<PAGE>
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 99.4%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Assisted Living -- 4.5%
- ----------------------------------------------------------------------------
$ 835 Chester County IDA, (Kimberton),
8.00%, 9/1/05 $ 873,802
1,060 Delaware County IDA, (Glen Riddle),
(AMT), 8.125%, 9/1/05 1,118,205
- ----------------------------------------------------------------------------
$ 1,992,007
- ----------------------------------------------------------------------------
Certificates of Participation -- 1.1%
- ----------------------------------------------------------------------------
$ 500 Cliff House Trust, PA, (AMT),
6.625%, 6/1/27 $ 500,000
- ----------------------------------------------------------------------------
$ 500,000
- ----------------------------------------------------------------------------
Cogeneration -- 3.7%
- ----------------------------------------------------------------------------
$1,500 Pennsylvania EDA, (Resource
Recovery-Colver), (AMT), 7.05%, 12/1/10 $ 1,616,400
- ----------------------------------------------------------------------------
$ 1,616,400
- ----------------------------------------------------------------------------
Education -- 2.9%
- ----------------------------------------------------------------------------
$ 740 Pennsylvania HEFA, (Delaware Valley
College of Science and Agriculture),
5.25%, 4/5/12 $ 689,384
625 Pennsylvania HEFA, (Gwynedd-Mercy
College), 5.60%, 11/1/22 580,331
- ----------------------------------------------------------------------------
$ 1,269,715
- ----------------------------------------------------------------------------
Escrowed / Prerefunded -- 10.4%
- ----------------------------------------------------------------------------
$ 500 Harrisburg Authority, (FSA), Escrowed to
Maturity, 6.25%, 6/1/01 $ 517,020
1,500 Somerset County, General Authority,
(FGIC), Escrowed to Maturity,
6.50%, 10/15/01 1,568,835
875 Virgin Islands Water and Power
Authority, Prerefunded to 7/1/01,
7.40%, 7/1/11 930,466
5,000 Westmoreland County, Municipal
Authority, (FGIC), Escrowed to Maturity,
0.00%, 8/15/19 1,574,250
- ----------------------------------------------------------------------------
$ 4,590,571
- ----------------------------------------------------------------------------
General Obligations -- 0.5%
- ----------------------------------------------------------------------------
$ 500 Puerto Rico, 0.00%, 7/1/16 $ 195,645
- ----------------------------------------------------------------------------
$ 195,645
- ----------------------------------------------------------------------------
Hospital -- 16.5%
- ----------------------------------------------------------------------------
$1,000 Allentown, Area Hospital Authority,
(Sacred Heart Hospital), 6.50%, 11/15/08 $ 1,036,350
650 Hazleton Health Services Authority, (St.
Joseph's Hospital), 5.85%, 7/1/06 661,453
1,200 Lehigh County, General Purpose
Authority, (Muhlenberg Hospital),
5.75%, 7/15/10 1,261,944
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Hospital (continued)
- ----------------------------------------------------------------------------
$ 200 McKean County Hospital Authority,
(Bradford Hospital), 5.375%, 10/1/03 $ 199,772
1,000 Monroeville Hospital Authority, (Forbes
Health), 5.75%, 10/1/05 975,000
1,030 Montgomery County HEFA, (Montgomery
Hospital), 6.25%, 7/1/06 1,065,236
500 New Castle Area Hospital Authority, (St.
Francis Hospital of New Castle),
5.90%, 11/15/00 507,160
245 Northhampton County Hospital Authority,
(Easton Hospital), 6.90%, 1/1/02 249,577
1,350 South Fork Municipal Authority, (Lee
Hospital), 5.50%, 7/1/11 1,288,588
- ----------------------------------------------------------------------------
$ 7,245,080
- ----------------------------------------------------------------------------
Housing -- 2.2%
- ----------------------------------------------------------------------------
$1,000 Pennsylvania HFA, Single Family, (AMT),
5.85%, 10/1/27 $ 979,770
- ----------------------------------------------------------------------------
$ 979,770
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 5.0%
- ----------------------------------------------------------------------------
$1,200 Erie IDA, (International Paper), (AMT),
5.85%, 12/1/20 $ 1,161,720
1,000 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.30%, 6/1/23 1,016,050
- ----------------------------------------------------------------------------
$ 2,177,770
- ----------------------------------------------------------------------------
Insured-Education -- 5.9%
- ----------------------------------------------------------------------------
$2,000 Allegheny County, Higher Education
Building Authority, (Duquesne
University), (AMBAC), 5.00%, 3/1/16 $ 1,850,900
700 Montgomery County HEFA, (Saint Joseph's
University), (CLEE), 6.00%, 12/15/02 734,293
- ----------------------------------------------------------------------------
$ 2,585,193
- ----------------------------------------------------------------------------
Insured-Electric Utilities -- 5.8%
- ----------------------------------------------------------------------------
$ 500 Beaver County IDA, (Ohio Edison Co.),
(FGIC), 7.00%, 6/1/21 $ 527,420
2,000 Cambria County IDA, (Pennsylvania
Electric Co.), (MBIA), 5.35%, 11/1/10 2,042,700
- ----------------------------------------------------------------------------
$ 2,570,120
- ----------------------------------------------------------------------------
Insured-General Obligations -- 6.7%
- ----------------------------------------------------------------------------
$1,635 Harrisburg, (AMBAC), 0.00%, 9/15/12 $ 804,322
1,355 McKeesport, (FGIC), 0.00%, 10/1/11 709,397
1,000 Pennsylvania, (AMBAC), 5.00%, 11/15/15 939,290
500 Pleasant Valley School District, (FGIC),
5.00%, 9/1/10 507,365
- ----------------------------------------------------------------------------
$ 2,960,374
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
67
<PAGE>
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Hospital -- 4.3%
- ----------------------------------------------------------------------------
$1,000 Allegheny County Hospital Development
Authority, (South Hills Health), (MBIA),
5.50%, 5/1/08 $ 1,032,040
825 Indiana County Hospital Authority,
(Indiana Hospital), (CLEE),
5.875%, 7/1/01 847,143
- ----------------------------------------------------------------------------
$ 1,879,183
- ----------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 2.4%
- ----------------------------------------------------------------------------
$1,000 Northumberland County Authority, (MBIA),
6.50%, 10/15/01 $ 1,045,890
- ----------------------------------------------------------------------------
$ 1,045,890
- ----------------------------------------------------------------------------
Insured-Solid Waste -- 1.1%
- ----------------------------------------------------------------------------
$ 500 Lancaster County, Solid Waste Management
Authority Resources Recovery System,
(AMBAC), 5.375%, 12/15/15 $ 484,195
- ----------------------------------------------------------------------------
$ 484,195
- ----------------------------------------------------------------------------
Insured-Special Tax Revenue -- 1.6%
- ----------------------------------------------------------------------------
$ 400 Pennsylvania Intergovernmental
Cooperative Authority, (Philadelphia
Funding Program), (FGIC), 5.25%, 6/15/11 $ 399,792
350 Pittsburgh and Allegheny County, Public
Auditorium Authority, (AMBAC),
5.00%, 2/1/24 310,170
- ----------------------------------------------------------------------------
$ 709,962
- ----------------------------------------------------------------------------
Insured-Transportation -- 9.3%
- ----------------------------------------------------------------------------
$1,000 Allegheny County Airport Revenue,
(MBIA), 5.75%, 1/1/10 $ 1,037,960
590 Allegheny County Airport Revenue,
(MBIA), 5.75%, 1/1/12 606,945
1,000 Philadelphia Airport Revenue, (FGIC),
5.375%, 7/1/14 965,360
1,000 Southeastern Pennsylvania Transportation
Authority, (FGIC), 5.55%, 3/1/14 1,001,770
500 Southeastern Transportation Authority,
(FGIC), 5.25%, 3/1/13 492,180
- ----------------------------------------------------------------------------
$ 4,104,215
- ----------------------------------------------------------------------------
Nursing Home -- 2.2%
- ----------------------------------------------------------------------------
$ 250 Chartiers Valley, Industrial and
Commercial Development Authority,
(Beverly Enterprises), 5.30%, 6/1/02 $ 249,085
250 Chartiers Valley, Industrial and
Commercial Development Authority,
(Beverly Enterprises), 5.35%, 6/1/03 248,145
250 Clarion County IDA, (Beverly
Enterprises, Inc.), 5.50%, 5/1/03 245,100
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Nursing Home (continued)
- ----------------------------------------------------------------------------
$ 250 Green County IDA, (Beverly Enterprises,
Inc.), 5.50%, 3/1/08 $ 238,028
- ----------------------------------------------------------------------------
$ 980,358
- ----------------------------------------------------------------------------
Senior Living / Life Care -- 3.7%
- ----------------------------------------------------------------------------
$ 335 Crawford County Hospital Authority,
(Wesbury United Methodist Community),
6.00%, 8/15/11 $ 329,674
245 Delaware County Authority, (White Horse
Village), 6.30%, 7/1/03 252,526
505 Delaware County Authority, (White Horse
Village), 6.40%, 7/1/04 524,114
535 Hazleton Health Services Authority,
(Hazleton General Hospital),
5.50%, 7/1/07 532,218
- ----------------------------------------------------------------------------
$ 1,638,532
- ----------------------------------------------------------------------------
Solid Waste -- 5.1%
- ----------------------------------------------------------------------------
$ 500 Greater Lebanon Refuse Authority,
6.20%, 11/15/99 $ 501,405
300 Greater Lebanon Refuse Authority,
6.40%, 5/15/00 304,290
500 Greater Lebanon Refuse Authority,
6.40%, 11/15/00 512,165
1,000 Schuykill County IDA, 5.10%, 10/1/19 923,550
- ----------------------------------------------------------------------------
$ 2,241,410
- ----------------------------------------------------------------------------
Transportation -- 4.5%
- ----------------------------------------------------------------------------
$1,000 Erie Municipal Airport Authority, (AMT),
5.50%, 7/1/09 $ 956,280
1,000 Southeastern Pennsylvania Transportation
Authority, 6.00%, 6/1/01 1,029,610
- ----------------------------------------------------------------------------
$ 1,985,890
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 99.4%
(identified cost $43,891,483) $43,752,280
- ----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.6% $ 278,301
- ----------------------------------------------------------------------------
Net Assets -- 100.0% $44,030,581
- ----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by 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, 1999, 45.7% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 1.2% to 17.7% of total investments.
SEE NOTES TO FINANCIAL STATEMENTS
68
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA MASSACHUSETTS MICHIGAN
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
Assets
- -------------------------------------------------------------------------------------------------------------------------
Investments --
Identified cost $25,259,837 $7,830,338 $50,331,914 $46,786,488 $9,403,236
Unrealized appreciation
(depreciation) (43,905) 123,920 (132,419) (168,339) 196,847
- -------------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $25,215,932 $7,954,258 $50,199,495 $46,618,149 $9,600,083
- -------------------------------------------------------------------------------------------------------------------------
Cash $ 498,545 $ 47,243 $ -- $ -- $ --
Receivable for investments
sold 309,823 -- -- -- --
Interest receivable 353,226 111,996 1,022,787 672,922 206,003
- -------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $26,377,526 $8,113,497 $51,222,282 $47,291,071 $9,806,086
- -------------------------------------------------------------------------------------------------------------------------
Liabilities
- -------------------------------------------------------------------------------------------------------------------------
Payable for daily
variation margin on
open financial futures
contracts $ 8,125 $ -- $ -- $ -- $ --
Demand note payable -- -- 100,000 500,000 --
Payable for when-issued
securities 300,900 -- -- -- --
Due to bank -- -- 11,879 87,996 44,842
Payable to affiliate for
Trustees' fees 64 1 1 -- 3
Accrued expenses 2,312 1,220 3,634 4,187 269
- -------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 311,401 $ 1,221 $ 115,514 $ 592,183 $ 45,114
- -------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN
PORTFOLIO $26,066,125 $8,112,276 $51,106,768 $46,698,888 $9,760,972
- -------------------------------------------------------------------------------------------------------------------------
Sources of Net Assets
- -------------------------------------------------------------------------------------------------------------------------
Net proceeds from capital
contributions and
withdrawals $26,103,366 $7,988,356 $51,239,187 $46,867,227 $9,564,125
Net unrealized
appreciation
(depreciation)
(computed on the basis
of identified cost) (37,241) 123,920 (132,419) (168,339) 196,847
- -------------------------------------------------------------------------------------------------------------------------
TOTAL $26,066,125 $8,112,276 $51,106,768 $46,698,888 $9,760,972
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
69
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
Assets
- ------------------------------------------------------------------------------------------------------
Investments --
Identified cost $36,698,608 $51,224,652 $21,232,925 $43,891,483
Unrealized appreciation
(depreciation) 664,638 531,746 22,962 (139,203)
- ------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $37,363,246 $51,756,398 $21,255,887 $43,752,280
- ------------------------------------------------------------------------------------------------------
Cash $ -- $ 135,587 $ -- $ --
Receivable for investments
sold 55,000 5,150,000 -- --
Interest receivable 532,521 1,118,382 357,527 716,345
- ------------------------------------------------------------------------------------------------------
TOTAL ASSETS $37,950,767 $58,160,367 $21,613,414 $44,468,625
- ------------------------------------------------------------------------------------------------------
Liabilities
- ------------------------------------------------------------------------------------------------------
Demand note payable $ 100,000 $ -- $ 400,000 $ 400,000
Payable for when-issued
securities -- 1,553,300 -- --
Due to bank 68,195 -- 4,010 33,760
Payable to affiliate for
Trustees' fees -- 2 -- --
Accrued expenses 3,690 4,026 3,483 4,284
- ------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 171,885 $ 1,557,328 $ 407,493 $ 438,044
- ------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN
PORTFOLIO $37,778,882 $56,603,039 $21,205,921 $44,030,581
- ------------------------------------------------------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------------------------------------------------------
Net proceeds from capital
contributions and
withdrawals $37,114,244 $56,071,293 $21,182,959 $44,169,784
Net unrealized
appreciation
(depreciation)
(computed on the basis
of identified cost) 664,638 531,746 22,962 (139,203)
- ------------------------------------------------------------------------------------------------------
TOTAL $37,778,882 $56,603,039 $21,205,921 $44,030,581
- ------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
70
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA MASSACHUSETTS MICHIGAN
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
Investment Income
- -------------------------------------------------------------------------------------------------------------------------
Interest $ 724,456 $ 236,086 $ 1,474,147 $ 1,335,336 $ 285,639
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 724,456 $ 236,086 $ 1,474,147 $ 1,335,336 $ 285,639
- -------------------------------------------------------------------------------------------------------------------------
Expenses
- -------------------------------------------------------------------------------------------------------------------------
Investment adviser fee $ 62,250 $ 20,138 $ 126,626 $ 114,168 $ 23,875
Trustees fees and expenses 1,304 125 5,119 5,118 194
Legal and accounting
services 18,985 16,967 22,752 22,756 16,709
Custodian fee 10,463 6,744 18,273 16,604 6,380
Miscellaneous 4,961 2,840 7,480 5,508 3,003
- -------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 97,963 $ 46,814 $ 180,250 $ 164,154 $ 50,161
- -------------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian
fee $ -- $ 1,525 $ 3,193 $ 6,655 $ 1,415
Reduction of investment
adviser fee -- 10,065 -- -- --
- -------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ -- $ 11,590 $ 3,193 $ 6,655 $ 1,415
- -------------------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 97,963 $ 35,224 $ 177,057 $ 157,499 $ 48,746
- -------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 626,493 $ 200,862 $ 1,297,090 $ 1,177,837 $ 236,893
- -------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- -------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions
(identified cost
basis) $ 70,172 $ (4,492) $ 160,768 $ 62,325 $ 26,291
Financial futures
contracts 12,401 (1,712) 35,679 76,073 21,611
- -------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 82,573 $ (6,204) $ 196,447 $ 138,398 $ 47,902
- -------------------------------------------------------------------------------------------------------------------------
Change in unrealized
appreciation
(depreciation) --
Investments (identified
cost basis) $(1,495,902) $(372,032) $(2,861,848) $(2,561,480) $(579,143)
Financial futures
contracts 6,664 -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION
(DEPRECIATION) $(1,489,238) $(372,032) $(2,861,848) $(2,561,480) $(579,143)
- -------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND
UNREALIZED LOSS $(1,406,665) $(378,236) $(2,665,401) $(2,423,082) $(531,241)
- -------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS
FROM OPERATIONS $ (780,172) $(177,374) $(1,368,311) $(1,245,245) $(294,348)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
71
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
Investment Income
- ------------------------------------------------------------------------------------------------------
Interest $ 1,061,410 $ 1,682,391 $ 610,000 $ 1,316,869
- ------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 1,061,410 $ 1,682,391 $ 610,000 $ 1,316,869
- ------------------------------------------------------------------------------------------------------
Expenses
- ------------------------------------------------------------------------------------------------------
Investment adviser fee $ 89,656 $ 142,691 $ 51,194 $ 111,313
Trustees fees and expenses 1,306 4,453 191 5,119
Legal and accounting
services 18,985 23,272 17,027 22,756
Custodian fee 18,840 21,642 12,793 15,440
Miscellaneous 2,615 8,531 4,612 7,271
- ------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 131,402 $ 200,589 $ 85,817 $ 161,899
- ------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian
fee $ 6,153 $ 3,631 $ 3,279 $ 6,163
- ------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 6,153 $ 3,631 $ 3,279 $ 6,163
- ------------------------------------------------------------------------------------------------------
NET EXPENSES $ 125,249 $ 196,958 $ 82,538 $ 155,736
- ------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 936,161 $ 1,485,433 $ 527,462 $ 1,161,133
- ------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions
(identified cost
basis) $ 98,560 $ 105,467 $ 29,414 $ 13,844
Financial futures
contracts 53,058 91,523 30,308 63,922
- ------------------------------------------------------------------------------------------------------
NET REALIZED GAIN $ 151,618 $ 196,990 $ 59,722 $ 77,766
- ------------------------------------------------------------------------------------------------------
Change in unrealized
appreciation
(depreciation) --
Investments (identified
cost basis) $(1,818,811) $(2,895,025) $(1,054,107) $(2,307,973)
- ------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION
(DEPRECIATION) $(1,818,811) $(2,895,025) $(1,054,107) $(2,307,973)
- ------------------------------------------------------------------------------------------------------
NET REALIZED AND
UNREALIZED LOSS $(1,667,193) $(2,698,035) $ (994,385) $(2,230,207)
- ------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS
FROM OPERATIONS $ (731,032) $(1,212,602) $ (466,923) $(1,069,074)
- ------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
72
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA MASSACHUSETTS MICHIGAN
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 626,493 $ 200,862 $ 1,297,090 $ 1,177,837 $ 236,893
Net realized gain (loss) 82,573 (6,204) 196,447 138,398 47,902
Net change in unrealized
appreciation (depreciation) (1,489,238) (372,032) (2,861,848) (2,561,480) (579,143)
- --------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (780,172) $ (177,374) $(1,368,311) $(1,245,245) $ (294,348)
- --------------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 885,378 $ 347,766 $ 2,119,645 $ 3,898,533 $ 664,349
Withdrawals (2,717,186) (1,156,029) (9,592,776) (7,497,845) (1,224,759)
- --------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $(1,831,808) $ (808,263) $(7,473,131) $(3,599,312) $ (560,410)
- --------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(2,611,980) $ (985,637) $(8,841,442) $(4,844,557) $ (854,758)
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
At beginning of period $28,678,105 $ 9,097,913 $59,948,210 $51,543,445 $10,615,730
- --------------------------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $26,066,125 $ 8,112,276 $51,106,768 $46,698,888 $ 9,760,972
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
73
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 936,161 $ 1,485,433 $ 527,462 $ 1,161,133
Net realized gain (loss) 151,618 196,990 59,722 77,766
Net change in unrealized
appreciation (depreciation) (1,818,811) (2,895,025) (1,054,107) (2,307,973)
- -------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (731,032) $ (1,212,602) $ (466,923) $(1,069,074)
- -------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 2,486,392 $ 4,700,831 $ 481,479 $ 1,436,374
Withdrawals (3,757,169) (12,757,943) (1,609,488) (7,107,411)
- -------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $(1,270,777) $ (8,057,112) $(1,128,009) $(5,671,037)
- -------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(2,001,809) $ (9,269,714) $(1,594,932) $(6,740,111)
- -------------------------------------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------------------------------------
At beginning of period $39,780,691 $ 65,872,753 $22,800,853 $50,770,692
- -------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $37,778,882 $ 56,603,039 $21,205,921 $44,030,581
- -------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
74
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 1999
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA MASSACHUSETTS MICHIGAN
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 1,484,759 $ 453,121 $ 3,088,390 $ 2,503,033 $ 522,260
Net realized gain 378,072 19,689 640,439 448,633 116,055
Net change in unrealized
appreciation (depreciation) (263,964) 17,207 (704,172) (457,661) (181,207)
- --------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,598,867 $ 490,017 $ 3,024,657 $ 2,494,005 $ 457,108
- --------------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 4,228,958 $ 1,959,442 $ 7,572,648 $ 10,696,524 $ 1,993,253
Withdrawals (11,447,139) (3,186,038) (22,890,275) (18,230,235) (3,931,845)
- --------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ (7,218,181) $(1,226,596) $(15,317,627) $ (7,533,711) $(1,938,592)
- --------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (5,619,314) $ (736,579) $(12,292,970) $ (5,039,706) $(1,481,484)
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
At beginning of year $ 34,297,419 $ 9,834,492 $ 72,241,180 $ 56,583,151 $12,097,214
- --------------------------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 28,678,105 $ 9,097,913 $ 59,948,210 $ 51,543,445 $10,615,730
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
75
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 1999
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 2,028,602 $ 3,283,070 $ 1,140,232 $ 2,590,278
Net realized gain 167,298 367,409 25,626 555,688
Net change in unrealized
appreciation (depreciation) (303,151) (13,529) (81,834) (774,576)
- -------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,892,749 $ 3,636,950 $ 1,084,024 $ 2,371,390
- -------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 6,467,196 $ 10,991,896 $ 4,003,683 $ 7,028,085
Withdrawals (14,119,117) (23,447,532) (6,502,512) (16,336,396)
- -------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ (7,651,921) $(12,455,636) $(2,498,829) $ (9,308,311)
- -------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (5,759,172) $ (8,818,686) $(1,414,805) $ (6,936,921)
- -------------------------------------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------------------------------------
At beginning of year $ 45,539,863 $ 74,691,439 $24,215,658 $ 57,707,613
- -------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 39,780,691 $ 65,872,753 $22,800,853 $ 50,770,692
- -------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
76
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- -----------------------------------------------------------------------------------------------------------
Expenses(1) 0.72%(2) 0.62% 0.61% 0.63% 0.58% 0.53%
Expenses after custodian fee
reduction 0.72%(2) 0.61% 0.59% 0.61% 0.55% --
Net investment income 4.63%(2) 4.67% 4.86% 4.98% 4.82% 4.72%
Portfolio Turnover 11% 29% 40% 57% 36% 56%
- -----------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $26,066 $28,678 $34,297 $43,194 $59,216 $82,344
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended March 31, 1996 and periods thereafter
have been adjusted to reflect a change in reporting requirements. The new
reporting guidelines require the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratio for the year ended March 31, 1995 has not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
77
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
CONNECTICUT LIMITED PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Ratios to average daily net assets+
- -----------------------------------------------------------------------------------------------------------
Net expenses(1) 0.84%(2) 0.60% 0.54% 0.54% 0.39% 0.17%
Net expenses after cusodian
fee reduction 0.81%(2) 0.57% 0.52% 0.50% 0.35% --
Net investment income 4.60%(2) 4.79% 4.96% 5.09% 4.91% 4.95%
Portfolio Turnover 3% 5% 23% 46% 52% 73%
- -----------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $8,112 $9,098 $9,834 $12,274 $14,862 $17,316
- -----------------------------------------------------------------------------------------------------------
+ The operating expenses of the Portfolio may reflect a reduction of the investment adviser fee, an
allocation of expenses to the Investment Adviser, or both. Had such actions not been taken, the ratios
would have been as follows:
Expenses(1) 1.07%(2) 0.83% 0.77% 0.78% 0.72% 0.67%
Expenses after custodian fee
reduction 1.04%(2) 0.80% 0.75% 0.74% 0.68% --
Net investment income 4.37%(2) 4.56% 4.73% 4.85% 4.58% 4.45%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended March 31, 1996 and periods thereafter
have been adjusted to reflect a change in reporting requirements. The new
reporting guidelines require the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratios for the year ended March 31, 1995 have not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
78
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
FLORIDA LIMITED PORTFOLIO
---------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 -----------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- -------------------------------------------------------------------------------------------------------------
Expenses(1) 0.66%(2) 0.59% 0.58% 0.59% 0.55% 0.52%
Expenses after custodian fee
reduction 0.64%(2) 0.57% 0.55% 0.57% 0.54% --
Net investment income 4.72%(2) 4.68% 4.90% 4.90% 4.73% 4.73%
Portfolio Turnover 11% 16% 38% 66% 20% 44%
- -------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $51,107 $59,948 $72,241 $92,909 $127,835 $164,579
- -------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended March 31, 1996 and periods thereafter
have been adjusted to reflect a change in reporting requirements. The new
reporting guidelines require the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratio for the year ended March 31, 1995 has not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
79
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
--------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ----------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- ------------------------------------------------------------------------------------------------------------
Expenses(1) 0.66%(2) 0.60% 0.60% 0.60% 0.57% 0.54%
Expenses after custodian fee
reduction 0.64%(2) 0.57% 0.56% 0.58% 0.55% --
Net investment income 4.76%(2) 4.67% 4.90% 4.97% 4.72% 4.90%
Portfolio Turnover 9% 19% 46% 60% 27% 46%
- ------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $46,699 $51,543 $56,583 $69,670 $97,135 $119,120
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended March 31, 1996 and periods thereafter
have been adjusted to reflect a change in reporting requirements. The new
reporting guidelines require the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratio for the year ended March 31, 1995 has not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
80
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
MICHIGAN LIMITED PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Ratios to average daily net assets+
- -----------------------------------------------------------------------------------------------------------
Net expenses(1) 0.98%(2) 0.82% 0.71% 0.79% 0.68% 0.48%
Net expenses after custodian
fee reduction 0.95%(2) 0.79% 0.67% 0.76% 0.64% --
Net investment income 4.63%(2) 4.72% 5.00% 5.09% 5.00% 4.88%
Portfolio Turnover 6% 16% 21% 28% 40% 111%
- -----------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $9,761 $10,616 $12,097 $14,996 $21,191 $33,198
- -----------------------------------------------------------------------------------------------------------
+ The operating expenses of the Portfolio may reflect a reduction of the investment adviser fee, an
allocation of expenses to the Investment Adviser, or both. Had such actions not been taken, the ratios
would have been as follows:
Expenses(1) 0.59%
Net investment income 4.77%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended March 31, 1996 and periods thereafter
have been adjusted to reflect a change in reporting requirements. The new
reporting guidelines require the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratios for the year ended March 31, 1995 have not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
81
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- -----------------------------------------------------------------------------------------------------------
Expenses(1) 0.68%(2) 0.62% 0.62% 0.61% 0.57% 0.54%
Expenses after custodian fee
reduction 0.65%(2) 0.62% 0.61% 0.58% 0.55% --
Net investment income 4.84%(2) 4.78% 4.91% 4.96% 4.78% 4.73%
Portfolio Turnover 9% 13% 21% 37% 42% 44%
- -----------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $37,779 $39,781 $45,540 $58,266 $80,173 $97,280
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended March 31, 1996 and periods thereafter
have been adjusted to reflect a change in reporting requirements. The new
reporting guidelines require the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratio for the year ended March 31, 1995 has not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
82
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
NEW YORK LIMITED PORTFOLIO
----------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------
Expenses(1) 0.65%(2) 0.59% 0.61% 0.58% 0.55% 0.52%
Expenses after custodian fee
reduction 0.64%(2) 0.59% 0.59% 0.56% 0.53% --
Net investment income 4.82%(2) 4.74% 4.81% 4.87% 4.66% 4.79%
Portfolio Turnover 8% 17% 53% 58% 32% 31%
- --------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $56,603 $65,873 $74,691 $100,014 $138,728 $173,632
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended March 31, 1996 and periods thereafter
have been adjusted to reflect a change in reporting requirements. The new
reporting guidelines require the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratio for the year ended March 31, 1995 has not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
83
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
OHIO LIMITED PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Ratios to average daily net assets+
- -----------------------------------------------------------------------------------------------------------
Net expenses(1) 0.78%(2) 0.67% 0.64% 0.68% 0.63% 0.46%
Net expenses after cusodian
fee reduction 0.75%(2) 0.64% 0.64% 0.65% 0.61% --
Net investment income 4.78%(2) 4.85% 5.05% 5.20% 5.06% 4.96%
Portfolio Turnover 9% 19% 29% 34% 47% 120%
- -----------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $21,206 $22,801 $24,216 $28,470 $33,529 $39,435
- -----------------------------------------------------------------------------------------------------------
+ The operating expenses of the Portfolio may reflect a reduction of the investment adviser fee, an
allocation of expenses to the Investment Adviser, or both. Had such actions not been taken, the ratios
would have been as follows:
Expenses(1) 0.58%
Net investment income 4.84%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended March 31, 1996 and periods thereafter
have been adjusted to reflect a change in reporting requirements. The new
reporting guidelines require the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratios for the year ended March 31, 1995 have not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
84
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
--------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ----------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- ------------------------------------------------------------------------------------------------------------
Expenses(1) 0.68%(2) 0.62% 0.60% 0.61% 0.58% 0.53%
Expenses after custodian fee
reduction 0.65%(2) 0.60% 0.58% 0.59% 0.56% --
Net investment income 4.84%(2) 4.83% 5.03% 5.11% 4.81% 4.77%
Portfolio Turnover 11% 16% 36% 51% 24% 39%
- ------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $44,031 $45,667 $57,708 $67,876 $92,194 $113,606
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The expense ratios for the year ended March 31, 1996 and periods thereafter
have been adjusted to reflect a change in reporting requirements. The new
reporting guidelines require the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratio for the year ended March 31, 1995 has not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
85
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
California Limited Maturity Municipals Portfolio (California Limited
Portfolio), Connecticut Limited Maturity Municipals Portfolio (Connecticut
Limited Portfolio), Florida Limited Maturity Municipals Portfolio (Florida
Limited Portfolio), Massachusetts Limited Maturity Municipals Portfolio
(Massachusetts Limited Portfolio), Michigan Limited Maturity Municipals
Portfolio (Michigan Limited Portfolio), New Jersey Limited Maturity
Municipals Portfolio (New Jersey Limited Portfolio), New York Limited
Maturity Municipals Portfolio (New York Limited Portfolio), Ohio Limited
Maturity Municipals Portfolio (Ohio Limited Portfolio) and Pennsylvania
Limited Maturity Municipals Portfolio (Pennsylvania Limited Portfolio),
collectively the Portfolios, are registered under the Investment Company Act
of 1940 as non-diversified open-end management investment companies which
were organized as trusts under the laws of the State of New York on May 1,
1992. The Declarations of Trust permit the Trustees to issue interests in the
Portfolios. The following is a summary of significant accounting policies of
the Portfolios. The policies are in conformity with generally accepted
accounting principles.
A Investment Valuations -- Municipal bonds are normally valued on the basis of
valuations furnished by a pricing service. Taxable obligations, if any, for
which price quotations are readily available are normally valued at the mean
between the latest bid and asked prices. Futures contracts listed on
commodity exchanges are valued at closing settlement prices. Short-term
obligations, maturing in sixty days or less, are valued at amortized cost,
which approximates value. Investments for which valuations or market
quotations are unavailable are valued at fair value using methods determined
in good faith by or at the direction of the Trustees.
B Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or discount when required for Federal
income tax purposes.
C Federal Taxes -- The Portfolios are treated as partnerships for Federal tax
purposes. No provision is made by the Portfolios for federal or state taxes
on any taxable income of the Portfolios because each investor in the
Portfolios is ultimately responsible for the payment of any taxes. Since some
of the Portfolio's investors are regulated investment companies that invest
all or substantially all of their assets in the Portfolios, the Portfolios
normally must satisfy the applicable source of income and diversification
requirements (under the Internal Revenue Code) in order for their respective
investors to satisfy them. The Portfolios will allocate at least annually
among their respective investors each investor's distributive share of the
Portfolios' net taxable (if any) and tax-exempt investment income, net
realized capital gains, and any other items of income, gain, loss, deduction
or credit.
Interest income received by the Portfolios on investments in municipal bonds,
which is excludable from gross income under the Internal Revenue Code, will
retain its status as income exempt from federal income tax when allocated to
each Portfolio's investors. The portion of such interest, if any, earned on
private activity bonds issued after August 7, 1986, may be considered a tax
preference item for investors.
D Financial Futures Contracts -- Upon the entering of a financial futures
contract, a Portfolio is required to deposit ("initial margin") either in
cash or securities an amount equal to a certain percentage of the purchase
price indicated in the financial futures contract. Subsequent payments are
made or received by a Portfolio ("margin maintenance") each day, dependent on
the daily fluctuations in the value of the underlying security, and are
recorded for book purposes as unrealized gains or losses by a Portfolio. A
Portfolio's investment in financial futures contracts is designed for both
hedging against anticipated future changes in interest rates and investment
purposes. Should interest rates move unexpectedly, a Portfolio may not
achieve the anticipated benefits of the financial futures contracts and may
realize a loss.
E When-issued and Delayed Delivery Transactions -- The Portfolio may engage in
when-issued and delayed delivery transactions. The Portfolios record
when-issued securities on trade date and maintain security positions such
that sufficient liquid assets will be available to make payments for the
securities purchased. Securities purchased on a when-issued or delayed
delivery basis are marked-to-market daily and begin earning interest on
settlement date.
F Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
of the Portfolios. Pursuant to the respective custodian agreements, IBT
receives a fee reduced by credits which are determined based on the average
daily cash balances each Portfolio maintains with IBT. All significant credit
balances used to reduce the Portfolios' custodian fees are reflected as a
reduction of operating expenses on the Statement of Operations.
86
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
G Use of Estimates -- The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts
of revenue and expense during the reporting period. Actual results could
differ from those estimates.
H Other -- Investment transactions are accounted for on a trade date basis.
I Interim Financial Statements -- The interim financial statements relating to
September 30, 1999 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the
Portfolio's management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to each Portfolio.
The fee is based upon a percentage of average daily net assets plus a
percentage of gross income (i.e., income other than gains from the sale of
securities). For the six months ended September 30, 1999, each Portfolio paid
advisory fees as follows:
<TABLE>
<CAPTION>
PORTFOLIO AMOUNT EFFECTIVE RATE*
<S> <C> <C>
-------------------------------------------------------------------
California Limited $ 62,250 0.46%
Connecticut Limited 20,138 0.46%
Florida Limited 126,626 0.46%
Massachusetts Limited 114,168 0.46%
Michigan Limited 23,875 0.47%
New Jersey Limited 89,656 0.46%
New York Limited 142,691 0.47%
Ohio Limited 51,194 0.47%
Pennsylvania Limited 111,313 0.46%
</TABLE>
* As a percentage of average daily net assets (annualized).
To enhance the net income of the Connecticut Limited Portfolio, BMR made a
reduction of its fee in the amount of $10,065.
Except as to Trustees of the Portfolios who are not members of EVM's or BMR's
organization, officers and Trustees receive remuneration for their services
to the Portfolios out of such investment adviser fee. Trustees of the
Portfolios that are not affiliated with the Investment Adviser may elect to
defer receipt of all or a percentage of their annual fees in accordance with
the terms of the Trustees Deferred Compensation Plan. For the six months
ended September 30, 1999, no significant amounts have been deferred.
Certain of the officers and one Trustee of the Portfolios are officers of the
above organizations.
3 Investments
- -------------------------------------------
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations, for the six months ended September 30, 1999 were as
follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 2,904,983
Sales 5,722,636
<CAPTION>
CONNECTICUT LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 264,338
Sales 793,513
<CAPTION>
FLORIDA LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 5,808,540
Sales 12,235,565
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 4,419,737
Sales 5,172,336
<CAPTION>
MICHIGAN LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 556,079
Sales 840,375
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 3,549,642
Sales 3,928,009
</TABLE>
87
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
NEW YORK LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 5,111,647
Sales 15,456,283
<CAPTION>
OHIO LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 2,027,716
Sales 2,666,532
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 4,949,644
Sales 8,867,594
</TABLE>
4 Federal Income Tax Basis of Investments
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned by each Portfolio at September 30, 1999, as computed on a
federal income tax basis, are as follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $25,259,837
-----------------------------------------------------
Gross unrealized appreciation $ 551,451
Gross unrealized depreciation (595,356)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (43,905)
-----------------------------------------------------
<CAPTION>
CONNECTICUT LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $ 7,830,338
-----------------------------------------------------
Gross unrealized appreciation $ 220,223
Gross unrealized depreciation (96,303)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 123,920
-----------------------------------------------------
<CAPTION>
FLORIDA LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $50,331,914
-----------------------------------------------------
Gross unrealized appreciation $ 851,953
Gross unrealized depreciation (984,373)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (132,420)
-----------------------------------------------------
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $46,786,488
-----------------------------------------------------
Gross unrealized appreciation $ 838,206
Gross unrealized depreciation (1,006,545)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (168,339)
-----------------------------------------------------
<CAPTION>
MICHIGAN LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $ 9,403,236
-----------------------------------------------------
Gross unrealized appreciation $ 376,680
Gross unrealized depreciation (179,833)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 196,847
-----------------------------------------------------
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $36,698,608
-----------------------------------------------------
Gross unrealized appreciation $ 1,091,700
Gross unrealized depreciation (427,062)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 664,638
-----------------------------------------------------
<CAPTION>
NEW YORK LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $51,224,652
-----------------------------------------------------
Gross unrealized appreciation $ 1,122,089
Gross unrealized depreciation (590,343)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 531,746
-----------------------------------------------------
<CAPTION>
OHIO LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $21,232,925
-----------------------------------------------------
Gross unrealized appreciation $ 391,376
Gross unrealized depreciation (368,414)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 22,962
-----------------------------------------------------
</TABLE>
88
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $43,891,483
-----------------------------------------------------
Gross unrealized appreciation $ 618,973
Gross unrealized depreciation (758,176)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (139,203)
-----------------------------------------------------
</TABLE>
5 Line of Credit
- -------------------------------------------
The Portfolios participate with other portfolios and funds managed by BMR and
EVM and its affiliates in a $130 million ($120 million effective October 12,
1999) unsecured line of credit agreement with a group of banks. The
Portfolios may temporarily borrow from the line of credit to satisfy
redemption requests or settle investment transactions. Interest is charged to
each portfolio or fund based on its borrowings at an amount above either the
Eurodollar rate or federal funds effective rate. In addition, a fee computed
at an annual rate of 0.10% on the daily unused portion of the line of credit
is allocated among the participating portfolios and funds at the end of each
quarter. At September 30, 1999, the Florida Limited Portfolio, Massachusetts
Limited Portfolio, New Jersey Limited Portfolio, Ohio Limited Portfolio and
Pennsylvania Limited Portfolio, had balances outstanding pursuant to this
line of credit of $100,000, $500,000, $100,000, $400,000, and $400,000,
respectively. The Portfolios did not have any significant borrowings or
allocated fees during the six months ended September 30, 1999.
6 Financial Instruments
- -------------------------------------------
The Portfolios regularly trade in financial instruments with off-balance
sheet risk in the normal course of their investing activities to assist in
managing exposure to various market risks. These financial instruments
include futures contracts and may involve, to a varying degree, elements of
risk in excess of the amounts recognized for financial statement purposes.
A summary of obligations under these financial instruments at September 30,
1999, is as follows:
<TABLE>
<CAPTION>
FUTURES
CONTRACTS
EXPIRATION NET UNREALIZED
PORTFOLIO DATE CONTRACTS POSITION APPRECIATION
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------
California Limited 12/99 10 US Treasury Bond Short $6,664
</TABLE>
7 Subsequent Event
- -------------------------------------------
Prior to the opening of business on November 1,1999, the shares of both Eaton
Vance Connecticut Limited Maturity Municipals Portfolio and Eaton Vance
Michigan Limited Maturity Municipals Portfolio were exchanged for shares of
Eaton Vance National Limited Maturity Municipals Portfolio of equal value.
The transaction was structured for tax purposes to qualify as a "tax free"
reorganization under the Internal Revenue Code to the Portfolio.
89
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
INVESTMENT MANAGEMENT
LIMITED MATURITY MUNICIPALS PORTFOLIOS
Officers
Thomas J. Fetter
President
James B. Hawkes
Vice President and Trustee
Robert B. MacIntosh
Vice President
William H. Ahern, Jr.
Vice President and Portfolio Manager of
Connecticut, Massachusetts, Michigan,
New Jersey, New York and Ohio Limited
Maturity Municipals Portfolios
Cynthia J. Clemson
Vice President and Portfolio Manager of
California and Florida Limited Maturity
Municipals Portfolios
Timothy T. Browse
Vice President and Portfolio
Manager of Pennsylvania
Limited Maturity Municipals Portfolio
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment Banking
Emeritus, Harvard University Graduate School of
Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
90
