|
|
|
|
|
|
|
|
|
|
Previous: FLORIDA INSURED TAX FREE PORTFOLIO, N-30D, 1995-10-02 |
Next: HAWAII TAX FREE PORTFOLIO, N-30D, 1995-10-02 |
<PAGE> 1
The Eaton Vance Municipals Trust II
For the Portfolio:
Florida Insured Tax Free Fund
[LOGO]
Semi-Annual Shareholder Report
July 31, 1995
Portfolio Investment Adviser
Boston Management and Research
24 Federal Street
Boston, MA 02110
Fund Administrator
Eaton Vance Management
24 Federal Street
Boston, MA 02110
(617) 482-8260
Custodian
Investors Bank & Trust Company
24 Federal Street
Boston, MA 02110
Transfer Agent
The Shareholder Services Group, Inc.
BOS725
P.O. Box 1559
Boston, MA 02104
<PAGE> 2
Florida Insured Tax Free Portfolio
Portfolio of Investments - July 31, 1995 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS- 100%
- --------------------------------------------------------------------------------------------------------------------
RATINGS (UNAUDITED) PRINCIPAL
AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ESCROWED - 3.9%
Aaa AAA $500 Gainesville Florida
Utility System, 8.125%,
10/1/14 $ 640,190
-----------
HOUSING - 13.7%
Aaa AAA $500 Duval County HFA
SFMR (GNMA Backed),
6.70%, 10/1/26 (AMT) $ 503,845
Aaa NR 750 Escambia HFA SFMR
(GNMA Backed), 7.00%,
4/1/28 (AMT) 772,193
NR AAA 1,000 Pinellas County HFA
SFMR (GNMA Backed),
6.70%, 2/1/28 (AMT)
1,009,560
-----------
$ 2,285,598
-----------
INSURED EDUCATION - 2.3%
Aaa AAA $400 University of Florida
(MBIA), 5.50%, 7/1/23 $ 380,828
-----------
INSURED GENERAL
OBLIGATION - 4.0%
Aaa AAA $750 Puerto Rico (MBIA),
5.00%, 7/1/21 $ 670,020
-----------
INSURED HEALTHCARE - 6.4%
Aaa AAA $1,200 Tampa Allegany Health
System- St. Joseph's
(MBIA), 5.125%,
12/1/23 $ 1,062,132
-----------
INSURED HOSPITAL - 3.9%
Aaa AAA $450 Dade Florida Public
Facilities, Jackson
Memorial Hospital, (MBIA), 5.625%,
6/1/18 $ 430,200
Aaa AAA 200 Dade Florida Public
Facilities, Jackson Memorial
Hospital, (MBIA), 4.875%,
6/1/15 174,096
Aaa AAA 50 Hillsborough County
Hospital Authority, Tampa
General Hospital (FSA),
6.375%, 10/1/13 51,836
-----------
$ 656,132
-----------
INSURED HOUSING - 3.1%
Aaa Aaa $500 FL HFA Maitland Club
Apartments Project
(AMBAC), 6.875%,
8/1/26 (AMT) $ 513,385
-----------
INSURED POLLUTION
CONTROL REVENUE - 7.1%
Aaa AAA $445 Citrus County
FL Power & Light
(MBIA), 6.35%, 2/1/22 $ 462,279
Aaa AAA 750 Escambia County
Gulf Power (MBIA),
5.80%, 6/1/23 723,855
-----------
$ 1,186,134
-----------
INSURED SOLID WASTE - 0.6%
Aaa AAA $100 Broward County Solid
Waste System (MBIA),
6.00%, 7/1/13 (AMT) $ 100,215
-----------
INSURED SPECIAL
TAX REVENUES - 20.9%
Aaa AAA $450 Escambia County (FGIC),
5.80%, 1/1/15 $ 441,752
Aaa AAA 150 Florida State Department
of Natural Resources
(FSA), 5.80%, 7/1/13 148,182
Aaa AAA 1,225 Florida State Department of
Environmental Preservation
(MBIA), 4.75%, 7/1/09 1,127,466
Aaa AAA 745 Jacksonville Florida Sales
Tax, River City Project
(FGIC), 5.375%, 10/1/18 688,812
</TABLE>
10
<PAGE> 3
FLORIDA INSURED TAX FREE PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------------------------------
RATINGS (UNAUDITED) PRINCIPAL
AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSURED SPECIAL
TAX REVENUES - (CONTINUED)
Aaa AAA 250 Orange County Florida
Tourist Development
(MBIA), 6.00%, 10/1/24 247,258
Aaa AAA 795 St. Petersburg Excise Tax
(FGIC), 5.00%, 10/1/16 711,740
Aaa AAA 340 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/15 101,434
-----------
$ 3,466,644
-----------
INSURED TRANSPORTATION - 10.1%
Aaa AAA $700 Florida State Turnpike
Authority (FGIC), 5.00%,
7/1/19 $ 614,089
Aaa AAA 50 Greater Orlando Aviation
Authority (FGIC), 6.375%,
10/1/21 (AMT) 51,196
Aaa AAA 1,000 Lee County Florida
Transportation Facilities
(MBIA), 5.75%, 10/1/22 970,510
Aaa AAA 50 Orlando & Orange County
Expressway Authority Junior
Lien (FGIC), 5.125%,
7/1/20 44,436
-----------
$ 1,680,231
-----------
INSURED UTILITIES - 6.5%
Aaa AAA $895 FL Municipal Power Authority,
Stanton II Project (AMBAC),
4.50%, 10/1/27 $ 700,400
Aaa AAA 50 Key West Florida Utility
(AMBAC), 6.75%,
10/1/13 53,831
Aaa AAA 305 New Smyrna Beach Florida
Utility System (FGIC),
5.00%, 10/1/19 268,086
Aaa AAA 50 Puerto Rico Electric
Power Authority Revenue
Bonds-Stripes, (FSA),
Variable, 7/1/02 (1) 54,165
-----------
$ 1,076,482
-----------
INSURED WATER & SEWER - 17.5%
Aaa AAA $50 Broward County Water
and Sewer Utility (AMBAC),
5.00%, 10/1/18 $ 44,468
Aaa AAA 75 City of Cocoa Water and
Sewer System (AMBAC),
5.00%, 10/1/23 65,778
Aaa AAA 735 Enterprise Community
Water & Sewer (MBIA),
6.125%, 5/1/24 740,542
Aaa AAA 75 City of Key West Sewer
(FGIC), 5.70%, 10/1/26 71,735
Aaa AAA 70 City of North Port Utility
System (FGIC), 6.25%,
10/1/17 71,758
Aaa AAA 500 City of North Port Utility
System (FGIC), 6.25%,
10/1/22 510,780
Aaa AAA 155 Sanford Florida Water &
Sewer (AMBAC), 4.50%,
10/1/21 125,012
Aaa AAA 400 Titusville Florida Water &
Sewer (MBIA), 6.00%,
10/1/24 401,572
Aaa AAA 1,000 Vero Beach Water &
Sewer (FGIC), 5.00%,
12/1/21 877,960
-----------
$ 2,909,605
-----------
TOTAL TAX-EXEMPT INVESTMENTS
(IDENTIFIED COST $15,731,571) $16,627,596
===========
</TABLE>
11
<PAGE> 4
FLORIDA INSURED TAX FREE PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------------------------------------------
RATINGS (UNAUDITED) PRINCIPAL
AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(1) The above designated securities have been issued as inverse floater bonds
The Portfolio invests primarily in debt securities issued by Florida
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at July 31, 1995, 82.4% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentages by financial
institution were as follows at July 31, 1995:
AMBAC, Inc. (AMBAC) 9.0%
Financial Guaranty Insurance Corp. (FGIC) 26.3%
Financial Security Insurance Inc. (FSA) 1.5%
Municipal Bond Investors Assurance Corp. (MBIA) 45.6%
-----------
82.4%
===========
</TABLE>
See notes to financial statements
12
<PAGE> 5
Florida Insured Tax Free Portfolio
Financial Statements
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
- ----------------------------------------------------------------------------------------------
July 31, 1995 (Unaudited)
- ----------------------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments -
Identified cost $15,731,571
Unrealized appreciation 896,025
-----------
Total investments, at value (Note 1A) $16,627,596
Cash 321,485
Receivable from the Investment Adviser (Note 2) 21,272
Interest receivable 266,451
Deferred organization expenses (Note 1D) 8,700
-----------
Total assets $17,245,504
-----------
LIABILITIES:
Payable to affiliate -
Trustee fees $ 14
Accrued expenses 1,081
-----------
Total liabilities $ 1,095
-----------
NET ASSETS APPLICABLE TO INVESTORS' INTEREST IN PORTFOLIO $17,244,409
===========
SOURCES OF NET ASSETS:
Net proceeds from capital contributions and withdrawals $16,348,384
Unrealized appreciation of investments and financial futures contracts
(computed on the basis of identified cost) 896,025
-----------
Total $17,244,409
===========
</TABLE>
See notes to financial statements
13
<PAGE> 6
STATEMENT OF OPERATIONS
<TABLE>
- ---------------------------------------------------------------------------------------------------
For the Six Months Ended July 31, 1995 (Unaudited)
- ---------------------------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Interest income $ 475,072
---------
EXPENSES:
Investment adviser fee (Note 2) $ 12,606
Compensation of Trustees not members of the Investment Adviser's organization 83
Legal and accounting services 16,033
Interest expense (Note 5) 2,571
Bond pricing 1,481
Amortation of organization expenses (Note 1D) 1,202
Miscellaneous 125
---------
Total expenses $ 34,101
---------
DEDUCT:
Preliminary reduction of investment adviser fee (Note 2) $ 12,606
Preliminary allocation of expenses to the Investment Adviser (Note 2) 21,272
---------
Total $ 33,878
---------
Net expenses $ 223
---------
Net investment income $ 474,849
---------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss)-
Investment transactions (identified cost basis) $ 10,440
Financial futures contracts (342,335)
---------
Net realized loss on investments $(331,895)
---------
Change in unrealized appreciation of investments $ 667,784
---------
Net realized and unrealized gain $ 335,889
---------
Net increase in net asset from operations $ 810,738
=========
</TABLE>
See notes to financial statements
14
<PAGE> 7
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------------------------------------------
<CAPTION>
FOR THE SIX MONTHS FOR THE YEAR
ENDED JULY 31, 1995 ENDED JANUARY 31,
(UNAUDITED) 1995*
------------------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations -
Net investment income $ 474,849 $ 307,971
Net realized loss on investments (331,895) (57,512)
Change in unrealized appreciation of investments 667,784 228,241
------------ ------------
Net increase in net assets from operations $ 810,738 $ 478,700
------------ ------------
Capital transactions (Note 2) -
Contributions $ 3,524,863 $ 16,016,246
Withdrawals (1,491,143) (2,195,015)
------------ ------------
Increase in net assets resulting from capital transactions $ 2,033,720 $ 13,821,231
------------ ------------
Total increase in net assets $ 2,844,458 $ 14,299,931
NET ASSETS:
At beginning of period 14,399,951 100,020
------------ ------------
At end of period $ 17,244,409 $ 14,399,951
============ ============
</TABLE>
* For the period from the start of business, March 2, 1994, to January 31, 1995.
See notes to financial statements
15
<PAGE> 8
<TABLE>
SUPPLEMENTARY DATA
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FOR THE SIX MONTHS FOR THE YEAR
ENDED JULY 31, 1995 ENDED JANUARY 31,
(UNAUDITED) 1995*
------------------- -----------------
<S> <C> <C>
RATIOS (As a percentage of average daily net assets):**
Net expenses 0.00%+ 0.01%+
Net investment income 6.03%+ 5.73%+
PORTFOLIO TURNOVER 14% 33%
NET ASSETS, end of period
(000 Omitted) $17,244 $14,400
** The operating expenses of the Portfolio reflects a reduction of the
investment adviser fee and/or allocation of expenses to the Investment Adviser.
Had such actions not been taken, the ratios would have been as follows:
RATIOS (As a percentage of average daily net assets):
Expenses 0.43%+ 0.41%+
Net investment income 5.60%+ 5.33%+
</TABLE>
+ Annualized.
* For the period from the start of business, March 2, 1994 to January 31, 1995.
See notes to financial statements
16
<PAGE> 9
Investment Management
- -----------------------------------------------------------------------------
EV TRADITIONAL OFFICERS INDEPENDENT TRUSTEES
FLORIDA INSURED THOMAS J. FETTER DONALD R. DWIGHT
TAX FREE FUND President President, Dwight Partners, Inc.
24 Federal Street Chairman, Newspaper of
Boston, MA 02110 JAMES B. HAWKES New England, Inc.
Vice President, Trustee
SAMUEL L. HAYES, III
ROBERT B. MACINTOSH Jacob H. Schiff Professor of
Vice President Investment Banking, Harvard
University Graduate School of
JAMES L. O'CONNOR Business Administration
Treasurer
NORTON H. REAMER
THOMAS OTIS President and Director. United
Secretary Asset Management Corporation
JOHN L. THORNDIKE
Director, Fiduciary Company
Incorporated
JACK L. TREYNOR
Investment Adviser and Consultant
- -----------------------------------------------------------------------------
FLORIDA OFFICERS INDEPENDENT TRUSTEES
INSURED TAX
FREE PORTFOLIO THOMAS J. FETTER DONALD R. DWIGHT
24 Federal Street President and Portfolio President, Dwight Partners, Inc.
Boston, MA 02110 Manager of Florida Chairman, Newspaper of
Insured Tax Free New England, Inc.
Portfolio
SAMUEL L. HAYES, III
JAMES B. HAWKES Jacob H. Schiff Professor of
Vice President, Trustee Investment Banking, Harvard
University Graduate School
ROBERT B. MACINTOSH of Business Administration
Vice President
NORTON H. REAMER
JAMES L. O'CONNOR President and Director, United
Treasurer Asset Management Corporation
THOMAS OTIS JOHN L. THORNDIKE
Secretary Director, Fiduciary Company
Incorporated
JACK L. TREYNOR
Investment Adviser and Consultant
|
|