<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-4443
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Eaton Vance Investment Trust
----------------------------
(Exact Name of Registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
-----------------------------------------------------------------------
(Address of Principal Executive Offices)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Name and Address of Agent for Services)
(617) 482-8260
--------------
(Registrant's Telephone Number)
3/31
----
Date of Fiscal Year End
9/30/2003
---------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
[EV LOGO]
[PHOTO IMAGE]
SEMIANNUAL REPORT SEPTEMBER 30, 2003
[PHOTO IMAGE]
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND
[PHOTO IMAGE]
<Page>
EATON VANCE FUNDS
EATON VANCE MANAGEMENT
BOSTON MANAGEMENT AND RESEARCH
EATON VANCE DISTRIBUTORS, INC.
PRIVACY NOTICE
The Eaton Vance organization is committed to ensuring your financial privacy.
This notice is being sent to comply with privacy regulations of the Securities
and Exchange Commission. Each of the above financial institutions has in effect
the following policy with respect to nonpublic personal information about its
customers:
- - Only such information received from you, through application forms or
otherwise, and information about your Eaton Vance fund transactions will be
collected.
- - None of such information about you (or former customers) will be disclosed to
anyone, except as permitted by law (which includes disclosure to employees
necessary to service your account).
- - Policies and procedures (including physical, electronic and procedural
safeguards) are in place that are designed to protect the confidentiality of
such information.
For more information about Eaton Vance's privacy policies,
call: 1-800-262-1122
IMPORTANT NOTICE
REGARDING DELIVERY OF
SHAREHOLDER DOCUMENTS
The Securities and Exchange Commission (SEC) permits mutual funds to deliver
only one copy of shareholder documents, including prospectuses, proxy statements
and shareholder reports, to fund investors with multiple accounts at the same
residential or post office box address. This practice is often called
"householding" and it helps eliminate duplicate mailings to shareholders.
EATON VANCE, OR YOUR FINANCIAL ADVISER, MAY HOUSEHOLD THE MAILING OF YOUR
DOCUMENTS INDEFINITELY UNLESS YOU INSTRUCT EATON VANCE, OR YOUR FINANCIAL
ADVISER, OTHERWISE.
If you would prefer that your Eaton Vance documents not be householded, please
contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
Your instructions that householding not apply to delivery of your Eaton Vance
documents will be effective within 30 days of receipt by Eaton Vance or your
financial adviser.
From time to time, mutual funds are required to vote proxies related to the
securities held by the funds. The Eaton Vance Funds or their underlying
Portfolios vote proxies according to a set of policies and procedures approved
by the Funds' and Portfolios' Boards. You may obtain a description of these
policies and procedures without charge, upon request, by calling 1-800-262-1122.
This description is also available on the Securities and Exchange Commission's
website at http://www.sec.gov.
<Page>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND as of September 30, 2003
LETTER TO SHAREHOLDERS
[PHOTO OF THOMAS J. FETTER]
Thomas J. Fetter
President
In our shareholder reports, we refer frequently to "quality spreads" and their
important role in bond analysis. However, while followed closely by bond
analysts and portfolio managers, this aspect of municipal bond investing is
generally overlooked by individual investors. As part of our continuing
educational series, we thought it might be instructive to discuss quality
spreads and why they constitute a key variable for investors in the municipal
bond market.
QUALITY SPREADS: COMPENSATION FOR ADDED CREDIT RISK...
The term "quality spread" refers to the difference in yields between bonds of
varying quality but similar maturities. A bond rated BBB, for example, should
have a higher yield than an insured bond rated AAA because investors who buy
lower-quality bonds anticipate being paid for accepting a higher level of credit
risk. That risk premium comes in the form of higher yields. Spreads are
typically stated in basis points, or 1/100's of a percentage point. Thus, a bond
yielding 5.00% trades at a spread of 100 basis points (1.00%) over a bond that
yields 4.00%.
SPREAD FLUCTUATIONS ARE INFLUENCED BY A VARIETY OF FACTORS...
Spreads fluctuate with changes in market conditions, with many factors
influencing spread relationships. The quality and type of bond are primary
factors. For example, an insured general obligation rated AAA - with no credit
risk - will trade at a significantly lower yield than a BBB-rated industrial
bond, which has a significantly higher credit risk. Naturally, a bond's price
will respond to changes that may impact - for better or worse - the underlying
fundamentals of an issuer. Remember, bond yields move in the opposite direction
of bond prices.
Another factor that influences spreads is supply. Assuming stable demand,
spreads are likely to widen if the supply for a specific issuer increases, as
the market must now digest a larger volume of bonds. Similarly, if supply
declines, spreads may narrow, as investors may be willing to pay more for a
credit that is increasingly scarce.
Finally, quality spreads may fluctuate with changes in the overall economy. For
example, spreads tend to narrow as the economy strengthens and the revenue
outlook improves. On the other hand, as the economy slows or enters recession,
spreads tend to widen, as investors become increasingly worried about the
direction of the economy and its impact on bonds with higher credit risk.
SPREADS CONSTITUTE A KEY FACTOR IN INVESTMENT DECISIONS...
Quality spreads play an important role in the investment decisions of municipal
bond portfolio managers. The widening of spreads may suggest a developing
opportunity. If spreads have widened appreciably, the investor may detect an
unusual opportunity in a lower-quality, higher-yielding bond. Conversely, if
lower-quality bonds have significantly outperformed high-quality bonds over a
period, the resulting narrowing of spreads may signal the need for caution. This
"spread compression" may prompt portfolio managers to upgrade their portfolios
with higher-quality bonds because they are no longer being adequately
compensated for the risk of owning lower-quality bonds.
While quality spreads are a key metric for municipal bond investors, they
represent just one of many factors considered in establishing a diversified bond
portfolio. At Eaton Vance, we realize that complex markets require intensive
research, a need that emphasizes once again the value of experienced,
professional portfolio management.
Sincerely,
/s/ Thomas J. Fetter
Thomas J. Fetter
President
November 5, 2003
MUTUAL FUND SHARES ARE NOT INSURED BY THE FDIC AND ARE NOT DEPOSITS OR OTHER
OBLIGATIONS OF, OR GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE SUBJECT
TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL INVESTED.
2
<Page>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND as of September 30, 2003
MARKET RECAP
While the pace of job growth was disappointing, the U.S. economy improved
noticeably in the six months ended September 30, 2003. The passage of
significant tax legislation appeared to give consumer spending a boost. Capital
spending, which has lagged the recovery rate of past expansions, was at last
showing signs of recovery in late summer and early fall, as manufacturers of
industrial equipment reported stronger orders.
TECHNOLOGY, RETAILING AND CONSTRUCTION HAVE LED THE ECONOMY IN THE EARLY STAGES
OF RECOVERY...
A nascent recovery was evident in several key sectors of the economy. Technology
companies, especially semiconductor manufacturers and suppliers, have reported
robust demand. The manufacturing sector also saw a pickup in activity, with
industrial segments, such as machine tools, faring well, as factories began to
refit their plants. The retail sector - with the exception of weak auto sales -
was very strong, as consumer confidence rose and tax cuts filtered into
consumers' pockets. Despite a rise in mortgage rates, residential construction
maintained its strong momentum, although the commercial side was quite sluggish.
WITH SLOW JOB GROWTH AND MANAGEABLE INFLATION, THE FEDERAL RESERVE HAS KEPT
INTEREST RATES LOW...
Gross Domestic Product expanded 3.3% in the second quarter of 2003, followed by
a 7.2% rise in the third quarter. However, despite the rebounding economy, the
labor market remained stagnant through much of the year - the nation's jobless
rate was 6.1% in September 2003. While large employers were slow to rehire, the
pace of layoffs slowed considerably. Job growth was stronger among temporary
agencies and smaller firms, which have generated the lion's share of new jobs in
recent years.
Core inflation has generally been contained. Prices for finished goods, consumer
staples and services have seen little change. However, prices for some
commodities have witnessed a sharp rise, including lumber, plywood, steel and
natural gas. Mean-while, gasoline prices, which spiked dramatically during the
prime summer driving season, have since fallen back slightly. With inflation
largely held at bay, the Federal Reserve has maintained an accommodative
monetary policy. The Fed lowered its Federal Funds rate - a key short-term
interest rate barometer - to 1.00% in June.
[CHART]
Intermediate-term municipal bond yields
were 86% of Treasury yields
<Table>
5-Year AAA-rated
General Obligation (GO) Bonds* 2.43%
Taxable equivalent yield
in 35.0% tax bracket 3.74%
5-Year Treasury Bond 2.82%
</Table>
Principal and interest payments of Treasury securities are guaranteed by U.S.
government.
* GO yields are a compilation of a representative variety of general obligations
and are not necessarily representative of the Fund's yield. Statistics as of
September 30, 2003.
Past performance is no guarantee of future results:
Source: Bloomberg, L.P.
However, while the decline in short-term interest rates helped revive the stock
market, longer-term interest rates moved slightly higher, prompting a bond
market pullback. Ten-year Treasury bond yields - which were at 3.80% at March 31
- - rose to 3.93% by September 30, 2003 in response to a reviving economy. The
Lehman Brothers Municipal Bond Index had a total return of 2.66% for the six
months ended September 30, 2003.*
FACING RISING BUDGET SHORTFALLS, BELEAGUERED STATES HAVE BEEN FORCED TO RAISE
TAXES...
Despite lower federal tax rates, the rationale for tax-exempt income has
remained intact. Many state governments have enacted income tax hikes and fee
increases to make up for revenue shortfalls and budget deficits. Thus, while one
portion of the tax burden has fallen, another portion has grown more onerous for
many taxpayers. For that reason, we believe that municipal bonds will continue
to present interesting investment opportunities and to merit a place in the
portfolios of tax-conscious investors.
*It is not possible to invest directly in an Index.
THE VIEWS EXPRESSED THROUGHOUT THIS REPORT ARE THOSE OF THE PORTFOLIO MANAGER
AND ARE CURRENT ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER. THESE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR
OTHER CONDITIONS, AND EATON VANCE DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH
VIEWS. THESE VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR AN EATON VANCE FUND ARE BASED ON MANY FACTORS, MAY NOT
BE RELIED ON AS AN INDICATION OF TRADING INTENT ON BEHALF OF ANY EATON VANCE
FUND.
3
<Page>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND as of September 30, 2003
INVESTMENT UPDATE
[PHOTO OF WILLIAM H. AHERN]
William H. Ahern
Portfolio Manager
MANAGEMENT UPDATE
- - The U.S. economy gathered new momentum in 2003. Consumer-based sectors, such
as retail, have mounted a recovery, housing remains relatively strong and
manufacturing appears to be on the mend in many parts of the nation. The U.S.
jobless rate was 6.1% in September 2003, up from 5.6% a year ago.
- - Electric utility bonds were the Portfolio's largest weighting at September 30,
2003. These essential service issuers receive revenues from user fees and are
typically considered less economically-sensitive than industrial issuers.
- - Insured* transportation bonds were prominent in the Portfolio. Investments
included bonds that financed a representative array of the nation's
transportation infrastructure, such as turnpikes, highways, airports, bridges
and tunnels and port facilities.
- - While hospital bonds remained large holdings, management was very selective.
Management focused on institutions that we believe have good demographic and
market positions, favorable cost structures and established reputations for
health care specialties.
- - Management adjusted the Portfolio's coupon structure with changing market
conditions and improved call protection. With the prospect of increased
refundings, call protection remains a very important consideration for
municipal investors.
PORTFOLIO STATISTICS(6)
<Table>
- - Number of Issues: 183
- - Effective Maturity: 8.6 years
- - Average Rating: A+
- - Average Call: 7.9 years
- - Average Dollar Price: $105.70
</Table>
THE FUND
- - During the six months ended September 30, 2003, the Fund's Class A, Class B
and Class C shares had total returns of 3.07%, 2.60% and 2.66%,
respectively.(1) For Class A, this return resulted from an increase in net
asset value (NAV) per share to $10.35 on September 30, 2003 from $10.25 on
March 31, 2003, and the reinvestment of $0.212 in tax-free income.(2) For
Class B, this return resulted from an increase in NAV to $10.35 per share from
$10.26, and the reinvestment of $0.173 per share in tax-free income.(2) For
Class C, this return resulted from an increase in NAV to $9.70 per share from
$9.61, and the reinvestment of $0.164 per share in tax-free income.(2)
- - Based on the most recent distributions and NAVs on September 30, 2003 of
$10.35 per share for Class A and Class B and $9.70 per share for Class C,
distribution rates were 4.11%, 3.38% and 3.38%, respectively.(3) The
distribution rates of Class A, Class B and Class C shares are equivalent to
taxable rates of 6.32%, 5.20% and 5.20%, respectively.(4)
- - The SEC 30-day yields for Class A, B and C shares at September 30, 2002 were
3.77%, 3.11% and 3.11%, respectively.(5) The SEC 30-day yields of Class A, B
and C shares are equivalent to taxable yields of 5.80%, 4.78% and 4.78%,
respectively.(4)
RATING DISTRIBUTION(6)
[CHART]
<Table>
AAA 38.2%
AA 8.2%
A 21.6%
BBB 18.1%
B 0.8%
Non-Rated 13.1%
</Table>
* Private insurance does not decrease the risk of loss of principal associated
with this investment.
FUND INFORMATION
as of September 30, 2003
<Table>
<Caption>
PERFORMANCE(7) CLASS A CLASS B CLASS C
- ----------------------------------------------------------------------------
Average Annual Total Returns (at net asset
value)
One Year 4.41% 3.61% 3.66%
Five Years 4.47 3.65 3.64
Ten Years N.A. 3.98 N.A.
Life of Fund+ 5.47 4.73 3.86
SEC Average Annual Total Returns (including
sales charge or applicable CDSC)
One Year 2.05% 0.61% 2.66%
Five Years 3.99 3.65 3.64
Ten Years N.A. 3.98 N.A.
Life of Fund+ 5.14 4.73 3.86
</Table>
+Inception Dates - Class A: 6/27/96; Class B: 5/22/92; Class C:12/8/93
5 LARGEST SECTORS(6)
By net assets
[CHART]
<Table>
Electric Utilities 15.0%
Insured - Transportation* 13.9%
Hospital 10.7%
Escrowed/Pre-refunded 7.6%
Industrial Development Revenue 5.4%
</Table>
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class
B and Class C shares. (2) A portion of the Fund's income may be subject to
federal income and/or alternative minimum tax; income may be subject to
state and local income tax. (3) The Fund's distribution rate represents
actual distributions paid to shareholders and is calculated by dividing the
last distribution per share (annualized) by the net asset value (NAV). (4)
Taxable-equivalent rates assume maximum 35.00% federal income tax rate. A
lower rate would result in lower tax-equivalent figures. (5) The Fund's SEC
yield is calculated by dividing the net investment income per share for the
30-day period by the offering price at the end of the period and
annualizing the result. (6) Portfolio Statistics, Rating Distribution and 5
Largest Sectors are as of 9/30/03 only and may not be representative of the
Portfolio's current or future investments. (7) Returns are historical and
are calculated by determining the percentage change in NAV with all
distributions reinvested. SEC returns for Class A reflect the maximum 2.25%
sales charge. SEC returns for Class B reflect applicable CDSC based on the
following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year; 1% - 4th
year; Class C shares are subject to 1% CDSC within 1st year.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Yield will vary.
4
<Page>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND as of September 30, 2003
FINANCIAL STATEMENTS (Unaudited)
STATEMENT OF ASSETS AND LIABILITIES
As of September 30, 2003
<Table>
ASSETS
Investment in National Limited Maturity Municipals
Portfolio, at value (identified cost, $209,047,137) $ 217,882,847
Receivable for Fund shares sold 833,890
- ------------------------------------------------------------------------------------
TOTAL ASSETS $ 218,716,737
- ------------------------------------------------------------------------------------
LIABILITIES
Dividends payable $ 301,260
Payable for Fund shares redeemed 129,668
Payable to affiliate for distribution and service fees 8,481
Payable to affiliate for Trustees' fees 23
Accrued expenses 30,357
- ------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 469,789
- ------------------------------------------------------------------------------------
NET ASSETS $ 218,246,948
- ------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Paid-in capital $ 214,944,593
Accumulated net realized loss from Portfolio (computed on
the basis of identified cost) (5,495,938)
Accumulated distributions in excess of net investment
income (37,417)
Net unrealized appreciation from Portfolio (computed on
the basis of identified cost) 8,835,710
- ------------------------------------------------------------------------------------
TOTAL $ 218,246,948
- ------------------------------------------------------------------------------------
CLASS A SHARES
NET ASSETS $ 122,279,175
SHARES OUTSTANDING 11,819,560
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of beneficial interest
outstanding) $ 10.35
Maximum Offering Price Per Share
(100 DIVIDED BY 97.75 of $10.35) $ 10.59
CLASS B SHARES
NET ASSETS $ 37,621,680
SHARES OUTSTANDING 3,634,228
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of beneficial interest
outstanding) $ 10.35
CLASS C SHARES
NET ASSETS $ 58,346,093
SHARES OUTSTANDING 6,016,480
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of beneficial interest
outstanding) $ 9.70
</Table>
On sales of $100,000 or more, the offering price of Class A shares is reduced.
STATEMENT OF OPERATIONS
For the Six Months Ended
September 30, 2003
<Table>
INVESTMENT INCOME
Interest allocated from Portfolio $ 5,316,230
Expenses allocated from Portfolio (553,325)
- ------------------------------------------------------------------------------------
NET INVESTMENT INCOME FROM PORTFOLIO $ 4,762,905
- ------------------------------------------------------------------------------------
EXPENSES
Trustees' fees and expenses $ 1,798
Distribution and service fees
Class A 91,274
Class B 155,862
Class C 233,747
Transfer and dividend disbursing agent fees 54,623
Registration fees 40,963
Custodian fee 14,052
Printing and postage 7,941
Legal and accounting services 7,843
Miscellaneous 5,121
- ------------------------------------------------------------------------------------
TOTAL EXPENSES $ 613,224
- ------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 4,149,681
- ------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM PORTFOLIO
Net realized gain (loss)--
Investment transactions (identified cost basis) $ 606,291
Financial futures contracts (127,486)
- ------------------------------------------------------------------------------------
NET REALIZED GAIN $ 478,805
- ------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation)--
Investments (identified cost basis) $ 2,164,328
Financial futures contracts (790,842)
- ------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 1,373,486
- ------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 1,852,291
- ------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 6,001,972
- ------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
5
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) SEPTEMBER 30, 2003 YEAR ENDED
IN NET ASSETS (UNAUDITED) MARCH 31, 2003
- --------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 4,149,681 $ 6,591,440
Net realized gain (loss) 478,805 (2,545,310)
Net change in unrealized appreciation (depreciation) 1,373,486 7,943,625
- --------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 6,001,972 $ 11,989,755
- --------------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $ (2,516,975) $ (4,672,945)
Class B (589,747) (789,511)
Class C (881,992) (1,197,430)
- --------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (3,988,714) $ (6,659,886)
- --------------------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 16,698,115 $ 58,794,542
Class B 11,408,962 30,100,909
Class C 22,628,777 47,068,652
Net asset value of shares issued to shareholders in
payment of distributions declared
Class A 1,208,584 2,087,557
Class B 263,370 339,580
Class C 434,881 550,438
Cost of shares redeemed
Class A (18,649,999) (32,132,993)
Class B (4,692,760) (5,646,432)
Class C (11,830,555) (21,500,930)
Net asset value of shares exchanged
Class A 2,242,967 3,562,128
Class B (2,242,967) (3,562,128)
- --------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
FUND SHARE TRANSACTIONS $ 17,469,375 $ 79,661,323
- --------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 19,482,633 $ 84,991,192
- --------------------------------------------------------------------------------------------------
NET ASSETS
At beginning of period $ 198,764,315 $ 113,773,123
- --------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 218,246,948 $ 198,764,315
- --------------------------------------------------------------------------------------------------
ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INVESTMENT
INCOME INCLUDED IN NET ASSETS
AT END OF PERIOD $ (37,417) $ (198,384)
- --------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
6
<Page>
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
CLASS A
-----------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ---------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001 2000(1) 1999
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period $ 10.250 $ 9.860 $ 10.040 $ 9.790 $ 10.490 $ 10.580
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.221 $ 0.461 $ 0.485 $ 0.531 $ 0.516 $ 0.519
Net realized and unrealized gain (loss) 0.092 0.395 (0.152) 0.241 (0.692) (0.090)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.313 $ 0.856 $ 0.333 $ 0.772 $ (0.176) $ 0.429
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.213) $ (0.466) $ (0.513) $ (0.522) $ (0.524) $ (0.519)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.213) $ (0.466) $ (0.513) $ (0.522) $ (0.524) $ (0.519)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.350 $ 10.250 $ 9.860 $ 10.040 $ 9.790 $ 10.490
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 3.07% 8.90% 3.39% 8.12% (1.68)% 3.89%
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $ 122,279 $ 119,619 $ 83,647 $ 71,365 $ 75,081 $ 73,048
Ratios (As a percentage of average daily
net assets):
Expenses(4) 0.81%(5) 0.82% 0.91% 0.94% 1.03% 0.98%
Expenses after custodian fee
reduction(4) 0.81%(5) 0.81% 0.88% 0.93% 1.01% 0.97%
Net investment income 4.30%(5) 4.54% 4.85% 5.37% 5.14% 4.96%
Portfolio Turnover of the Portfolio 14% 24% 12% 13% 27% 26%
</Table>
(1) Net investment income per share was computed using the average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accouting Guide for Investment
Companies and began using the interest method to amortize premiums on
fixed-income securities. The effect of this change for the year ended March
31, 2002 was to increase net investment income per share by $0.002, and
increase net realized and unrealized losses per share by $0.002, and
increase the ratio of net investment income to average net assets from
4.83% to 4.85%. Per share data and ratios for the periods prior to April 1,
2001 have not been restated to reflect this change in presentation.
(3) Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. Total return
is not computed on an annualized basis.
(4) Includes the Fund's share of the Portfolio's allocated expenses.
(5) Annualized.
See notes to financial statements.
7
<Page>
<Table>
<Caption>
CLASS B
-----------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ---------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001 2000(1) 1999
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period $ 10.260 $ 9.860 $ 10.040 $ 9.790 $ 10.490 $ 10.580
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.183 $ 0.381 $ 0.409 $ 0.461 $ 0.438 $ 0.412
Net realized and unrealized gain (loss) 0.082 0.405 (0.155) 0.232 (0.693) (0.066)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.265 $ 0.786 $ 0.254 $ 0.693 $ (0.255) $ 0.346
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.175) $ (0.386) $ (0.434) $ (0.443) $ (0.445) $ (0.436)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.175) $ (0.386) $ (0.434) $ (0.443) $ (0.445) $ (0.436)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.350 $ 10.260 $ 9.860 $ 10.040 $ 9.790 $ 10.490
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 2.60% 8.15% 2.58% 7.26% (2.46)% 3.29%
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $ 37,622 $ 32,517 $ 10,638 $ 7,840 $ 6,452 $ 5,450
Ratios (As a percentage of average daily
net assets):
Expenses(4) 1.56%(5) 1.57% 1.66% 1.68% 1.81% 1.73%
Expenses after custodian fee
reduction(4) 1.56%(5) 1.56% 1.63% 1.67% 1.79% 1.72%
Net investment income 3.53%(5) 3.75% 4.09% 4.61% 4.36% 4.23%
Portfolio Turnover of the Portfolio 14% 24% 12% 13% 27% 26%
</Table>
(1) Net investment income per share was computed using the average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accouting Guide for Investment
Companies and began using the interest method to amortize premiums on
fixed-income securities. The effect of this change for the year ended March
31, 2002 was to increase net investment income per share by $0.002, and
increase net realized and unrealized losses per share by $0.002, and
increase the ratio of net investment income to average net assets from
4.07% to 4.09%. Per share data and ratios for the periods prior to April 1,
2001 have not been restated to reflect this change in presentation.
(3) Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. Total return
is not computed on an annualized basis.
(4) Includes the Fund's share of the Portfolio's allocated expenses.
(5) Annualized.
See notes to financial statements.
8
<Page>
<Table>
<Caption>
CLASS C
-----------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ---------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001 2000(1) 1999
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period $ 9.610 $ 9.240 $ 9.400 $ 9.160 $ 9.820 $ 9.920
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.171 $ 0.357 $ 0.379 $ 0.423 $ 0.401 $ 0.407
Net realized and unrealized gain (loss) 0.083 0.379 (0.138) 0.225 (0.651) (0.089)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.254 $ 0.736 $ 0.241 $ 0.648 $ (0.250) $ 0.318
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.164) $ (0.366) $ (0.401) $ (0.408) $ (0.410) $ (0.418)
- ----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.164) $ (0.366) $ (0.401) $ (0.408) $ (0.410) $ (0.418)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 9.700 $ 9.610 $ 9.240 $ 9.400 $ 9.160 $ 9.820
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 2.66% 8.12% 2.58% 7.25% (2.57)% 3.24%
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $ 58,346 $ 46,629 $ 19,488 $ 7,517 $ 7,712 $ 11,193
Ratios (As a percentage of average daily
net assets):
Expenses(4) 1.56%(5) 1.57% 1.66% 1.69% 1.90% 1.81%
Expenses after custodian fee
reduction(4) 1.56%(5) 1.56% 1.63% 1.68% 1.88% 1.80%
Net investment income 3.53%(5) 3.75% 4.05% 4.61% 4.26% 4.10%
Portfolio Turnover of the Portfolio 14% 24% 12% 13% 27% 26%
</Table>
(1) Net investment income per share was computed using the average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accouting Guide for Investment
Companies and began using the interest method to amortize premiums on
fixed-income securities. The effect of this change for the year ended March
31, 2002 was to increase net investment income per share by $0.002, and
increase net realized and unrealized losses per share by $0.002, and
increase the ratio of net investment income to average net assets from
4.03% to 4.05%. Per share data and ratios for the periods prior to April 1,
2001 have not been restated to reflect this change in presentation.
(3) Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. Total return
is not computed on an annualized basis.
(4) Includes the Fund's share of the Portfolio's allocated expenses.
(5) Annualized.
See notes to financial statements.
9
<Page>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND as of September 30, 2003
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 SIGNIFICANT ACCOUNTING POLICIES
Eaton Vance National Limited Maturity Municipals Fund (the Fund) is a
diversified series of Eaton Vance Investment Trust (the Trust). The Trust is
an entity of the type commonly known as a Massachusetts business trust and is
registered under the Investment Company Act of 1940, as amended, as an
open-end management investment company. The Fund offers three classes of
shares: Class A, Class B and Class C shares. Class A shares are generally
sold subject to a sales charge imposed at time of purchase. Class B and Class
C shares are sold at net asset value and are subject to a contingent deferred
sales charge (see Note 6). Class B shares held longer than (i) four years or
(ii) the time at which the contingent deferred sales charge applicable to
such shares expires will automatically convert to Class A shares. In
addition, Class B shares acquired through the reinvestment of distributions
will also convert to Class A shares in proportion to shares not acquired
through reinvestment. Each class represents a pro rata interest in the Fund,
but votes separately on class-specific matters and (as noted below) is
subject to different expenses. Realized and unrealized gains or losses are
allocated daily to each class of shares based on the relative net assets of
each class to the total net assets of the Fund. Net investment income, other
than class specific expenses, is allocated daily to each class of shares
based upon the ratio of the value of paid shares of each class to the total
value of all paid shares. Each class of shares differs in its distribution
plan and certain other class specific expenses. The Fund invests all of its
investable assets in interests in the National Limited Maturity Municipals
Portfolio (the Portfolio), a New York Trust, having the same investment
objective as the Fund. The value of the Fund's investment in the Portfolio
reflects the Fund's proportionate interest in the net assets of the Portfolio
(99.9% at September 30, 2003). The performance of the Fund is directly
affected by the performance of the Portfolio. The financial statements of the
Portfolio, including the portfolio of investments, are included elsewhere in
this report and should be read in conjunction with the Fund's financial
statements.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with accounting principles generally accepted in
the United States of America.
A INVESTMENT VALUATION -- Valuation of securities by the Portfolio is
discussed in Note 1A of the Portfolio's Notes to Financial Statements which
are included elsewhere in this report.
B INCOME -- The Fund's net investment income consists of the Fund's pro rata
share of the net investment income of the Portfolio, less all actual and
accrued expenses of the Fund.
C EXPENSES -- The majority of expenses of the Trust are directly identifiable
to an individual fund. Expenses which are not readily identifiable to a
specific fund are allocated taking into consideration, among other things,
the nature and type of expense and the relative size of the funds.
D FEDERAL TAXES -- The Fund's policy is to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute to shareholders each year all of its taxable income, if any, and
tax-exempt income, including any net realized gain on investments.
Accordingly, no provision for federal income or excise tax is necessary. At
March 31, 2003, the Fund, for federal income tax purposes, had a capital loss
carryover of $4,831,650 which will reduce the taxable income arising from
future net realized gain on investments, if any, to the extent permitted by
the Internal Revenue Code and thus will reduce the amount of distributions to
shareholders which would otherwise be necessary to relieve the Fund of any
liability for federal income tax. Such capital loss carryover will expire as
follows on: March 31, 2004, $1,216,547, March 31, 2005, $1,120,027, March 31,
2006, $320,446, March 31, 2007, $60,400, March 31, 2009, $248,691, March 31,
2010, $146,034 and March 31, 2011, $1,719,505. Dividends paid by the Fund
from net interest on tax-exempt municipal bonds allocated from the Portfolio
are not includable by shareholders as gross income for federal income tax
purposes because the Fund and Portfolio intend to meet certain requirements
of the Internal Revenue Code applicable to regulated Investment companies
which will enable the Fund to pay exempt-interest dividends. The portion of
such interest, if any, earned on private activity bonds issued after August
7, 1986, may be considered a tax preference item to shareholders.
E USE OF ESTIMATES -- The preparation of the financial statements in
conformity with accounting principles generally accepted in the United States
of America 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.
10
<Page>
F EXPENSE REDUCTION -- Investors Bank & Trust Company (IBT) serves as
custodian to the Fund and the Portfolio. Pursuant to the respective custodian
agreements, IBT receives a fee reduced by credits which are determined based
on the average daily cash balances the Fund or the Portfolio maintains with
IBT. All significant credit balances used to reduce the Fund's custodian fees
are reported as a reduction of total expenses in the Statement of Operations.
G OTHER -- Investment transactions are accounted for on a trade-date basis.
H INTERIM FINANCIAL STATEMENTS -- The interim financial statements relating
to September 30, 2003 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 DISTRIBUTIONS TO SHAREHOLDERS
The net income of the Fund is determined daily and substantially all of the
net income so determined is declared as a dividend to shareholders of record
at the time of declaration. Dividends are declared separately for each class
of shares. Distributions are paid monthly. Distributions of allocated
realized capital gains, if any, are made at least annually. Shareholders may
reinvest income and capital gain distributions in additional shares of the
same class of the Fund at the net asset value as of the reinvestment date.
Distributions are paid in the form of additional shares of the same class or,
at the election of the shareholder, in cash. The Fund distinguishes between
distributions on a tax basis and a financial reporting basis. Accounting
principles generally accepted in the United States of America require that
only distributions in excess of tax basis earnings and profits be reported in
the financial statements as a return of capital. Permanent differences
between book and tax accounting relating to distributions are reclassified to
paid-in capital. The tax treatment of distributions for the calendar year
will be reported to shareholders prior to February 1, 2004 and will be based
on tax accounting methods which may differ from amounts determined for
financial statement purposes.
3 SHARES OF BENEFICIAL INTEREST
The Fund's Declaration of Trust permits the Trustees to issue an unlimited
number of full and fractional shares of beneficial interest (without par
value). Such shares may be issued in a number of different series (such as
the Fund) and classes. Transactions in Fund shares were as follows:
<Table>
<Caption>
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------------------------
Sales 1,622,393 5,791,770
Issued to shareholders electing to receive payments
of distributions
in Fund shares 117,143 205,741
Redemptions (1,809,225) (3,165,456)
Exchange from Class B shares 218,183 351,348
-----------------------------------------------------------------------------------------------
Net increase 148,494 3,183,403
-----------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------------------------
Sales 1,113,766 2,964,288
Issued to shareholders electing to receive payments
of distributions
in Fund shares 25,515 33,384
Redemptions (457,354) (555,356)
Exchange to Class A shares (218,087) (350,985)
-----------------------------------------------------------------------------------------------
Net increase 463,840 2,091,331
-----------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------------------------
Sales 2,342,614 4,947,861
Issued to shareholders electing
to receive payments of distributions
in Fund shares 45,070 57,945
Redemptions (1,223,951) (2,262,121)
-----------------------------------------------------------------------------------------------
Net increase 1,163,733 2,743,685
-----------------------------------------------------------------------------------------------
</Table>
4 TRANSACTIONS WITH AFFILIATES
Eaton Vance Management (EVM) serves as the administrator of the Fund, but
receives no compensation. The Portfolio has engaged Boston Management and
Research (BMR), a subsidiary of EVM, to render investment advisory services.
See Note 2 of the Portfolio's Notes to Financial Statements which are
included elsewhere in this report. Except as to Trustees of the Fund and
Portfolio who are not members of EVM's or BMR's organization, officers and
Trustees receive remuneration for their services to the
11
<Page>
Fund out of such investment adviser fee. EVM serves as the sub-transfer agent
of the Fund and receives from the transfer agent an aggregate fee based upon
the actual expenses incurred by EVM in the performance of those services. The
Fund was informed that Eaton Vance Management (EVM) earned $3,830 from the
transfer agent for the six months ended September 30, 2003. The Fund was
informed that Eaton Vance Distributors, Inc. (EVD), a subsidiary of EVM and
the Fund's principal underwriter, received $12,514 from the Fund as its
portion of the sales charge on sales of Class A shares for the six months
ended September 30, 2003.
5 DISTRIBUTION AND SERVICE PLANS
The Fund has in effect a distribution plan for Class B shares (Class B Plan)
and for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the
Investment Company Act of 1940 and a service plan for Class A shares (Class A
Plan), (collectively, the Plans). The Class B and Class C Plans require the
Fund to pay EVD amounts equal to 1/365 of 0.75% of the Fund's daily net
assets attributable to Class B and Class C shares for providing ongoing
distribution services and facilities to the Fund. The Fund will automatically
discontinue payments to EVD during any period in which there are no
outstanding Uncovered Distribution Charges, which are equivalent to the sum
of (i) 3% of the aggregate amount received by the Fund for Class B shares
sold and 6.25% of Class C sales of the amount received by the Fund for each
share sold and, (ii) interest calculated by applying the rate of 1% over the
prevailing prime rate to the outstanding balance of Uncovered Distribution
Charges of EVD of each respective class, reduced by the aggregate amount of
contingent deferred sales charges (see Note 6) and amounts theretofore paid
to or payable to EVD. The amount payable to EVD with respect to each day is
accrued on such day as a liability of the Fund and, accordingly, reduces the
Fund's net assets. For the six months ended September 30, 2003, the Fund paid
or accrued $129,885 and $194,789 for Class B and Class C shares,
respectively, to EVD, representing 0.75% (annualized) of the average daily
net assets for Class B and Class C shares. At September 30, 2003, the amount
of Uncovered Distribution Charges of EVD calculated under the Plan was
approximately $1,447,000 and $9,018,000 for Class B and Class C shares,
respectively.
The Plans authorize each class to make payments of service fees to EVD,
investment dealers and other persons in amounts not exceeding 0.25% of the
Fund's average daily net assets for each fiscal year. The Trustees approved
quarterly service fee payments equal to 0.15% per annum of the Fund's average
daily net assets attributable to Class A, Class B, and Class C shares for
each fiscal year. Service fee payments will be made for personal services
and/or the maintenance of shareholder accounts. Service fees are separate and
distinct from the sales commissions and distribution fees payable by the Fund
to EVD, and, as such are not subject to automatic discontinuance when there
are no outstanding Uncovered Distribution Charges of EVD. Service fee
payments for the six months ended September 30, 2003 amounted to $91,274,
$25,977, and $38,958 for Class A, Class B, and Class C shares, respectively.
Certain officers and Trustees of the Fund are officers or directors of EVD.
6 CONTINGENT DEFERRED SALES CHARGE
A contingent deferred sales charge (CDSC) generally is imposed on redemptions
of Class B shares made within four years of purchase and on redemptions of
Class C shares made within one year of purchase. Generally, the CDSC is based
upon the lower of the net asset value at date of redemption or date of
purchase. No charge is levied on Class B and Class C shares acquired by
reinvestment of dividends or capital gains distributions. The CDSC for Class
B shares is imposed at declining rates that begin at 3% in the case of
redemptions in the first year of purchase. Class C shares are subject to a 1%
CDSC if redeemed within one year of purchase. No CDSC is levied on shares
which have been sold to EVM or its affiliates or to their respective
employees or clients and may be waived under certain other limited
conditions. CDSC charges are paid to EVD to reduce the amount of Uncovered
Distribution Charges calculated under the Fund's Distribution Plan (see Note
5). CDSC charges received when no Uncovered Distribution Charges exist will
be credited to the Fund. EVD received approximately $32,000 and $15,000 of
CDSC paid by shareholders for Class B shares and Class C shares,
respectively, for the six months ended September 30, 2003.
7 INVESTMENT TRANSACTIONS
Increases and decreases in the Fund's investment in the Portfolio for the six
months ended September 30, 2003, aggregated $53,584,675 and $40,055,061,
respectively.
12
<Page>
8 SHAREHOLDER MEETING
The Fund held a Special Meeting of Shareholders on June 6, 2003 to elect
Trustees. The results of the vote were as follows:
<Table>
<Caption>
NUMBER OF SHARES
-------------------------
NOMINEE FOR TRUSTEE AFFIRMATIVE WITHHOLD
--------------------------------------------------------
Jessica M. Bibliowicz 14,385,975 114,054
Donald R. Dwight 14,394,346 105,683
James B. Hawkes 14,396,733 103,296
Samuel L. Hayes, III 14,399,753 100,276
William H. Park 14,401,754 98,275
Norton H. Reamer 14,393,742 106,287
Lynn A. Stout 14,401,754 98,275
</Table>
Each nominee was also elected a Trustee of the Portfolio. Donald R. Dwight
retired as a Trustee effective July 1, 2003 pursuant to the mandatory
retirement policy of the Trust.
13
<Page>
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO as of September 30, 2003
PORTFOLIO OF INVESTMENTS (Unaudited)
TAX-EXEMPT INVESTMENTS -- 98.7%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------------------
COGENERATION -- 2.2%
$ 1,965 Carbon County, PA, IDA, (Panther Creek Partners),
(AMT), 6.65%, 5/1/10 $ 2,103,984
455 New Jersey EDA, (Trigen-Trenton),
(AMT), 6.10%, 12/1/04 456,961
800 Pennsylvania EDA, (Resource Recovery-Northampton),
(AMT), 6.75%, 1/1/07 823,808
1,400 Pennsylvania EDA, (Resource Recovery-Colver),
(AMT), 7.05%, 12/1/10 1,448,286
- --------------------------------------------------------------------------------------------------------
$ 4,833,039
- --------------------------------------------------------------------------------------------------------
EDUCATION -- 4.5%
$ 200 Connecticut HEFA, (Quinnipiac College), 6.00%, 7/1/13 $ 204,184
2,000 Illinois Educational Facility Authority, (Art Institute
of Chicago), 4.45%, 3/1/34 2,012,420
2,815 Missouri Health and Educational Facilities Authority,
(St. Louis University), 5.50%, 10/1/16 3,266,273
850 New Hampshire HEFA, (Colby-Sawyer College),
7.20%, 6/1/12 902,241
425 New Jersey Educational Facilities Authority, (Steven's
Institute of Technology), 5.00%, 7/1/11 455,702
1,235 New Jersey Educational Facilities Authority, (Steven's
Institute of Technology), 5.00%, 7/1/12 1,325,377
1,700 University of Illinois, 0.00%, 4/1/15 1,022,363
1,000 University of Illinois, 0.00%, 4/1/16 567,000
- --------------------------------------------------------------------------------------------------------
$ 9,755,560
- --------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 15.0%
$ 1,000 Brazos River Authority, TX, (Reliant Energy, Inc.),
5.20%, 12/1/18 $ 1,083,770
1,500 Brazos River Authority, TX, (Reliant Energy, Inc.),
5.375%, 4/1/19 1,363,950
1,000 Brazos River Authority, TX, PCR, (Texas Electric Co.),
(AMT), 4.25%, 5/1/33 1,001,080
1,500 California Department of Water Resource Power Supply,
5.125%, 5/1/18 1,572,885
3,000 Energy Northwest Washington Electric, (Columbia
Generating), 5.50%, 7/1/15 3,423,030
1,000 Hillsborough County, FL, IDA, Pollution Control Revenue,
(Tampa Electric Co.), 5.10%, 10/1/13 990,820
1,000 Illinois Development Finance Authority PCR,
(AMT), 5.00%, 6/1/28 1,088,050
1,000 Long Island Power Authority, NY, Electric System Revenue,
5.25%, 6/1/13 1,094,660
1,000 Long Island Power Authority, NY, Electric System Revenue,
5.50%, 9/1/14 1,106,680
$ 1,000 New Hampshire Business Finance Authority
Pollution Control, (Central Maine Power Co.),
5.375%, 5/1/14 $ 1,071,700
3,050 New York Energy Research and Development
Authority Facility, (AMT), 4.70%, 6/1/36 3,087,850
4,000 North Carolina Eastern Municipal Power Agency,
5.375%, 1/1/13 4,256,000
4,000 North Carolina Municipal Power Agency, (Catawba),
5.50%, 1/1/13 4,425,720
1,000 North Carolina Municipal Power Agency, (Catawba),
6.375%, 1/1/13 1,131,750
1,250 Sam Rayburn, TX, Municipal Power Agency, Power
Supply System, 6.00%, 10/1/16 1,322,550
1,000 San Antonio, TX, Electric and Natural Gas, 4.50%, 2/1/21 995,770
3,500 Wake County, NC, Industrial Facilities and Pollution
Control Financing Authority, (Carolina Power and
Light Co.), 5.375%, 2/1/17 3,753,785
- --------------------------------------------------------------------------------------------------------
$ 32,770,050
- --------------------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 7.6%
$ 140 Connecticut HEFA, (Sacred Heart University),
Prerefunded to 7/1/04, 6.00%, 7/1/08 $ 163,495
540 Florence, KY, Housing Facilities, (Bluegrass Housing),
Escrowed to Maturity, 7.25%, 5/1/07 556,492
475 Kimball, NE, EDA, (Clean Harbors), (AMT),
Prerefunded to 9/1/06, 10.75%, 9/1/26 605,045
3,500 Maricopa County, AZ, IDA, Multifamily, Escrowed to
Maturity, 6.45%, 1/1/17 4,031,090
715 Maricopa County, AZ, IDA, Multifamily, Escrowed to
Maturity, 7.876%, 1/1/11 864,557
3,000 Massachusetts Turnpike Authority, Escrowed to
Maturity, 5.00%, 1/1/20 3,292,350
2,110 Metropolitan Transportation Authority of New York,
Prerefunded to 7/1/15, 5.50%, 7/1/17 2,487,964
1,195 North Carolina Eastern Municipal Power Agency,
Escrowed to Maturity, 4.00%, 1/1/18 1,190,435
500 Richardson, TX, Hospital Authority (Baylor/Richardson
Medical Center), Prerefunded to 12/01/03,
6.50%, 12/1/12 512,080
705 Saint Tammany, LA, Public Trust Finance Authority,
(Christwood), Escrowed to Maturity, 8.75%, 11/15/05 765,686
750 Triborough Bridge and Tunnel Authority, NY, Escrowed to
Maturity, 5.00%, 1/1/20 822,067
1,000 Triborough Bridge and Tunnel Authority, NY, Escrowed to
Maturity, 5.75%, 1/1/12 1,180,040
- --------------------------------------------------------------------------------------------------------
$ 16,471,301
- --------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
14
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 4.3%
$ 1,000 Keller, TX, Independent School District,
0.00%, 8/15/11 $ 744,030
500 Kershaw County, SC, School District, 5.00%, 2/1/18 532,755
1,650 McAllen, TX, Independent School District,
(PSF), 4.50%, 2/15/18 1,669,849
1,500 New York City, NY, 5.625%, 12/1/13 1,651,770
1,250 New York City, NY, 5.75%, 8/1/16 1,373,800
2,000 New York City, NY, 5.875%, 8/15/13 2,205,460
1,000 Virginia Public School
Authority, (School Financing-1997
Resolution), 5.00%, 8/1/13 1,110,870
- --------------------------------------------------------------------------------------------------------
$ 9,288,534
- --------------------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 1.2%
$ 2,000 Illinois HFA, (Lutheran Social Services),
6.125%, 8/15/10 $ 1,965,800
150 Pittsfield Township, MI, EDC, (Arbor Hospice),
7.875%, 8/15/27 144,225
544 Tax Revenue Exempt Securities Trust, Community Health
Provider, (Pooled Loan Program Various States Trust
Certificates), 6.00%, 12/1/36 550,313
- --------------------------------------------------------------------------------------------------------
$ 2,660,338
- --------------------------------------------------------------------------------------------------------
HOSPITAL -- 10.7%
$ 550 Colorado Health Facilities Authority, (Parkview
Medical Center), 5.75%, 9/1/09 $ 606,507
500 Colorado Health Facilities Authority, (Parkview
Memorial Hospital), 6.125%, 9/1/25 525,740
125 Connecticut HEFA, (Griffin Hospital), 6.00%, 7/1/13 127,556
2,500 Cuyahoga County, OH, (Cleveland Clinic Health System),
6.00%, 1/1/17 2,771,325
565 Forsyth County, GA, Hospital Authority, (Georgia Baptist
Health Care System), 6.00%, 10/1/08 621,280
100 Michigan Hospital Finance Authority, (Central Michigan
Community Hospital), 6.00%, 10/1/05 103,070
100 Michigan Hospital Finance Authority, (Central Michigan
Community Hospital), 6.10%, 10/1/06 103,898
225 Michigan Hospital Finance Authority, (Central Michigan
Community Hospital), 6.20%, 10/1/07 234,992
700 Michigan Hospital Finance Authority, (Gratiot Community
Hospital), 6.10%, 10/1/07 729,862
2,000 Michigan Hospital Finance Authority, (Henry Ford Health
System), 5.50%, 3/1/14 2,165,680
1,000 Michigan Hospital Finance Authority, (Memorial Healthcare
Center), 5.875%, 11/15/21 997,710
300 New Hampshire HEFA, (Littleton Hospital Association),
5.45%, 5/1/08 295,383
$ 1,140 New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.125%, 7/1/12 $ 1,167,269
2,780 New York Dormitory Authority, (Lenox Hill Hospital),
5.75%, 7/1/15 3,054,469
2,185 Oklahoma Development Finance Authority, (Hillcrest
Health System), 5.00%, 8/15/09 1,819,865
2,000 Orange County, FL, Health Facilities Authority,
(Adventist Health System), 5.25%, 11/15/18 2,074,140
2,000 Orange County, FL, Health Facilities Authority,
(Adventist Health System), 6.375%, 11/15/20 2,214,440
465 San Gorgonio, CA, Memorial Health Care District,
5.60%, 5/1/11 452,584
2,000 South Carolina Jobs-Economic Development Authority,
(Palmetto Health Alliance), 6.00%, 8/1/12 2,124,120
1,000 Sullivan County, TN, Health Educational and
Housing Facility Board, (Wellmont Health System),
6.75%, 9/1/15 1,136,110
- --------------------------------------------------------------------------------------------------------
$ 23,326,000
- --------------------------------------------------------------------------------------------------------
HOUSING -- 0.7%
$ 600 Georgia Private Colleges and Universities Authority,
Student Housing Revenue, (Mercer Housing Corp.),
6.00%, 6/1/31 $ 611,916
695 Sandaval County, NM, Multifamily , 6.00%, 5/1/32 694,958
165 Texas Student Housing Corp., (University of Northern
Texas), 9.375%, 7/1/06 161,621
- --------------------------------------------------------------------------------------------------------
$ 1,468,495
- --------------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 5.4%
$ 390 Austin, TX, (Cargoport Development LLC),
(AMT), 7.50%, 10/1/07 $ 393,132
435 Austin, TX, (Cargoport Development LLC),
(AMT), 8.30%, 10/1/21 460,256
500 Cartersville, GA, Development Authority Waste and
Wastewater Facility, (Anheuser-Busch),
(AMT), 5.10%, 2/1/12 541,990
1,185 Connecticut Development Authority, (Frito Lay),
6.375%, 7/1/04 1,186,908
800 Dickinson County, MI, EDC, (International Paper Co.),
5.75%, 6/1/16 844,608
1,630 Houston, TX, Industrial Development Corp.,
(AMT), 6.375%, 1/1/23 1,659,421
500 Jones County, MS, (International Paper),
(AMT), 5.80%, 10/1/21 503,770
1,000 Los Angeles, CA, Regional Airports Improvements Corp.,
(Los Angeles International Terminal Four), 7.125%, 12/1/24 879,090
1,000 Michigan Job Development Authority, (General Motors
Corp.), PCR, 5.55%, 4/1/09 1,001,580
</Table>
See notes to financial statements.
15
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE (CONTINUED)
$ 1,000 New Jersey EDA, (Continental Airlines),
(AMT), 6.25%, 9/15/19 $ 850,950
1,000 New Jersey EDA, (Holt Hauling), (AMT), 7.90%, 3/1/27 996,000
1,500 Nez Perce County, ID, PCR, (Potlatch Corp.),
6.125%, 12/1/07 1,500,165
790 Ohio Economic Development, (Ohio Enterprise Bond Fund),
(AMT), 5.25%, 12/1/15 824,231
56 Robbins, IL, Resource Recovery, (AMT), 0.00%, 10/15/09 17,077
19 Robbins, IL, Resource Recovery, (AMT), 7.25%, 10/15/09 13,713
121 Robbins, IL, Resource Recovery, (AMT), 7.25%, 10/15/24 54,990
180 Robbins, IL, Resource Recovery, (AMT),
8.375%, 10/15/16(1) 270
70 Robbins, IL, Resource Recovery, (AMT),
8.375%, 10/15/16(1) 105
- --------------------------------------------------------------------------------------------------------
$ 11,728,256
- --------------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 0.1%
$ 500 Southern Illinois University, Housing and Auxiliary
Facilities, (MBIA), 0.00%, 4/1/17 $ 269,070
- --------------------------------------------------------------------------------------------------------
$ 269,070
- --------------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 3.5%
$ 750 California Pollution Control Financing Authority, PCR,
(Pacific Gas and Electric), (MBIA), 5.35%, 12/1/16 $ 817,523
1,010 Energy Northwest Washington Electric,
(FSA), 5.50%, 7/1/13 1,150,077
1,000 Long Island Power Authority, NY, Electric System Revenue,
(FSA), 5.25%, 12/1/14 1,159,080
1,975 Long Island Power Authority, NY, Electric System Revenue,
(XLCA), 5.25%, 12/1/13 2,165,489
500 Muscatine, IA, Electric, (AMBAC), 5.50%, 1/1/11 573,360
500 Muscatine, IA, Electric, (AMBAC), 5.50%, 1/1/12 574,010
1,000 Puerto Rico Electric Power Authority,
(XLCA), 5.375%, 7/1/18 1,147,220
- --------------------------------------------------------------------------------------------------------
$ 7,586,759
- --------------------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 1.2%
$ 1,000 Metropolitan Transportation Authority, NY, Commuter
Facilities, (AMBAC), Escrowed to Maturity,
5.00%, 7/1/20 $ 1,069,450
1,000 Metropolitan Transportation Authority, NY, Transit Facilities,
(FGIC), Prerefunded to 10/1/15, 4.50%, 4/1/18 1,083,530
500 Metropolitan Transportation Authority, NY, Transit Facilities,
(MBIA), Escrowed to Maturity, 5.00%, 7/1/17 545,950
- --------------------------------------------------------------------------------------------------------
$ 2,698,930
- --------------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 4.7%
$ 250 Brighton, MI, School District, (AMBAC), 0.00%, 5/1/20 $ 114,203
2,500 Chicago, IL, (Central Loop Redevelopment), (XLCA),
0.00%, 12/1/08 2,173,900
150 Hartland, MI, School District, (FGIC), 5.125%, 5/1/17 160,187
1,000 Hillsborough Township, NJ, School District,
(FSA), 5.375%, 10/1/18 1,146,060
1,850 New York, NY, (FGIC), 5.50%, 6/1/12 2,128,407
2,000 New York, NY,
(FGIC), 5.75%, 3/15/11 2,320,020
1,400 Springfield, OH, City School District,
(FGIC), 5.00%, 12/1/17 1,523,592
1,000 St. Louis, MO, Board of Education,
(FSA), 0.00%, 4/1/16 582,460
- --------------------------------------------------------------------------------------------------------
$ 10,148,829
- --------------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 1.7%
$ 375 Akron, Bath and Copley, OH, Township, Hospital District,
(Childrens Hospital Center), (FSA), 5.25%, 11/15/15 $ 415,283
1,180 Akron, Bath and Copley, OH, Township, Hospital District,
(Childrens Hospital Center), (FSA), 5.25%, 11/15/16 1,300,667
2,000 El Paso County, TX, Hospital District,
(MBIA), 0.00%, 8/15/06 1,899,580
- --------------------------------------------------------------------------------------------------------
$ 3,615,530
- --------------------------------------------------------------------------------------------------------
INSURED-INDUSTRIAL DEVELOPMENT REVENUE -- 1.5%
$ 215 Connecticut Airport, (Bradley International Airport),
Signature Flight, (FGIC), 7.40%, 10/1/04 $ 221,695
2,000 Forsyth, MT, PCR, (Avista Corp.), (AMBAC),
5.00%, 10/1/32(2) 2,213,360
500 Monroe County, MI, (Detroit Edison), (AMBAC),
(AMT), 6.35%, 12/1/04 529,290
400 Piedmont, SC, Municipal Power Agency, (MBIA),
5.00%, 1/1/15 420,220
- --------------------------------------------------------------------------------------------------------
$ 3,384,565
- --------------------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 1.2%
$ 1,000 Laredo, TX, Certificates of Obligation,
(MBIA), 4.50%, 2/15/17 $ 1,016,430
2,100 Texas Public Finance Authority, (MBIA), 0.00%, 2/1/12 1,510,740
- --------------------------------------------------------------------------------------------------------
$ 2,527,170
- --------------------------------------------------------------------------------------------------------
INSURED-MISCELLANEOUS -- 0.5%
$ 1,000 Missouri Development Finance Board Cultural Facility,
(Nelson Gallery Foundation), (MBIA), 5.25%, 12/1/14 $ 1,111,350
- --------------------------------------------------------------------------------------------------------
$ 1,111,350
- --------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
16
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------------------
INSURED-SOLID WASTE -- 0.6%
$ 1,175 Massachusetts Development Finance Agency,
(Semass System), (MBIA), 5.625%, 1/1/12 $ 1,342,156
- --------------------------------------------------------------------------------------------------------
$ 1,342,156
- --------------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 0.5%
$ 1,000 Reno, NV, Capital Improvements,
(FGIC), 5.625%, 6/1/14 $ 1,140,410
- --------------------------------------------------------------------------------------------------------
$ 1,140,410
- --------------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 13.9%
$ 2,295 Chicago, IL, O'Hare International Airport,
(MBIA), (AMT), 5.75%, 1/1/17 $ 2,514,792
1,000 Denver, CO, City and County Airport,
(FSA), (AMT), 5.00%, 11/15/11 1,086,450
1,640 Denver, CO, City and County Airport,
(MBIA), 6.00%, 11/15/11 1,907,041
1,090 Guam International Airport Authority,
(MBIA), 5.25%, 10/1/15 1,229,694
1,000 Houston, TX, Airport System,
(FGIC), (AMT), 5.50%, 7/1/12 1,108,190
2,000 Kenton County, KY, Airport, (Cincinnati/Northern Kentucky),
(MBIA), (AMT), 5.625%, 3/1/13 2,227,280
2,500 Massachusetts Port Authority, (Delta Airlines),
(AMBAC), (AMT), 5.50%, 1/1/15 2,692,875
1,000 Miami-Dade County, FL, Aviation, (Miami International
Airport), (FGIC), (AMT), 5.50%, 10/1/13 1,115,030
1,430 Minneapolis and St. Paul, MN, Metropolitan Airports
Commission Airport, (FGIC), (AMT), 6.00%, 1/1/11 1,621,234
2,000 Minneapolis and St. Paul, MN, Metropolitan Airport
Commission, (FGIC), (AMT), 5.25%, 1/1/11 2,196,160
2,000 New Jersey Transportation Trust Fund Authority,
(FSA), 5.50%, 10/1/14 2,304,400
1,000 Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/18 1,155,010
1,000 Port Seattle, WA, (MBIA), (AMT), 6.00%, 2/1/11 1,152,640
2,635 San Francisco, CA, City and County International Airport
Commission, (FGIC), 5.00%, 5/1/19 2,771,256
2,500 Triborough Bridge and Tunnel Authority, NY,
(MBIA), 5.50%, 11/15/18 2,911,500
2,000 Wayne Charter County, MI, Metropolitan Airport,
(FGIC), (AMT), 5.50%, 12/1/15 2,198,460
- --------------------------------------------------------------------------------------------------------
$ 30,192,012
- --------------------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 1.0%
$ 2,000 Honolulu, HI, Wastewater System,
(FGIC), 0.00%, 7/1/11 $ 1,494,920
630 Kannapolis, NC, Water & Sewer,
(FSA), (AMT), 4.50%, 2/1/12 661,273
- --------------------------------------------------------------------------------------------------------
$ 2,156,193
- --------------------------------------------------------------------------------------------------------
NURSING HOME -- 1.1%
$ 870 Clovis, NM, IDR, (Retirement Ranches, Inc.),
7.75%, 4/1/19 $ 903,686
710 Massachusetts IFA, (Age Institute of Massachusetts),
7.60%, 11/1/05 710,199
305 Okaloosa County, FL, Retirement Rental Housing,
(Encore Retirement Partners), 5.25%, 2/1/04 302,722
493 Wisconsin HEFA, (Wisconsin Illinois Senior Housing),
7.00%, 8/1/29 462,558
- --------------------------------------------------------------------------------------------------------
$ 2,379,165
- --------------------------------------------------------------------------------------------------------
OTHER REVENUE -- 4.1%
$ 890 Barona, CA, (Band of Mission Indians), 8.25%, 1/1/20 $ 936,458
2,000 California Statewide Communities Development Authority,
(East Valley Tourist Development Authority),
8.25%, 10/1/14 1,874,160
1,000 Capital Trust Agency, FL, (Seminole Tribe Convention),
8.95%, 10/1/33 1,108,170
1,000 Capital Trust Agency, FL, (Seminole Tribe Convention),
10.00%, 10/1/33 1,179,810
900 Iowa Finance Authority, (Southbridge Mall),
6.375%, 12/1/13 831,978
1,000 Mohegan Tribe, CT, Gaming Authority, 5.375%, 1/1/11 1,051,670
1,080 New York, United Nations Development Corp.,
5.00%, 7/1/06 1,082,905
500 Saint Louis, MO, IDA, (Saint Louis Convention Center),
(AMT), 7.20%, 12/15/28 491,880
435 Santa Fe, NM, (Crow Hobbs), 8.25%, 9/1/05 431,337
- --------------------------------------------------------------------------------------------------------
$ 8,988,368
- --------------------------------------------------------------------------------------------------------
POOLED LOANS -- 1.9%
$ 1,900 Arizona Educational Loan Marketing Corp.,
(AMT), 6.25%, 6/1/06 $ 2,049,872
1,000 Arizona Student Loan Acquisition Authority,
(AMT), 7.625%, 5/1/10 1,039,780
1,000 Arkansas State Student Loan Authority,
(AMT), 6.25%, 6/1/10 1,047,840
- --------------------------------------------------------------------------------------------------------
$ 4,137,492
- --------------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 1.6%
$ 775 Albuquerque, NM, Retirement Facilities, (La Vida Liena
Retirement Center), 6.60%, 12/15/28 $ 757,237
1,105 Arizona Health Facilities Authority, (Care Institute,
Inc.-Mesa), 7.625%, 1/1/06(3) 937,206
500 Kansas City, MO, IDR, (Kingswood Manor),
5.80%, 11/15/17 455,020
245 Massachusetts IFA, (Forge Hill), (AMT), 6.75%, 4/1/30 229,300
</Table>
See notes to financial statements.
17
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- --------------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE (CONTINUED)
$ 360 Mesquite, TX, Health Facilities Development, (Christian
Care Centers) , 7.00%, 2/15/10 $ 372,931
395 Michigan Hospital Finance Authority, (Presbyterian Villages),
6.20%, 1/1/06 398,413
495 North Miami, FL, Health Facilities Authority, (Imperial
Club), 6.75%, 1/1/33 421,468
- --------------------------------------------------------------------------------------------------------
$ 3,571,575
- --------------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 3.2%
$ 1,500 Brentwood, CA, Infrastructure Financing Authority,
6.375%, 9/2/33 $ 1,538,715
500 Cottonwood, CO, Water and Sanitation District,
7.75%, 12/1/20 533,070
2,000 Detroit, MI, Downtown Development Authority Tax Increment,
0.00%, 7/1/21 762,000
500 Fishhawk, FL, Community Development District II,
5.00%, 11/1/07 499,885
250 Frederick County, MD, Urbana Community
Development Authority, 6.625%, 7/1/25 256,198
500 Gateway, FL, Services Community Development District,
(Stoneybrook), 5.50%, 7/1/08 501,300
345 Heritage Palms Community Development District, FL,
Capital Improvements, 6.25%, 11/1/04 346,176
315 Longleaf, FL, Community Development District,
6.20%, 5/1/09 290,159
1,000 New York Local Government Assistance Corp.,
5.25%, 4/1/16 1,123,610
165 Stoneybrook, FL, West Community Development District,
6.45%, 5/1/10 167,414
850 Tiverton, RI, Obligation Tax Increment, (Mount Hope
Bay Village), 6.00%, 5/1/09 852,542
- --------------------------------------------------------------------------------------------------------
$ 6,871,069
- --------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 4.6%
$ 1,170 Delaware River Joint Toll Bridge Commission, PA,
5.25%, 7/1/15 $ 1,290,557
300 Eagle County, CO, Airport Terminal Corp., (American
Airlines), (AMT), 6.75%, 5/1/06 294,915
2,500 Louisiana Offshore Terminal Authority, Deepwater Port
Revenue, (Loop, LLC), 5.25%, 9/1/15 2,670,275
2,000 New Jersey Transportation Trust Fund Authority,
(Transportation System), 5.50%, 6/15/14 2,265,960
1,000 Northwest Arkansas Regional Airport Authority,
(AMT), 7.625%, 2/1/27 1,072,350
1,000 Port Authority of New York and New Jersey,
5.375%, 3/1/28 1,079,420
1,300 Port Authority of New York and New Jersey,
(AMT), 5.50%, 7/15/12 1,395,992
- --------------------------------------------------------------------------------------------------------
$ 10,069,469
- --------------------------------------------------------------------------------------------------------
WATER AND SEWER -- 0.2%
$ 500 Michigan Municipal Bond Authority, (Drinking Water),
5.25%, 10/1/19 $ 546,270
- --------------------------------------------------------------------------------------------------------
$ 546,270
- --------------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 98.7%
(IDENTIFIED COST $205,415,163) $ 215,037,955
- --------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 1.3% $ 2,844,902
- --------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 217,882,857
- --------------------------------------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
FSA - Financial Security Assurance, Inc.
FGIC - Financial Guaranty Insurance Company
AMBAC - AMBAC Financial Group, Inc.
MBIA - Municipal Bond Insurance Association
XLCA - XL Capital Assurance, Inc.
At September 30, 2003, the concentration of the Portfolio's investments in the
various states, determined as a percentage of net assets, is as follows:
<Table>
New York 16.6%
- --------------------------------------------------------------------------------------------------------
Others, representing less than 10%
individually 82.1%
- --------------------------------------------------------------------------------------------------------
</Table>
The Portfolio invests primarily in debt securities issued by 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, 2003, 30.8% of the securities in the portfolio of investments are
backed by bond insurance of various financial institutions and financial
guaranty assurance agencies. The aggregate percentage insured by financial
institutions ranged from 2.6% to 10.3% of total investments.
(1) Non-income producing security.
(2) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
(3) The Portfolio is accruing only partial interest on this security.
SEE NOTES TO FINANCIAL STATEMENTS.
18
<Page>
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO as of September 30, 2003
FINANCIAL STATEMENTS (Unaudited)
STATEMENT OF ASSETS AND LIABILITIES
As of September 30, 2003
<Table>
ASSETS
Investments, at value (identified cost, $205,415,163) $ 215,037,955
Receivable for investments sold 527,469
Interest receivable 3,394,651
- -----------------------------------------------------------------------------------------
TOTAL ASSETS $ 218,960,075
- -----------------------------------------------------------------------------------------
LIABILITIES
Demand note payable $ 700,000
Payable for daily variation margin on open financial futures contracts 299,377
Due to bank 68,332
Accrued expenses 9,509
- -----------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 1,077,218
- -----------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS' INTEREST IN PORTFOLIO $ 217,882,857
- -----------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Net proceeds from capital contributions and withdrawals $ 209,047,146
Net unrealized appreciation (computed on the basis of identified cost) 8,835,711
- -----------------------------------------------------------------------------------------
TOTAL $ 217,882,857
- -----------------------------------------------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
For the Six Months Ended September 30, 2003
<Table>
INVESTMENT INCOME
Interest $ 5,316,230
- -----------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 5,316,230
- -----------------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 469,611
Trustees' fees and expenses 5,888
Custodian fee 53,221
Legal and accounting services 11,409
Miscellaneous 13,196
- -----------------------------------------------------------------------------------------
TOTAL EXPENSES $ 553,325
- -----------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 4,762,905
- -----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 606,291
Financial futures contracts (127,486)
- -----------------------------------------------------------------------------------------
NET REALIZED GAIN $ 478,805
- -----------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 2,164,328
Financial futures contracts (790,842)
- -----------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 1,373,486
- -----------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 1,852,291
- -----------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 6,615,196
- -----------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
19
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) SEPTEMBER 30, 2003 YEAR ENDED
IN NET ASSETS (UNAUDITED) MARCH 31, 2003
- -----------------------------------------------------------------------------------------
From operations --
Net investment income $ 4,762,905 $ 7,400,367
Net realized gain (loss) 478,805 (2,545,310)
Net change in unrealized
appreciation (depreciation) 1,373,486 7,943,626
- -----------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 6,615,196 $ 12,798,683
- -----------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 53,584,675 $ 138,158,290
Withdrawals (40,055,061) (68,074,678)
- -----------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ 13,529,614 $ 70,083,612
- -----------------------------------------------------------------------------------------
Net increase in net assets $ 20,144,810 $ 82,882,295
- -----------------------------------------------------------------------------------------
NET ASSETS
At beginning of period $ 197,738,047 $ 114,855,752
- -----------------------------------------------------------------------------------------
AT END OF PERIOD $ 217,882,857 $ 197,738,047
- -----------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
20
<Page>
SUPPLEMENTARY DATA
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ---------------------------------------------------------
(UNAUDITED) 2003 2002(1) 2001 2000 1999
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratios (As a percentage of average
daily net assets):
Expenses 0.53%(2) 0.55% 0.57% 0.61% 0.65% 0.61%
Expenses after custodian fee reduction 0.53%(2) 0.54% 0.54% 0.60% 0.63% 0.60%
Net investment income 4.55%(2) 4.79% 5.18% 5.68% 5.49% 5.32%
Portfolio Turnover 14% 24% 12% 13% 27% 26%
Total Return(3) 3.21% 9.18% 3.75% -- -- --
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD (000'S OMITTED) $ 217,883 $ 197,738 $ 114,856 $ 86,917 $ 89,937 $ 89,966
- -----------------------------------------------------------------------------------------------------------------------------
</Table>
(1) The Portfolio has adopted the provisions of the revised AICPA Audit and
Accounting Guide for Investment Companies and began amortizing market
premiums on fixed-income securities. The effect of this change for the year
ended March 31, 2002 was to increase the ratio of the net investment income
to average net assets from 5.16% to 5.18%. Ratios for the periods prior to
April 1, 2001 have not been restated to reflect this change in
presentation.
(2) Annualized.
(3) Total return is required to be disclosed for fiscal years beginning after
December 15, 2000.
See notes to financial statements.
21
<Page>
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO as of September 30, 2003
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 SIGNIFICANT ACCOUNTING POLICIES
The objective of National Limited Maturity Municipals Portfolio (the
Portfolio) is to provide high current income exempt from regular federal
income tax. The Portfolio is registered under the Investment Company Act of
1940 as a diversified open-end management investment company which was
organized as a trust under the laws of the State of New York on May 1, 1992.
The Declaration of Trust permits the Trustees to issue interests in the
Portfolio. At September 30, 2003, the Eaton Vance National Limited Maturity
Municipals Fund held an approximate 99.9% interest in the Portfolio. The
following is a summary of significant accounting policies of the Portfolio.
The policies are in conformity with accounting principles generally accepted
in the United States of America.
A INVESTMENT VALUATION -- 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 the
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.
C INCOME TAXES -- The Portfolio is treated as a partnership for federal tax
purposes. No provision is made by the Portfolio for federal or state taxes on
any taxable income of the Portfolio because each investor in the Portfolio 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 Portfolio, the Portfolio normally
must satisfy the applicable source of income and diversification requirements
(under the Internal Revenue Code) in order for its investors to satisfy them.
The Portfolio will allocate at least annually among its respective investors,
each investor's distributive share of the Portfolio's 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 Portfolio 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 the 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, the 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 the 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 the Portfolio.
The Portfolio's investment in financial futures contracts is designed only to
hedge against anticipated future changes in interest rates and investment
purposes. Should interest rates move unexpectedly, the Portfolio may not
achieve the anticipated benefits of the financial futures contracts and may
realize a loss.
E OPTIONS ON FINANCIAL FUTURES CONTRACTS -- Upon the purchase of a put option
on a financial futures contract by the Portfolio, the premium paid is
recorded as an investment, the value of which is marked-to-market daily. When
a purchased option expires, the Portfolio will realize a loss in the amount
of the cost of the option. When the Portfolio enters into a closing sale
transaction, the Portfolio will realize a gain or loss depending on whether
the sales proceeds from the closing sale transaction are greater or less than
the cost of the option. When the Portfolio exercises a put option, settlement
is made in cash. The risk associated with purchasing put options is limited
to the premium originally paid.
F WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS -- The Portfolio may engage
in when-issued and delayed delivery transactions. The Portfolio records
when-issued securities on trade date and maintains 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.
G EXPENSE REDUCTION -- Investors Bank & Trust Company (IBT) serves as
custodian of the Portfolio. Pursuant to the custodian agreement, IBT receives
a fee reduced by credits which are determined based on the average daily cash
balance the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's
22
<Page>
custodian fees are reported as a reduction of total expenses on the Statement
of Operations.
H USE OF ESTIMATES -- The preparation of the financial statements in
conformity with accounting principles generally accepted in the United States
of America 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.
I OTHER -- Investment transactions are accounted for on a trade date basis.
J INTERIM FINANCIAL STATEMENTS -- The interim financial statements relating
to September 30, 2003 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. 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 the 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, 2003, the fee was
equivalent to 0.45% (annualized) of the Portfolio's average net assets for
such period and amounted to $469,611. Except as to Trustees of the Portfolio
who are not members of EVM's or BMR's organization, officers and Trustees
receive remuneration for their services to the Portfolio out of such
investment adviser fee. Certain officers and Trustees of the Portfolio are
officers of the above organizations. Trustees of the Portfolio that are not
affiliated with the Investment Adviser may elect to defer receipt of all or a
percentage of their annual fees in accordance with the terms of the Trustees
Deferred Compensation Plan. For the six months ended September 30, 2003, no
significant amounts have been deferred.
3 LINE OF CREDIT
The Portfolio participates 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. Borrowings may be made by the Portfolio solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each participating portfolio or fund
based on its borrowings at an amount above either the Eurodollar rate or
federal funds 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, 2003 the Portfolio had a balance outstanding pursuant to this line of
credit of $700,000. The Portfolio did not have any significant borrowings or
allocated fees during the six months ended September 30, 2003.
4 INVESTMENTS
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations, aggregated $44,299,743 and $27,874,123 respectively,
for the six months ended September 30, 2003.
5 FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost and unrealized appreciation (depreciation) in value of the
investments owned at September 30, 2003, as computed on a federal income tax
basis, were as follows:
<Table>
AGGREGATE COST $ 205,305,103
-----------------------------------------------------------------
Gross unrealized appreciation $ 10,505,323
Gross unrealized depreciation (772,471)
-----------------------------------------------------------------
NET UNREALIZED APPRECIATION $ 9,732,852
-----------------------------------------------------------------
</Table>
6 FINANCIAL INSTRUMENTS
The Portfolio regularly trades in financial instruments with off-balance
sheet risk in the normal course of its investing activities to assist in
managing exposure to various market risks. These financial instruments
include written options and futures contracts and may involve, to a varying
degree, elements of risk in excess of the amounts recognized for financial
statement purposes. The notional or contractual amounts of these instruments
represent the investment the Portfolio has in particular classes of financial
instruments and does not necessarily represent the amounts potentially
subject to risk. The measurement of the risks associated
23
<Page>
with these instruments is meaningful only when all related and offsetting
transactions are considered.
A summary of obligations under these financial instruments as of September
30, 2003, is as follows:
FUTURES CONTRACTS
<Table>
<Caption>
EXPIRATION NET UNREALIZED
DATE(S) CONTRACTS POSITION DEPRECIATION
------------------------------------------------------------------
12/03 112 U.S. Treasury Bond Short (369,747)
12/03 101 U.S. Treasury Note Short (417,334)
------------------------------------------------------------------
$ (787,081)
------------------------------------------------------------------
</Table>
At September 30, 2003, the Portfolio had sufficient cash and/or securities to
cover margin requirements on open future contracts.
7 INTERESTHOLDER MEETING
The Portfolio held a Special Meeting of Interestholders on June 6, 2003 to
elect Trustees. The results of the vote were as follows:
<Table>
<Caption>
INTEREST IN THE PORTFOLIO
NOMINEE FOR TRUSTEE AFFIRMATIVE WITHHOLD
--------------------------------------------------------------
Jessica M. Bibliowicz 99% 1%
Donald R. Dwight 99% 1%
James B. Hawkes 99% 1%
Samuel L. Hayes, III 99% 1%
William H. Park 99% 1%
Norton H. Reamer 99% 1%
Lynn A. Stout 99% 1%
</Table>
Results are rounded to the nearest whole number. Donald R. Dwight retired as
a Trustee effective July 1, 2003 pursuant to the mandatory retirement policy
of the Portfolio.
24
<Page>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND
OFFICERS TRUSTEES
Thomas J. Fetter Jessica M. Bibliowicz
President
James B. Hawkes
James B. Hawkes
Vice President and Trustee Samuel L. Hayes, III
Robert B. MacIntosh William H. Park
Vice President
Ronald A. Pearlman
James L. O'Connor
Treasurer Norton H. Reamer
Alan R. Dynner Lynn A. Stout
Secretary
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO
OFFICERS TRUSTEES
Thomas J. Fetter Jessica M. Bibliowicz
President
James B. Hawkes
James B. Hawkes
Vice President and Trustee Samuel L. Hayes, III
William H. Ahern, Jr. William H. Park
Vice President and
Portfolio Manager Ronald A. Pearlman
Robert B. MacIntosh Norton H. Reamer
Vice President
Lynn A. Stout
William J. Austin, Jr.
Treasurer
Alan R. Dynner
Secretary
25
<Page>
INVESTMENT ADVISER OF NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO
BOSTON MANAGEMENT AND RESEARCH
The Eaton Vance Building
255 State Street
Boston, MA 02109
ADMINISTRATOR OF EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND
EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
Boston, MA 02109
PRINCIPAL UNDERWRITER
EATON VANCE DISTRIBUTORS, INC.
The Eaton Vance Building
255 State Street
Boston, MA 02109
(617) 482-8260
CUSTODIAN
INVESTORS BANK & TRUST COMPANY
200 Clarendon Street
Boston, MA 02116
TRANSFER AGENT
PFPC INC.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
This report must be preceded or accompanied by a current prospectus
which contains more complete information on the Fund, including its
distribution plan, sales charges and expenses. Please read the prospectus
carefully before you invest or send money.
<Page>
439-11/03 LNASRC
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (a fixed income
investment management firm). Previously, he served as Executive Vice President
and Chief Financial Officer of United Asset Management Corporation ("UAM") (a
holding company
<Page>
owning institutional investment management firms). Mr. Hayes is the Jacob H.
Schiff Professor of Investment Banking Emeritus of the Harvard University
Graduate School of Business Administration. Mr. Reamer is the President of
Unicorn Capital (an investment and financial advisory services company),
Chairman of Hellman, Jordan Management Co., Inc. (an investment management
company) and Advisory Director of Berkshire Capital Corporation (an investment
banking firm). Previously, Mr. Reamer was Chairman of the Board of UAM and
Chairman, President and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not Required in Filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not Required in Filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES
(a) It is the conclusion of the registrant's principal executive officer and
principal financial officer that the effectiveness of the registrant's current
disclosure controls and procedures (such disclosure controls and procedures
having been evaluated within 90 days of the date of this filing) provide
reasonable assurance that the information required to be disclosed by the
registrant has been recorded, processed, summarized and reported within the time
period specified in the Commission's rules and forms and that the information
required to be disclosed by the registrant has been accumulated and communicated
to the registrant's principal executive officer and principal financial officer
in order to allow timely decisions regarding required disclosure.
(b) There have been no significant changes in the registrant's internal controls
or in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS
(a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2).
(a)(2)(i) Treasurer's Section 302 certification.
(a)(2)(ii) President's Section 302 certification.
(b) Combined Section 906 certification.
<Page>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
EATON VANCE INVESTMENT TRUST (ON BEHALF OF NATIONAL LIMITED FUND)
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: November 18, 2003
-----------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ James L. O'Connor
---------------------
James L. O'Connor
Treasurer
Date: November 18, 2003
-----------------
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: November 18, 2003
-----------------