<PAGE>
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 98.1%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Assisted Living -- 5.1%
------------------------------------------------------------------------
$ 835 Chester County IDA, (Kimberton),
8.00%, 9/1/05 $ 863,131
1,060 Delaware County IDA, (Glen Riddle),
(AMT), 8.125%, 9/1/05 1,093,443
------------------------------------------------------------------------
$ 1,956,574
------------------------------------------------------------------------
Certificates of Participation -- 1.2%
------------------------------------------------------------------------
$ 500 Cliff House Trust, (AMT), 6.625%, 6/1/27 $ 458,920
------------------------------------------------------------------------
$ 458,920
------------------------------------------------------------------------
Cogeneration -- 4.0%
------------------------------------------------------------------------
$1,500 Pennsylvania EDA, (Resource
Recovery-Colver), (AMT), 7.05%, 12/1/10 $ 1,549,350
------------------------------------------------------------------------
$ 1,549,350
------------------------------------------------------------------------
Education -- 1.8%
------------------------------------------------------------------------
$ 740 Pennsylvania HEFA, (Delaware Valley
College of Science and Agriculture),
5.25%, 4/5/12 $ 685,995
------------------------------------------------------------------------
$ 685,995
------------------------------------------------------------------------
Escrowed / Prerefunded -- 11.9%
------------------------------------------------------------------------
$ 500 Harrisburg Authority, Correctional
Facilities, (FSA), Escrowed to Maturity,
6.25%, 6/1/01 $ 510,700
1,500 Somerset County, General Authority,
Correctional Facilities, (FGIC),
Escrowed to Maturity, 6.50%, 10/15/01 1,544,040
875 Virgin Islands Water and Power
Authority, Prerefunded to 7/1/01,
7.40%, 7/1/11 915,031
5,000 Westmoreland County, Municipal
Authority, Water Utility, (FGIC),
Escrowed to Maturity, 0.00%, 8/15/19 1,624,000
------------------------------------------------------------------------
$ 4,593,771
------------------------------------------------------------------------
General Obligations -- 0.5%
------------------------------------------------------------------------
$ 500 Puerto Rico, 0.00%, 7/1/16 $ 200,600
------------------------------------------------------------------------
$ 200,600
------------------------------------------------------------------------
Hospital -- 16.8%
------------------------------------------------------------------------
$1,000 Allentown, Area Hospital Authority,
(Sacred Heart Hospital), 6.50%, 11/15/08 $ 1,008,780
650 Hazleton Health Services Authority,
(St. Joseph's Hospital), 5.85%, 7/1/06 640,198
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Hospital (continued)
------------------------------------------------------------------------
$1,200 Lehigh County, General Purpose
Authority, (Muhlenberg Hospital),
5.75%, 7/15/10 $ 1,242,804
200 McKean County Hospital Authority,
(Bradford Hospital), 5.375%, 10/1/03 196,044
1,000 Monroeville Hospital Authority, (Forbes
Health), 5.75%, 10/1/05 946,050
500 Montgomery County HEFA, (Montgomery
Hospital), 6.25%, 7/1/06 500,910
500 New Castle Area Hospital Authority,
(St. Francis Hospital of New Castle),
5.90%, 11/15/00 502,365
170 Northhampton County Hospital Authority,
(Easton Hospital), 6.90%, 1/1/02 170,959
1,350 South Fork Municipal Authority, (Lee
Hospital), 5.50%, 7/1/11 1,268,406
------------------------------------------------------------------------
$ 6,476,516
------------------------------------------------------------------------
Industrial Development Revenue -- 4.8%
------------------------------------------------------------------------
$1,200 Erie IDA, (International Paper), (AMT),
5.85%, 12/1/20 $ 1,102,944
750 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.30%, 6/1/23 745,402
------------------------------------------------------------------------
$ 1,848,346
------------------------------------------------------------------------
Insured-Education -- 6.7%
------------------------------------------------------------------------
$2,000 Allegheny County, Higher Education
Building Authority, (Duquesne
University), (AMBAC), 5.00%, 3/1/16 $ 1,863,600
700 Montgomery County HEFA, (Saint Joseph's
University), (CLEE), 6.00%, 12/15/02 722,722
------------------------------------------------------------------------
$ 2,586,322
------------------------------------------------------------------------
Insured-Electric Utilities -- 6.6%
------------------------------------------------------------------------
$ 500 Beaver County IDA, (Ohio Edison Co.),
(FGIC), 7.00%, 6/1/21 $ 521,135
2,000 Cambria County IDA, (Pennsylvania
Electric Co.), (MBIA), 5.35%, 11/1/10 2,037,300
------------------------------------------------------------------------
$ 2,558,435
------------------------------------------------------------------------
Insured-General Obligations -- 7.7%
------------------------------------------------------------------------
$1,635 Harrisburg, (AMBAC), 0.00%, 9/15/12 $ 826,770
1,355 McKeesport, (FGIC), 0.00%, 10/1/11 723,191
1,000 Pennsylvania, (AMBAC), 5.00%, 11/15/15 943,470
500 Pleasant Valley School District, (FGIC),
5.00%, 9/1/10 501,065
------------------------------------------------------------------------
$ 2,994,496
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
56
<PAGE>
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Hospital -- 4.8%
------------------------------------------------------------------------
$1,000 Allegheny County Hospital Development
Authority, (South Hills Health), (MBIA),
5.50%, 5/1/08 $ 1,019,880
825 Indiana County Hospital Authority,
(Indiana Hospital), (CLEE),
5.875%, 7/1/01 837,515
------------------------------------------------------------------------
$ 1,857,395
------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 2.7%
------------------------------------------------------------------------
$1,000 Northumberland County Authority, (MBIA),
6.50%, 10/15/01 $ 1,029,360
------------------------------------------------------------------------
$ 1,029,360
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 0.8%
------------------------------------------------------------------------
$ 350 Pittsburgh and Allegheny County, Public
Auditorium Authority, (AMBAC),
5.00%, 2/1/24 $ 310,138
------------------------------------------------------------------------
$ 310,138
------------------------------------------------------------------------
Insured-Transportation -- 6.8%
------------------------------------------------------------------------
$1,000 Allegheny County Airport Revenue,
(MBIA), 5.75%, 1/1/10 $ 1,032,670
590 Allegheny County Airport Revenue,
(MBIA), 5.75%, 1/1/12 607,995
1,000 Philadelphia Airport Revenue, (FGIC),
5.375%, 7/1/14 978,500
------------------------------------------------------------------------
$ 2,619,165
------------------------------------------------------------------------
Nursing Home -- 2.5%
------------------------------------------------------------------------
$ 250 Chartiers Valley, Industrial and
Commercial Development Authority,
(Beverly Enterprises), 5.30%, 6/1/02 $ 246,915
250 Chartiers Valley, Industrial and
Commercial Development Authority,
(Beverly Enterprises), 5.35%, 6/1/03 244,750
250 Clarion County IDA, (Beverly
Enterprises, Inc.), 5.50%, 5/1/03 242,310
250 Green County IDA, (Beverly Enterprises,
Inc.), 5.50%, 3/1/08 230,643
------------------------------------------------------------------------
$ 964,618
------------------------------------------------------------------------
Senior Living / Life Care -- 4.1%
------------------------------------------------------------------------
$ 335 Crawford County Hospital Authority,
(Wesbury United Methodist Community),
6.00%, 8/15/11 $ 310,354
245 Delaware County Authority, (White Horse
Village), 6.30%, 7/1/03 247,732
505 Delaware County Authority, (White Horse
Village), 6.40%, 7/1/04 511,818
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Senior Living / Life Care (continued)
------------------------------------------------------------------------
$ 535 Hazleton Health Services Authority,
(Hazleton General Hospital),
5.50%, 7/1/07 $ 513,884
------------------------------------------------------------------------
$ 1,583,788
------------------------------------------------------------------------
Solid Waste -- 4.3%
------------------------------------------------------------------------
$ 300 Greater Lebanon Refuse Authority,
6.40%, 5/15/00 $ 300,726
500 Greater Lebanon Refuse Authority,
6.40%, 11/15/00 506,190
1,000 Schuylkill County IDA, (Pine Grove
Landfill, Inc.), (AMT), 5.10%, 10/1/19 860,580
------------------------------------------------------------------------
$ 1,667,496
------------------------------------------------------------------------
Transportation -- 5.0%
------------------------------------------------------------------------
$1,000 Erie Municipal Airport Authority, (AMT),
5.50%, 7/1/09 $ 929,540
1,000 Southeastern Pennsylvania Transportation
Authority, 6.00%, 6/1/01 1,017,550
------------------------------------------------------------------------
$ 1,947,090
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.1%
(identified cost $38,469,506) $37,888,375
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.9% $ 746,643
------------------------------------------------------------------------
Net Assets -- 100.0% $38,635,018
------------------------------------------------------------------------
</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 March 31, 2000, 46.5% 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 insured by financial institutions ranged from a low of 1.3% to a
high of 15.6% of total investments.
SEE NOTES TO FINANCIAL STATEMENTS
57
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS
STATEMENTS OF ASSETS AND LIABILITIES
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED LIMITED LIMITED
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
-----------------------------------------------------------------------
Assets
-----------------------------------------------------------------------
Investments --
Identified cost $22,465,914 $44,950,405 $44,268,353
Unrealized appreciation
(depreciation) (336,109) (726,911) (778,031)
-----------------------------------------------------------------------
INVESTMENTS, AT VALUE $22,129,805 $44,223,494 $43,490,322
-----------------------------------------------------------------------
Cash $ 164,950 $ -- $ 83,241
Interest receivable 302,806 908,794 607,403
Prepaid expenses 14,323 16,211 16,211
-----------------------------------------------------------------------
TOTAL ASSETS $22,611,884 $45,148,499 $44,197,177
-----------------------------------------------------------------------
Liabilities
-----------------------------------------------------------------------
Payable for daily variation
margin on open financial
futures contracts $ 5,000 $ -- $ 5,500
Demand note payable -- 100,000 --
Due to bank -- 21,839 --
Payable to affiliate for
Trustees' fees 25 64 32
Accrued expenses 3,097 3,887 2,213
-----------------------------------------------------------------------
TOTAL LIABILITIES $ 8,122 $ 125,790 $ 7,745
-----------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN
PORTFOLIO $22,603,762 $45,022,709 $44,189,432
-----------------------------------------------------------------------
Sources of Net Assets
-----------------------------------------------------------------------
Net proceeds from capital
contributions and
withdrawals $22,965,165 $45,749,620 $44,984,029
Net unrealized depreciation
(computed on the basis of
identified cost) (361,403) (726,911) (794,597)
-----------------------------------------------------------------------
TOTAL $22,603,762 $45,022,709 $44,189,432
-----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
58
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED LIMITED LIMITED LIMITED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
-----------------------------------------------------------------------------------
Assets
-----------------------------------------------------------------------------------
Investments --
Identified cost $34,397,095 $51,691,139 $18,583,737 $38,469,506
Unrealized appreciation
(depreciation) 285,129 27,277 (434,234) (581,131)
-----------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $34,682,224 $51,718,416 $18,149,503 $37,888,375
-----------------------------------------------------------------------------------
Cash $ -- $ -- $ 533,106 $ --
Receivable for investments
sold -- -- -- 521,670
Interest receivable 515,371 942,811 315,236 629,101
Prepaid expenses 14,323 16,211 12,233 16,207
-----------------------------------------------------------------------------------
TOTAL ASSETS $35,211,918 $52,677,438 $19,010,078 $39,055,353
-----------------------------------------------------------------------------------
Liabilities
-----------------------------------------------------------------------------------
Payable for daily variation
margin on open financial
futures contracts $ 4,000 $ 6,500 $ 2,000 $ --
Demand note payable -- 400,000 -- 400,000
Payable for when-issued
securities -- 528,820 -- --
Due to bank 82,731 61,903 -- 17,009
Accrued expenses 4,271 5,044 3,024 3,326
-----------------------------------------------------------------------------------
TOTAL LIABILITIES $ 91,002 $ 1,002,267 $ 5,024 $ 420,335
-----------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN
PORTFOLIO $35,120,916 $51,675,171 $19,005,054 $38,635,018
-----------------------------------------------------------------------------------
Sources of Net Assets
-----------------------------------------------------------------------------------
Net proceeds from capital
contributions and
withdrawals $34,847,835 $51,667,472 $19,445,312 $39,216,149
Net unrealized appreciation
(depreciation) (computed on
the basis of identified
cost) 273,081 7,699 (440,258) (581,131)
-----------------------------------------------------------------------------------
TOTAL $35,120,916 $51,675,171 $19,005,054 $38,635,018
-----------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
59
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED LIMITED LIMITED
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
---------------------------------------------------------------------------------
Investment Income
---------------------------------------------------------------------------------
Interest $ 1,400,770 $ 2,821,157 $ 2,613,077
---------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 1,400,770 $ 2,821,157 $ 2,613,077
---------------------------------------------------------------------------------
Expenses
---------------------------------------------------------------------------------
Investment adviser fee $ 118,479 $ 239,631 $ 220,789
Trustees fees and expenses 2,547 9,682 6,432
Legal and accounting services 19,716 23,523 23,301
Custodian fee 18,715 33,454 32,747
Miscellaneous 8,292 12,622 8,311
---------------------------------------------------------------------------------
TOTAL EXPENSES $ 167,749 $ 318,912 $ 291,580
---------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ -- $ 11,734 $ 14,950
---------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ -- $ 11,734 $ 14,950
---------------------------------------------------------------------------------
NET EXPENSES $ 167,749 $ 307,178 $ 276,630
---------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 1,233,021 $ 2,513,979 $ 2,336,447
---------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
---------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 61,725 $ 121,278 $ (18,066)
Financial futures contracts 12,791 35,679 73,715
---------------------------------------------------------------------------------
NET REALIZED GAIN $ 74,516 $ 156,957 $ 55,649
---------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(1,788,106) $(3,456,340) $(3,171,172)
Financial futures contracts (25,294) -- (16,566)
---------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(1,813,400) $(3,456,340) $(3,187,738)
---------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(1,738,884) $(3,299,383) $(3,132,089)
---------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (505,863) $ (785,404) $ (795,642)
---------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
60
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED LIMITED LIMITED LIMITED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------
Investment Income
---------------------------------------------------------------------------------------------
Interest $ 2,092,244 $ 3,194,169 $ 1,191,249 $ 2,504,956
---------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 2,092,244 $ 3,194,169 $ 1,191,249 $ 2,504,956
---------------------------------------------------------------------------------------------
Expenses
---------------------------------------------------------------------------------------------
Investment adviser fee $ 174,422 $ 268,823 $ 98,867 $ 208,370
Trustees fees and expenses 2,588 8,951 466 6,400
Legal and accounting services 19,523 23,811 17,552 23,297
Custodian fee 30,545 39,123 19,542 29,004
Miscellaneous 6,963 11,666 8,498 13,161
---------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 234,041 $ 352,374 $ 144,925 $ 280,232
---------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 9,164 $ 15,251 $ 5,397 $ 7,627
---------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 9,164 $ 15,251 $ 5,397 $ 7,627
---------------------------------------------------------------------------------------------
NET EXPENSES $ 224,877 $ 337,123 $ 139,528 $ 272,605
---------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 1,867,367 $ 2,857,046 $ 1,051,721 $ 2,232,351
---------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
---------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 114,201 $ 139,518 $ 5,725 $ (277,931)
Financial futures contracts 53,392 92,218 28,858 61,345
---------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 167,593 $ 231,736 $ 34,583 $ (216,586)
---------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(2,198,320) $(3,399,494) $(1,511,303) $(2,749,901)
Financial futures contracts (12,048) (19,578) (6,024) --
---------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(2,210,368) $(3,419,072) $(1,517,327) $(2,749,901)
---------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(2,042,775) $(3,187,336) $(1,482,744) $(2,966,487)
---------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (175,408) $ (330,290) $ (431,023) $ (734,136)
---------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
61
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED LIMITED LIMITED
INCREASE (DECREASE) IN NET ASSETS PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
----------------------------------------------------------------------------------
From operations --
Net investment income $ 1,233,021 $ 2,513,979 $ 2,336,447
Net realized gain 74,516 156,957 55,649
Net change in unrealized appreciation
(depreciation) (1,813,400) (3,456,340) (3,187,738)
----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (505,863) $ (785,404) $ (795,642)
----------------------------------------------------------------------------------
Capital transactions --
Contributions $ 1,647,497 $ 6,349,671 $ 7,777,378
Withdrawals (7,215,977) (20,489,768) (14,335,749)
----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(5,568,480) $(14,140,097) $ (6,558,371)
----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(6,074,343) $(14,925,501) $ (7,354,013)
----------------------------------------------------------------------------------
Net Assets
----------------------------------------------------------------------------------
At beginning of year $28,678,105 $ 59,948,210 $ 51,543,445
----------------------------------------------------------------------------------
AT END OF YEAR $22,603,762 $ 45,022,709 $ 44,189,432
----------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
62
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 2000
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED LIMITED LIMITED LIMITED
INCREASE (DECREASE) IN NET ASSETS PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------
From operations --
Net investment income $ 1,867,367 $ 2,857,046 $ 1,051,721 $ 2,232,351
Net realized gain (loss) 167,593 231,736 34,583 (216,586)
Net change in unrealized appreciation
(depreciation) (2,210,368) (3,419,072) (1,517,327) (2,749,901)
----------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (175,408) $ (330,290) $ (431,023) $ (734,136)
----------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 3,960,119 $ 6,571,148 $ 1,287,987 $ 2,854,798
Withdrawals (8,444,486) (20,438,440) (4,652,763) (14,256,336)
----------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $(4,484,367) $(13,867,292) $(3,364,776) $(11,401,538)
----------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(4,659,775) $(14,197,582) $(3,795,799) $(12,135,674)
----------------------------------------------------------------------------------------------
Net Assets
----------------------------------------------------------------------------------------------
At beginning of year $39,780,691 $ 65,872,753 $22,800,853 $ 50,770,692
----------------------------------------------------------------------------------------------
AT END OF YEAR $35,120,916 $ 51,675,171 $19,005,054 $ 38,635,018
----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
63
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 1999
<TABLE>
<CAPTION>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED LIMITED LIMITED
INCREASE (DECREASE) IN NET ASSETS PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C>
-----------------------------------------------------------------------------------
From operations --
Net investment income $ 1,484,759 $ 3,088,390 $ 2,503,033
Net realized gain 378,072 640,439 448,633
Net change in unrealized appreciation
(depreciation) (263,964) (704,172) (457,661)
-----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,598,867 $ 3,024,657 $ 2,494,005
-----------------------------------------------------------------------------------
Capital transactions --
Contributions $ 4,228,958 $ 7,572,648 $ 10,696,524
Withdrawals (11,447,139) (22,890,275) (18,230,235)
-----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM CAPITAL
TRANSACTIONS $ (7,218,181) $(15,317,627) $ (7,533,711)
-----------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (5,619,314) $(12,292,970) $ (5,039,706)
-----------------------------------------------------------------------------------
Net Assets
-----------------------------------------------------------------------------------
At beginning of year $ 34,297,419 $ 72,241,180 $ 56,583,151
-----------------------------------------------------------------------------------
AT END OF YEAR $ 28,678,105 $ 59,948,210 $ 51,543,445
-----------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
64
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
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
LIMITED LIMITED LIMITED LIMITED
INCREASE (DECREASE) IN NET ASSETS PORTFOLIO PORTFOLIO PORTFOLIO 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
65
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.66% 0.62% 0.61% 0.63% 0.58%
Expenses after custodian
fee reduction 0.66% 0.61% 0.59% 0.61% 0.55%
Net investment income 4.84% 4.67% 4.86% 4.98% 4.82%
Portfolio Turnover 13% 29% 40% 57% 36%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR
(000'S OMITTED) $22,604 $28,678 $34,297 $43,194 $59,216
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
66
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
FLORIDA LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.62% 0.59% 0.58% 0.59% 0.55%
Expenses after custodian
fee reduction 0.59% 0.57% 0.55% 0.57% 0.54%
Net investment income 4.87% 4.68% 4.90% 4.90% 4.73%
Portfolio Turnover 16% 16% 38% 66% 20%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $45,023 $59,948 $72,241 $92,909 $127,835
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
67
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.61% 0.60% 0.60% 0.60% 0.57%
Expenses after custodian
fee reduction 0.58% 0.57% 0.56% 0.58% 0.55%
Net investment income 4.92% 4.67% 4.90% 4.97% 4.72%
Portfolio Turnover 15% 19% 46% 60% 27%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $44,189 $51,543 $56,583 $69,670 $97,135
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
68
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.63% 0.62% 0.62% 0.61% 0.57%
Expenses after custodian
fee reduction 0.60% 0.62% 0.61% 0.58% 0.55%
Net investment income 5.01% 4.78% 4.91% 4.96% 4.78%
Portfolio Turnover 15% 13% 21% 37% 42%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $35,121 $39,781 $45,540 $58,266 $80,173
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
69
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
NEW YORK LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.61% 0.59% 0.61% 0.58% 0.55%
Expenses after custodian
fee reduction 0.58% 0.59% 0.59% 0.56% 0.53%
Net investment income 4.95% 4.74% 4.81% 4.87% 4.66%
Portfolio Turnover 18% 17% 53% 58% 32%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $51,675 $65,873 $74,691 $100,014 $138,728
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
70
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
OHIO LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.69% 0.67% 0.64% 0.68% 0.63%
Expenses after custodian
fee reduction 0.66% 0.64% 0.64% 0.65% 0.61%
Net investment income 5.00% 4.85% 5.05% 5.20% 5.06%
Portfolio Turnover 13% 19% 29% 34% 47%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $19,005 $22,801 $24,216 $28,470 $33,529
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
71
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF MARCH 31, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
-------------------------------------------------------------
YEAR ENDED MARCH 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.63% 0.62% 0.60% 0.61% 0.58%
Expenses after custodian
fee reduction 0.61% 0.60% 0.58% 0.59% 0.56%
Net investment income 5.03% 4.83% 5.03% 5.11% 4.81%
Portfolio Turnover 11% 16% 36% 51% 24%
-----------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $38,635 $50,771 $57,708 $67,876 $92,194
-----------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
72
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
-------------------------------------------
California Limited Maturity Municipals Portfolio (California Limited
Portfolio), Florida Limited Maturity Municipals Portfolio (Florida Limited
Portfolio), Massachusetts Limited Maturity Municipals Portfolio
(Massachusetts 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
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 accretion of discount when required
for Federal income tax purposes.
C Federal Taxes -- The Portfolios are treated as partnerships for Federal tax
purposes. No provision is made by the Portfolios for federal or state taxes
on any taxable income of the Portfolios because each investor in the
Portfolios is ultimately responsible for the payment of any taxes. Since some
of the Portfolios' investors are regulated investment companies that invest
all or substantially all of their assets in the Portfolios, the Portfolios
normally must satisfy the applicable source of income and diversification
requirements (under the Internal Revenue Code) in order for their respective
investors to satisfy them. The Portfolios will allocate at least annually
among their respective investors each investor's distributive share of the
Portfolios' net taxable (if any) and tax-exempt investment income, net
realized capital gains, and any other items of income, gain, loss, deduction
or credit.
Interest income received by the Portfolios on investments in municipal bonds,
which is excludable from gross income under the Internal Revenue Code, will
retain its status as income exempt from federal income tax when allocated to
each Portfolio's investors. The portion of such interest, if any, earned on
private activity bonds issued after August 7, 1986, may be considered a tax
preference item for investors.
D Financial Futures Contracts -- Upon the entering of a financial futures
contract, a Portfolio is required to deposit (initial margin) either in cash
or securities an amount equal to a certain percentage of the purchase price
indicated in the financial futures contract. Subsequent payments are made or
received by a Portfolio (margin maintenance) each day, dependent on the daily
fluctuations in the value of the underlying security, and are recorded for
book purposes as unrealized gains or losses by a Portfolio. A Portfolio's
investment in financial futures contracts is designed for both hedging
against anticipated future changes in interest rates and investment purposes.
Should interest rates move unexpectedly, a Portfolio may not achieve the
anticipated benefits of the financial futures contracts and may realize a
loss.
E When-issued and Delayed Delivery Transactions -- The Portfolios may engage in
when-issued and delayed delivery transactions. The Portfolios record
when-issued securities on trade date and maintain security positions such
that sufficient liquid assets will be available to make payments for the
securities purchased. Securities purchased on a when-issued or delayed
delivery basis are marked-to-market daily and begin earning interest on
settlement date.
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 reported as a
reduction of total expenses in the Statement of Operations.
73
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS 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 income and expense during the reporting period. Actual results could
differ from those estimates.
H Other -- Investment transactions are accounted for on a trade date basis.
2 Investment Adviser Fee and Other Transactions with Affiliates
-------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to each Portfolio.
The fee is based upon a percentage of average daily net assets plus a
percentage of gross income (i.e., income other than gains from the sale of
securities). For the year ended March 31, 2000, each Portfolio paid advisory
fees as follows:
<TABLE>
<CAPTION>
PORTFOLIO AMOUNT EFFECTIVE RATE*
<S> <C> <C>
-----------------------------------------------------------------------
California Limited $118,479 0.46%
Florida Limited 239,631 0.46%
Massachusetts Limited 220,789 0.46%
New Jersey Limited 174,422 0.47%
New York Limited 268,823 0.47%
Ohio Limited 98,867 0.47%
Pennsylvania Limited 208,370 0.47%
</TABLE>
* As a percentage of average daily net assets.
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 year ended
March 31, 2000, 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 year ended March 31, 2000 were as follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 3,321,095
Sales 9,004,156
<CAPTION>
FLORIDA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 8,003,532
Sales 19,801,091
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 7,153,576
Sales 10,375,124
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 5,514,487
Sales 8,252,439
<CAPTION>
NEW YORK LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $10,112,986
Sales 20,492,204
<CAPTION>
OHIO LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 2,659,780
Sales 5,929,097
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 4,949,644
Sales 13,064,262
</TABLE>
4 Federal Income Tax Basis of Investments
-------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned by each Portfolio at March 31, 2000, as computed on a
federal income tax basis, are as follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $22,465,914
-----------------------------------------------------
Gross unrealized appreciation $ 393,823
Gross unrealized depreciation (729,932)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (336,109)
-----------------------------------------------------
</TABLE>
74
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
NOTES TO FINANCIAL STATEMENTS CONT'D
<TABLE>
-----------------------------------------------------
<CAPTION>
FLORIDA LIMITED PORTFOLIO
<S> <C>
AGGREGATE COST $44,950,405
-----------------------------------------------------
Gross unrealized appreciation $ 647,239
Gross unrealized depreciation (1,374,150)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (726,911)
-----------------------------------------------------
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $44,268,353
-----------------------------------------------------
Gross unrealized appreciation $ 623,243
Gross unrealized depreciation (1,401,274)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (778,031)
-----------------------------------------------------
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $34,397,095
-----------------------------------------------------
Gross unrealized appreciation $ 747,920
Gross unrealized depreciation (462,791)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 285,129
-----------------------------------------------------
<CAPTION>
NEW YORK LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $51,691,139
-----------------------------------------------------
Gross unrealized appreciation $ 739,216
Gross unrealized depreciation (711,939)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 27,277
-----------------------------------------------------
<CAPTION>
OHIO LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $18,583,737
-----------------------------------------------------
Gross unrealized appreciation $ 242,669
Gross unrealized depreciation (676,903)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (434,234)
-----------------------------------------------------
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $38,469,506
-----------------------------------------------------
Gross unrealized appreciation $ 382,237
Gross unrealized depreciation (963,368)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (581,131)
-----------------------------------------------------
</TABLE>
5 Line of Credit
-------------------------------------------
The Portfolios participate with other portfolios and funds managed by BMR and
EVM and its affiliates in a $150 million unsecured line of credit agreement
with a group of banks. 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 March 31, 2000, the Florida Limited
Portfolio, the New York Limited Portfolio, and the Pennsylvania Limited
Portfolio had balances outstanding pursuant to this line of credit of
$100,000, $400,000 and $400,000, respectively. The Portfolios did not have
any significant borrowings or allocated fees during the year ended March 31,
2000.
6 Financial Instruments
-------------------------------------------
The Portfolios regularly trade in financial instruments with off-balance
sheet risk in the normal course of their investing activities to assist in
managing exposure to various market risks. These financial instruments
include futures contracts and may involve, to a varying degree, elements of
risk in excess of the amounts recognized for financial statement purposes.
A summary of obligations under these financial instruments at March 31, 2000,
is as follows:
<TABLE>
<CAPTION>
FUTURES CONTRACTS
------------------------------------------------------------------------------
EXPIRATION NET UNREALIZED
PORTFOLIO DATE CONTRACTS POSITION DEPRECIATION
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------
California 6/00 10 US Treasury Bond Short $(25,294)
------------------------------------------------------------------------------
Massachusetts 6/00 11 US Treasury Bond Short $(16,566)
------------------------------------------------------------------------------
New Jersey 6/00 8 US Treasury Bond Short $(12,048)
------------------------------------------------------------------------------
New York 6/00 13 US Treasury Bond Short $(19,578)
------------------------------------------------------------------------------
Ohio 6/00 4 US Treasury Bond Short $ (6,024)
------------------------------------------------------------------------------
</TABLE>
75
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF MARCH 31, 2000
INDEPENDENT AUDITORS' REPORT
TO THE TRUSTEES AND INVESTORS
OF CALIFORNIA LIMITED MATURITY MUNICIPALS PORTFOLIO, FLORIDA LIMITED MATURITY
MUNICIPALS PORTFOLIO, MASSACHUSETTS LIMITED MATURITY MUNICIPALS PORTFOLIO, NEW
JERSEY LIMITED MATURITY MUNICIPALS PORTFOLIO, NEW YORK LIMITED MATURITY
MUNICIPALS PORTFOLIO, OHIO LIMITED MATURITY MUNICIPALS PORTFOLIO, AND
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO:
---------------------------------------------
We have audited the accompanying statements of assets and liabilities of
California Limited Maturity Municipals Portfolio, Florida Limited Maturity
Municipals Portfolio, Massachusetts Limited Maturity Municipals Portfolio, New
Jersey Limited Maturity Municipals Portfolio, New York Limited Maturity
Municipals Portfolio, Ohio Limited Maturity Municipals Portfolio, and
Pennsylvania Limited Maturity Municipals Portfolio, (the Portfolios) as of
March 31, 2000, the related statements of operations for the year then ended,
the statements of changes in net assets for the years ended March 31, 2000 and
1999, and the supplementary data for each of the years in the five year period
ended March 31, 2000. These financial statements and supplementary data are the
responsibility of each Portfolio's management. Our responsibility is to express
an opinion on these financial statements and supplementary data based on our
audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and supplementary data are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned at March 31, 2000 by correspondence with the custodian and
brokers; where replies were not received from brokers, we performed other
auditing procedures. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements and supplementary data present fairly,
in all material respects, the financial position of each of the aforementioned
Portfolios, as of March 31, 2000, the results of their operations, the changes
in their net assets and their supplementary data for the respective stated
periods in conformity with accounting principles generally accepted in the
United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
April 28, 2000
76
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF MARCH 31, 2000
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
Massachusetts, New Jersey, New York
and Ohio Limited Maturity
Municipals Portfolios
Cynthia J. Clemson
Vice President and Portfolio Manager of California, Florida and Pennsylvania
Limited Maturity Municipals Portfolios
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking Emeritus, Harvard University
Graduate 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
77
