net assets $490,446 $(13,360,145) $ 548,721 $(21,397,737) $ (652,875) $ (2,410,466)
Net Assets:
At beginning of
year 100,010 95,703,870 16,766,897 185,976,652 119,772,417 35,608,482
------- ---------- -------- ---------- --------- -----------
At end of year $590,456 $ 82,343,725 $17,315,618 $164,578,915 $119,119,542 $ 33,198,016
======= ========== ======== ========== ========= ===========
</TABLE>
* For the period from the start of business, November 3, 1994, to March 31,
1995.
<PAGE>
Statements of Changes in Net Assets
Year Ended March 31, 1995
<TABLE>
<CAPTION>
North
New Jersey New York Carolina Ohio Pennsylvania Virginia
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio** Portfolio Portfolio Portfolio***
------------ ------------ ------------ ---------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Increase
(Decrease) in Net
Assets:
From operations -
Net investment
income $ 4,840,639 $ 8,821,606 $ 2,582 $ 1,988,159 $ 5,762,059 $ 3,160
Net realized
gain (loss) on
investments (2,432,985) (2,970,287) 14 (1,848,899) (1,989,932) (6)
Net unrealized
appreciation of
investments 2,933,058 3,317,903 4,794 1,939,481 2,563,670 6,343
---------- ---------- ---------- -------- ---------- -----------
Net increase in
net assets from
operations $ 5,340,712 $ 9,169,222 $ 7,390 $ 2,078,741 $ 6,335,797 $ 9,497
---------- ---------- ---------- -------- ---------- -----------
Capital
transactions -
Contributions $ 13,706,598 $ 23,864,886 $184,597 $ 8,548,567 $ 15,664,244 $144,732
Withdrawals (24,715,358) (43,169,334) (56,238) (9,169,484) (32,013,516) (33,611)
---------- ---------- ---------- -------- ---------- -----------
Increase
(decrease) in
net assets
resulting from
capital
transactions $(11,008,760) $(19,304,448) $128,359 $ (620,917) $(16,349,272) $111,121
---------- ---------- ---------- -------- ---------- -----------
Total increase
(decrease) in
net assets $ (5,668,048) $(10,135,226) $135,749 $ 1,457,824 $(10,013,475) $120,618
Net Assets:
At beginning of
year 102,947,723 183,767,650 100,010 37,977,550 123,619,520 100,010
---------- ---------- ---------- -------- ---------- -----------
At end of year $ 97,279,675 $173,632,424 $235,759 $39,435,374 $113,606,045 $220,628
========== ========== ========== ======== ========== ===========
</TABLE>
** For the period from the start of business, November 28, 1994, to March
31, 1995.
*** For the period from the start of business, November 11, 1994, to March
31, 1995.
<PAGE>
Supplementary Data
<TABLE>
<CAPTION>
Arizona Limited Portfolio California Limited Portfolio
--------------------------------- -------------------------------------
Six Months Six Months
Ended Ended
September 30, September 30, Year Ended March
1995 Period Ended 1995 31,
March 31,
(unaudited) 1995*** (unaudited) 1995 1994**
--------------- -------------- --------------- ------ --------
<S> <C> <C> <C> <C> <C>
Ratios (As a percentage
of average daily net
assets)++:
Net expenses 0.10%+ 0.00%+ 0.60%+ 0.53% 0.46%+
Net investment income 5.40%+ 4.60%+ 4.80%+ 4.72% 4.50%+
Portfolio Turnover 14% 1% 8% 56% 6%
Net Assets, end of
period (000 omitted) $613 590 $69,873 $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:
Ratios (As a percentage of average daily net assets):
Expenses 3.60%+ 1.31%+ 0.52%+
Net investment income 1.90%+ 3.29%+ 4.44%+
</TABLE>
<TABLE>
<CAPTION>
Connecticut Limited Portfolio Florida Limited Portfolio
---------------------------------- ---------------------------------------
Six Months Six Months
Ended Ended
September 30, Year Ended March September 30,
1995 31, 1995 Year Ended March 31,
(unaudited) 1995 1994* (unaudited) 1995 1994**
-------------- ------ ------ --------------- ------- ---------
<S> <C> <C> <C> <C> <C> <C>
Ratios (As a percentage of
average daily net
assets)++:
Net expenses 0.39%+ 0.17% 0.00%+ 0.57%+ 0.52% 0.49%+
Net investment income 4.87%+ 4.95% 4.53%+ 4.71%+ 4.73% 4.53%+
Portfolio Turnover 25% 73% 39% 3% 44% 8%
Net Assets, end of period
(000 omitted) $16,130 $17,316 $16,767 $143,415 $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 0.81%+ 0.67% 0.62%+
Net investment income 4.45%+ 4.45% 3.92%+
</TABLE>
+ 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.
<PAGE>
Supplementary Data
<TABLE>
<CAPTION>
Massachusetts Limited Portfolio Michigan Limited Portfolio
------------------------------------- -------------------------------------
Six Months Six Months
Ended Ended
September 30, Year Ended March September 30, Year Ended March
1995 31, 1995 31,
(unaudited) 1995 1994** (unaudited) 1995 1994*
--------------- ------- ------- --------------- ------ --------
<S> <C> <C> <C> <C> <C> <C>
Ratios (As a percentage of
average daily
net assets)++:
Net expenses 0.57%+ 0.54% 0.52%+ 0.73%+ 0.48% 0.00%+
Net investment income 4.70%+ 4.90% 4.57%+ 4.91%+ 4.88% 4.62%+
Portfolio Turnover 4% 46% 8% 17% 111% 30%
Net Assets, end of period
(000 omitted) $111,328 $119,120 $119,772 $27,091 $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 0.59% 0.54%+
Net investment income 4.77% 4.08%+
</TABLE>
<TABLE>
<CAPTION>
New Jersey Limited Portfolio New York Limited Portfolio
----------------------------------- ---------------------------------------
Six Months Six Months
Ended Ended
September 30, Year Ended March September 30,
1995 31, 1995 Year Ended March 31,
(unaudited) 1995 1994** (unaudited) 1995 1994**
-------------- ------ ------- --------------- ------- ---------
<S> <C> <C> <C> <C> <C> <C>
Ratios (As a percentage of
average daily
net assets):
Net expenses 0.59%+ 0.54% 0.54%+ 0.56%+ 0.52% 0.47%+
Net investment income 4.74%+ 4.73% 4.53%+ 4.65%+ 4.79% 4.50%+
Portfolio Turnover 17% 44% 10% 12% 31% 5%
Net Assets, end of period
(000 omitted) $89,511 $97,280 $102,948 $157,174 $173,632 $183,768
</TABLE>
+ 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.
<PAGE>
Supplementary Data
<TABLE>
<CAPTION>
North Carolina Limited Portfolio Ohio Limited Portfolio
--------------------------------- -------------------------------------
Six Months Six Months
Ended Ended
September 30, September 30, Year Ended March
1995 Period Ended 1995 31,
March 31,
(unaudited) 1995+++ (unaudited) 1995 1994*
--------------- -------------- --------------- ------ --------
<S> <C> <C> <C> <C> <C>
Ratios (As a percentage of
average daily net
assets)++:
Net expenses 0.32%+ 0.00%+ 0.68%+ 0.46% 0.00%+
Net investment income 3.96%+ 3.98%+ 5.00%+ 4.96% 4.68%+
Portfolio Turnover 0% 21% 33% 120% 33%
Net Assets, end of period
(000 omitted) $287 $236 $37,804 $39,435 $37,978
++ 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 4.29%+ 2.09%+ 0.58% 0.54%+
Net investment income 0.01%+ 1.89%+ 4.84% 4.14%+
</TABLE>
<TABLE>
<CAPTION>
Pennsylvania Limited Portfolio Virginia Limited Portfolio
------------------------------------ -----------------------------------
Six Months Six Months
Ended Ended
September 30, Year Ended March September 30,
1995 31, 1995 Period Ended
March 31,
(unaudited) 1995 1994** (unaudited) 1995***
-------------- ------- ------- --------------- ----------------
<S> <C> <C> <C> <C> <C>
Ratios (As a percentage of
average daily net
assets)++:
Net expenses 0.59%+ 0.53% 0.50%+ 0.30%+ 0.00%+
Net investment income 4.74%+ 4.77% 4.59%+ 4.50%+ 4.69%+
Portfolio Turnover 11% 39% 12% 0% 33%
Net Assets, end of period
(000 omitted) $103,511 $113,606 $123,620 $320 $221
++ 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 4.42%+ 2.17%+
Net investment income 0.38%+ 2.52%+
</TABLE>
+ 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 11, 1994, to March
31, 1995.
+++ For the period from the start of business, November 28, 1994, to March
31, 1995.
<PAGE>
Notes to Financial Statements
(Unaudited)
(1) Significant Accounting Policies
Arizona Limited Maturity Tax Free Portfolio (Arizona Limited Portfolio),
California Limited Maturity Tax Free Portfolio (California Limited
Portfolio), Connecticut Limited Maturity Tax Free Portfolio (Connecticut
Limited Portfolio), Florida Limited Maturity Tax Free Portfolio (Florida
Limited Portfolio), Massachusetts Limited Maturity Tax Free Portfolio
(Massachusetts Limited Portfolio), Michigan Limited Maturity Tax Free
Portfolio (Michigan Limited Portfolio), New Jersey Limited Maturity Tax Free
Portfolio (New Jersey Limited Portfolio), New York Limited Maturity Tax Free
Portfolio (New York Limited Portfolio), North Carolina Limited Maturity Tax
Free Portfolio (North Carolina Limited Portfolio), Ohio Limited Maturity Tax
Free Portfolio (Ohio Limited Portfolio), Pennsylvania Limited Maturity Tax
Free Portfolio (Pennsylvania Limited Portfolio), and Virginia Limited
Maturity Tax Free Portfolio (Virginia 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. Other - Investment transactions are accounted for on a trade date basis.
H. Interim Financial Information - The interim financial statements relating
to September 30, 1995 and for the six-month period then ended have not been
audited by independent certified public accountants, but in opinion of the
Portfolio's management, reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
<PAGE>
(2) Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to each Portfolio.
The fee is based upon a percentage of average daily net assets plus a
percentage of gross income (i.e., income other than gains from the sale of
securities). For the six months ended September 30, 1995, each Portfolio paid
advisory fees as follows:
Six Months Ended
September 30, 1995
------------------------
Effective
Portfolio Amount Rate*
------------------------------ ------ --------------
Arizona Limited $ 1,363 0.44%
California Limited 176,371 0.46%
Connecticut Limited 38,380 0.46%
Florida Limited 351,182 0.46%
Massachusetts Limited 265,896 0.46%
Michigan Limited 69,945 0.47%
New Jersey Limited 215,061 0.46%
New York Limited 379,668 0.45%
North Carolina Limited 552 0.40%
Ohio Limited 90,213 0.47%
Pennsylvania Limited 249,262 0.46%
Virginia Limited 622 0.42%
To enhance the net income of the Arizona Limited Portfolio, Connecticut
Limited Portfolio, North Carolina Limited Portfolio, and Virginia Limited
Portfolio, BMR made a reduction of its fees in the amounts of $1,363,
$35,286, $552 and $622, respectively, for the six months ended September 30,
1995. In addition, $9,385, $4,866 and $5,497 of expenses related to the
operation of the Arizona Limited Portfolio, North Carolina Limited Portfolio,
and Virginia Limited Portfolio were allocated, on a preliminary basis, to BMR
for the six months ended September 30, 1995.
Except as to Trustees of the Portfolios who are not members of EVM's or BMR's
organization, officers and Trustees receive remuneration for their services
to the Portfolios out of such investment adviser fee. Investors Bank & Trust
Company (IBT), an affiliate of EVM and BMR, serves as custodian of the
Portfolios. Pursuant to the custodian agreements, IBT receives a fee reduced
by credits which are determined based on the average daily cash balances each
Portfolio maintains with IBT. For the six months ended September 30, 1995,
credits used to reduce custodian fees amounted to $317, $18,486, $4,013,
$12,321, $11,608, $7,047, $13,592, $25,625, $440, $4,597, $13,572 and $449
for the Arizona Limited Portfolio, California Limited Portfolio, Connecticut
Limited Portfolio, Florida Limited Portfolio, Massachusetts Limited
Portfolio, Michigan Limited Portfolio, New Jersey Limited Portfolio, New York
Limited Portfolio, North Carolina Limited Portfolio, Ohio Limited Portfolio,
Pennsylvania Limited Portfolio and Virginia Limited Portfolio, respectively.
Certain of the officers and Trustees of the Portfolios are officers and
directors/trustees of the above organizations. Trustees of the Portfolio that
are not affiliated with the Investment Adviser may elect to defer receipt of
all or a portion of their annual fees in accordance with the terms of the
Trustee Deferred Compensation Plan. For the six months ended September 30,
1995, no significant amounts have been deferred.
* Advisory fees paid as a percentage of average daily net assets
(annualized).
(3) Investments
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations, for the six months ended September 30, 1995 were as
follows:
<TABLE>
<CAPTION>
Arizona California Connecticut Florida Massachusetts Michigan
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
-------- ---------- --------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Purchases $120,818 $ 6,607,831 $4,125,355 $ 5,162,750 $ 4,003,173 $ 4,897,812
Sales 84,339 17,509,328 5,470,573 29,275,564 13,451,271 11,525,334
</TABLE>
<TABLE>
<CAPTION>
North
New Jersey New York Carolina Ohio Pennsylvania Virginia
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ------------ ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Purchases $15,200,880 $18,971,165 $82,924 $12,407,753 $11,758,908 $120,417
Sales 25,889,803 34,910,838 -- 14,670,529 22,905,817 --
</TABLE>
<PAGE>
(4) Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) in value of the
investments owned by each Portfolio at September 30, 1995, as computed on a
federal income tax basis, are as follows:
<TABLE>
<CAPTION>
Arizona California Connecticut Florida Massachusetts Michigan
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
-------- ---------- ---------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Aggregate cost $565,333 $66,519,577 $15,417,395 $134,625,228 $106,487,409 $24,819,371
====== ======== ======== ========= ========= ==========
Gross unrealized
appreciation $ 26,808 $ 2,135,020 $ 408,314 $ 4,948,721 $ 2,684,696 $ 1,053,224
Gross unrealized
depreciation - 133,319 35,757 206,503 66,619 2,939
------ -------- -------- --------- --------- ----------
Net unrealized
appreciation $ 26,808 $ 2,001,701 $ 372,557 $ 4,742,218 $ 2,618,077 $ 1,050,285
====== ======== ======== ========= ========= ==========
</TABLE>
<TABLE>
<CAPTION>
North
New Jersey New York Carolina Ohio Pennsylvania Virginia
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ----------- ------------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Aggregate cost $83,167,449 $150,966,523 $229,029 $35,685,052 $100,829,234 $293,422
======== ========= ========== ======== ========= ========
Gross unrealized
appreciation $ 2,594,969 $ 3,131,891 $ 9,169 $ 1,130,783 $ 2,972,292 $ 10,874
Gross unrealized
depreciation 86,341 313,628 167 11,064 153,123 212
-------- --------- ---------- -------- --------- --------
Net unrealized
appreciation $ 2,508,628 $ 2,818,263 $ 9,002 $ 1,119,719 $ 2,819,169 $ 10,662
======== ========= ========== ======== ========= ========
</TABLE>
(5) Line of Credit
The Portfolios participate with other portfolios and funds managed by BMR and
EVM in a $120 million unsecured line of credit agreement with a bank. The
line of credit consists of a $20 million committed facility and a $100
million discretionary facility. Borrowings will be made by the Portfolios
solely to facilitate the handling of unusual and/or unanticipated short- term
cash requirements. Interest is charged to each Portfolio or fund based on its
borrowings at an amount above either the 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. The Portfolios did not have
any significant borrowings or allocated fees during the period.
(6) Financial Instruments
The Portfolios regularly trade in financial instruments with off- balance
sheet risk in the normal course of their investing activities to assist in
managing exposure to various market risks. These financial instruments
include written options and futures contracts and may involve, to a varying
degree, elements of risk in excess of the amounts recognized for financial
statement purposes. The notional or contractual amounts of these instruments
represent the investment a Portfolio has in particular classes of financial
instruments and does not necessarily represent the amounts potentially
subject to risk. The measurement of the risks associated with these
instruments is meaningful only when all related and offsetting transactions
are considered. The Portfolios had no such obligations outstanding at
September 30, 1995.
<PAGE>
INVESTMENT MANAGEMENT FOR THE LIMITED MATURITY TAX FREE 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, North Carolina, Ohio
and Virginia Limited
Maturity Tax Free Portfolios
RAYMOND E. HENDER
Vice President and Portfolio
Manager of Arizona, California, Florida,
Massachusetts, New York,
and Pennsylvania Limited Maturity
Tax Free Portfolios
JAMES L. O'CONNOR
Treasurer
THOMAS OTIS
Secretary
INDEPENDENT TRUSTEES
DONALD R. DWIGHT
President, Dwight Partners, Inc.
Chairman, Newspapers 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
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