<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-4443
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
-----------------------------------------------------------------------
(Name and Address of Agent for Services)
(617) 482-8260
--------------
(Registrant's Telephone Number)
3/31
----
Date of Fiscal Year End
09/30/2003
----------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-4443
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
-----------------------------------------------------------------------
(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>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-4443
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
-----------------------------------------------------------------------
(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>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-4443
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
-----------------------------------------------------------------------
(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>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-4443
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
-----------------------------------------------------------------------
(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>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-4443
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
-----------------------------------------------------------------------
(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>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-4443
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
-----------------------------------------------------------------------
(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 LIMITED MATURITY MUNICIPALS FUNDS
CALIFORNIA
FLORIDA
MASSACHUSETTS
NEW JERSEY
NEW YORK
OHIO
PENNSYLVANIA
[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 Limited Maturity Municipals Funds 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 lower-quality, higher-yielding bonds. 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 Limited Maturity Municipals Funds 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. Meanwhile, 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]
<Table>
INTERMEDIATE-TERM MUNICIPAL BOND YIELDS
WERE 86% OF TREASURY YIELDS
2.43% 3.74%
5-Year AAA-rated Taxable equivalent yield
General Obligation (GO) Bonds* in 35.0% tax bracket
2.82%
5-Year Treasury Bond
Principal and interest payments of Treasury securities are guaranteed by the
U.S. government.
*GO yields are a compilation of a representative variety of general obligations
and are not necessarily representative of the Funds' yield. Statistics as of
September 30, 2003.
Past performance is no guarantee of future results.
Source: Bloomberg, L.P.
</Table>
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, 2003 -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 MANAGERS
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 California Limited Maturity Municipals Fund as of September 30, 2003
INVESTMENT UPDATE
MANAGEMENT UPDATE
[PHOTO OF CYNTHIA J. CLEMSON]
Cynthia J. Clemson
Portfolio Manager
- - The California economy showed signs of a rebound in 2003, although the pace
of recovery remained slow. Health care, hospitality and residential
construction were the major sources of new jobs. Manufacturing remained
sluggish, with technology still slow to gain traction. The state's September
2003 jobless rate was 6.4%, down from 6.7% a year ago.
- - Given the state's difficult financial situation, management focused
intently on maintaining superior credit quality. The Portfolio had its
largest sector weighting in insured* general obligation bonds (GOs), which
provided secure income together with diversification among state, city and
county issues.
- - Special tax revenue bonds were a major commitment for the Portfolio. These
issues provide municipalities an alternative financing method for the
infrastructure, utilities and transportation projects that are needed to
support California's rapid population growth.
- - Lease revenue/certificates of participation were significant holdings.
These instruments are used by cities, counties, and special districts to
provide lease financing for various municipal projects.
- - Management maintained a well-diversified Portfolio, while continuing to
improve call protection. Ample call protection can provide protection against
untimely calls and improve performance characteristics.
PORTFOLIO STATISTICS(6)
<Table>
- - Number of Issues: 76
- - Effective Maturity: 8.4 years
- - Average Rating: AA+
- - Average Call: 7.7 years
- - Average Dollar Price: $102.56
</Table>
THE FUND
- - During the six months ended September 30, 2003, the Fund's Class A and
Class B shares had total returns of 1.86% and 1.49%, respectively.(1) For
Class A, this return resulted from no change in net asset value (NAV) per
share on September 30, 2003 from $10.54 on March 31, 2003, and the
reinvestment of $0.195 in tax-free income.(2) For Class B, this return
resulted from no change in NAV per share from $10.50, and the reinvestment of
$0.156 per share in tax-free income.(2)
- - Based on the most recent dividends and NAVs on September 30, 2003 of $10.54
per share for Class A and $10.50 for Class B, the Fund's distribution rates
were 3.68% and 2.93%, respectively.(3) The distribution rates of Class A and
Class B shares are equivalent to taxable rates of 6.24% and 4.97%,
respectively.(4)
- - The SEC 30-day yields for Class A and B shares at September 30, 2003 were
3.13% and 2.45%, respectively.(5) The SEC 30-day yields of Class A and Class
B are equivalent to taxable yields of 5.31% and 4.16%, respectively.(4)
[CHART]
Rating Distribution(6)
<Table>
AAA 77.2%
AA 2.5%
A 2.9%
BBB 4.6%
BB 0.7%
Non-Rated 12.1%
</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
- --------------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
One Year 1.70% 0.88%
Five Years 4.36 3.55
Ten Years N/A 3.75
Life of Fund+ 5.24 4.44
SEC Average Annual Total Returns (including sales charge
or applicable CDSC)
One Year -0.61% -2.06%
Five Years 3.89 3.55
Ten Years N/A 3.75
Life of Fund+ 4.90 4.44
</Table>
+ Inception Dates - Class A: 6/27/96; Class B: 5/29/92
[CHART]
5 LARGEST SECTORS(6)
By total net assets
<Table>
Insured - General Obligations* 27.6%
Special Tax Revenue 9.7%
Insured - Special Tax Revenue* 8.8%
Insured - Electric Utilities* 8.6%
Insured - Lease Revenue/COPs* 6.6%
</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 shares.
(2) Aportion of the Fund's income may be subject to federal income and/or
alternative minimum tax, and 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 41.05% combined federal and state
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; and 1% - 4th 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 Florida Limited Maturity Municipals Fund as of September 30, 2003
INVESTMENT UPDATE
MANAGEMENT UPDATE
[PHOTO OF CYNTHIA J. CLEMSON]
Cynthia J. Clemson
Portfolio Manager
- - Florida again led the region in job creation in 2003. The service sector
remained strong, paced by health care and education, while high gas prices
slightly hurt the tourism sector. Construction continued to generate new
jobs, as single-family homebuilding benefited from still-low interest rates.
The state's job- less rate was 5.2% in September 2003, down from 5.4% a year
ago.
- - Management continued to find opportunities in insured* water and sewer bonds,
the Portfolio's largest sector weighting at September 30, 2003. Backed by
water system bill payments, these issues financed projects to upgrade the
water facilities for many Florida communities.
- - Insured* general obligations bonds (GOs) were again a major investment focus.
The Portfolio's large exposure to high-quality bonds was noteworthy, as the
uncertain pace of economic recovery put a premium on credit selection.
- - Insured* special tax revenue bonds represented a significant investment.
These issues provided a financing alternative for a diverse range of
facilities for Florida cities and towns faced with the infrastructure needs
of growing communities.
- - Management maintained a well-diversified Portfolio, while continuing to
improve call protection. Ample call protection can provide protection against
untimely calls and improve performance characteristics.
PORTFOLIO STATISTICS(6)
<Table>
- - Number of Issues: 76
- - Effective Maturity: 8.5 years
- - Average Rating: AA+
- - Average Call: 8.1 years
- - Average Dollar Price: $105.74
</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 2.27%, 1.90% and 1.93%,
respectively.(1) For Class A and Class B, this return resulted from an
increase in net asset value (NAV) per share to $10.52 on September 30, 2003
from $10.48 on March 31, 2003, and the reinvestment of $0.197 in tax-free
income for Class A and $0.158 for Class B.(2) For Class C, this return
resulted from an increase in NAV per share to $9.93 from $9.89, and the
reinvestment of $0.150 per share in tax-free income.(2)
- - Based on the most recent distributions and NAVs on September 30, 2003 of
$10.52 per share for Class A and Class B, and $9.93 for Class C, distribution
rates were 3.75%, 2.99% and 3.02%, respectively.(3) The distribution rates of
Class A, Class B and Class C shares are equivalent to taxable rates of 5.77%,
4.60% and 4.65%, respectively.(4)
- - The SEC 30-day yields for Class A, B and C shares at September 30, 2003 were
3.25%, 2.59% and 2.59%, respectively.(5) The SEC 30-day yields of Class A, B
and C shares are equivalent to taxable yields of 5.00%, 3.98% and 3.98%,
respectively.(4)
[CHART]
Rating Distribution(6)
<Table>
AAA 80.5%
AA 8.3%
A 3.1%
BBB 1.9%
Non-Rated 6.2%
</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 3.46% 2.71% 2.69%
Five Years 4.57 3.81 3.78
Ten Years N/A 3.78 N/A
Life of Fund+ 5.12 4.47 3.71
SEC Average Annual Total Returns (including sales
charge or applicable CDSC)
One Year 1.16% -0.28% 1.70%
Five Years 4.10 3.81 3.78
Ten Years N/A 3.78 N/A
Life of Fund+ 4.79 4.47 3.71
</Table>
+ Inception Dates - Class A: 6/27/96; Class B: 5/29/92; Class C:12/8/93
[CHART]
5 LARGEST SECTORS(6)
By total net assets
<Table>
Insured - Water & Sewer* 20.4%
Insured - General Obligations* 12.6%
Insured - Special Tax Revenue* 10.4%
Insured - Transportation* 9.9%
Insured - Electric Utilities* 9.3%
</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) Aportion of the Fund's income may be subject to federal income and/or
alternative minimum tax, and state intangibles 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% combined federal and state
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; and 1% - 4th year. 1-year SEC return for Class C
reflects 1% CDSC.
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.
5
<Page>
Eaton Vance Massachusetts Limited Maturity Municipals Fund as of September 30,
2003
INVESTMENT UPDATE
MANAGEMENT UPDATE
[PHOTO OF WILLIAM H. AHERN]
William H. Ahern
Portfolio Manager
- - The Massachusetts economy has improved in recent months, as rising demand for
technology products and improving financial markets have boosted the state's
leading industries. The construction sector has been supported by a strong
housing market. The state's September 2003 jobless rate was 5.7%, up from
5.5% a year ago.
- - Insured* general obligations bonds (GOs) represented the Portfolio's largest
sector weighting at September 30, 2003. With the state and local communities
reporting lower revenues, insured* bonds provided quality and an added
measure of security.
- - Education bonds were among the Portfolio's major investments. Institutions
whose applications consistently exceed placement capacity tend to enjoy
stable tuition income, even as other municipal sectors may face declining
revenues.
- - Management maintained a significant exposure to essential services bonds,
including insured* transportation bonds. These issues receive revenues from
fees and tolls, which are typically less subject to economic vagaries than
are industrial issuers.
- - The Portfolio remained very selective within the hospital sector. With this
competitive industry facing the pressure of new reimbursement rules,
management focused on institutions with sound financial structures, good
management and a solid market share.
PORTFOLIO STATISTICS(6)
<Table>
- - Number of Issues: 88
- - Effective Maturity: 8.5 years
- - Average Rating: AA
- - Average Call: 8.0 years
- - Average Dollar Price: $108.29
</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 2.16%, 1.78% and 1.71%,
respectively.(1) For Class A, this return resulted from an increase in net
asset value (NAV) per share to $10.48 on September 30, 2003 from $10.45 on
March 31, 2003, and the reinvestment of $0.194 in tax-free income.(2) For
Class B, this return resulted from an increase in NAV per share to $10.46
from $10.43, and the reinvestment of $0.155 per share in tax-free income.(2)
For Class C, this return resulted from an increase in NAV/per share to $10.03
from $10.01, and the reinvestment of $0.150 per share in tax-free income.(2)
- - Based on the most recent distributions and NAVs on September 30, 2003 of
$10.48 per share for Class A, $10.46 for Class B and $10.03 for Class C,
distribution rates were 3.72%, 2.96% and 2.99%, respectively.(3) The
distribution rates of Class A, Class B and Class C shares are equivalent to
taxable rates of 6.04%, 4.81% and 4.86%, respectively.(4)
- - The SEC30-day yields for Class A, B and C shares at September 30, 2003 were
3.22%, 2.56% and 2.56%, respectively.(5) The SEC 30-day yields of Class A, B
and C shares are equivalent to taxable yields of 5.23%, 4.16% and 4.16%,
respectively.(4)
[CHART]
Rating Distribution(6)
<Table>
AAA 60.4%
AA 17.1%
A 6.7%
BBB 13.1%
BB 0.3%
Non-Rated 2.4%
</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 3.23% 2.45% 2.43%
Five Years 4.41 3.56 3.64
Ten Years N/A 3.79 N/A
Life of Fund+ 5.18 4.40 3.82
SEC Average Annual Total Returns (including sales
charge or applicable CDSC)
One Year 0.93% -0.53% 1.44%
Five Years 3.94 3.56 3.64
Ten Years N/A 3.79 N/A
Life of Fund+ 4.85 4.40 3.82
</Table>
+ Inception Dates - Class A: 6/27/96; Class B: 6/1/92; Class C:12/8/93
[CHART]
5 LARGEST SECTORS(6)
By total net assets
<Table>
Insured - General Obligations* 16.4%
Education 13.6%
Insured - Transportation* 11.4%
Hospital 9.3%
Escrowed/Prerefunded 6.5%
</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) Aportion of the Fund's income may be subject to federal income and state
income tax and/or federal alternative minimum 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 38.45% combined federal and state
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; and 1% - 4th year. 1-year SEC return for Class C
reflects 1% CDSC.
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.
6
<Page>
Eaton Vance New Jersey Limited Maturity Municipals Fund as of September 30, 2003
INVESTMENT UPDATE
MANAGEMENT UPDATE
[PHOTO OF WILLIAM H. AHERN]
William H. Ahern
Portfolio Manager
- - The New Jersey economy showed signs of recovery in 2003, as earlier weakness
gave way to growing optimism from employers and increased spending by
business. Health care and business services each remained a major source of
new employment. The state's September 2003 jobless rate was 5.8%, down from
6.0% a year ago.
- - Insured* general obligation bonds (GOs) remained the Portfolio's largest
sector commitment at September 30, 2003. With investments focused primarily
on local school districts and board of education bonds, these insured* issues
represented high quality issuers and reliable revenues in an uncertain
climate.
- - Insured* water and sewer bonds again proved a good source of income. As
essential services, these utilities tend to enjoy relatively stable revenues
irrespective of the economy. The Portfolio found opportunities in bonds
financing projects in growing communities, such as Bayonne and Pequannock.
- - Insured* transportation bonds again played a prominent role in the Portfolio.
New Jersey's ports and highway authorities are key elements in the state's
transportation matrix and represent an important segment of the regional
economy.
- - Management adjusted the Portfolio to take advantage of changing market
conditions, including updating call protection and establishing tax losses.
Tax losses may be used to offset future capital gains and maintain the
Portfolio's tax advantage.
PORTFOLIO STATISTICS(6)
<Table>
- - Number of Issues: 70
- - Effective Maturity: 8.6 years
- - Average Rating: AA+
- - Average Call: 8.1 years
- - Average Dollar Price: $106.52
</Table>
THE FUND
- - During the six months ended September 30, 2003, the Fund's Class A and Class
B shares had total returns of 2.38% and 2.00%, respectively.(1) For Class A,
this return resulted from an increase in net asset value (NAV) per share to
$10.36 on September 30, 2003 from $10.30 on March 31, 2003, and the
reinvestment of $0.185 in tax-free income.(2) For Class B, this return
resulted from an increase in NAV per share to $10.35 from $10.29, and the
reinvestment of $0.147 per share in tax-free income.(2)
- - Based on the most recent dividends and NAVs on September 30, 2003 of $10.36
per share for Class A and $10.35 for Class B, the Fund's distribution rates
were 3.55% and 2.81%, respectively.(3) The distribution rates of Class A and
Class B shares are equivalent to taxable rates of 5.83% and 4.62%,
respectively.(4)
- - The SEC 30-day yields for Class A and B shares at September 30, 2003 were
3.13% and 2.47%, respectively.(5) The SEC 30-day yields of Class A and Class
B are equivalent to taxable yields of 5.14% and 4.06%, respectively.(4)
[CHART]
Rating Distribution(6)
<Table>
AAA 69.3%
AA 14.0%
A 8.2%
BBB 5.3%
B 0.5%
Non-Rated 2.7%
</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
- --------------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
One Year 3.08% 2.31%
Five Years 4.26 3.43
Ten Years N/A 3.66
Life of Fund+ 5.06 4.33
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year 0.77% -0.67%
Five Years 3.79 3.43
Ten Years N/A 3.66
Life of Fund+ 4.73 4.33
</Table>
+ Inception Dates - Class A: 6/27/96; Class B: 6/1/92
[CHART]
5 LARGEST SECTORS(6)
By total net assets
<Table>
Insured - General Obligations* 22.0%
Insured - Water & Sewer* 9.5%
General Obligations 8.9%
Insured - Transportation* 8.4%
Insured - Hospitals* 5.6%
</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 shares.
(2) Aportion of the Fund's income could be subject to federal income and/or
alternative minimum tax, and 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 39.14% combined federal and state
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; and 1% - 4th 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.
7
<Page>
Eaton Vance New York Limited Maturity Municipals Fund as of September 30, 2003
INVESTMENT UPDATE
MANAGEMENT UPDATE
[PHOTO OF WILLIAM H. AHERN]
William H. Ahern
Portfolio Manager
- - The New York economy showed some positive trends in 2003. The mid-August 2003
power outage had only a minor impact on economic activity, mainly on
retailers and temporary agencies. Manufacturing and port activity improved,
while housing and hospitality markets remained strong. The state's September
2003 jobless rate was 6.4%, up from 6.0% a year ago.
- - Insured* general obligation bonds (GOs) once again constituted the
Portfolio's largest sector weighting at September 30, 2003. The Portfolio's
investments were well diversified among counties, local school districts and
New York City GOs.
- - Insured* transportation bonds remained a significant commitment for the
Portfolio. Investments included key segments of the state's transportation
grid, including issues for the state thruway authority, a local airport
authority and the New York City mass transit authority.
- - Special tax revenue bonds represented a major focus for the Portfolio.
Investments included bonds issued by New York communities to finance
infrastructure projects such as utilities, road construction and waste
treatment facilities.
- - The Portfolio had investments in selected Puerto Rico issues, which provided
quality and added diversification. The Portfolio's Puerto Rico holdings
included transportation bonds, electric utilities, general obligations and
industrial development revenue bonds.
PORTFOLIO STATISTICS(6)
<Table>
- - Number of Issues: 107
- - Effective Maturity: 8.6 years
- - Average Rating: AA+
- - Average Call: 8.3 years
- - Average Dollar Price: $109.89
</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 2.73%, 2.25% and 2.29%,
respectively.(1) For Class A, this return resulted from an increase in net
asset value (NAV) per share to $10.86 on September 30, 2003 from $10.77 on
March 31, 2002, and the reinvestment of $0.202 in tax-free income.(2) For
Class B, this return resulted from an increase in NAV per share to $10.84
from $10.76, and the reinvestment of $0.161 per share in tax-free income.(2)
For Class C, this return resulted from an increase in NAV per share to $10.31
from $10.23, and the reinvestment of $0.152 per share in tax-free income.(2)
- - Based on the most recent distributions and NAVs on September 30, 2003 of
$10.86 per share for Class A, $10.84 for Class B and $10.31 for Class C,
distribution rates were 3.67%, 2.92% and 2.91%, respectively.(3) The
distribution rates of Class A, Class B and Class C shares are equivalent to
taxable rates of 3.67%, 2.92% and 2.91%, respectively.(4)
- - The SEC30-day yields for Class A, B and C shares at September 30, 2003 were
3.00%, 2.34% and 2.33%, respectively.(5) The SEC 30-day yields of Class A, B
and C shares are equivalent to taxable yields of 5.00%, 3.90% and 3.88%,
respectively.(4)
[CHART]
Rating Distribution(6)
<Table>
AAA 57.1%
AA 25.2%
A 10.8%
BBB 3.0%
Non-Rated 3.9%
</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 3.33% 2.55% 2.52%
Five Years 4.75 3.92 3.98
Ten Years N/A 4.06 N/A
Life of Fund+ 5.63 4.73 4.08
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year 1.02% -0.43% 1.53%
Five Years 4.27 3.92 3.98
Ten Years N/A 4.06 N/A
Life of Fund+ 5.30 4.73 4.08
</Table>
+ Inception Dates - Class A: 6/27/96; Class B: 5/29/92; Class C:12/8/93
[CHART]
5 LARGEST SECTORS(6)
By total net assets
<Table>
Insured - General Obligations* 11.3%
Insured - Transportation* 10.2%
Special Tax Revenues 7.9%
Hospital 7.1%
Lease Revenue/COPs 6.8%
</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) Aportion of the Fund's income could be subject to federal income and/or
alternative minimum tax, and 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 40.01% combined federal and state
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; and 1% - 4th year. 1-year SEC return for Class C
reflects 1% CDSC.
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.
8
<Page>
Eaton Vance Ohio Limited Maturity Municipals Fund as of September 30, 2003
INVESTMENT UPDATE
MANAGEMENT UPDATE
[PHOTO OF WILLIAM H. AHERN]
William H. Ahern
Portfolio Manager
- - Ohio's economy enjoyed increased activity in 2003. Manufacturing saw rising
production levels, although the key steel and auto segments were
disappointing. Homebuilding remained strong and commercial construction - a
laggard to date - showed sporadic signs of a renewal. The state's September
2003 jobless rate was 5.8%, up from 5.6% a year ago.
- - Insured* and uninsured general obligation bonds (GOs) remained the
Portfolio's largest sector weightings at September 30, 2003. School district
bonds were the prime source of new GOissuance, providing income opportunities
in very high quality investments.
- - The Portfolio had several investments in education bonds, which we deemed
attractive for their stable revenues and ability to raise tuition costs, even
in an uncertain economic climate. The Portfolio's investments included issues
for some of Ohio's leading universities.
- - The Portfolio remained very selective with respect to hospital bonds.
Management focused on the more competitive institutions that have good
demographic and market positions, favorable cost structures and have forged
alliances through mergers or joint efforts with other hospitals.
- - The Portfolio continued to emphasize call protection. Management reduced the
Portfolio's exposure to issues with near-term calls in favor of non-callable
bonds and bonds with longer-dated provisions.
PORTFOLIO STATISTICS(6)
<Table>
- - Number of Issues: 50
- - Effective Maturity: 8.5 years
- - Average Rating: AA+
- - Average Call: 8.0 years
- - Average Dollar Price: $107.43
</Table>
THE FUND
- - During the six months ended September 30, 2003, the Fund's Class A and Class
B shares had total returns of 1.54% and 1.18%, respectively.(1) For Class A,
this return resulted from a decrease in net asset value (NAV) per share to
$9.98 on September 30, 2003 from $10.01 on March 31, 2002, and the
reinvestment of $0.183 in tax-free income.(2) For Class B, this return
resulted from a decrease in NAV per share to $9.97 from $10.00, and the
reinvestment of $0.148 per share in tax-free income.(2)
- - Based on the most recent dividends and NAVs on September 30, 2003 of $9.98
per share for Class A and $9.97 for Class B, the Fund's distribution rates
were 3.66% and 2.96%, respectively.(3) The distribution rates of Class A and
Class B shares are equivalent to taxable rates of 6.09% and 4.92%,
respectively.(4)
- - The SEC30-day yields for Class A and B shares at September 30, 2003 were
2.77% and 2.10%, respectively.(5) The SEC 30-day yields of Class A and Class
B are equivalent to taxable yields of 4.61% and 3.49%, respectively.(4)
[CHART]
Rating Distribution(6)
<Table>
AAA 58.8%
AA 18.1%
A 14.0%
BBB 5.3%
BB 1.7%
Non-Rated 2.1%
</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
- --------------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
One Year 2.54% 1.71%
Five Years 3.88 3.11
Ten Years N/A 3.60
Life of Fund+ 4.69 3.88
SEC Average Annual Total Returns (including sales charge
or applicable CDSC)
One Year 0.25% -1.25%
Five Years 3.40 3.11
Ten Years N/A 3.60
Life of Fund+ 4.34 3.88
</Table>
+ Inception date: Class A: 10/22/96; Class B: 4/16/93
[CHART]
5 LARGEST SECTORS(6)
By total net assets
<Table>
Insured - General Obligations* 30.2%
General Obligations 10.0%
Education 9.0%
Hospital 7.2%
Insured* - Transportation 5.3%
</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 shares.
(2) Aportion of the Fund's income could be subject to federal income and/or
alternative minimum tax, and 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 39.88% combined federal and state
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; and 1% - 4th 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.
9
<Page>
Eaton Vance Pennsylvania Limited Maturity Municipals Fund as of September 30,
2003
INVESTMENT UPDATE
MANAGEMENT UPDATE
[PHOTO OF CYNTHIA J. CLEMSON]
Cynthia J. Clemson
Portfolio Manager
- - The Pennsylvania economy has showed improvement in 2003. The service sector
provided the largest source of new jobs, especially in health care,
government and leisure. Manufacturing remained sluggish, although it fared
better in Pennsylvania than in many other states. The Commonwealth's
September 2003 jobless rate was 5.3%, down from 5.7% a year ago.
- - Insured* general obligation bonds (GOs) were the Portfolio's largest
investments at September 30. These insured* issues represented excellent
quality, especially at a time when a still-tentative recovery made investors
shy away from some economically-sensitive issuers.
- - Meeting Pennsylvania's transportation needs is a massive challenge. The
Portfolio's transportation bonds helped finance projects such as the
Commonwealth's highway and thruway systems, as well as airports in
Philadelphia and Allegheny County.
- - While Pennsylvania hospital bond issuance has been quite ample, management
remained very selective. The Portfolio continued to avoid overbedded
institutions and focused instead on facilities with sound cost structures and
in-demand health care specialties.
- - The Portfolio added diversification by investing in Puerto Rico bonds.
Selected Puerto Rico issues gave management added flexibility to adjust
coupon structure by adding attractive electric utilities, transportation and
industrial development revenue bonds.
PORTFOLIO STATISTICS(6)
<Table>
- - Number of Issues: 72
- - Effective Maturity: 8.2 years
- - Average Rating: AA+
- - Average Call: 7.9 years
- - Average Dollar Price: $103.37
</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 2.64%, 2.35% and 2.28%,
respectively.(1) For Class A, this return resulted from an increase in net
asset value (NAV) per share to $10.54 on September 30, 2003 from $10.47 on
March 31, 2003, and the reinvestment of $0.204 in tax-free income.(2) For
Class B, this return resulted from an increase in NAV per share to $10.54
from $10.46, and the reinvestment of $0.165 per share in tax-free income.(2)
For Class C, this return resulted from an increase in NAV per share to $9.98
from $9.91, and the reinvestment of $0.155 per share in tax-free income.(2)
- - Based on the most recent distributions and NAVs on September 30, 2003 of
$10.54 per share for Class A, $10.54 for Class B and $9.98 for Class C,
distribution rates were 3.89%, 3.13% and 3.11%, respectively.(3) The
distribution rates of Class A, Class B and Class C shares are equivalent to
taxable rates of 6.16%, 4.95% and 4.92%, respectively.(4)
- - The SEC30-day yields for Class A, B and C shares at September 30, 2003 were
3.53%, 2.87% and 2.87%, respectively.(5) The SEC 30-day yields of Class A, B
and C shares are equivalent to taxable yields of 5.59%, 4.54% and 4.54%,
respectively.(4)
[CHART]
Rating Distribution(6)
<Table>
AAA 80.2%
AA 5.6%
A 6.9%
BBB 1.0%
BB 0.8%
CCC 0.7%
Non-Rated 4.8%
</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 3.26% 2.47% 2.41%
Five Years 4.33 3.52 3.54
Ten Years N/A 3.83 N/A
Life of Fund+ 5.25 4.55 3.84
SEC Average Annual Total Returns (including sales
charge or applicable CDSC)
One Year 0.98% -0.50% 1.42%
Five Years 3.84 3.52 3.54
Ten Years N/A 3.83 N/A
Life of Fund+ 4.92 4.55 3.84
</Table>
+ Inception Dates - Class A: 6/27/96; Class B: 6/1/92; Class C:12/8/93
[CHART]
5 LARGEST SECTORS(6)
By total net assets
<Table>
Insured - General Obligations* 35.3%
Insured - Transportation* 12.4%
Hospital 6.5%
Insured - Education* 5.4%
Insured - Escrowed/Prerefunded* 5.0%
</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) Aportion of the Fund's income could be subject to federal income and/or
alternative minimum tax, and 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 36.82% combined federal and state
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; and 1% - 4th year. 1-year SEC return for Class C
reflects 1% CDSC.
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.
10
<Page>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS as of September 30, 2003
FINANCIAL STATEMENTS (UNAUDITED)
Statements of Assets and Liabilities
As of September 30, 2003
<Table>
<Caption>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED FUND LIMITED FUND LIMITED FUND
- ---------------------------------------------------------------------------------------------------------------
ASSETS
Investment in Limited Maturity Municipals Portfolio --
Identified cost $ 34,179,767 $ 65,168,165 $ 79,219,154
Unrealized appreciation 1,428,407 2,792,840 3,619,929
- ---------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN PORTFOLIO, AT VALUE $ 35,608,174 $ 67,961,005 $ 82,839,083
- ---------------------------------------------------------------------------------------------------------------
Receivable for Fund shares sold $ 34,222 $ 367,378 $ 43,824
- ---------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 35,642,396 $ 68,328,383 $ 82,882,907
- ---------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for Fund shares redeemed $ -- $ 255,611 $ 51,076
Dividends payable 51,397 86,432 99,777
Payable to affiliate for Trustees' fees 25 -- --
Payable to affiliate for service fees -- 2,504 3,790
Accrued expenses 11,078 13,965 16,492
- ---------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 62,500 $ 358,512 $ 171,135
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS $ 35,579,896 $ 67,969,871 $ 82,711,772
- ---------------------------------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Paid-in capital $ 36,310,947 $ 68,345,275 $ 81,826,835
Accumulated net realized loss from Portfolio (computed
on the basis of identified cost) (2,147,267) (3,141,351) (2,685,772)
Accumulated distributions in excess of net investment
income (12,191) (26,893) (49,220)
Net unrealized appreciation from Portfolio (computed on
the basis of identified cost) 1,428,407 2,792,840 3,619,929
- ---------------------------------------------------------------------------------------------------------------
TOTAL $ 35,579,896 $ 67,969,871 $ 82,711,772
- ---------------------------------------------------------------------------------------------------------------
CLASS A SHARES
NET ASSETS $ 29,582,882 $ 41,576,618 $ 46,577,072
SHARES OUTSTANDING 2,806,723 3,951,096 4,445,894
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of beneficial interest
outstanding) $ 10.54 $ 10.52 $ 10.48
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 97.75 of net asset value per share) $ 10.78 $ 10.76 $ 10.72
- ---------------------------------------------------------------------------------------------------------------
CLASS B SHARES
NET ASSETS $ 5,997,014 $ 9,385,954 $ 10,265,008
SHARES OUTSTANDING 570,981 892,424 981,070
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY shares of beneficial interest
outstanding) $ 10.50 $ 10.52 $ 10.46
- ---------------------------------------------------------------------------------------------------------------
CLASS C SHARES
NET ASSETS $ -- $ 17,007,299 $ 25,869,692
SHARES OUTSTANDING -- 1,712,402 2,578,913
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY shares of beneficial interest
outstanding) $ -- $ 9.93 $ 10.03
- ---------------------------------------------------------------------------------------------------------------
</Table>
On sales of $100,000 or more, the offering price of Class A shares is reduced.
See notes to financial statements.
11
<Page>
<Table>
<Caption>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
- ----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investment in Limited Maturity Municipals Portfolio --
Identified cost $ 51,421,946 $ 118,446,435 $ 21,578,666 $ 62,936,585
Unrealized appreciation 2,707,063 5,322,472 1,098,170 2,521,204
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN PORTFOLIO, AT VALUE $ 54,129,009 $ 123,768,907 $ 22,676,836 $ 65,457,789
- ----------------------------------------------------------------------------------------------------------------------------------
Receivable for Fund shares sold $ 100,100 $ 169,525 $ 30,021 $ 75,471
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 54,229,109 $ 123,938,432 $ 22,706,857 $ 65,533,260
- ----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for Fund shares redeemed $ 124,610 $ 185,177 $ 42,477 $ 178,473
Dividends payable 75,450 145,324 33,299 82,312
Payable to affiliate for Trustees' fees 20 23 25 --
Payable to affiliate for service fees -- 6,133 -- 2,970
Accrued expenses 15,834 22,196 10,730 15,133
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 215,914 $ 358,853 $ 86,531 $ 278,888
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 54,013,195 $ 123,579,579 $ 22,620,326 $ 65,254,372
- ----------------------------------------------------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Paid-in capital $ 53,812,180 $ 120,167,016 $ 22,787,675 $ 64,449,812
Accumulated net realized loss from Portfolio (computed
on the basis of identified cost) (2,499,274) (1,793,743) (1,276,255) (1,710,059)
Accumulated undistributed (distributions in excess of)
net investment income (6,774) (116,166) 10,736 (6,585)
Net unrealized appreciation from Portfolio (computed on
the basis of identified cost) 2,707,063 5,322,472 1,098,170 2,521,204
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL $ 54,013,195 $ 123,579,579 $ 22,620,326 $ 65,254,372
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS A SHARES
NET ASSETS $ 44,057,837 $ 65,281,960 $ 19,906,246 $ 34,117,190
SHARES OUTSTANDING 4,254,026 6,012,518 1,994,683 3,237,325
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of beneficial interest
outstanding) $ 10.36 $ 10.86 $ 9.98 $ 10.54
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 97.75 of net asset value per share) $ 10.60 $ 11.11 $ 10.21 $ 10.78
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS B SHARES
NET ASSETS $ 9,955,358 $ 16,492,991 $ 2,714,080 $ 10,877,777
SHARES OUTSTANDING 961,848 1,521,028 272,345 1,032,402
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY shares of beneficial interest
outstanding) $ 10.35 $ 10.84 $ 9.97 $ 10.54
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS C SHARES
NET ASSETS $ -- $ 41,804,628 $ -- $ 20,259,405
SHARES OUTSTANDING -- 4,055,013 -- 2,029,340
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY shares of beneficial interest
outstanding) $ -- $ 10.31 $ -- $ 9.98
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
On sales of $100,000 or more, the offering price of Class A shares is reduced.
See notes to financial statements.
12
<Page>
Statements of Operations
For the Six Months Ended September 30, 2003
<Table>
<Caption>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED FUND LIMITED FUND LIMITED FUND
- ---------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest allocated from Portfolio $ 796,298 $ 1,583,423 $ 1,750,305
Expenses allocated from Portfolio (99,622) (188,386) (208,779)
- ---------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME FROM PORTFOLIO $ 696,676 $ 1,395,037 $ 1,541,526
- ---------------------------------------------------------------------------------------------------------------
EXPENSES
Trustees fees and expenses $ 113 $ 887 $ 893
Distribution and service fees
Class A 21,226 33,014 35,048
Class B 25,872 41,192 45,049
Class C -- 69,092 95,065
Legal and accounting services 6,405 6,387 6,437
Printing and postage 1,830 2,928 3,294
Custodian fee 3,595 5,426 6,240
Transfer and dividend disbursing agent fees 8,018 16,992 21,346
Registration fees 732 3,298 6,228
Miscellaneous 1,648 2,562 3,021
- ---------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 69,439 $ 181,778 $ 222,621
- ---------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 627,237 $ 1,213,259 $ 1,318,905
- ---------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM PORTFOLIO
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (10,429) $ 213,412 $ (174,868)
Financial futures contracts 170,884 390,447 (13,459)
- ---------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 160,455 $ 603,859 $ (188,327)
- ---------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 53,748 $ 232,923 $ 565,719
Financial futures contracts (315,859) (578,832) (301,710)
- ---------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ (262,111) $ (345,909) $ 264,009
- ---------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) $ (101,656) $ 257,950 $ 75,682
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 525,581 $ 1,471,209 $ 1,394,587
- ---------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
13
<Page>
<Table>
<Caption>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest allocated from Portfolio $ 1,198,730 $ 2,685,260 $ 512,383 $ 1,500,635
Expenses allocated from Portfolio (143,650) (310,076) (69,994) (174,603)
- ----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME FROM PORTFOLIO $ 1,055,080 $ 2,375,184 $ 442,389 $ 1,326,032
- ----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Trustees fees and expenses $ 108 $ 1,796 $ 113 $ 888
Distribution and service fees
Class A 31,688 48,048 14,551 25,566
Class B 41,836 72,254 12,684 46,547
Class C -- 174,439 -- 84,361
Legal and accounting services 9,762 6,973 7,985 6,479
Printing and postage 3,294 5,692 1,464 4,094
Custodian fee 4,541 8,357 3,455 5,394
Transfer and dividend disbursing agent fees 17,139 35,382 6,103 23,300
Registration fees 915 3,910 2,013 732
Miscellaneous 2,929 3,845 913 1,395
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 112,212 $ 360,696 $ 49,281 $ 198,756
- ----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 942,868 $ 2,014,488 $ 393,108 $ 1,127,276
- ----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM PORTFOLIO
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (62,732) $ (292,566) $ (20,190) $ (100,981)
Financial futures contracts (19,293) (58,957) 16,391 283,371
- ----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ (82,025) $ (351,523) $ (3,799) $ 182,390
- ----------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 481,289 $ 1,555,195 $ (17,414) $ 701,834
Financial futures contracts (193,764) (447,273) (94,151) (544,613)
- ----------------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 287,525 $ 1,107,922 $ (111,565) $ 157,221
- ----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) $ 205,500 $ 756,399 $ (115,364) $ 339,611
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,148,368 $ 2,770,887 $ 277,744 $ 1,466,887
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
14
<Page>
Statements of Changes in Net Assets
For the Six Months Ended September 30, 2003
<Table>
<Caption>
CALIFORNIA FLORIDA MASSACHUSETTS
INCREASE (DECREASE) IN NET ASSETS LIMITED FUND LIMITED FUND LIMITED FUND
- ---------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 627,237 $ 1,213,259 $ 1,318,905
Net realized gain (loss) 160,455 603,859 (188,327)
Net change in unrealized appreciation (depreciation) (262,111) (345,909) 264,009
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 525,581 $ 1,471,209 $ 1,394,587
- ---------------------------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $ (524,666) $ (830,262) $ (874,921)
Class B (85,189) (137,860) (148,898)
Class C -- (232,456) (315,314)
- ---------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (609,855) $ (1,200,578) $ (1,339,133)
- ---------------------------------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 5,638,297 $ 4,168,808 $ 2,529,838
Class B 1,418,415 2,411,696 2,367,009
Class C -- 5,534,922 13,545,355
Net asset value of shares issued to shareholders in
payment of distributions declared
Class A 302,805 390,297 531,341
Class B 37,246 58,562 87,544
Class C -- 72,179 180,729
Cost of shares redeemed
Class A (3,277,764) (10,607,452) (4,611,601)
Class B (311,692) (960,649) (645,634)
Class C -- (1,502,398) (3,006,530)
Net asset value of shares exchanged
Class A 247,396 369,468 684,449
Class B (247,396) (369,468) (684,449)
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM FUND SHARE
TRANSACTIONS $ 3,807,307 $ (434,035) $ 10,978,051
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ 3,723,033 $ (163,404) $ 11,033,505
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS
AT BEGINNING OF PERIOD $ 31,856,863 $ 68,133,275 $ 71,678,267
- ---------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 35,579,896 $ 67,969,871 $ 82,711,772
- ---------------------------------------------------------------------------------------------------------------
ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET
INVESTMENT INCOME INCLUDED IN NET ASSETS
AT END OF PERIOD $ (12,191) $ (26,893) $ (49,220)
- ---------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
15
<Page>
<Table>
<Caption>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
INCREASE (DECREASE) IN NET ASSETS LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
- ----------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 942,868 $ 2,014,488 $ 393,108 $ 1,127,276
Net realized gain (loss) (82,025) (351,523) (3,799) 182,390
Net change in unrealized appreciation (depreciation) 287,525 1,107,922 (111,565) 157,221
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,148,368 $ 2,770,887 $ 277,744 $ 1,466,887
- ----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $ (755,018) $ (1,196,809) $ (356,556) $ (666,103)
Class B (131,355) (238,753) (41,930) (162,355)
Class C -- (571,822) -- (291,024)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (886,373) $ (2,007,384) $ (398,486) $ (1,119,482)
- ----------------------------------------------------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 5,944,092 $ 6,283,694 $ 3,506,357 $ 3,359,902
Class B 2,643,231 4,394,209 469,440 2,404,117
Class C -- 17,299,117 -- 6,245,431
Net asset value of shares issued to shareholders in
payment of distributions declared
Class A 512,374 716,375 188,356 346,070
Class B 62,664 128,348 12,409 96,615
Class C -- 282,211 -- 143,204
Cost of shares redeemed
Class A (2,287,944) (3,288,670) (2,093,039) (3,567,577)
Class B (794,384) (1,937,731) (422,913) (805,512)
Class C -- (3,791,200) -- (1,396,130)
Net asset value of shares exchanged
Class A 101,802 414,696 99,924 183,883
Class B (101,802) (414,696) (99,924) (183,883)
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM FUND SHARE TRANSACTIONS $ 6,080,033 $ 20,086,353 $ 1,660,610 $ 6,826,120
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 6,342,028 $ 20,849,856 $ 1,539,868 $ 7,173,525
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
AT BEGINNING OF PERIOD $ 47,671,167 $ 102,729,723 $ 21,080,458 $ 58,080,847
- ----------------------------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 54,013,195 $ 123,579,579 $ 22,620,326 $ 65,254,372
- ----------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED
(DISTRIBUTIONS IN EXCESS OF) NET
INVESTMENT INCOME INCLUDED IN NET ASSETS
AT END OF PERIOD $ (6,774) $ (116,166) $ 10,736 $ (6,585)
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
16
<Page>
Statement of Changes in Net Assets
For the Year Ended March 31, 2003
<Table>
<Caption>
CALIFORNIA FLORIDA MASSACHUSETTS
INCREASE (DECREASE) IN NET ASSETS LIMITED FUND LIMITED FUND LIMITED FUND
- ---------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 982,856 $ 2,071,556 $ 2,136,785
Net realized loss (166,889) (263,064) (652,768)
Net change in unrealized appreciation (depreciation) 1,137,447 2,290,417 3,031,840
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,953,414 $ 4,098,909 $ 4,515,857
- ---------------------------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $ (855,852) $ (1,558,493) $ (1,640,144)
Class B (112,454) (175,412) (206,756)
Class C -- (299,549) (344,202)
- ---------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (968,306) $ (2,033,454) $ (2,191,102)
- ---------------------------------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 9,552,177 $ 15,219,619 $ 16,841,232
Class B 4,118,691 7,836,856 6,611,478
Class C -- 11,471,524 11,147,074
Net asset value of shares issued to shareholders in
payment of distributions declared
Class A 383,719 606,632 918,858
Class B 54,812 69,773 140,180
Class C -- 96,143 202,031
Cost of shares redeemed
Class A (5,167,389) (5,669,800) (7,017,909)
Class B (540,300) (800,253) (777,994)
Class C -- (3,317,031) (2,160,999)
Net asset value of shares exchanged
Class A 367,743 1,700,222 1,054,957
Class B (367,743) (1,700,222) (1,054,957)
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM FUND SHARE TRANSACTIONS $ 8,401,710 $ 25,513,463 $ 25,903,951
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 9,386,818 $ 27,578,918 $ 28,228,706
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS
AT BEGINNING OF YEAR $ 22,470,045 $ 40,554,357 $ 43,449,561
- ---------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 31,856,863 $ 68,133,275 $ 71,678,267
- ---------------------------------------------------------------------------------------------------------------
ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET
INVESTMENT INCOME INCLUDED IN NET ASSETS
AT END OF YEAR $ (29,573) $ (39,574) $ (28,992)
- ---------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
17
<Page>
<Table>
<Caption>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
INCREASE (DECREASE) IN NET ASSETS LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
- ----------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 1,720,121 $ 2,945,830 $ 750,811 $ 1,864,913
Net realized loss (573,236) (516,039) (389,956) (507,265)
Net change in unrealized appreciation (depreciation) 1,724,027 3,021,099 1,183,776 1,993,057
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 2,870,912 $ 5,450,890 $ 1,544,631 $ 3,350,705
- ----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $ (1,548,193) $ (2,136,145) $ (680,332) $ (1,348,823)
Class B (174,617) (313,901) (52,210) (196,155)
Class C -- (511,881) -- (355,711)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (1,722,810) $ (2,961,927) $ (732,542) $ (1,900,689)
- ----------------------------------------------------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 6,563,103 $ 19,496,524 $ 2,366,199 $ 5,261,484
Class B 6,081,577 17,034,410 1,909,066 7,062,062
Class C -- 23,654,077 -- 10,685,595
Net asset value of shares issued to shareholders in
payment of distributions declared
Class A 1,011,422 1,224,591 378,784 606,582
Class B 73,687 154,998 12,301 107,850
Class C -- 266,231 -- 172,173
Cost of shares redeemed
Class A (4,350,653) (9,962,800) (1,677,178) (3,302,740)
Class B (906,192) (4,742,406) (420,776) (486,037)
Class C -- (3,926,747) -- (3,226,152)
Net asset value of shares exchanged
Class A 407,426 3,294,416 192,826 151,519
Class B (407,426) (3,294,416) (192,826) (151,519)
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM FUND SHARE TRANSACTIONS $ 8,472,944 $ 43,198,878 $ 2,568,396 $ 16,880,817
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 9,621,046 $ 45,687,841 $ 3,380,485 $ 18,330,833
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
AT BEGINNING OF YEAR $ 38,050,121 $ 57,041,882 $ 17,699,973 $ 39,750,014
- ----------------------------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 47,671,167 $ 102,729,723 $ 21,080,458 $ 58,080,847
- ----------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED
(DISTRIBUTIONS IN EXCESS OF) NET
INVESTMENT INCOME INCLUDED IN NET ASSETS
AT END OF YEAR $ (63,269) $ (123,270) $ 16,114 $ (14,379)
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
18
<Page>
Financial Highlights
<Table>
<Caption>
CALIFORNIA LIMITED FUND -- CLASS A
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.540 $ 10.100 $ 10.260 $ 9.700 $ 10.350 $ 10.330
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.201 $ 0.414 $ 0.430 $ 0.440 $ 0.440 $ 0.453
Net realized and unrealized gain
(loss) (0.005) 0.436 (0.160) 0.559 (0.640) 0.030
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.196 $ 0.850 $ 0.270 $ 0.999 $ (0.200) $ 0.483
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.196) $ (0.410) $ (0.430) $ (0.439) $ (0.450) $ (0.463)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.196) $ (0.410) $ (0.430) $ (0.439) $ (0.450) $ (0.463)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.540 $ 10.540 $ 10.100 $ 10.260 $ 9.700 $ 10.350
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 1.86% 8.56% 2.65% 10.54% (1.88)% 4.56%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 29,583 $ 26,750 $ 20,747 $ 19,578 $ 20,448 $ 26,170
Ratios (As a percentage of average
daily net assets):
Expenses(4) 0.87%(5) 0.96% 1.02% 1.03% 1.04% 0.95%
Expenses after custodian fee
reduction(4) 0.87%(5) 0.94% 1.00% 1.00% 1.04% 0.94%
Net investment income 3.81%(5) 3.97% 4.19% 4.42% 4.48% 4.37%
Portfolio Turnover of the Portfolio 5% 7% 9% 8% 13% 29%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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,
increase net realized and unrealized losses per share by $0.002 and
increase the ratio of net investment income to average net assets from
4.17% to 4.19%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
19
<Page>
<Table>
<Caption>
CALIFORNIA LIMITED FUND -- CLASS B
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.500 $ 10.070 $ 10.260 $ 9.700 $ 10.350 $ 10.330
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.160 $ 0.333 $ 0.353 $ 0.365 $ 0.366 $ 0.382
Net realized and unrealized gain
(loss) (0.004) 0.432 (0.185) 0.564 (0.636) 0.025
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.156 $ 0.765 $ 0.168 $ 0.929 $ (0.270) $ 0.407
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.156) $ (0.335) $ (0.358) $ (0.369) $ (0.380) $ (0.387)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.156) $ (0.335) $ (0.358) $ (0.369) $ (0.380) $ (0.387)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.500 $ 10.500 $ 10.070 $ 10.260 $ 9.700 $ 10.350
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 1.49% 7.71% 1.64% 9.77% (2.58)% 3.99%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 5,997 $ 5,107 $ 1,723 $ 1,890 $ 2,088 $ 2,399
Ratios (As a percentage of average
daily net assets):
Expenses(4) 1.62%(5) 1.71% 1.77% 1.78% 1.79% 1.62%
Expenses after custodian fee
reduction(4) 1.62%(5) 1.69% 1.75% 1.75% 1.79% 1.61%
Net investment income 3.05%(5) 3.19% 3.44% 3.68% 3.73% 3.71%
Portfolio Turnover of the Portfolio 5% 7% 9% 8% 13% 29%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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,
increase net realized and unrealized losses per share by $0.002 and
increase the ratio of net investment income to average net assets from
3.42% to 3.44%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
20
<Page>
<Table>
<Caption>
FLORIDA LIMITED FUND -- CLASS A
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.480 $ 10.050 $ 10.130 $ 9.670 $ 10.270 $ 10.290
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.201 $ 0.420 $ 0.449 $ 0.449 $ 0.448 $ 0.453
Net realized and unrealized gain
(loss) 0.037 0.425 (0.077) 0.455 (0.597) (0.018)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.238 $ 0.845 $ 0.372 $ 0.904 $ (0.149) $ 0.435
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.198) $ (0.415) $ (0.452) $ (0.444) $ (0.451) $ (0.455)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.198) $ (0.415) $ (0.452) $ (0.444) $ (0.451) $ (0.455)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.520 $ 10.480 $ 10.050 $ 10.130 $ 9.670 $ 10.270
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 2.27% 8.59% 3.71% 9.59% (1.43)% 4.10%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 41,577 $ 47,033 $ 33,611 $ 31,754 $ 36,952 $ 49,355
Ratios (As a percentage of average
daily net assets):
Expenses(4) 0.81%(5) 0.84% 0.94% 0.95% 0.97% 0.90%
Expenses after custodian fee
reduction(4) 0.81%(5) 0.81% 0.91% 0.93% 0.94% 0.88%
Net investment income 3.82%(5) 4.07% 4.42% 4.57% 4.55% 4.38%
Portfolio Turnover of the Portfolio 9% 23% 15% 7% 16% 16%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio net investment income to average net assets from 4.41%
to 4.42%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
21
<Page>
<Table>
<Caption>
FLORIDA LIMITED FUND -- CLASS B
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.480 $ 10.050 $ 10.130 $ 9.670 $ 10.270 $ 10.290
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.160 $ 0.340 $ 0.377 $ 0.369 $ 0.374 $ 0.378
Net realized and unrealized gain
(loss) 0.038 0.433 (0.077) 0.460 (0.598) (0.018)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.198 $ 0.773 $ 0.300 $ 0.829 $ (0.224) $ 0.360
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.158) $ (0.343) $ (0.380) $ (0.369) $ (0.376) $ (0.380)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.158) $ (0.343) $ (0.380) $ (0.369) $ (0.376) $ (0.380)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.520 $ 10.480 $ 10.050 $ 10.130 $ 9.670 $ 10.270
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 1.90% 7.84% 2.98% 8.76% (2.17)% 3.54%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 9,386 $ 8,217 $ 2,621 $ 4,905 $ 4,907 $ 6,326
Ratios (As a percentage of average
daily net assets):
Expenses(4) 1.56%(5) 1.59% 1.69% 1.70% 1.71% 1.63%
Expenses after custodian fee
reduction(4) 1.56%(5) 1.56% 1.66% 1.68% 1.68% 1.61%
Net investment income 3.05%(5) 3.28% 3.72% 3.81% 3.80% 3.67%
Portfolio Turnover of the Portfolio 9% 23% 15% 7% 16% 16%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio net investment income to average net assets from 3.71%
to 3.72%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
22
<Page>
<Table>
<Caption>
FLORIDA LIMITED FUND -- CLASS C
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 9.890 $ 9.490 $ 9.570 $ 9.140 $ 9.710 $ 9.730
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.150 $ 0.319 $ 0.348 $ 0.356 $ 0.354 $ 0.356
Net realized and unrealized gain
(loss) 0.040 0.404 (0.068) 0.423 (0.570) (0.012)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.190 $ 0.723 $ 0.280 $ 0.779 $ (0.216) $ 0.344
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.150) $ (0.323) $ (0.360) $ (0.349) $ (0.354) $ (0.364)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.150) $ (0.323) $ (0.360) $ (0.349) $ (0.354) $ (0.364)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 9.930 $ 9.890 $ 9.490 $ 9.570 $ 9.140 $ 9.710
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 1.93% 7.76% 2.93% 8.70% (2.21)% 3.57%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 17,007 $ 12,883 $ 4,322 $ 2,609 $ 2,946 $ 3,950
Ratios (As a percentage of average
daily net assets):
Expenses(4) 1.56%(5) 1.59% 1.69% 1.69% 1.71% 1.66%
Expenses after custodian fee
reduction(4) 1.56%(5) 1.56% 1.66% 1.67% 1.68% 1.64%
Net investment income 3.04%(5) 3.26% 3.63% 3.84% 3.80% 3.65%
Portfolio Turnover of the Portfolio 9% 23% 15% 7% 16% 16%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio net investment income to average net assets from 3.62%
to 3.63%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
23
<Page>
<Table>
<Caption>
MASSACHUSETTS LIMITED FUND -- CLASS A
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.450 $ 9.980 $ 10.110 $ 9.680 $ 10.320 $ 10.330
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.193 $ 0.413 $ 0.443 $ 0.462 $ 0.455 $ 0.450
Net realized and unrealized gain
(loss) 0.033 0.483 (0.124) 0.413 (0.648) (0.004)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.226 $ 0.896 $ 0.319 $ 0.875 $ (0.193) $ 0.446
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.196) $ (0.426) $ (0.449) $ (0.445) $ (0.447) $ (0.456)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.196) $ (0.426) $ (0.449) $ (0.445) $ (0.447) $ (0.456)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.480 $ 10.450 $ 9.980 $ 10.110 $ 9.680 $ 10.320
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(5) 2.16% 9.17% 3.17% 9.26% (1.85)% 4.19%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 46,577 $ 47,321 $ 33,848 $ 32,736 $ 37,411 $ 43,436
Ratios (As a percentage of average
daily net assets):
Expenses(4) 0.81%(5) 0.85% 0.94% 0.95% 0.94% 0.94%
Expenses after custodian fee
reduction(4) 0.81%(5) 0.83% 0.91% 0.92% 0.91% 0.91%
Net investment income 3.70%(5) 4.01% 4.37% 4.70% 4.61% 4.35%
Portfolio Turnover of the Portfolio 6% 22% 8% 8% 15% 19%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio of net investment income to average net assets from
4.36% to 4.37%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
24
<Page>
<Table>
<Caption>
MASSACHUSETTS LIMITED FUND -- CLASS B
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.430 $ 9.970 $ 10.110 $ 9.680 $ 10.320 $ 10.330
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.153 $ 0.331 $ 0.364 $ 0.387 $ 0.380 $ 0.373
Net realized and unrealized gain
(loss) 0.032 0.475 (0.135) 0.410 (0.651) (0.005)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.185 $ 0.806 $ 0.229 $ 0.797 $ (0.271) $ 0.368
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.155) $ (0.346) $ (0.369) $ (0.367) $ (0.369) $ (0.378)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.155) $ (0.346) $ (0.369) $ (0.367) $ (0.369) $ (0.378)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.460 $ 10.430 $ 9.970 $ 10.110 $ 9.680 $ 10.320
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 1.78% 8.23% 2.27% 8.41% (2.62)% 3.60%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 10,265 $ 9,127 $ 3,969 $ 2,218 $ 2,000 $ 2,747
Ratios (As a percentage of average
daily net assets):
Expenses(4) 1.56%(5) 1.60% 1.69% 1.70% 1.69% 1.70%
Expenses after custodian fee
reduction(4) 1.56%(5) 1.58% 1.66% 1.67% 1.66% 1.67%
Net investment income 2.94%(5) 3.22% 3.59% 3.93% 3.84% 3.61%
Portfolio Turnover of the Portfolio 6% 22% 8% 8% 15% 19%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio of net investment income to average net assets from
3.58% to 3.59%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
25
<Page>
<Table>
<Caption>
MASSACHUSETTS LIMITED FUND -- CLASS C
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.010 $ 9.560 $ 9.680 $ 9.260 $ 9.860 $ 9.880
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.145 $ 0.316 $ 0.348 $ 0.375 $ 0.364 $ 0.354
Net realized and unrealized gain
(loss) 0.025 0.465 (0.114) 0.395 (0.612) (0.006)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.170 $ 0.781 $ 0.234 $ 0.770 $ (0.248) $ 0.348
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.150) $ (0.331) $ (0.354) $ (0.350) $ (0.352) $ (0.368)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.150) $ (0.331) $ (0.354) $ (0.350) $ (0.352) $ (0.368)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.030 $ 10.010 $ 9.560 $ 9.680 $ 9.260 $ 9.860
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 1.71% 8.32% 2.40% 8.49% (2.51)% 3.56%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 25,870 $ 15,231 $ 5,632 $ 2,573 $ 4,561 $ 5,217
Ratios (As a percentage of average
daily net assets):
Expenses(4) 1.56%(5) 1.60% 1.69% 1.71% 1.69% 1.70%
Expenses after custodian fee
reduction(4) 1.56%(5) 1.58% 1.66% 1.68% 1.66% 1.67%
Net investment income 2.90%(5) 3.20% 3.58% 3.99% 3.87% 3.57%
Portfolio Turnover of the Portfolio 6% 22% 8% 8% 15% 19%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio of net investment income to average net assets from
3.57% to 3.58%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
26
<Page>
<Table>
<Caption>
NEW JERSEY LIMITED FUND -- CLASS A
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.300 $ 10.000 $ 10.180 $ 9.780 $ 10.320 $ 10.350
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.196 $ 0.427 $ 0.453 $ 0.470 $ 0.464 $ 0.463
Net realized and unrealized gain
(loss) 0.048 0.301 (0.169) 0.392 (0.540) (0.030)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.244 $ 0.728 $ 0.284 $ 0.862 $ (0.076) $ 0.433
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.184) $ (0.428) $ (0.464) $ (0.462) $ (0.464) $ (0.463)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.184) $ (0.428) $ (0.464) $ (0.462) $ (0.464) $ (0.463)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.360 $ 10.300 $ 10.000 $ 10.180 $ 9.780 $ 10.320
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 2.38% 7.45% 2.82% 9.04% (0.70)% 4.04%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 44,058 $ 39,572 $ 34,898 $ 30,889 $ 32,710 $ 36,591
Ratios (As a percentage of average
daily net assets):
Expenses(4) 0.86%(5) 0.90% 0.96% 0.98% 0.99% 0.95%
Expenses after custodian fee
reduction(4) 0.86%(5) 0.89% 0.94% 0.96% 0.96% 0.95%
Net investment income 3.79%(5) 4.17% 4.47% 4.73% 4.68% 4.47%
Portfolio Turnover of the Portfolio 5% 25% 17% 11% 15% 13%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio of net investment income to average net assets from
4.46% to 4.47%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
27
<Page>
<Table>
<Caption>
NEW JERSEY LIMITED FUND -- CLASS B
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.290 $ 9.990 $ 10.180 $ 9.780 $ 10.320 $ 10.350
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.157 $ 0.343 $ 0.376 $ 0.411 $ 0.388 $ 0.383
Net realized and unrealized gain
(loss) 0.049 0.306 (0.182) 0.373 (0.542) (0.028)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.206 $ 0.649 $ 0.194 $ 0.784 $ (0.154) $ 0.355
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.146) $ (0.349) $ (0.384) $ (0.384) $ (0.386) $ (0.385)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.146) $ (0.349) $ (0.384) $ (0.384) $ (0.386) $ (0.385)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.350 $ 10.290 $ 9.990 $ 10.180 $ 9.780 $ 10.320
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 2.00% 6.63% 1.92% 8.19% (1.48)% 3.46%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 9,955 $ 8,099 $ 3,152 $ 2,476 $ 2,272 $ 3,056
Ratios (As a percentage of average
daily net assets):
Expenses(4) 1.61%(5) 1.65% 1.71% 1.73% 1.74% 1.72%
Expenses after custodian fee
reduction(4) 1.61%(5) 1.64% 1.69% 1.71% 1.71% 1.72%
Net investment income 3.04%(5) 3.35% 3.70% 3.97% 3.91% 3.70%
Portfolio Turnover of the Portfolio 5% 25% 17% 11% 15% 13%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio of net investment income to average net assets from
3.69% to 3.70%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
28
<Page>
<Table>
<Caption>
NEW YORK LIMITED FUND -- CLASS A
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.770 $ 10.360 $ 10.550 $ 10.030 $ 10.560 $ 10.510
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.203 $ 0.430 $ 0.460 $ 0.470 $ 0.470 $ 0.468
Net realized and unrealized gain
(loss) 0.090 0.415 (0.180) 0.519 (0.529) 0.047
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.293 $ 0.845 $ 0.280 $ 0.989 $ (0.059) $ 0.515
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.203) $ (0.435) $ (0.470) $ (0.469) $ (0.471) $ (0.465)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.203) $ (0.435) $ (0.470) $ (0.469) $ (0.471) $ (0.465)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.860 $ 10.770 $ 10.360 $ 10.550 $ 10.030 $ 10.560
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 2.73% 8.32% 2.67% 10.11% (0.50)% 4.78%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 65,282 $ 60,721 $ 44,811 $ 43,835 $ 45,773 $ 57,864
Ratios (As a percentage of average
daily net assets):
Expenses(4) 0.78%(5) 0.83% 0.92% 0.94% 0.96% 0.91%
Expenses after custodian fee
reduction(4) 0.78%(5) 0.81% 0.89% 0.92% 0.93% 0.91%
Net investment income 3.74%(5) 4.03% 4.37% 4.59% 4.63% 4.42%
Portfolio Turnover of the Portfolio 10% 18% 11% 10% 18% 17%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio of net investment income to average net assets from
4.36% to 4.37%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
29
<Page>
<Table>
<Caption>
NEW YORK LIMITED FUND -- CLASS B
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.760 $ 10.340 $ 10.550 $ 10.030 $ 10.560 $ 10.510
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.161 $ 0.346 $ 0.378 $ 0.397 $ 0.391 $ 0.386
Net realized and unrealized gain
(loss) 0.080 0.428 (0.198) 0.512 (0.530) 0.050
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.241 $ 0.774 $ 0.180 $ 0.909 $ (0.139) $ 0.436
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.161) $ (0.354) $ (0.390) $ (0.389) $ (0.391) $ (0.386)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.161) $ (0.354) $ (0.390) $ (0.389) $ (0.391) $ (0.386)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.840 $ 10.760 $ 10.340 $ 10.550 $ 10.030 $ 10.560
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 2.25% 7.61% 1.70% 9.26% (1.29)% 4.20%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 16,493 $ 14,227 $ 4,822 $ 4,227 $ 3,960 $ 5,078
Ratios (As a percentage of average
daily net assets):
Expenses(4) 1.53%(5) 1.58% 1.67% 1.69% 1.71% 1.68%
Expenses after custodian fee
reduction(4) 1.53%(5) 1.56% 1.64% 1.67% 1.68% 1.68%
Net investment income 2.98%(5) 3.24% 3.59% 3.83% 3.87% 3.67%
Portfolio Turnover of the Portfolio 10% 18% 11% 10% 18% 17%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio of net investment income to average net assets from
3.58% to 3.59%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
30
<Page>
<Table>
<Caption>
NEW YORK LIMITED FUND -- CLASS C
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.230 $ 9.840 $ 10.010 $ 9.510 $ 10.000 $ 9.950
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.152 $ 0.324 $ 0.356 $ 0.369 $ 0.364 $ 0.368
Net realized and unrealized gain
(loss) 0.081 0.401 (0.163) 0.493 (0.490) 0.053
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.233 $ 0.725 $ 0.193 $ 0.862 $ (0.126) $ 0.421
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.153) $ (0.335) $ (0.363) $ (0.362) $ (0.364) $ (0.371)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.153) $ (0.335) $ (0.363) $ (0.362) $ (0.364) $ (0.371)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.310 $ 10.230 $ 9.840 $ 10.010 $ 9.510 $ 10.000
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 2.29% 7.49% 1.92% 9.26% (1.22)% 4.28%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 41,805 $ 27,781 $ 7,408 $ 2,547 $ 1,721 $ 2,737
Ratios (As a percentage of average
daily net assets):
Expenses(4) 1.53%(5) 1.58% 1.67% 1.68% 1.71% 1.67%
Expenses after custodian fee
reduction(4) 1.53%(5) 1.56% 1.64% 1.66% 1.68% 1.67%
Net investment income 2.96%(5) 3.19% 3.57% 3.83% 3.89% 3.65%
Portfolio Turnover of the Portfolio 10% 18% 11% 10% 18% 17%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio of net investment income to average net assets from
3.56% to 3.57%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
31
<Page>
<Table>
<Caption>
OHIO LIMITED FUND -- CLASS A
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.010 $ 9.590 $ 9.760 $ 9.430 $ 10.110 $ 10.140
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.181 $ 0.392 $ 0.394 $ 0.431 $ 0.447 $ 0.458
Net realized and unrealized gain
(loss) (0.027) 0.410 (0.142) 0.343 (0.672) (0.019)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.154 $ 0.802 $ 0.252 $ 0.774 $ (0.225) $ 0.439
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.184) $ (0.382) $ (0.422) $ (0.444) $ (0.455) $ (0.469)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.184) $ (0.382) $ (0.422) $ (0.444) $ (0.455) $ (0.469)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 9.980 $ 10.010 $ 9.590 $ 9.760 $ 9.430 $ 10.110
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 1.54% 8.52% 2.62% 8.42% (2.22)% 4.19%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 19,906 $ 18,313 $ 16,310 $ 15,046 $ 16,761 $ 20,375
Ratios (As a percentage of average
daily net assets):
Expenses(4) 0.98%(5) 1.03% 1.14% 1.18% 1.08% 1.03%
Expenses after custodian fee
reduction(4) 0.98%(5) 1.02% 1.11% 1.14% 1.05% 1.00%
Net investment income 3.63%(5) 3.96% 4.05% 4.53% 4.63% 4.51%
Portfolio Turnover of the Portfolio 9% 12% 19% 17% 13% 19%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 less than
$0.001, increase net realized and unrealized losses per share by less than
$0.001 and increase the ratio of net investment income to average net
assets by less than 0.01%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
32
<Page>
<Table>
<Caption>
OHIO LIMITED FUND -- CLASS B
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.000 $ 9.590 $ 9.760 $ 9.430 $ 10.110 $ 10.140
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.144 $ 0.314 $ 0.321 $ 0.361 $ 0.376 $ 0.386
Net realized and unrealized gain
(loss) (0.026) 0.407 (0.139) 0.343 (0.672) (0.023)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.118 $ 0.721 $ 0.182 $ 0.704 $ (0.296) $ 0.363
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.148) $ (0.311) $ (0.352) $ (0.374) $ (0.384) $ (0.393)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.148) $ (0.311) $ (0.352) $ (0.374) $ (0.384) $ (0.393)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 9.970 $ 10.000 $ 9.590 $ 9.760 $ 9.430 $ 10.110
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 1.18% 7.64% 1.89% 7.63% (2.94)% 3.62%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 2,714 $ 2,768 $ 1,390 $ 1,519 $ 2,041 $ 2,205
Ratios (As a percentage of average
daily net assets):
Expenses(4) 1.73%(5) 1.78% 1.89% 1.93% 1.83% 1.75%
Expenses after custodian fee
reduction(4) 1.73%(5) 1.77% 1.86% 1.89% 1.80% 1.72%
Net investment income 2.89%(5) 3.17% 3.30% 3.79% 3.89% 3.79%
Portfolio Turnover of the Portfolio 9% 12% 19% 17% 13% 19%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 less than
$0.001, increase net realized and unrealized losses per share by less than
$0.001 and increase the ratio of net investment income to average net
assets by less than 0.01%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
33
<Page>
<Table>
<Caption>
PENNSYLVANIA LIMITED FUND -- CLASS A
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.470 $ 10.130 $ 10.270 $ 9.870 $ 10.500 $ 10.550
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.206 $ 0.440 $ 0.453 $ 0.472 $ 0.473 $ 0.477
Net realized and unrealized gain
(loss) 0.070 0.349 (0.130) 0.388 (0.641) (0.051)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.276 $ 0.789 $ 0.323 $ 0.860 $ (0.168) $ 0.426
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.206) $ (0.449) $ (0.463) $ (0.460) $ (0.462) $ (0.476)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.206) $ (0.449) $ (0.463) $ (0.460) $ (0.462) $ (0.476)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.540 $ 10.470 $ 10.130 $ 10.270 $ 9.870 $ 10.500
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 2.64% 7.97% 3.18% 8.94% (1.57)% 3.90%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 34,117 $ 33,580 $ 29,845 $ 28,840 $ 31,851 $ 41,048
Ratios (As a percentage of average
daily net assets):
Expenses(4) 0.85%(5) 0.89% 0.97% 0.99% 0.99% 0.94%
Expenses after custodian fee
reduction(4) 0.84%(5) 0.87% 0.92% 0.96% 0.97% 0.92%
Net investment income 3.92%(5) 4.24% 4.41% 4.72% 4.69% 4.52%
Portfolio Turnover of the Portfolio 5% 3% 20% 6% 11% 16%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio of net investment income to average net assets from
4.40% to 4.41%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
34
<Page>
<Table>
<Caption>
PENNSYLVANIA LIMITED FUND -- CLASS B
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 10.460 $ 10.120 $ 10.270 $ 9.870 $ 10.500 $ 10.550
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.166 $ 0.355 $ 0.372 $ 0.397 $ 0.383 $ 0.400
Net realized and unrealized gain
(loss) 0.079 0.354 (0.138) 0.384 (0.630) (0.053)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.245 $ 0.709 $ 0.234 $ 0.781 $ (0.247) $ 0.347
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.165) $ (0.369) $ (0.384) $ (0.381) $ (0.383) $ (0.397)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.165) $ (0.369) $ (0.384) $ (0.381) $ (0.383) $ (0.397)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 10.540 $ 10.460 $ 10.120 $ 10.270 $ 9.870 $ 10.500
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 2.35% 7.14% 2.28% 8.08% (2.34)% 3.33%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 10,878 $ 9,313 $ 2,643 $ 2,286 $ 2,423 $ 3,787
Ratios (As a percentage of average
daily net assets):
Expenses(4) 1.60%(5) 1.64% 1.72% 1.74% 1.74% 1.69%
Expenses after custodian fee
reduction(4) 1.59%(5) 1.62% 1.67% 1.71% 1.72% 1.67%
Net investment income 3.15%(5) 3.42% 3.63% 3.96% 3.93% 3.79%
Portfolio Turnover of the Portfolio 5% 3% 20% 6% 11% 16%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio of net investment income to average net assets from
3.62% to 3.63%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
35
<Page>
<Table>
<Caption>
PENNSYLVANIA LIMITED FUND -- CLASS C
-------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2003 ------------------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of
period $ 9.910 $ 9.590 $ 9.720 $ 9.340 $ 9.930 $ 9.980
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.157 $ 0.339 $ 0.354 $ 0.376 $ 0.376 $ 0.374
Net realized and unrealized gain
(loss) 0.068 0.330 (0.121) 0.363 (0.605) (0.042)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 0.225 $ 0.669 $ 0.233 $ 0.739 $ (0.229) $ 0.332
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
From net investment income $ (0.155) $ (0.349) $ (0.363) $ (0.359) $ (0.361) $ (0.382)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.155) $ (0.349) $ (0.363) $ (0.359) $ (0.361) $ (0.382)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD $ 9.980 $ 9.910 $ 9.590 $ 9.720 $ 9.340 $ 9.930
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 2.28% 7.11% 2.40% 8.08% (2.29)% 3.36%
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $ 20,259 $ 15,188 $ 7,262 $ 4,413 $ 4,221 $ 5,803
Ratios (As a percentage of average
daily net assets):
Expenses(4) 1.60%(5) 1.64% 1.72% 1.73% 1.74% 1.71%
Expenses after custodian fee
reduction(4) 1.59%(5) 1.62% 1.67% 1.70% 1.72% 1.69%
Net investment income 3.15%(5) 3.44% 3.64% 3.96% 3.95% 3.74%
Portfolio Turnover of the Portfolio 5% 3% 20% 6% 11% 16%
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment income per share was computed using average shares
outstanding.
(2) The Fund, through its investment in the Portfolio, has adopted the
provisions of the revised AICPA Audit and Accounting 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 $0.001,
increase net realized and unrealized losses per share by $0.001 and
increase the ratio of net investment income to average net assets from
3.63% to 3.64%. 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 its corresponding Portfolio's allocated
expenses.
(5) Annualized.
See notes to financial statements.
36
<Page>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS as of September 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 SIGNIFICANT ACCOUNTING POLICIES
Eaton Vance Investment 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 Trust presently consists of eight Funds, seven of
which are included in these financial statements. They include Eaton Vance
California Limited Maturity Municipals Fund (California Limited Fund), Eaton
Vance Florida Limited Maturity Municipals Fund (Florida Limited Fund), Eaton
Vance Massachusetts Limited Maturity Municipals Fund (Massachusetts Limited
Fund), Eaton Vance New Jersey Limited Maturity Municipals Fund (New Jersey
Limited Fund), Eaton Vance New York Limited Maturity Municipals Fund (New
York Limited Fund), Eaton Vance Ohio Limited Maturity Municipals Fund (Ohio
Limited Fund) and Eaton Vance Pennsylvania Limited Maturity Municipals Fund
(Pennsylvania Limited Fund), collectively the "Funds" or individually the
"Fund". The Funds may offer three classes of shares: Class A, Class B and
Class C. Effective August 1, 2003, the California Limited Fund began offering
Class C shares although none were issued as of September 30, 2003. 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 and 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 each class' paid
shares to the total value of all paid shares. Each class of shares differs in
its distribution plan and certain other class-specific expenses. Each Fund
invests all of its investable assets in interests in a separate corresponding
open-end management investment company (a Portfolio), a New York trust,
having the same investment objective as its corresponding Fund. The
California Limited Fund invests its assets in the California Limited Maturity
Municipals Portfolio, the Florida Limited Fund invests its assets in the
Florida Limited Maturity Municipals Portfolio, the Massachusetts Limited Fund
invests its assets in the Massachusetts Limited Maturity Municipals
Portfolio, the New Jersey Limited Fund invests its assets in the New Jersey
Limited Maturity Municipals Portfolio, the New York Limited Fund invests its
assets in the New York Limited Maturity Municipals Portfolio, the Ohio
Limited Fund invests its assets in the Ohio Limited Maturity Municipals
Portfolio and the Pennsylvania Limited Fund invests its assets in the
Pennsylvania Limited Maturity Municipals Portfolio. The value of each Fund's
investment in its corresponding Portfolio reflects the Fund's proportionate
interest in the net assets of that Portfolio (99.9% at September 30, 2003,
for each Fund). The performance of each Fund is directly affected by the
performance of its corresponding Portfolio. The financial statements of each
Portfolio, including the portfolio of investments, are included elsewhere in
this report and should be read in conjunction with each Fund's financial
statements.
The following is a summary of significant accounting policies consistently
followed by the Trust 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 VALUATIONS -- Valuation of securities by the Portfolios is
discussed in Note 1A of the Portfolios' Notes to Financial Statements, which
are included elsewhere in this report.
B INCOME -- The Funds' net investment income consists of the Funds' pro rata
share of the net investment income of its corresponding Portfolio, less all
actual and accrued expenses of the Funds'.
C FEDERAL TAXES -- Each 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 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 following Funds, for federal income tax purposes, had capital loss
carryovers, which will reduce each Fund's taxable income arising from future
taxable net realized gain on investments, if any, to the extent permitted by
the Internal Revenue Code, and thus will reduce the amount of the
distributions to shareholders which would otherwise be necessary to relieve
the Funds of any liability for federal income or excise taxes. A portion of
such capital loss carryovers were acquired through a Fund Reorganization and
may be subject to certain limitations. The amounts and expiration dates of
the capital loss carryovers are as follows:
<Table>
<Caption>
FUND AMOUNT EXPIRES
-----------------------------------------------------------------------------
California Limited Fund $ 123,502 March 31, 2011
83,841 March 31, 2009
49,293 March 31, 2005
2,010,530 March 31, 2004
</Table>
37
<Page>
<Table>
<Caption>
FUND AMOUNT EXPIRES
-----------------------------------------------------------------------------
Florida Limited Fund $ 200,399 March 31, 2011
80,496 March 31, 2009
355,608 March 31, 2006
133,020 March 31, 2005
2,830,758 March 31, 2004
Massachusetts Limited Fund 506,705 March 31, 2011
35,096 March 31, 2010
136,941 March 31, 2009
197,971 March 31, 2006
30,086 March 31, 2005
1,475,326 March 31, 2004
New Jersey Limited Fund 374,246 March 31, 2011
213,255 March 31, 2006
1,649,416 March 31, 2004
New York Limited Fund 411,305 March 31, 2011
20,866 March 31, 2005
958,270 March 31, 2004
Ohio Limited Fund 366,442 March 31, 2011
69,085 March 31, 2010
36,233 March 31, 2009
762,343 March 31, 2004
Pennsylvania Limited Fund 400,339 March 31, 2011
59,482 March 31, 2010
245,499 March 31, 2009
25,743 March 31, 2005
1,038,747 March 31, 2004
</Table>
Dividends paid by each Fund from net interest on tax-exempt municipal bonds
allocated from its corresponding Portfolio are not includable by shareholders
as gross income for federal income tax purposes because each Fund and
Portfolio intends to meet certain requirements of the Internal Revenue Code
applicable to regulated investment companies which will enable the Funds 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.
Additionally, at March 31, 2003, California Limited Fund, Florida Limited
Fund, Massachusetts Limited Fund, New Jersey Limited Fund, New York Limited
Fund, Ohio Limited Fund, and Pennsylvania Limited Fund had net capital losses
of $42,685, $408,765, $143,581, $176,303, $116,357, $34,355 and $109,215
respectively, attributable to security transactions incurred after October
31, 2002. These are treated as arising on the first day of each Fund's next
taxable year.
D 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.
E 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.
F EXPENSE REDUCTION -- Investors Bank & Trust Company (IBT) serves as
custodian to the Funds and the Portfolios. Pursuant to the respective
custodian agreements, IBT receives a fee reduced by credits which are
determined based on the average daily cash balances the Funds or the
Portfolios maintain with IBT. All significant credit balances used to reduce
the Funds' custodian fees are reported as a reduction of total expenses on
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 Funds'
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 each 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 a 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 Funds distinguish between
distributions on a tax basis and a financial reporting basis. Accounting
principles generally accepted in the United States of America require
38
<Page>
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 Funds' 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 Funds) and classes. Transactions in Fund shares were as follows:
<Table>
<Caption>
CALIFORNIA LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 528,678 907,017
Issued to shareholders electing to
receive payments of distributions
in Fund shares 28,690 36,734
Redemptions (312,020) (495,227)
Exchange from Class B shares 23,671 34,931
-----------------------------------------------------------------------------
NET INCREASE 269,019 483,455
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
CALIFORNIA LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 134,986 396,524
Issued to shareholders electing to
receive payments of distributions
in Fund shares 3,538 5,249
Redemptions (29,984) (51,677)
Exchange to Class A shares (23,754) (35,008)
-----------------------------------------------------------------------------
NET INCREASE 84,786 315,088
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
FLORIDA LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 400,082 1,466,875
Issued to shareholders electing to
receive payments of distributions
in Fund shares 37,024 58,635
Redemptions (1,007,627) (548,435)
Exchange from Class B shares 35,330 164,408
-----------------------------------------------------------------------------
Net increase (decrease) (535,191) 1,141,483
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
FLORIDA LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 229,718 758,742
Issued to shareholders electing to
receive payments of distributions
in Fund shares 5,571 6,738
Redemptions (91,923) (77,436)
Exchange to Class A shares (35,352) (164,493)
-----------------------------------------------------------------------------
NET INCREASE 108,014 523,551
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
FLORIDA LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 554,958 1,176,388
Issued to shareholders electing to
receive payments of distributions
in Fund shares 7,297 9,853
Redemptions (152,170) (339,290)
-----------------------------------------------------------------------------
NET INCREASE 410,085 846,951
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
MASSACHUSETTS LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 242,631 1,631,081
Issued to shareholders electing to
receive payments of distributions
in Fund shares 50,779 89,138
Redemptions (443,149) (682,851)
Exchange from Class B shares 66,032 102,192
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) (83,707) 1,139,560
-----------------------------------------------------------------------------
</Table>
39
<Page>
<Table>
<Caption>
MASSACHUSETTS LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 226,175 640,913
Issued to shareholders electing to
receive payments of distributions
in Fund shares 8,381 13,620
Redemptions (62,317) (75,411)
Exchange to Class A shares (66,087) (102,327)
-----------------------------------------------------------------------------
NET INCREASE 106,152 476,795
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
MASSACHUSETTS LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 1,340,192 1,130,253
Issued to shareholders electing
to receive payments of distributions
in Fund shares 18,125 20,498
Redemptions (301,558) (217,891)
-----------------------------------------------------------------------------
NET INCREASE 1,056,759 932,860
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
NEW JERSEY LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 574,536 641,508
Issued to shareholders electing to
receive payments of distributions
in Fund shares 49,518 98,758
Redemptions (223,052) (426,064)
Exchange from Class B shares 9,904 39,987
-----------------------------------------------------------------------------
NET INCREASE 410,906 354,189
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
NEW JERSEY LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 255,688 593,404
Issued to shareholders electing to
receive payments of distributions
in Fund shares 6,064 7,196
Redemptions (77,225) (88,924)
Exchange to Class A shares (9,905) (40,022)
-----------------------------------------------------------------------------
NET INCREASE 174,622 471,654
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
NEW YORK LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 576,630 1,816,436
Issued to shareholders electing to
receive payments of distributions
in Fund shares 66,054 114,709
Redemptions (304,264) (928,526)
Exchange from Class B shares 38,579 308,069
-----------------------------------------------------------------------------
NET INCREASE 376,999 1,310,688
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
NEW YORK LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 405,433 1,285,666
Issued to shareholders electing to
receive payments of distributions
in Fund shares 11,857 14,507
Redemptions (179,867) (135,750)
Exchange to Class A shares (38,636) (308,343)
-----------------------------------------------------------------------------
NET INCREASE 198,787 856,080
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
NEW YORK LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 1,682,161 2,324,782
Issued to shareholders electing to
receive payments of distributions
in Fund shares 27,490 26,321
Redemptions (370,345) (388,441)
-----------------------------------------------------------------------------
NET INCREASE 1,339,306 1,962,662
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
OHIO LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 344,965 240,158
Issued to shareholders electing to
receive payments of distributions
in Fund shares 18,809 38,281
Redemptions (207,822) (169,724)
Exchange from Class B Shares 10,051 19,666
-----------------------------------------------------------------------------
NET INCREASE 166,003 128,381
-----------------------------------------------------------------------------
</Table>
40
<Page>
<Table>
<Caption>
OHIO LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 47,123 192,628
Issued to shareholders electing to
receive payments of distributions
in Fund shares 1,241 1,244
Redemptions (42,661) (42,458)
Exchange to Class A Shares (10,060) (19,670)
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) (4,357) 131,744
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
PENNSYLVANIA LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 319,605 505,193
Issued to shareholders electing to
receive payments of distributions
in Fund shares 32,861 58,378
Redemptions (340,752) (317,425)
Exchange from Class B shares 17,621 14,680
-----------------------------------------------------------------------------
NET INCREASE 29,335 260,826
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
PENNSYLVANIA LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 228,306 679,927
Issued to shareholders electing to
receive payments of distributions
in Fund shares 9,172 10,365
Redemptions (77,487) (46,647)
Exchange to Class A shares (17,628) (14,683)
-----------------------------------------------------------------------------
NET INCREASE 142,363 628,962
-----------------------------------------------------------------------------
</Table>
<Table>
<Caption>
PENNSYLVANIA LIMITED FUND
-------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 2003
-----------------------------------------------------------------------------
Sales 624,409 1,085,249
Issued to shareholders electing to
receive payments of distributions
in Fund shares 14,407 17,548
Redemptions (141,415) (328,081)
-----------------------------------------------------------------------------
NET INCREASE 497,401 774,716
-----------------------------------------------------------------------------
</Table>
4 TRANSACTIONS WITH AFFILIATES
Eaton Vance Management (EVM) serves as the Administrator of each Fund, but
receives no compensation. Each of the Portfolios have engaged Boston
Management and Research (BMR), a subsidiary of EVM, to render investment
advisory services. See Note 2 of the Portfolios' Notes to Financial
Statements which are included elsewhere in this report. Except as to Trustees
of the Funds and Portfolios who are not members of EVM's or BMR's
organization, officers and Trustees receive remuneration for their services
to each Fund out of the investment adviser fee earned by BMR. 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. For the six months ended September 30, 2003,
EVM earned $486, $1,042, $1,583, $1,187, $2,407, $413 and $1,525 in
sub-transfer agent fees from California Limited Fund, Florida Limited Fund,
Massachusetts Limited Fund, New Jersey Limited Fund, New York Limited Fund,
Ohio Limited Fund and Pennsylvania Limited Fund, respectively. Certain of the
officers and Trustees of the Funds and Portfolios are officers of the above
organizations. The Funds were informed that Eaton Vance Distributors, Inc.
(EVD), a subsidiary of EVM and the Funds' principal underwriter, received
$3,629, $4,859, $3,531, $5,665, $6,230, $1,474 and $2,626 as its portion of
the sales charge on sales of Class A shares from California Limited Fund,
Florida Limited Fund, Massachusetts Limited Fund, New Jersey Limited Fund,
New York Limited Fund, Ohio Limited Fund and Pennsylvania Limited Fund,
respectively, for the six months ended September 30, 2003.
5 DISTRIBUTION AND SERVICE PLANS
Each Fund has in effect distribution plans for Class B (Class B Plan) and
Class C (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 Plans require the Class B and Class C shares
to pay EVD amounts equal to 1/365 of 0.75% of each Fund's daily net assets
attributable to Class B and Class C, for providing ongoing distribution
services and facilities to the respective Fund. Each 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% (3-1/2% for Ohio Limited Fund) 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
41
<Page>
EVD reduced by the aggregate amount of contingent deferred sales charges (see
Note 6) and daily amounts theretofore paid to EVD. The amount payable to EVD
with respect to each day is accrued on such day as a liability of each Fund's
Class B and Class C shares and, accordingly, reduces each Fund's Class B and
Class C net assets. For the six months ended September 30, 2003, the
California Limited Fund, Florida Limited Fund, Massachusetts Limited Fund,
New Jersey Limited Fund, New York Limited Fund, Ohio Limited Fund, and
Pennsylvania Limited Fund paid or accrued $21,560, $34,327, $37,541, $34,863,
$60,212, $10,570, and $38,789, respectively for Class B shares, and Florida
Limited Fund, Massachusetts Limited Fund, New York Limited Fund and
Pennsylvania Limited Fund paid or accrued $57,577, $79,221, $145,366, and
$70,301, respectively for Class C shares, to or payable to EVD representing
0.75% of each Fund's Class B and Class C average daily net assets. At
September 30, 2003, the amount of Uncovered Distribution Charges of EVD
calculated under the Plans for California Limited Fund, Florida Limited Fund,
Massachusetts Limited Fund, New Jersey Limited Fund, New York Limited Fund,
Ohio Limited Fund and Pennsylvania Limited Fund were approximately $465,000,
$884,000, $594,000, $573,000, $853,000, $666,000 and $463,000, respectively
for Class B shares, and for Florida Limited Fund, Massachusetts Limited Fund,
New York Limited Fund and Pennsylvania Limited Fund the amount of Uncovered
Distribution Charges of EVD were approximately $6,636,000, $2,805,000,
$4,014,000 and $4,034,000, respectively for Class C shares.
The Plans authorize the Funds to make payments of service fees to EVD,
investment dealers and other persons in amounts not exceeding 0.25% of each
Fund's average daily net assets for any fiscal year. The Trustees approved
service fee payments equal to 0.15% per annum of each Fund's average daily
net assets attributable to Class A, Class B and Class C shares for each
fiscal year. Service fee payments are made for personal services and/or
maintenance of shareholder accounts. Service fees paid to EVD and investment
dealers are separate and distinct from the sales commissions and distribution
fees payable by each Fund to EVD, and as such are not subject to automatic
discontinuance when there are no outstanding uncovered distribution charges
of EVD. For the six months ended September 30, 2003, the California Limited
Fund, Florida Limited Fund, Massachusetts Limited Fund, New Jersey Limited
Fund, New York Limited Fund, Ohio Limited Fund and Pennsylvania Limited Fund
paid or accrued service fees to or payable to EVD in the amount of $21,226,
$33,014, $35,048, $31,688, $48,048, $14,551, and $25,566, respectively, for
Class A shares, and $4,312, $6,865, $7,508, $6,973, $12,042, $2,114, and
$7,758, respectively, for Class B shares. For the six months ended September
30, 2003, Florida Limited Fund, Massachusetts Limited Fund, New York Limited
Fund and Pennsylvania Limited Fund paid or accrued service fees to or payable
to EVD in the amount of $11,515, $15,844, $29,073, and $14,060, respectively,
for Class C shares.
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 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
each Fund's Distribution Plan. CDSC charges received when no Uncovered
Distribution Charges exist will be credited to the Fund. For the six months
ended September 30, 2003, EVD received approximately $1,000, $4,000, $10,000,
$9,000, $14,000, $4,000 and $5,000, respectively, for Class B shares, of CDSC
paid by shareholders of California Limited Fund, Florida Limited Fund,
Massachusetts Limited Fund, New Jersey Limited Fund, New York Limited Fund,
Ohio Limited Fund and Pennsylvania Limited Fund, and CDSC paid by
shareholders of the Florida Limited Fund, Massachusetts Limited Fund, New
York Limited Fund and Pennsylvania Limited Fund were approximately $3,000,
$5,000, $5,000 and $5,000, respectively, for Class C shares.
7 INVESTMENT TRANSACTIONS
Increases and decreases in each Fund's investment in its corresponding
Portfolio for the six months ended September 30, 2003 were as follows:
<Table>
CALIFORNIA LIMITED FUND
Increases $ 7,621,449
Decreases 4,839,239
FLORIDA LIMITED FUND
Increases $ 12,189,180
Decreases 14,710,041
</Table>
42
<Page>
<Table>
MASSACHUSETTS LIMITED FUND
Increases $ 19,206,347
Decreases 9,953,698
NEW JERSEY LIMITED FUND
Increases $ 8,790,793
Decreases 3,479,042
NEW YORK LIMITED FUND
Increases $ 29,264,635
Decreases 10,467,295
OHIO LIMITED FUND
Increases $ 4,045,700
Decreases 2,813,749
PENNSYLVANIA LIMITED FUND
Increases $ 12,344,025
Decreases 6,509,002
</Table>
8 SHAREHOLDER MEETING
The Funds held a Special Meeting of Shareholders on June 6, 2003 to elect
Trustees. The results of the vote were as follows:
<Table>
<Caption>
JESSICA M. DONALD R. JAMES B. SAMUEL L. WILLIAM H. NORTON H. LYNN A.
FUND BIBLIOWICZ DWIGHT HAWKES HAYES, III PARK REAMER STOUT
--------------------------------------------------------------------------------------------------------------
California Fund
Affirmative 2,196,980 2,196,980 2,196,980 2,196,980 2,196,980 2,196,980 2,196,980
Withhold 28,251 28,251 28,251 28,251 28,251 28,251 28,251
Florida Fund
Affirmative 5,239,659 5,239,659 5,239,659 5,239,659 5,239,659 5,239,659 5,239,659
Withhold 76,976 76,976 76,976 76,976 76,976 76,976 76,976
Massachusetts Fund
Affirmative 5,379,083 5,361,289 5,379,083 5,361,289 5,379,083 5,361,289 5,376,607
Withhold 30,827 48,621 30,827 48,621 30,827 48,621 33,303
New Jersey Fund
Affirmative 3,592,484 3,586,283 3,592,166 3,589,188 3,599,767 3,583,380 3,597,480
Withhold 61,359 67,559 61,677 64,654 54,075 70,462 56,362
New York Fund
Affirmative 6,900,293 6,891,626 6,902,178 6,893,231 6,900,293 6,898,804 6,902,178
Withhold 122,693 131,360 120,808 129,755 122,693 124,182 120,808
Ohio Fund
Affirmative 1,712,897 1,710,407 1,712,897 1,710,407 1,712,897 1,710,407 1,712,897
Withhold 17,500 19,990 17,500 19,990 17,500 19,990 17,500
Pennsylvania Fund
Affirmative 4,205,800 4,211,109 4,212,944 4,206,412 4,212,723 4,212,223 4,203,653
Withhold 68,617 63,308 61,473 68,005 61,694 62,194 70,764
</Table>
Each nominee was also elected a Trustee of its corresponding Portfolio.
Donald R. Dwight retired as a Trustee effective July 1, 2003 pursuant to the
mandatory retirement policy of the Trust.
43
<Page>
CALIFORNIA LIMITED MATURITY MUNICIPALS PORTFOLIO as of September 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.5%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 0.7%
$ 250 California Department of Water Resource
Power Supply, 5.125%, 5/1/18 $ 262,147
- ---------------------------------------------------------------------------------------------------
$ 262,147
- ---------------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 4.8%
$ 520 California Statewide Communities Development
Authority, (San Gabriel Valley), Escrowed to Maturity,
5.50%, 9/1/14 $ 602,576
1,000 Sacramento, Cogeneration Authority, (Proctor & Gamble),
Prefunded to 7/1/05, 6.50%, 7/1/21 1,114,120
- ---------------------------------------------------------------------------------------------------
$ 1,716,696
- ---------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 2.3%
$ 400 California, 5.25%, 2/1/14 $ 436,496
350 Santa Clara Unified School District, 5.25%, 7/1/15 386,942
- ---------------------------------------------------------------------------------------------------
$ 823,438
- ---------------------------------------------------------------------------------------------------
HOSPITAL -- 3.8%
$ 225 Eastern Plumas Health Care District, 7.50%, 8/1/07 $ 227,862
200 San Benito Health Care District, 5.375%, 10/1/12 193,288
200 San Gorgonio Memorial Health Care District,
5.80%, 5/1/14 187,212
400 Stockton Health Facilities, (Dameron Hospital),
5.70%, 12/1/14 422,876
300 Torrance Hospital, (Torrance Memorial Medical Center),
5.40%, 6/1/15 323,859
- ---------------------------------------------------------------------------------------------------
$ 1,355,097
- ---------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 0.5%
$ 200 California Pollution Control Financing Authority,
(Browning Ferris Industries), (AMT), 5.80%, 12/1/16 $ 186,712
- ---------------------------------------------------------------------------------------------------
$ 186,712
- ---------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 5.1%
$ 200 California Educational Facilities Authority, (Loyola
Marymount University), (MBIA), 5.00%, 10/1/20 $ 209,826
475 California Educational Facilities Authority, (San Diego
University), (AMBAC), 0.00%, 10/1/15 280,236
500 California Educational Facilities Authority, (Santa Clara
University), (AMBAC), 5.25%, 9/1/16 569,345
500 California Educational Facilities Authority, (Santa Clara
University), (MBIA), 5.00%, 2/1/19 526,960
$ 210 California University Foundation Revenue, (Sacramento
Auxiliary), (MBIA), 5.50%, 10/1/20 $ 230,704
- ---------------------------------------------------------------------------------------------------
$ 1,817,071
- ---------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 8.6%
$ 1,000 California Pollution Control Financing Authority,
(San Diego Gas and Electric), (MBIA),
5.90%, 6/1/14(1) $ 1,192,140
500 California Pollution Control Financing Authority, PCR,
(Pacific Gas and Electric), (MBIA), 5.35%, 12/1/16 545,015
250 Puerto Rico Electric Power Authority, (MBIA),
5.00%, 7/1/19 276,675
1,000 Southern California Public Power Authority, (AMBAC),
5.00%, 7/1/17 1,043,760
- ---------------------------------------------------------------------------------------------------
$ 3,057,590
- ---------------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 3.8%
$ 1,000 ABAG Finance Authority Certificates of Participation,
(Stanford University Hospital), (MBIA),
Escrowed to Maturity, 5.125%, 11/1/05 $ 1,053,550
300 ABAG Finance Authority for Nonprofit Corps.,
(Stanford University Hospital), (MBIA),
Escrowed to Maturity, 4.90%, 11/1/03 301,020
- ---------------------------------------------------------------------------------------------------
$ 1,354,570
- ---------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 27.6%
$ 210 Azusa Unified School District, (FSA),
5.375%, 7/1/19 $ 229,270
400 Barstow Unified School District, (FGIC), 5.25%, 8/1/18 435,488
500 Burbank Unified School District, (Election of 1997),
(FGIC), 5.25%, 8/1/14 555,845
1,000 Burbank Unified School District, (FGIC), 0.00%, 8/1/12 705,090
380 Fallbrook Union Elementary School District,
(Election of 2002), (FGIC), 5.00%, 8/1/20 400,041
1,080 Fillmore Unified School District, (FGIC), 0.00%, 7/1/15 646,434
200 Jurupa Unified School District, (FGIC), 5.50%, 8/1/19 220,542
750 Los Angeles Unified School District, (Election of 1997),
(MBIA), 5.125%, 7/1/21 787,702
500 Morgan Hill Unified School District, (FGIC), 5.25%, 8/1/19 540,590
750 Mt. Diablo School District, (AMBAC), 5.70%, 8/1/14 834,487
500 North Orange County Community College District, (MBIA),
5.25%, 8/1/14 561,350
500 Oak Grove School District, (Election of 1995), (FGIC),
5.00%, 8/1/16 540,060
1,000 Redwood City Elementary School District, (FGIC),
5.00%, 8/1/15 1,115,000
150 San Diego Unified School District, (FSA), 5.00%, 7/1/18 160,566
</Table>
See notes to financial statements.
44
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS (CONTINUED)
$ 500 San Diego Unified School District, (FSA), 5.00%, 7/1/20 $ 526,185
200 San Jose Unified School District, (FSA), 5.375%, 8/1/19 218,176
1,000 San Juan Unified School District, (FSA), 0.00%, 8/1/17 530,470
250 Santa Clara Unified School District, (MBIA),
5.375%, 7/1/19 272,535
705 Ukiah Unified School District, (FGIC), 0.00%, 8/1/10 560,898
- ---------------------------------------------------------------------------------------------------
$ 9,840,729
- ---------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 4.4%
$ 400 California Statewide Communities Development Authority,
(Sutter Health), (FSA), 6.00%, 8/15/13 $ 466,740
1,000 Tri-City Hospital District, (MBIA), 5.625%, 2/15/17 1,097,300
- ---------------------------------------------------------------------------------------------------
$ 1,564,040
- ---------------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 6.6%
$ 2,000 Anaheim Public Financing Authority, (Public Improvements),
(FSA), 0.00%, 9/1/19 $ 934,820
750 California Public Works, (UCLA Replacement Hospital),
(FSA), 5.375%, 10/1/16 831,810
505 California State Public Works Board, (Department of
Corrections), (AMBAC), 5.25%, 12/1/13 572,508
- ---------------------------------------------------------------------------------------------------
$ 2,339,138
- ---------------------------------------------------------------------------------------------------
INSURED-MISCELLANEOUS -- 1.6%
$ 310 Puerto Rico Municipal Finance Agency, (FSA),
5.25%, 8/1/21 $ 334,254
230 Puerto Rico Public Finance Corp., (MBIA),
4.75%, 8/1/16 244,918
- ---------------------------------------------------------------------------------------------------
$ 579,172
- ---------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 8.8%
$ 600 Burbank Public Financing Authority, (Golden State
Redevelopment), (AMBAC), 5.25%, 12/1/22 $ 639,132
500 Napa County Flood Protection and Watershed
Improvements Authority, (FGIC), 5.00%, 6/15/18 529,465
1,000 San Mateo County Transportation District, (MBIA),
5.25%, 6/1/17 1,134,540
250 Santa Clara Valley Transportation Authority, (MBIA),
5.00%, 6/1/17 268,545
500 Seaside Redevelopment Agency, (MBIA),
5.00%, 8/1/15 545,190
- ---------------------------------------------------------------------------------------------------
$ 3,116,872
- ---------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 4.4%
$ 225 Puerto Rico Commonwealth Highway and Transportation
Authority, (FSA), 5.50%, 7/1/15 $ 263,891
500 Puerto Rico Commonwealth Highway and Transportation
Authority, (FSA), 5.50%, 7/1/17 585,375
1,000 San Joaquin Hills, Transportation Corridor Agency
Bridge & Toll Road, (MBIA), 0.00%, 1/15/12 720,840
- ---------------------------------------------------------------------------------------------------
$ 1,570,106
- ---------------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 2.1%
$ 200 Sacramento County, Sanitation District Financing
Authority, (County Sanitation District No. 1),
(AMBAC), 5.50%, 12/1/18 $ 223,708
500 Sunnyvale Financing Authority Water and Wastewater,
(AMBAC), 5.00%, 10/1/22 515,120
- ---------------------------------------------------------------------------------------------------
$ 738,828
- ---------------------------------------------------------------------------------------------------
OTHER REVENUE -- 0.8%
$ 300 California Statewide Communities Development Authority,
(East Valley Tourist Development Authority),
8.25%, 10/1/14 $ 281,124
- ---------------------------------------------------------------------------------------------------
$ 281,124
- ---------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 0.7%
$ 250 ABAG Finance Authority, (American Baptist Homes),
5.75%, 10/1/17 $ 237,175
- ---------------------------------------------------------------------------------------------------
$ 237,175
- ---------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 9.7%
$ 300 Alameda Public Financing Authority, 5.45%, 9/2/14 $ 307,122
185 Brentwood Infrastructure Financing Authority,
5.50%, 9/2/12 190,844
250 Brentwood Infrastructure Financing Authority,
5.625%, 9/2/15 253,788
200 Capistrano Unified School District, 5.65%, 9/1/15 203,810
195 Corona Public Financing Authority, 5.70%, 9/1/13 196,145
200 Fontana Redevelopment Agency, (Jurupa Hills),
5.50%, 10/1/17 209,958
160 Murrueta Valley Unified School District, 5.70%, 9/1/17 158,312
390 Pomona Redevelopment Agency, (West Holt Avenue
Redevelopment), 5.50%, 5/1/13 413,069
295 Rancho Cucamonga Public Finance Authority ,
5.75%, 9/2/12 312,181
300 Roseville Special Tax, 6.00%, 9/1/11 322,152
200 Santa Margarita Water District, 6.10%, 9/1/14 210,612
200 Santaluz Community Facility District No. 2, 5.80%, 9/1/14 205,314
</Table>
See notes to financial statements.
45
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE (CONTINUED)
$ 200 Torrance Redevelopment Agency, 5.50%, 9/1/12 $ 207,616
250 Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/16 260,118
- ---------------------------------------------------------------------------------------------------
$ 3,451,041
- ---------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.8%
$ 290 Port Redwood City, (AMT), 5.40%, 6/1/19 $ 296,940
- ---------------------------------------------------------------------------------------------------
$ 296,940
- ---------------------------------------------------------------------------------------------------
WATER AND SEWER -- 1.4%
$ 500 Metropolitan Water District, (Southern California
Waterworks), 4.75%, 7/1/22 $ 502,115
- ---------------------------------------------------------------------------------------------------
$ 502,115
- ---------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 98.5%
(IDENTIFIED COST $33,364,750) $ 35,090,601
- ---------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 1.5% $ 517,584
- ---------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 35,608,185
- ---------------------------------------------------------------------------------------------------
</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
The Portfolio invests primarily in debt securities issued by California
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at September 30, 2003, 74.0% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 13.3% to 28.4% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements.
46
<Page>
FLORIDA 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
- ---------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 4.4%
$ 750 Hillsborough County IDA, Pollution Control Revenue,
(Tampa Electric Co.), 5.10%, 10/1/13 $ 743,115
1,000 Jacksonville Electric Authority, (St. Johns River Power Park),
5.375%, 10/1/16 1,083,820
1,100 Orlando Water and Electric Utilities Commission,
5.25%, 10/1/20 1,187,648
- ---------------------------------------------------------------------------------------------------
$ 3,014,583
- ---------------------------------------------------------------------------------------------------
HOSPITAL -- 2.3%
$ 1,000 Highlands County Health Facilities Authority, (Adventist
Health System), 5.25%, 11/15/20 $ 1,013,870
500 West Orange Healthcare District, 5.50%, 2/1/10 539,610
- ---------------------------------------------------------------------------------------------------
$ 1,553,480
- ---------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 0.8%
$ 500 Polk County IDA, (Cargill Fertilizer), (AMT),
5.50%, 11/1/09 $ 557,420
- ---------------------------------------------------------------------------------------------------
$ 557,420
- ---------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 9.3%
$ 1,000 Brevard County Utility Revenue, (FGIC),
5.25%, 3/1/13 $ 1,124,230
2,000 Escambia County Utilities Authority, (FGIC),
0.00%, 1/1/15 1,245,280
1,250 Puerto Rico Electric Power Authority, (MBIA),
5.00%, 7/1/19 1,383,375
1,250 Puerto Rico Electric Power Authority, (XLCA),
5.375%, 7/1/18 1,434,025
1,000 Tallahassee Consolidated Utilities System, (FGIC),
5.50%, 10/1/18 1,160,000
- ---------------------------------------------------------------------------------------------------
$ 6,346,910
- ---------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 12.6%
$ 1,750 Dade County Local School District, (MBIA),
5.00%, 2/15/15 $ 1,891,452
330 Dade County, (MBIA), 0.00%, 10/1/08 289,492
1,000 Miami, (Homeland Defense), (MBIA), 0.00%, 1/1/12 723,820
1,000 Miami, (MBIA), 5.375%, 9/1/15 1,126,640
750 Miami-Dade County General Obligation, (Fire and Rescue
Service District), (AMBAC), 5.25%, 4/1/17 824,100
1,000 Miami-Dade County School District, (FSA),
5.375%, 8/1/15 1,152,570
750 New York, NY, (FGIC), 5.50%, 6/1/12 862,867
$ 1,500 Reedy Creek Improvements District, (AMBAC),
5.375%, 6/1/15 $ 1,672,710
- ---------------------------------------------------------------------------------------------------
$ 8,543,651
- ---------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 3.7%
$ 750 Miami-Dade County, Health Facilities Authority, (Miami Children's
Hospital), (AMBAC), 5.625%, 8/15/16 $ 848,220
1,000 Saint Petersburg Health Facilities Authority, (All Children's
Hospital), (AMBAC), 5.50%, 11/12/17 1,121,400
500 Sarasota County Public Hospital, (MBIA), 5.25%, 7/1/18 555,805
- ---------------------------------------------------------------------------------------------------
$ 2,525,425
- ---------------------------------------------------------------------------------------------------
INSURED-HOUSING -- 2.5%
$ 825 Florida Housing Finance Authority, (Leigh Meadows
Apartments), (AMBAC), 5.85%, 9/1/10 $ 871,769
765 Florida Housing Finance Authority, (Stottert Arms
Apartments), (AMBAC), 5.90%, 9/1/10 808,972
- ---------------------------------------------------------------------------------------------------
$ 1,680,741
- ---------------------------------------------------------------------------------------------------
INSURED-MISCELLANEOUS -- 6.9%
$ 500 Florida Board of Education Lottery Revenue, (FGIC),
5.00%, 7/1/20 $ 526,205
1,100 Florida Board of Education Lottery Revenue, (FGIC),
5.25%, 7/1/20 1,186,845
1,500 Jacksonville Entitlement Revenue, (Public Improvements),
(FGIC), 5.00%, 10/1/21 1,568,010
750 Palm Beach County Public Improvements, (Convention
Center), (FGIC), 5.625%, 11/1/15 859,102
500 Saint Johns County IDA, (Professional Golf Hall of Fame),
(MBIA), 5.00%, 9/1/20 526,630
- ---------------------------------------------------------------------------------------------------
$ 4,666,792
- ---------------------------------------------------------------------------------------------------
INSURED-SOLID WASTE -- 3.8%
$ 1,750 Dade County, Resource Recovery Facilities, (AMBAC), (AMT),
5.30%, 10/1/07 $ 1,936,602
1,100 Palm Beach Solid Waste Authority, (AMBAC),
0.00%, 10/1/16 624,228
- ---------------------------------------------------------------------------------------------------
$ 2,560,830
- ---------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 10.4%
$ 500 Cape Coral, Water and Sewer, (FSA), 4.80%, 7/1/09 $ 558,545
990 Julington Creek Plantation Community Development
District, (MBIA), 4.75%, 5/1/19 1,029,006
2,000 Miami-Dade County Professional Sports Franchise Facilities,
(MBIA), 0.00%, 10/1/13 1,341,180
</Table>
See notes to financial statements.
47
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE (CONTINUED)
$ 1,760 Osceola County Sales Tax, (FSA), 5.00%, 4/1/19 $ 1,855,462
770 Seminole County Sales Tax, (FGIC), 5.375%, 10/1/19 845,006
595 St. Cloud, Sales Tax, (FGIC), 5.00%, 9/1/18 634,312
250 St. Cloud, Sales Tax, (FGIC), 5.00%, 9/1/19 264,507
500 Tamarac, Sales Tax, (FGIC), 5.00%, 4/1/18 533,325
- ---------------------------------------------------------------------------------------------------
$ 7,061,343
- ---------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 9.9%
$ 1,000 Broward County Airport System, (MBIA),
5.375%, 10/1/13 $ 1,082,800
1,000 Canaveral Port Authority Improvements, (FGIC),
5.00%, 6/1/19 1,059,440
1,750 Dade County, Seaport, (MBIA), 5.125%, 10/1/16+ 1,910,143
1,305 Guam International Airport Authority, (MBIA),
5.25%, 10/1/14 1,474,572
1,080 Lee County Transportation Facility, (AMBAC),
5.50%, 10/1/16 1,221,178
- ---------------------------------------------------------------------------------------------------
$ 6,748,133
- ---------------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 20.4%
$ 2,000 Boynton Beach Utility System, (FGIC), 5.50%, 11/1/17 $ 2,331,200
1,750 Dade County, Water and Sewer System, (FGIC),
5.25%, 10/1/11 1,964,200
500 Dade County, Water and Sewer System, (FGIC),
5.25%, 10/1/21 533,540
750 Hillsborough County, Capacity Assessment, (FSA),
5.125%, 3/1/20 797,813
1,000 Manatee County, Public Utilities, (MBIA), 6.75%, 10/1/04 1,055,930
1,000 Port Saint Lucie Utility, (MBIA), 0.00%, 9/1/15 603,290
2,000 Seacoast Utilities Authority Water and Sewer, (FGIC),
5.50%, 3/1/16 2,320,060
1,320 Sebring Water and Wastewater, (FGIC), 5.25%, 1/1/15 1,479,548
1,000 Sunrise Utilities Systems, (AMBAC), 5.20%, 10/1/22 1,074,070
1,000 Sunrise Utilities Systems, (AMBAC), 5.50%, 10/1/18 1,153,900
500 Tallahassee, Consolidated Utility System, (FGIC),
5.50%, 10/1/19 578,675
- ---------------------------------------------------------------------------------------------------
$ 13,892,226
- ---------------------------------------------------------------------------------------------------
NURSING HOME -- 1.3%
$ 600 Okaloosa County, Retirement Rental Housing, (Encore
Retirement Partners), 6.125%, 2/1/14 $ 533,796
470 Orange County, Health Facilities Authority, (Westminister
Community Care Services), 6.50%, 4/1/12 367,108
- ---------------------------------------------------------------------------------------------------
$ 900,904
- ---------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 1.5%
$ 250 Lee County IDA, (Shell Point Village), 5.50%, 11/15/21 $ 243,963
250 Lee County IDA, (Shell Point Village), 5.75%, 11/15/14 260,880
595 North Miami HFA, (Imperial Club), 6.75%, 1/1/33 506,613
- ---------------------------------------------------------------------------------------------------
$ 1,011,456
- ---------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 5.6%
$ 500 Fishhawk Community Development District II,
5.00%, 11/1/07 $ 499,885
85 Fleming Island Plantation Community Development District,
6.30%, 2/1/05 85,503
500 Gateway, FL, Services Community Development District,
(Stoneybrook), 5.50%, 7/1/08 501,300
295 Heritage Harbour South Community Development District,
(Capital Improvements), 5.40%, 11/1/08 294,531
255 Heritage Palms Community Development District, Capital
Improvements, 6.25%, 11/1/04 255,870
25 Lexington Oaks Community Development District,
6.70%, 5/1/07 25,192
320 Longleaf Community Development District, 6.20%, 5/1/09 294,765
370 North Springs, Improvement District, (Heron Bay),
7.00%, 5/1/19 386,831
1,000 Orlando Capital Improvements, 5.00%, 10/1/18 1,060,660
165 Stoneybrook West Community Development District,
6.45%, 5/1/10 167,414
35 Vista Lakes Community Development District,
6.35%, 5/1/05 35,128
165 Waterlefe Community Development District, Capital
Improvements, 6.25%, 5/1/10 166,181
- ---------------------------------------------------------------------------------------------------
$ 3,773,260
- ---------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.7%
$ 425 Florida Turnpike Authority, (Department of Transportation),
5.25%, 7/1/18 $ 463,424
- ---------------------------------------------------------------------------------------------------
$ 463,424
- ---------------------------------------------------------------------------------------------------
UTILITIES -- 1.5%
$ 240 Orlando Utilities Commission Water and Electric,
5.00%, 10/1/18 $ 256,570
750 Orlando Utilities Commission Water and Electric,
5.00%, 10/1/22 777,788
- ---------------------------------------------------------------------------------------------------
$ 1,034,358
- ---------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
48
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
WATER AND SEWER -- 1.1%
$ 750 Jacksonville Electric Authority, Water and Sewer,
5.125%, 10/1/19 $ 765,518
- ---------------------------------------------------------------------------------------------------
$ 765,518
- ---------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 98.7%
(IDENTIFIED COST $63,778,042) $ 67,100,454
- ---------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 1.3% $ 860,562
- ---------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 67,961,016
- ---------------------------------------------------------------------------------------------------
</Table>
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.
The Portfolio invests primarily in debt securities issued by Florida
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at September 30, 2003, 80.5% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 2.1% to 31.4% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements.
49
<Page>
MASSACHUSETTS LIMITED MATURITY MUNICIPALS PORTFOLIO as of September 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.5%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
EDUCATION -- 13.6%
$ 580 Massachusetts Development Finance Agency,
(Massachusetts College of Pharmacy), 5.00%, 7/1/11 $ 594,372
400 Massachusetts Development Finance Agency,
(Xaverian Brothers High School), 5.55%, 7/1/19 412,148
1,000 Massachusetts HEFA, (Boston College), 5.00%, 6/1/11 1,116,760
1,305 Massachusetts HEFA, (Boston College), 5.25%, 6/1/20 1,408,056
1,000 Massachusetts HEFA, (Boston College), 5.375%, 6/1/14 1,148,880
1,000 Massachusetts HEFA, (Harvard University),
5.00%, 7/15/22 1,051,410
750 Massachusetts HEFA, (Tufts University), 5.50%, 8/15/15 873,645
1,125 Massachusetts IFA, (Babson College), 5.375%, 10/1/17 1,188,652
500 Massachusetts IFA, (Belmont Hill School), 5.15%, 9/1/13 528,740
485 Massachusetts IFA, (Dana Hall), 5.90%, 7/1/27 492,619
1,030 Massachusetts IFA, (Park School), 5.50%, 9/1/16 1,134,689
750 Massachusetts IFA, (St. Johns High School, Inc.),
5.70%, 6/1/18 778,470
500 Massachusetts IFA, (Wentworth Institute of Technology),
5.55%, 10/1/13 531,870
- ---------------------------------------------------------------------------------------------------
$ 11,260,311
- ---------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 0.6%
$ 500 Massachusetts Development Finance Agency,
(Devens Electric System), 5.75%, 12/1/20 $ 524,525
- ---------------------------------------------------------------------------------------------------
$ 524,525
- ---------------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 6.5%
$ 785 Massachusetts Bay Transportation Authority, Prerefunded
to 3/1/05, 5.75%, 3/1/18 $ 852,015
1,000 Massachusetts Turnpike Authority, Escrowed to Maturity,
5.00%, 1/1/13 1,111,200
2,000 Massachusetts Turnpike Authority, Escrowed to Maturity,
5.00%, 1/1/20(1) 2,194,900
680 Massachusetts Water Pollution Abatement Trust,
Escrowed to Maturity, 5.25%, 8/1/14 774,398
400 Rail Connections, Inc., (Rte. 128 Parking Garage),
Escrowed to Maturity, 5.30%, 7/1/09 459,880
- ---------------------------------------------------------------------------------------------------
$ 5,392,393
- ---------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 4.6%
$ 1,000 Boston, 5.00%, 2/1/18 $ 1,066,720
500 Burlington, 5.00%, 2/1/15 556,040
500 Burlington, 5.00%, 2/1/16 554,720
500 Falmouth, 5.25%, 2/1/16 559,385
$ 1,000 Massachusetts, 5.00%, 11/1/14 $ 1,083,360
- ---------------------------------------------------------------------------------------------------
$ 3,820,225
- ---------------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 0.5%
$ 165 Massachusetts Development Finance Agency, (MCHSP
Human Services), 6.60%, 8/15/29 $ 148,127
275 Massachusetts Development Finance Agency,
(New England Center for Children), 5.30%, 11/1/08 265,697
- ---------------------------------------------------------------------------------------------------
$ 413,824
- ---------------------------------------------------------------------------------------------------
HOSPITAL -- 9.3%
$ 500 Massachusetts HEFA, (Baystate Medical Center),
5.75%, 7/1/14 $ 552,960
865 Massachusetts HEFA, (Baystate Medical Center),
5.75%, 7/1/15 951,976
475 Massachusetts HEFA, (Berkshire Health System),
4.50%, 10/1/05 492,219
1,315 Massachusetts HEFA, (Cape Cod Healthcare),
5.25%, 11/15/13 1,349,874
860 Massachusetts HEFA, (Central New England Health
Systems), 6.125%, 8/1/13 847,891
500 Massachusetts HEFA, (Dana Farber Cancer Institute),
6.50%, 12/1/05 551,545
770 Massachusetts HEFA, (Jordan Hospital), 5.00%, 10/1/11 729,444
750 Massachusetts HEFA, (Milford-Whitinsville Regional
Hospital), 5.75%, 7/15/13 801,900
250 Massachusetts HEFA, (Partners Healthcare System),
5.00%, 7/1/09 276,435
1,000 Massachusetts HEFA, (Partners Healthcare System),
5.50%, 7/1/10 1,122,810
- ---------------------------------------------------------------------------------------------------
$ 7,677,054
- ---------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 2.8%
$ 1,560 Massachusetts College Building Authority, (XLCA),
5.375%, 5/1/14 $ 1,777,573
500 Massachusetts HEFA, (University of Massachusetts),
(MBIA), 5.125%, 10/1/20 532,755
- ---------------------------------------------------------------------------------------------------
$ 2,310,328
- ---------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 6.4%
$ 2,120 Massachusetts Municipal Wholesale Electric Co., (MBIA),
5.25%, 7/1/12 $ 2,386,442
1,000 Massachusetts Power Supply System, (Municipal
Wholesale Electric Co.), (MBIA), 5.25%, 7/1/13 1,117,080
1,500 Puerto Rico Electric Power Authority, (MBIA),
5.50%, 7/1/16 1,758,240
- ---------------------------------------------------------------------------------------------------
$ 5,261,762
- ---------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
50
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 4.3%
$ 2,000 Massachusetts Bay Transportation Authority, Prerefunded
to 3/1/05, (AMBAC), 5.25%, 3/1/11 $ 2,137,000
400 Massachusetts Turnpike Authority, Escrowed to Maturity,
(FGIC), 5.125%, 1/1/23 432,212
850 Route 3 North Transportation Improvements Association,
(MBIA), Prerefunded to 6/15/10, 5.625%, 6/15/21 992,553
- ---------------------------------------------------------------------------------------------------
$ 3,561,765
- ---------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 16.4%
$ 1,000 Boston, (MBIA), 5.00%, 2/1/19 $ 1,064,040
2,000 Dudley-Charlton Regional School District, (FGIC),
5.125%, 6/15/13 2,261,400
1,000 Fall River, (FSA), 5.25%, 2/1/14 1,137,390
940 Fall River, (FSA), 5.25%, 2/1/18 1,046,182
780 Groton-Dunstable Regional School District, (FSA),
5.00%, 10/15/17 846,409
750 Haverhill, (FGIC), 5.00%, 6/15/17 810,112
715 Lancaster, (AMBAC), 5.00%, 4/15/19 766,823
1,035 Lancaster, (AMBAC), 5.375%, 4/15/15 1,177,085
750 Lawrence, (MBIA), 5.00%, 3/15/13 838,327
1,000 Massachusetts, (AMBAC), 5.00%, 7/1/12 1,114,590
500 Puerto Rico Public Improvements, (XLCA), 5.25%, 7/1/17 568,715
1,195 Puerto Rico, Public Improvements, (XLCA), 5.25%, 7/1/16 1,361,631
500 Springfield, (MBIA), 5.25%, 1/15/15 564,425
- ---------------------------------------------------------------------------------------------------
$ 13,557,129
- ---------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 2.6%
$ 1,000 Massachusetts HEFA, (Harvard Pilgrim Health), (FSA),
5.00%, 7/1/05 $ 1,058,060
1,000 Massachusetts HEFA, (New England Medical Center
Hospital), (FGIC), 5.375%, 5/15/15 1,108,270
- ---------------------------------------------------------------------------------------------------
$ 2,166,330
- ---------------------------------------------------------------------------------------------------
INSURED-HOUSING -- 0.3%
$ 235 Massachusetts Housing Finance Agency, Single Family,
(AMBAC), (AMT), 5.15%, 12/1/12 $ 244,391
- ---------------------------------------------------------------------------------------------------
$ 244,391
- ---------------------------------------------------------------------------------------------------
INSURED-MISCELLANEOUS -- 1.0%
$ 750 Boston Convention Center Act 1997, (AMBAC),
5.00%, 5/1/16 $ 815,670
- ---------------------------------------------------------------------------------------------------
$ 815,670
- ---------------------------------------------------------------------------------------------------
INSURED-SOLID WASTE -- 2.7%
$ 1,000 Massachusetts Development Finance Agency,
(Semass System), (MBIA), 5.625%, 1/1/13 $ 1,139,710
1,000 Massachusetts Development Finance Agency,
(Semass System), (MBIA), 5.625%, 1/1/16 1,123,790
- ---------------------------------------------------------------------------------------------------
$ 2,263,500
- ---------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 11.4%
$ 1,630 Massachusetts Bay Transportation Authority, (General
Transportation System), (MBIA), 5.50%, 3/1/14 $ 1,887,067
500 Massachusetts Port Authority, (Delta Airlines), (AMBAC),
(AMT), 5.50%, 1/1/15 538,575
1,225 Massachusetts Port Authority, (FSA), 5.125%, 7/1/17 1,300,203
1,000 Massachusetts Port Authority, (MBIA), 5.00%, 7/1/18 1,074,600
1,500 Massachusetts State Federal Highway Grant Anticipation
Notes, (FSA), 5.50%, 12/15/13 1,745,205
1,000 Puerto Rico Commonwealth Highway and Transportation
Authority, (FSA), 5.50%, 7/1/11 1,161,600
500 Puerto Rico Commonwealth Highway and Transportation
Authority, (FSA), 5.50%, 7/1/17 585,375
1,000 Puerto Rico Highway and Transportation Authority (FGIC),
5.50%, 7/1/15 1,164,530
- ---------------------------------------------------------------------------------------------------
$ 9,457,155
- ---------------------------------------------------------------------------------------------------
LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 2.1%
$ 1,650 Puerto Rico, ITEM & ECFA, (Guaynabo Municipal
Government), 5.375%, 7/1/06 $ 1,754,511
- ---------------------------------------------------------------------------------------------------
$ 1,754,511
- ---------------------------------------------------------------------------------------------------
MISCELLANEOUS -- 1.7%
$ 1,000 Massachusetts Development Finance Agency,
(Jewish Philanthropies), 5.25%, 2/1/22 $ 1,065,630
350 Massachusetts Development Finance Agency, (YMCA of
Greater Boston), 5.25%, 11/1/13 367,931
- ---------------------------------------------------------------------------------------------------
$ 1,433,561
- ---------------------------------------------------------------------------------------------------
NURSING HOME -- 1.7%
$ 425 Massachusetts Development Finance Agency, (Odd Fellows
Home of Massachusetts), 6.25%, 1/1/15 $ 392,318
515 Massachusetts HEFA, (Christopher House), 6.25%, 1/1/07 519,450
480 Massachusetts IFA, (Age Institute of Massachusetts),
7.60%, 11/1/05 480,134
- ---------------------------------------------------------------------------------------------------
$ 1,391,902
- ---------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
51
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 1.2%
$ 600 Massachusetts Development Finance Agency, (Berkshire
Retirement), 5.60%, 7/1/19 $ 574,230
490 Massachusetts IFA, (Forge Hill), (AMT), 6.75%, 4/1/30 458,601
- ---------------------------------------------------------------------------------------------------
$ 1,032,831
- ---------------------------------------------------------------------------------------------------
SOLID WASTE -- 1.2%
$ 1,000 Massachusetts IFA, (Ogden Haverhill), (AMT),
5.50%, 12/1/13 $ 968,900
- ---------------------------------------------------------------------------------------------------
$ 968,900
- ---------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 1.7%
$ 750 Massachusetts Bay Transportation Authority, Sales Tax,
5.25%, 7/1/16 $ 852,143
500 Massachusetts Special Obligations, 5.00%, 6/1/14 554,750
- ---------------------------------------------------------------------------------------------------
$ 1,406,893
- ---------------------------------------------------------------------------------------------------
TRANSPORTATION -- 3.1%
$ 215 Massachusetts Bay Transportation Authority,
5.75%, 3/1/18 $ 231,579
1,000 Massachusetts Port Authority, (AMT), 6.25%, 7/1/17 1,104,530
2,000 Massachusetts State Federal Highway Grant Anticipation
Notes, 0.00%, 6/15/15 1,212,560
- ---------------------------------------------------------------------------------------------------
$ 2,548,669
- ---------------------------------------------------------------------------------------------------
WATER AND SEWER -- 2.8%
$ 1,595 Massachusetts Water Pollution Abatement Trust,
0.00%, 8/1/12 $ 1,130,871
600 Massachusetts Water Pollution Abatement Trust,
5.00%, 8/1/16 651,942
500 Massachusetts Water Pollution Abatement Trust,
5.25%, 2/1/12 562,445
- ---------------------------------------------------------------------------------------------------
$ 2,345,258
- ---------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 98.5%
(IDENTIFIED COST $77,688,760) $ 81,608,887
- ---------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 1.5% $ 1,230,206
- ---------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 82,839,093
- ---------------------------------------------------------------------------------------------------
</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.
The Portfolio invests primarily in debt securities issued by Massachusetts
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at September 30, 2003, 48.6% 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 4.5% to 17.7% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements.
52
<Page>
NEW JERSEY LIMITED MATURITY MUNICIPALS PORTFOLIO as of September 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.6%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
COGENERATION -- 1.2%
$ 635 New Jersey EDA, (Trigen-Trenton), (AMT),
6.10%, 12/1/04 $ 637,737
- ---------------------------------------------------------------------------------------------------
$ 637,737
- ---------------------------------------------------------------------------------------------------
EDUCATION -- 2.7%
$ 750 New Jersey Educational Facilities Authority,
(Steven's Institute of Technology), 5.00%, 7/1/11 $ 804,180
600 New Jersey Educational Facility Authority, (Higher
Education Capital Improvements), 5.00%, 9/1/15 650,070
- ---------------------------------------------------------------------------------------------------
$ 1,454,250
- ---------------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 3.4%
$ 350 New Jersey EDA, (Kapkowski Road Landfill),
Prerefunded to 5/15/14, 6.375%, 4/1/18 $ 433,184
2,030 New Jersey EDA, (Principal Custodial Receipts),
Escrowed to Maturity, 0.00%, 12/15/12 1,424,613
- ---------------------------------------------------------------------------------------------------
$ 1,857,797
- ---------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 8.9%
$ 500 Jersey City School District, 6.25%, 10/1/10 $ 598,635
500 New Jersey, 4.50%, 2/1/18 508,155
1,560 Ocean County, 5.00%, 8/1/17 1,688,965
1,050 Puerto Rico, 0.00%, 7/1/08 923,905
1,000 Union County, (General Improvements),
5.00%, 3/1/17 1,079,390
- ---------------------------------------------------------------------------------------------------
$ 4,799,050
- ---------------------------------------------------------------------------------------------------
HOSPITAL -- 5.1%
$ 500 New Jersey Health Care Facilities Financing Authority,
(Atlantic City Medical Care Center), 6.00%, 7/1/12 $ 564,140
450 New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center),
6.125%, 1/1/20 481,284
500 New Jersey Health Care Facilities Financing Authority,
(Robert Wood Johnson University Hospital),
5.60%, 7/1/15 546,125
425 New Jersey Health Care Facilities Financing Authority,
(Saint Peters University Hospital), (AMT),
6.875%, 7/1/20 463,293
680 New Jersey Health Care Facilities Financing Authority,
(St. Elizabeth's Hospital), 5.75%, 7/1/08 705,208
- ---------------------------------------------------------------------------------------------------
$ 2,760,050
- ---------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 3.4%
$ 420 New Jersey Economic Development Authority PCR,
(PSEG Power), 5.00%, 3/1/12 $ 419,609
350 New Jersey EDA, (American Airlines), (AMT),
7.10%, 11/1/31 204,754
450 New Jersey EDA, (Continental Airlines), (AMT),
6.25%, 9/15/19 382,928
500 New Jersey EDA, (Holt Hauling), (AMT),
7.90%, 3/1/27 498,000
300 New Jersey EDA, (The Seeing Eye, Inc.),
6.20%, 12/1/24 333,552
- ---------------------------------------------------------------------------------------------------
$ 1,838,843
- ---------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 4.8%
$ 1,000 New Jersey Economic Development Authority, (School
Facility), (AMBAC), 5.25%, 6/15/16 $ 1,103,920
900 New Jersey Educational Facilities Authority, (Ramapo
College), (AMBAC), 4.60%, 7/1/14 956,295
500 University of New Jersey Medicine and Dentistry,
(AMBAC), 5.375%, 12/1/13 568,635
- ---------------------------------------------------------------------------------------------------
$ 2,628,850
- ---------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 5.0%
$ 560 Cape May County Industrial Pollution Control Financing
Authority, (Atlantic City Electric Co,), (MBIA),
6.80%, 3/1/21 722,389
730 Puerto Rico Electric Power Authority, (XLCA),
5.00%, 7/1/11 820,352
1,000 Puerto Rico Electric Power Authority, (XLCA),
5.375%, 7/1/18 1,147,220
- ---------------------------------------------------------------------------------------------------
$ 2,689,961
- ---------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 22.0%
$ 330 Clearview Regional High School District, (FGIC),
5.375%, 8/1/15 $ 376,012
1,175 Edison, (AMBAC), 4.70%, 1/1/04 1,186,127
750 Freehold Regional High School District, (FGIC),
5.00%, 3/1/18 826,785
720 Hillsborough Township School District, (FSA),
5.375%, 10/1/18 825,163
750 Hunterdon Central Regional High School District,
(FSA), 4.75%, 5/1/12 826,470
1,000 Jersey City, (AMBAC), 5.25%, 3/1/14 1,136,220
725 Monroe Township Board of Education, (FGIC),
5.20%, 8/1/11 827,675
825 Monroe Township Board of Education, (FGIC),
5.20%, 8/1/14 937,373
700 Montville Township, (AMBAC), 4.20%, 8/1/12 734,573
</Table>
See notes to financial statements.
53
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS (CONTINUED)
$ 255 Ocean Township Board of Education, (FGIC),
4.50%, 8/1/12 $ 277,606
1,000 Passaic County, (FSA), 5.25%, 6/1/13 1,123,210
500 Puerto Rico Public Improvements, (XLCA),
5.25%, 7/1/17 568,715
850 Roselle, (MBIA), 4.65%, 10/15/03 851,309
1,300 Washington Township Board of Education, (MBIA),
5.125%, 2/1/15 1,397,734
- ---------------------------------------------------------------------------------------------------
$ 11,894,972
- ---------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 5.6%
$ 1,300 New Jersey Health Care Facilities Financing Authority,
(AHS Hospital Corp.), (AMBAC), 6.00%, 7/1/12(1) $ 1,539,889
1,410 New Jersey Health Care Facilities Financing Authority,
(Dover General Hospital and Medical Center), (MBIA),
7.00%, 7/1/04 1,471,335
- ---------------------------------------------------------------------------------------------------
$ 3,011,224
- ---------------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 4.7%
$ 1,645 New Brunswick Parking Authority, (FGIC),
5.25%, 9/1/13 $ 1,847,121
610 Puerto Rico Public Finance Corp., (AMBAC),
5.375%, 6/1/17 705,654
- ---------------------------------------------------------------------------------------------------
$ 2,552,775
- ---------------------------------------------------------------------------------------------------
INSURED-NURSING HOME -- 0.8%
$ 400 Rahway Geriatrics Center Inc., (MBIA),
5.25%, 5/1/15 $ 450,936
- ---------------------------------------------------------------------------------------------------
$ 450,936
- ---------------------------------------------------------------------------------------------------
INSURED-OTHER REVENUE -- 4.1%
$ 500 Monmouth County Improvements Authority, (AMBAC),
5.00%, 12/1/11 $ 563,500
1,000 Monmouth County Improvements Authority, (FSA),
5.00%, 12/1/16 1,089,220
500 Trenton Parking Authority, (FGIC), 5.125%, 4/1/12 556,100
- ---------------------------------------------------------------------------------------------------
$ 2,208,820
- ---------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 8.4%
$ 1,000 Delaware River Port Authority, (FSA), 5.10%, 1/1/20 $ 1,061,510
500 Delaware River Port Authority, (FSA), 5.50%, 1/1/10 574,600
750 Guam International Airport Authority, (MBIA),
5.25%, 10/1/15 846,120
$ 1,500 New Jersey Economic Development Authority,
(New Jersey Motor Vehicle Commission), (MBIA),
0.00%, 7/1/14 $ 952,425
750 New Jersey Transportation Trust Fund Authority,
(Transportation System), (AMBAC), 5.50%, 12/15/13 871,905
250 South Jersey Transportation Authority, (AMBAC),
5.00%, 11/1/18 266,403
- ---------------------------------------------------------------------------------------------------
$ 4,572,963
- ---------------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 9.5%
$ 185 Atlantic Highlands Sewer Authority, (FGIC),
4.125%, 1/1/12 $ 194,505
1,135 Bayonne Municipal Utilities Authority, (XLCA),
5.25%, 4/1/19 1,231,759
420 Musconetcong Sewer Authority, (MBIA), 5.25%, 1/1/13 475,692
1,000 North Hudson Sewer Authority, (FGIC), 5.25%, 8/1/16 1,109,900
565 Pennsville Sewer Authority, (MBIA), 0.00%, 11/1/16 329,858
565 Pennsville Sewer Authority, (MBIA), 0.00%, 11/1/17 311,372
565 Pennsville Sewer Authority, (MBIA), 0.00%, 11/1/18 292,800
1,090 Pequannock Lincoln Park and Fairfield Sewage Authority,
(MBIA), 5.125%, 12/1/14 1,224,037
- ---------------------------------------------------------------------------------------------------
$ 5,169,923
- ---------------------------------------------------------------------------------------------------
NURSING HOME -- 1.0%
$ 500 New Jersey EDA, (Masonic Charity Foundation),
4.80%, 6/1/11 $ 540,435
- ---------------------------------------------------------------------------------------------------
$ 540,435
- ---------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 1.1%
$ 300 New Jersey EDA, (Fellowship Village), 5.50%, 1/1/18 $ 300,837
300 New Jersey EDA, (Fellowship Village), 5.50%, 1/1/25 285,717
- ---------------------------------------------------------------------------------------------------
$ 586,554
- ---------------------------------------------------------------------------------------------------
SOLID WASTE -- 0.5%
$ 255 Atlantic County Utilities Authority, Solid Waste System,
7.00%, 3/1/08 $ 249,882
- ---------------------------------------------------------------------------------------------------
$ 249,882
- ---------------------------------------------------------------------------------------------------
TRANSPORTATION -- 4.4%
$ 450 Delaware River Joint Toll Bridge Commission, PA,
5.25%, 7/1/15 $ 496,368
1,000 New Jersey Transportation Trust Fund Authority, Variable
Rate, 6/15/17(2)(3) 1,130,230
</Table>
See notes to financial statements.
54
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
TRANSPORTATION (CONTINUED)
$ 700 Port Authority of New York and New Jersey, (AMT),
5.50%, 7/15/12 $ 751,688
- ---------------------------------------------------------------------------------------------------
$ 2,378,286
- ---------------------------------------------------------------------------------------------------
WATER AND SEWER -- 2.0%
$ 1,000 Ocean County Wastewater Utilities Authority,
5.25%, 1/1/17 $ 1,095,530
- ---------------------------------------------------------------------------------------------------
$ 1,095,530
- ---------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 98.6%
(IDENTIFIED COST $50,476,660) $ 53,378,838
- ---------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 1.4% $ 750,182
- ---------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 54,129,020
- ---------------------------------------------------------------------------------------------------
</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.
The Portfolio invests primarily in debt securities issued by New Jersey
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at September 30, 2003, 65.9% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 7.1% to 18.0% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
(2) Security has been issued as an inverse floater bond.
(3) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
See notes to financial statements.
55
<Page>
NEW YORK LIMITED MATURITY MUNICIPALS PORTFOLIO as of September 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.3%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
COGENERATION -- 0.5%
$ 600 Suffolk County IDA, (Nissequogue Cogeneration Partners
Facility), (AMT), 5.50%, 1/1/23 $ 556,920
- ---------------------------------------------------------------------------------------------------
$ 556,920
- ---------------------------------------------------------------------------------------------------
EDUCATION -- 2.1%
$ 1,000 New York Dormitory Authority, (Columbia University),
5.125%, 7/1/15 $ 1,118,760
600 New York Dormitory Authority, (State University
Educational Facilities), 5.25%, 5/15/15 673,014
105 New York Dormitory Authority, (State University
Educational Facilities), 5.25%, 5/15/19 117,406
625 Troy IDA, (Rensselaer Polytechnic Institute),
5.50%, 9/1/15 708,512
- ---------------------------------------------------------------------------------------------------
$ 2,617,692
- ---------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 3.8%
$ 1,000 Long Island Power Authority, NY, Electric System Revenue,
5.25%, 6/1/13 $ 1,094,660
2,500 New York Energy Research and Development Authority
Facility, (AMT), 4.70%, 6/1/36 2,531,025
1,000 New York Power Authority , 5.00%, 11/15/11 1,121,390
- ---------------------------------------------------------------------------------------------------
$ 4,747,075
- ---------------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 6.5%
$ 1,750 Metropolitan Transportation Authority, Prerefunded to
7/1/15, 5.50%, 7/1/17 $ 2,063,477
500 New York Environmental Facility Corp., Clean Water,
(New York City Municipal Water), Escrowed to Maturity,
5.25%, 6/15/14 558,600
300 New York Environmental Facility Corp., Clean Water,
Escrowed to Maturity, 5.25%, 6/15/11 337,896
635 New York Environmental Facility Corp., Pollution Control,
(New York City Municipal Water), Escrowed to Maturity,
5.75%, 6/15/10 750,557
745 New York Environmental Facility Corp., Pollution Control,
(New York City Municipal Water), Escrowed to Maturity,
5.75%, 6/15/10 880,575
1,030 Triborough Bridge and Tunnel Authority, Escrowed to Maturity,
5.00%, 1/1/20 1,128,973
1,000 Triborough Bridge and Tunnel Authority, Prerefunded to
1/1/16, 5.375%, 1/1/19 1,161,080
1,000 Triborough Bridge and Tunnel Authority, Prerefunded to
1/1/17, 5.25%, 1/1/17 1,155,440
- ---------------------------------------------------------------------------------------------------
$ 8,036,598
- ---------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 1.6%
$ 1,000 New York City, 0.00%, 8/1/08 $ 869,070
1,000 New York City, 0.00%, 8/1/08 869,070
250 New York City, 5.875%, 8/15/13 275,682
- ---------------------------------------------------------------------------------------------------
$ 2,013,822
- ---------------------------------------------------------------------------------------------------
HEALTH CARE - MISCELLANEOUS -- 0.6%
$ 310 Suffolk County IDA, (Alliance of Long Island Agencies),
7.50%, 9/1/15 $ 331,021
400 Westchester County IDA, (Children's Village),
5.375%, 3/15/19 414,648
- ---------------------------------------------------------------------------------------------------
$ 745,669
- ---------------------------------------------------------------------------------------------------
HOSPITAL -- 7.1%
$ 485 Chautauqua County IDA, (Womans Christian Association),
6.35%, 11/15/17 $ 451,617
580 Fulton County IDA, (Nathan Littauer Hospital),
5.75%, 11/1/09 549,080
275 Nassau County Industrial Development Agency,
(North Shore Health System), 5.875%, 11/1/11 300,927
1,000 New York Dormitory Authority, (Child Care Facility),
5.375%, 4/1/14 1,101,690
2,000 New York Dormitory Authority, (Department of Health),
5.375%, 7/1/08 2,190,720
1,200 New York Dormitory Authority, (Lenox Hill Hospital),
5.75%, 7/1/15 1,318,476
500 New York Dormitory Authority, (Lenox Hill Hospital),
5.75%, 7/1/17 541,125
1,000 New York State HFA, Health Facilities, 6.375%, 11/1/03 1,004,270
500 Oneida County IDA, (St. Elizabeth Medical Center),
5.50%, 12/1/10 488,885
750 Suffolk County Industrial Development Agency,
(Huntington Hospital), 6.00%, 11/1/22 795,480
- ---------------------------------------------------------------------------------------------------
$ 8,742,270
- ---------------------------------------------------------------------------------------------------
HOUSING -- 0.8%
$ 445 New York City Housing Development Corp., MFMR,
5.625%, 5/1/12 $ 450,456
500 New York State Mortgage Agency, (AMT),
5.20%, 10/1/08 525,990
- ---------------------------------------------------------------------------------------------------
$ 976,446
- ---------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
56
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 1.8%
$ 1,000 Dutchess County IDA, (IBM), (AMT), 5.45%, 12/1/29 $ 1,112,710
250 Onondaga County, IDA, (Senior Air Cargo), (AMT),
6.125%, 1/1/32 250,145
1,500 Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26 855,030
- ---------------------------------------------------------------------------------------------------
$ 2,217,885
- ---------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 5.3%
$ 1,000 New York Dormitory Authority Revenue, (State University
Educational Facilities), (FSA), 5.75%, 5/15/17 $ 1,188,790
1,455 New York Dormitory Authority, (Mt. Sinai School of
Medicine), (MBIA), 5.25%, 7/1/13 1,639,421
1,000 New York Dormitory Authority, (New York University),
(AMBAC), 5.50%, 7/1/19 1,159,320
1,000 New York Dormitory Authority, (University Educational
Facilities), (FGIC), 5.25%, 5/15/13 1,135,530
1,000 New York Dormitory, (City University), (AMBAC),
5.625%, 7/1/16 1,172,520
250 Niagara County IDA, (Niagara University), (AMBAC),
5.25%, 10/1/18 286,677
- ---------------------------------------------------------------------------------------------------
$ 6,582,258
- ---------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 6.1%
$ 500 Long Island Power Authority, Electric System Revenue,
(FSA), 0.00%, 6/1/15 $ 312,980
500 Long Island Power Authority, Electric System Revenue,
(FSA), 5.00%, 12/1/18 536,125
1,000 Long Island Power Authority, Electric System Revenue,
(FSA), 5.25%, 12/1/14 1,159,080
1,000 Long Island Power Authority, Electric System Revenue,
(FSA), 5.50%, 12/1/13 1,179,700
2,500 Puerto Rico Electric Power Authority, (MBIA),
5.50%, 7/1/16 2,930,400
1,250 Puerto Rico Electric Power Authority, (XLCA),
5.375%, 7/1/18 1,434,025
- ---------------------------------------------------------------------------------------------------
$ 7,552,310
- ---------------------------------------------------------------------------------------------------
INSURED-ESCROWED/PREREFUNDED -- 5.3%
$ 2,000 Metropolitan Transportation Authority of New York, (FGIC),
Prerefunded to 10/1/15, 5.00%, 4/1/23 $ 2,263,640
2,240 Metropolitan Transportation Authority, (FGIC),
Prerefunded to 7/1/08, 5.70%, 7/1/10 2,608,928
1,000 Metropolitan Transportation Authority, (FGIC),
Prerefunded to 7/1/09, 5.25%, 7/1/17 1,149,930
$ 450 New York Thruway Authority Service Contract,
(Local Highway and Bridge), (MBIA),
Prerefunded to 4/1/09, 5.40%, 4/1/15 $ 522,468
- ---------------------------------------------------------------------------------------------------
$ 6,544,966
- ---------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 11.3%
$ 500 Clarence, Central School District, (FSA),
5.00%, 5/15/17 $ 536,335
1,110 East Bloomfield Central School District, (FGIC),
5.00%, 6/15/18 1,182,894
1,880 Erie County Public Improvements, (FGIC), 5.00%, 9/1/14 2,061,928
1,000 Monroe County, (Public Improvements), (MBIA),
6.00%, 3/1/19 1,213,600
1,000 New York City, (MBIA), 5.75%, 8/1/14 1,152,810
1,500 New York City, (XLCA), 5.50%, 8/1/12 1,716,930
1,175 Puerto Rico Public Improvements, (XLCA),
5.50%, 7/1/15 1,368,323
1,915 Puerto Rico, (FGIC), 5.50%, 7/1/17 2,241,986
1,645 Red Hook Central School District, (FSA),
5.125%, 6/15/16 1,796,932
620 Shenendehowa Central School District, (FSA),
5.00%, 5/1/14 678,094
- ---------------------------------------------------------------------------------------------------
$ 13,949,832
- ---------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 4.4%
$ 1,600 New York Dormitory Authority, (Memorial Sloan
Kettering Cancer Center), (MBIA), 5.50%, 7/1/17 $ 1,843,616
1,000 New York Dormitory Authority, (Memorial Sloan-Kettering
Cancer Center), (MBIA), 5.00%, 7/1/20 1,049,930
500 New York Dormitory Authority, (Mental Health Services
Facilities), (FSA), 5.125%, 8/15/17 543,035
1,310 New York Dormitory Authority, (Mental Health
Services Facilities), (MBIA), 5.50%, 8/15/13 1,475,859
500 New York Dormitory Authority, (New York and
Presbyterian Hospital), (FSA), 5.50%, 8/1/11 572,710
- ---------------------------------------------------------------------------------------------------
$ 5,485,150
- ---------------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 1.1%
$ 1,000 New York Dormitory Authority, (Municipal Health
Facilities), (FSA), 5.50%, 1/15/13 $ 1,127,530
250 New York Urban Development Corp., (Correctional
Facilities), (AMBAC), 5.25%, 1/1/15 276,472
- ---------------------------------------------------------------------------------------------------
$ 1,404,002
- ---------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
57
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 2.2%
$ 2,250 New York Local Government Assistance Corp., (MBIA),
0.00%, 4/1/13 $ 1,576,732
1,000 New York Urban Development Corp., (Personal Income Tax),
(MBIA), 5.375%, 3/15/17 1,098,210
- ---------------------------------------------------------------------------------------------------
$ 2,674,942
- ---------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 10.2%
$ 1,150 Guam International Airport Authority, (MBIA),
5.25%, 10/1/15 $ 1,297,384
1,000 Metropolitan Transportation Authority, (MBIA),
5.50%, 11/15/13 1,158,230
1,250 Metropolitan Transportation Authority, (MBIA),
5.50%, 7/1/14 1,447,438
500 Monroe County Airport Authority, (MBIA), (AMT),
Variable Rate, 1/1/17(1)(2) 653,895
2,500 New York Thruway Authority, (Local Highway & Bridge),
(XLCA), 5.50%, 4/1/13 2,830,200
1,000 Puerto Rico Commonwealth Highway and Transportation
Authority, (FSA), 5.50%, 7/1/17 1,170,750
1,850 Puerto Rico Highway and Transportation Authority, (MBIA),
5.50%, 7/1/15 2,169,773
1,585 Puerto Rico Highway and Transportation Finance Authority,
(FSA), 5.50%, 7/1/12 1,842,246
- ---------------------------------------------------------------------------------------------------
$ 12,569,916
- ---------------------------------------------------------------------------------------------------
LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 6.8%
$ 1,300 New York Dormitory Authority, (Court Facilities),
5.50%, 5/15/19 $ 1,398,995
2,000 New York State Energy Research and Development
Authority, (Western NY Nuclear Service Center),
6.00%, 4/1/06 2,206,480
1,485 New York State Thruway Authority, Special Obligations,
0.00%, 1/1/04 1,479,817
1,000 New York State Urban Development Corp.,
(Youth Facilities), 5.75%, 4/1/10 1,106,620
1,000 New York Thruway Authority, 5.75%, 4/1/16 1,129,530
1,000 New York Urban Development Corp., (Correctional and
Youth Facilities), 5.50%, 1/1/17 1,125,370
- ---------------------------------------------------------------------------------------------------
$ 8,446,812
- ---------------------------------------------------------------------------------------------------
OTHER REVENUE -- 1.2%
$ 750 Albany Industrial Development Agency,
(Charitable Leadership), 6.00%, 7/1/19 $ 790,388
700 New York, United Nations Development Corp.,
5.00%, 7/1/06 701,883
- ---------------------------------------------------------------------------------------------------
$ 1,492,271
- ---------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 1.0%
$ 345 Glen Cove IDA, (Regency at Glen Cove), 9.50%, 7/1/12 $ 352,542
400 Mt. Vernon IDA, (Wartburg Senior Housing, Inc.),
6.15%, 6/1/19 385,564
500 Suffolk County IDA, (Jeffersons Ferry), 7.20%, 11/1/19 523,945
- ---------------------------------------------------------------------------------------------------
$ 1,262,051
- ---------------------------------------------------------------------------------------------------
SOLID WASTE -- 0.6%
$ 750 Hempstead IDA, (American Refuel), 5.00%, 12/1/10 $ 790,793
- ---------------------------------------------------------------------------------------------------
$ 790,793
- ---------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 7.9%
$ 1,140 34th Street Partnership, Inc., 5.00%, 1/1/17 $ 1,220,541
1,000 New York City Transitional Finance Authority,
4.75%, 11/15/23 1,004,180
1,100 New York City Transitional Finance Authority,
5.00%, 5/1/16 1,157,882
1,155 New York City Transitional Finance Authority,
5.375%, 2/1/15 1,292,688
500 New York City Transitional Finance Authority, (Future Tax),
5.375%, 2/15/14 557,725
1,000 New York City Transitional Finance Authority, Future Tax,
5.375%, 2/2/13 1,120,580
3,000 New York Local Government Assistance Corp.,
5.25%, 4/1/16 3,370,830
- ---------------------------------------------------------------------------------------------------
$ 9,724,426
- ---------------------------------------------------------------------------------------------------
TRANSPORTATION -- 4.2%
$ 3,000 Port Authority of New York and New Jersey, (AMT),
6.00%, 7/1/14(3) $ 3,326,760
1,685 Triborough Bridge and Tunnel Authority, 5.00%, 1/1/15 1,822,648
- ---------------------------------------------------------------------------------------------------
$ 5,149,408
- ---------------------------------------------------------------------------------------------------
WATER AND SEWER -- 5.9%
$ 2,000 New York City Municipal Water Finance Authority,
5.125%, 6/15/21 $ 2,057,920
1,000 New York City Municipal Water Finance Authority,
5.375%, 6/15/15 1,119,330
2,500 New York Environmental Facilities Corp., Water Finance
Authority, 5.00%, 6/15/17 2,710,875
200 New York Environmental Facility Corp., Clean Water,
5.25%, 6/15/11 222,172
1,000 New York Environmental Facility Corp., Clean Water,
(Municipal Water Finance), 5.00%, 6/15/16 1,080,520
120 New York Environmental Facility Corp., Pollution Control,
(New York City Municipal Water), 5.75%, 6/15/10 140,762
- ---------------------------------------------------------------------------------------------------
$ 7,331,579
- ---------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
58
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 98.3%
(IDENTIFIED COST $115,830,747) $ 121,615,093
- ---------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 1.7% $ 2,153,825
- ---------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 123,768,918
- ---------------------------------------------------------------------------------------------------
</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.
The Portfolio invests primarily in debt securities issued by New York
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at September 30, 2003, 46.7% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 2.4% to 17.5% of total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(3) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements.
59
<Page>
OHIO LIMITED MATURITY MUNICIPALS PORTFOLIO as of September 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.6%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
EDUCATION -- 9.0%
- ---------------------------------------------------------------------------------------------------
$ 500 Ohio Higher Educational Facilities Commission,
(John Carroll University), 5.00%, 11/15/13 $ 544,750
900 Ohio Higher Educational Facilities, (Kenyon College),
5.05%, 7/1/37 944,271
500 Ohio State University General Receipts, 5.25%, 12/1/17 553,420
- ---------------------------------------------------------------------------------------------------
$ 2,042,441
- ---------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 10.0%
$ 100 Cuyahoga County, Sewer Improvement District,
5.45%, 12/1/15 $ 108,792
500 Hamilton School District, 6.15%, 12/1/15 610,485
300 Kings County Local School District, 7.60%, 12/1/10 340,758
500 Ohio, 0.00%, 8/1/04 495,515
500 Ohio, 0.00%, 8/1/05 487,445
250 Ohio, 0.00%, 8/1/08 220,220
- ---------------------------------------------------------------------------------------------------
$ 2,263,215
- ---------------------------------------------------------------------------------------------------
HOSPITAL -- 7.2%
$ 500 Cuyahoga County, (Cleveland Clinic Health System),
6.00%, 1/1/17 $ 554,265
500 Erie County Hospital Facility, (Firelands Regional
Medical Center), 5.50%, 8/15/12 546,285
250 Parma, Hospital Improvement, (Parma Community
General Hospital Association), 5.25%, 11/1/13 262,692
250 Richland County Hospital Facilities, (Medcentral Health
Systems), 6.375%, 11/15/22 267,095
- ---------------------------------------------------------------------------------------------------
$ 1,630,337
- ---------------------------------------------------------------------------------------------------
HOUSING -- 2.2%
$ 480 Ohio Housing Finance Agency Mortgage, (AMT),
4.55%, 9/1/11 $ 499,738
- ---------------------------------------------------------------------------------------------------
$ 499,738
- ---------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 2.8%
$ 500 Dayton, Special Facilities Revenue, (Emery Air Freight),
5.625%, 2/1/18 $ 382,095
250 Ohio Economic Development, (Ohio Enterprise Bond Fund),
(AMT), 5.25%, 12/1/15 260,832
- ---------------------------------------------------------------------------------------------------
$ 642,927
- ---------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 3.5%
$ 750 University of Cincinnati General Receipts, (FGIC),
5.00%, 6/1/19 $ 800,617
- ---------------------------------------------------------------------------------------------------
$ 800,617
- ---------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 30.2%
$ 200 Amherst School District, (FGIC), 5.00%, 12/1/11 $ 224,972
250 Athens City School District, (FSA), 5.45%, 12/1/10 289,692
500 Cincinnati School District, (School Improvements), (FSA),
5.25%, 6/1/16 557,100
500 Cleveland Municipal School District, (FGIC),
5.25%, 12/1/14 561,635
480 Cleveland, (MBIA), 5.50%, 12/1/14 548,448
265 Clinton Massie Local School District, (AMBAC),
0.00%, 12/1/11 198,745
265 Clinton Massie Local School District, (MBIA),
0.00%, 12/1/09 220,795
225 Finneytown Local School District, (FGIC), 6.15%, 12/1/11 271,996
1,000 Hilliard School District, (FGIC), 0.00%, 12/1/14 639,000
175 Sciota Valley and Ross County School District, (FGIC),
0.00%, 12/1/11 131,246
1,000 Southwest Licking School Facilities Improvement, (FGIC),
7.10%, 12/1/16(1) 1,140,290
600 Springfield City School District, Clark County, (FGIC),
5.00%, 12/1/17 652,968
500 Strongsville City School District, (MBIA), 5.375%, 12/1/12 575,465
250 West Clermont School District, (AMBAC), 6.90%, 12/1/12 285,473
460 Wyoming, School District, (FGIC), 5.75%, 12/1/17 548,334
- ---------------------------------------------------------------------------------------------------
$ 6,846,159
- ---------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 4.5%
$ 400 Akron, Bath and Copley Township, Hospital District,
(Childrens Hospital Center), (FSA), 5.25%, 11/15/15 $ 442,968
500 Cuyahoga County, (Metrohealth System), (MBIA),
5.50%, 2/15/12 573,985
- ---------------------------------------------------------------------------------------------------
$ 1,016,953
- ---------------------------------------------------------------------------------------------------
INSURED-INDUSTRIAL DEVELOPMENT REVENUE -- 2.6%
$ 500 Akron Economic Development, (MBIA), 6.00%, 12/1/12 $ 598,075
- ---------------------------------------------------------------------------------------------------
$ 598,075
- ---------------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 2.6%
$ 500 Ohio Building Authority, (FSA), 5.50%, 10/1/11 $ 577,955
- ---------------------------------------------------------------------------------------------------
$ 577,955
- ---------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
60
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX -- 1.7%
$ 365 Ohio Center Local Government Capital Asset Financing
Program, (FSA), 4.00%, 12/1/10 $ 388,039
- ---------------------------------------------------------------------------------------------------
$ 388,039
- ---------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 5.3%
$ 300 Cleveland Airport System, (FSA), 5.25%, 1/1/14 $ 327,288
750 Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/18 866,258
- ---------------------------------------------------------------------------------------------------
$ 1,193,546
- ---------------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 2.3%
$ 475 Cleveland Waterworks, (FSA), 5.375%, 1/1/16 $ 529,502
- ---------------------------------------------------------------------------------------------------
$ 529,502
- ---------------------------------------------------------------------------------------------------
LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 4.7%
$ 750 Ohio Parks and Recreational Capital Facilities,
5.50%, 6/1/14 $ 851,985
200 Union County, (Pleasant Valley Joint Fire District),
6.125%, 12/1/19 208,654
- ---------------------------------------------------------------------------------------------------
$ 1,060,639
- ---------------------------------------------------------------------------------------------------
NURSING HOME -- 3.2%
$ 600 Cuyahoga County HFA, (Benjamin Rose Institute),
5.50%, 12/1/17 $ 559,704
195 Ohio HFA, Retirement Rental Housing, (Encore Retirement
Partners), 6.75%, 3/1/19 167,749
- ---------------------------------------------------------------------------------------------------
$ 727,453
- ---------------------------------------------------------------------------------------------------
POOLED LOANS -- 2.6%
$ 230 Ohio Economic Development Commission, (ABS Industries),
(AMT), 6.00%, 6/1/04 $ 234,552
200 Toledo Lucas County Port Authority, (Northwest Ohio
Bond Fund), (Alex Products), (AMT), 6.125%, 11/15/09 218,504
150 Toledo Lucas County Port Authority, (Northwest Ohio
Bond Fund), (Superior), 5.10%, 5/15/12 139,806
- ---------------------------------------------------------------------------------------------------
$ 592,862
- ---------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 1.7%
$ 101 Columbus Special Assessment, 6.05%, 9/15/05 $ 101,469
250 Cuyahoga County, (Rock and Roll Hall of Fame),
5.85%, 12/1/08 275,325
- ---------------------------------------------------------------------------------------------------
$ 376,794
- ---------------------------------------------------------------------------------------------------
WATER AND SEWER -- 2.5%
$ 500 Ohio Water Development Authority, (Drinking Water),
5.50%, 12/1/14 $ 571,300
- ---------------------------------------------------------------------------------------------------
$ 571,300
- ---------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 98.6%
(IDENTIFIED COST $21,157,699) $ 22,358,552
- ---------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 1.4% $ 318,388
- ---------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 22,676,940
- ---------------------------------------------------------------------------------------------------
</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
The Portfolio invests primarily in debt securities issued by Ohio
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at September 30, 2003, 53.5% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 2.2% to 26.1% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements.
61
<Page>
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO as of September 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.5%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
COGENERATION -- 1.5%
$ 330 Carbon County IDA, (Panther Creek Partners),
6.65%, 5/1/10 $ 353,341
600 Pennsylvania EDA, (Resource Recovery-Colver), (AMT),
7.05%, 12/1/10 620,694
- ---------------------------------------------------------------------------------------------------
$ 974,035
- ---------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 0.6%
$ 400 York County IDA, Pollution Control, (Public Service
Enterprise Group, Inc.), 5.50%, 9/1/20 $ 396,072
- ---------------------------------------------------------------------------------------------------
$ 396,072
- ---------------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 2.1%
$ 1,200 Lehigh County, General Purpose Authority,
(Muhlenberg Hospital), Escrowed to Maturity,
5.75%, 7/15/10 $ 1,363,980
- ---------------------------------------------------------------------------------------------------
$ 1,363,980
- ---------------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 0.4%
$ 250 Allegheny County IDA, (Residential Resources, Inc.),
6.50%, 9/1/21 $ 242,532
- ---------------------------------------------------------------------------------------------------
$ 242,532
- ---------------------------------------------------------------------------------------------------
HOSPITAL -- 6.5%
$ 500 Allegheny County Hospital Development Authority,
(West Pennsylvania Health System), 8.65%, 11/15/05 $ 496,310
300 Hazleton Health Services Authority, (Hazleton General
Hospital), 5.50%, 7/1/07 305,562
410 Hazleton Health Services Authority, (St. Joseph's Hospital),
5.85%, 7/1/06 422,296
200 Lebanon County Health Facility Authority, (Good Samaritan
Hospital), 5.50%, 11/15/18 206,972
70 McKean County Hospital Authority, (Bradford Hospital),
5.375%, 10/1/03 70,003
500 Pennsylvania Higher Educational Facilities Authority,
(UPMC Health System), 6.25%, 1/15/18 549,760
1,350 South Fork Municipal Authority, (Lee Hospital),
5.50%, 7/1/11 1,378,228
800 Washington County Hospital Authority, (Monongahela
Vineyard Hospital), 5.00%, 6/1/12 839,944
- ---------------------------------------------------------------------------------------------------
$ 4,269,075
- ---------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 2.9%
$ 700 Erie IDA, (International Paper), (AMT), 5.85%, 12/1/20 $ 708,960
$ 750 Puerto Rico Port Authority, (American Airlines), (AMT),
6.30%, 6/1/23 $ 427,500
750 Schuylkill County IDA, (Pine Grove Landfill, Inc.), (AMT),
5.10%, 10/1/19 779,490
- ---------------------------------------------------------------------------------------------------
$ 1,915,950
- ---------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 5.4%
$ 1,500 Allegheny County, Higher Education Building Authority,
(Duquesne University), (AMBAC), 5.00%, 3/1/16(1) $ 1,614,405
1,100 Lycoming County Authority College, (Pennsylvania
College of Technology), (AMBAC), 5.125%, 5/1/22 1,149,907
500 Lycoming County, (Pennsylvania College of Technology),
(AMBAC), 4.75%, 5/1/15 535,075
250 University of Pittsburgh, (FGIC), 5.125%, 6/1/22 261,442
- ---------------------------------------------------------------------------------------------------
$ 3,560,829
- ---------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 2.4%
$ 1,370 Puerto Rico Electric Power Authority, (XLCA),
5.375%, 7/1/18 $ 1,571,691
- ---------------------------------------------------------------------------------------------------
$ 1,571,691
- ---------------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 5.0%
$ 290 Pennsylvania Turnpike Commission, Oil Franchise Tax,
(AMBAC), Escrowed to Maturity, 5.25%, 12/1/18 $ 320,688
500 Pleasant Valley School District, (FGIC), Prerefunded to
9/1/07, 5.00%, 9/1/10 560,925
5,000 Westmoreland County, Municipal Authority, Water Utility,
(FGIC), Escrowed to Maturity, 0.00%, 8/15/19 2,391,550
- ---------------------------------------------------------------------------------------------------
$ 3,273,163
- ---------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 35.3%
$ 250 Allegheny County, (FGIC), 5.25%, 11/1/21 $ 266,960
1,365 Allegheny County, (FGIC), 5.40%, 11/1/19 1,505,458
1,540 Centre County, (MBIA), 5.25%, 7/1/18 1,696,064
1,020 Cornwall Lebanon School District, (FSA), 0.00%, 3/15/16 596,710
1,000 Council Rock School District, (MBIA), 5.00%, 11/15/19 1,058,280
1,250 Cranberry Township, (FGIC), 5.00%, 12/1/20 1,310,637
2,000 Ephrata Area School District, (FGIC), 5.25%, 4/15/19 2,169,280
1,635 Harrisburg, (AMBAC), 0.00%, 9/15/12 1,157,793
1,355 McKeesport, (FGIC), 0.00%, 10/1/11 1,025,830
1,000 Norwin School District, (MBIA), 5.00%, 4/1/21 1,038,310
1,000 Palmyra Area School District, (FGIC), 5.00%, 5/1/17 1,076,930
1,000 Pennsylvania, (AMBAC), 5.00%, 11/15/15 1,079,310
1,000 Philadelphia School District, (FSA), 5.50%, 2/1/17 1,115,520
500 Philadelphia School District, (FSA), 5.50%, 2/1/19 551,390
</Table>
See notes to financial statements.
62
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000's OMITTED) SECURITY VALUE
- ---------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS (CONTINUED)
$ 2,000 Pittsburgh, (AMBAC), 5.125%, 9/1/18 $ 2,151,740
1,000 Pittsburgh, (AMBAC), 5.25%, 9/1/22 1,059,590
1,000 Puerto Rico Public Improvements, (XLCA), 5.25%, 7/1/17 1,137,430
1,000 Reading School District, (FGIC), 0.00%, 1/15/12 726,550
1,000 Spring-Ford Area School District, (FSA), 5.00%, 9/1/19 1,057,740
1,250 Sto-Rox School District, (FGIC), 5.125%, 12/15/22 1,304,613
- ---------------------------------------------------------------------------------------------------
$ 23,086,135
- ---------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 2.5%
$ 1,000 Allegheny County Hospital Development Authority,
(South Hills Health), (MBIA), 5.50%, 5/1/08 $ 1,096,570
500 Washington County Hospital Authority, (Washington
Hospital), (AMBAC), 5.375%, 7/1/14 564,940
- ---------------------------------------------------------------------------------------------------
$ 1,661,510
- ---------------------------------------------------------------------------------------------------
INSURED-INDUSTRIAL DEVELOPMENT REVENUE -- 4.3%
$ 1,000 Allegheny County Airport, US Airways, (MBIA),
5.75%, 1/1/10 $ 1,114,320
1,500 Cambria County IDA, (Pennsylvania Electric), (MBIA),
5.35%, 11/1/10 1,724,100
- ---------------------------------------------------------------------------------------------------
$ 2,838,420
- ---------------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 3.1%
$ 500 Pennsylvania Public School Building Authority, (Garnet Valley
School District), (AMBAC), 5.50%, 2/1/20 $ 550,720
1,355 Philadelphia IDA, Stadium Lease, (FSA), 5.50%, 10/1/21 1,476,164
- ---------------------------------------------------------------------------------------------------
$ 2,026,884
- ---------------------------------------------------------------------------------------------------
INSURED-MISCELLANEOUS -- 1.2%
$ 750 Puerto Rico Municipal Finance Agency, (FSA),
5.25%, 8/1/21 $ 808,680
- ---------------------------------------------------------------------------------------------------
$ 808,680
- ---------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 0.6%
$ 350 Pittsburgh and Allegheny County, Public Auditorium Authority,
(AMBAC), 5.00%, 2/1/24 $ 356,160
- ---------------------------------------------------------------------------------------------------
$ 356,160
- ---------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 12.4%
$ 590 Allegheny County Airport, (MBIA), 5.75%, 1/1/12 $ 659,508
1,000 Allegheny County Port Authority, (FGIC), 5.00%, 3/1/21 1,042,160
$ 500 Guam International Airport Authority, (MBIA),
5.25%, 10/1/14 $ 564,970
210 Pennsylvania Turnpike Commission, Oil Franchise Tax,
(AMBAC), 5.25%, 12/1/18 230,051
1,000 Pennsylvania Turnpike Commission, Registration Fee Revenue,
(AMBAC), 5.125%, 7/15/22 1,049,580
1,000 Philadelphia Airport, (FGIC), 5.375%, 7/1/14 1,084,560
1,500 Puerto Rico Highway and Transportation Authority, (MBIA),
5.50%, 7/1/15 1,759,275
1,000 Puerto Rico Highway and Transportation Authority, (MBIA),
5.50%, 7/1/18 1,167,090
500 Southeastern Pennsylvania Transportation Authority, (FGIC),
5.25%, 3/1/16 551,410
- ---------------------------------------------------------------------------------------------------
$ 8,108,604
- ---------------------------------------------------------------------------------------------------
INSURED-UTILITY -- 1.7%
$ 1,000 Philadelphia Gas Works Revenue, (FSA), 5.25%, 8/1/17 $ 1,108,930
- ---------------------------------------------------------------------------------------------------
$ 1,108,930
- ---------------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 4.8%
$ 1,500 Allegheny County, Sanitation Authority, (MBIA),
5.00%, 12/1/19 $ 1,596,600
1,500 Pittsburgh Water and Sewer Authority, (FGIC),
5.00%, 9/1/21 1,557,150
- ---------------------------------------------------------------------------------------------------
$ 3,153,750
- ---------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 3.8%
$ 500 Bucks County IDA, (Pennswood), 5.80%, 10/1/20 $ 517,680
330 Chester County IDA, (Kimberton), 8.00%, 9/1/05 333,317
390 Cliff House Trust, (AMT), 6.625%, 6/1/27 333,746
335 Crawford County Hospital Authority, (Wesbury United
Methodist Community) , 6.00%, 8/15/11 335,533
505 Delaware County Authority, (White Horse Village),
6.40%, 7/1/04 513,257
215 Delaware County IDA, (Glen Riddle), (AMT),
8.125%, 9/1/05 219,081
185 Lancaster County Hospital Authority, (Willow Valley
Retirement), 5.55%, 6/1/15 196,261
- ---------------------------------------------------------------------------------------------------
$ 2,448,875
- ---------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.0%
$ 600 Delaware River Joint Toll Bridge Commission,
5.25%, 7/1/15 $ 661,824
640 Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09 655,616
- ---------------------------------------------------------------------------------------------------
$ 1,317,440
- ---------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
63
<Page>
<Table>
<Caption>
VALUE
- ---------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 98.5%
(IDENTIFIED COST $61,462,333) $ 64,482,715
- ---------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 1.5% $ 975,085
- ---------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 65,457,800
- ---------------------------------------------------------------------------------------------------
</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.
The Portfolio invests primarily in debt securities issued by Pennsylvania
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at September 30, 2003, 80.0% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 4.2% to 26.1% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements.
64
<Page>
LIMITED MATURITY MUNICIPALS PORTFOLIOS as of September 30, 2003
FINANCIAL STATEMENTS (UNAUDITED)
Statements of Assets and Liabilities
As of September 30, 2003
<Table>
<Caption>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------
ASSETS
Investments--
Identified cost $ 33,364,750 $ 63,778,042 $ 77,688,760
Unrealized appreciation 1,725,851 3,322,412 3,920,127
- --------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $ 35,090,601 $ 67,100,454 $ 81,608,887
- --------------------------------------------------------------------------------------------------------------------
Cash $ 237,121 $ 54,795 $ 67,852
Receivable for investments sold -- 1,003,700 275,000
Interest receivable 384,142 1,085,470 1,015,705
- --------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 35,711,864 $ 69,244,419 $ 82,967,444
- --------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for daily variation margin on open financial
futures contracts $ 96,062 $ 174,000 $ 118,483
Demand note payable -- 1,100,000 --
Payable to affiliate for Trustees' fees -- -- 23
Accrued expenses 7,617 9,403 9,845
- --------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 103,679 $ 1,283,403 $ 128,351
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS' INTEREST IN PORTFOLIO $ 35,608,185 $ 67,961,016 $ 82,839,093
- --------------------------------------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Net proceeds from capital contributions and withdrawals $ 34,179,777 $ 65,168,176 $ 79,219,164
Net unrealized appreciation (computed on the
basis of identified cost) 1,428,408 2,792,840 3,619,929
- --------------------------------------------------------------------------------------------------------------------
TOTAL $ 35,608,185 $ 67,961,016 $ 82,839,093
- --------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
65
<Page>
<Table>
<Caption>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments--
Identified cost $ 50,476,660 $ 115,830,747 $ 21,157,699 $ 61,462,333
Unrealized appreciation 2,902,178 5,784,346 1,200,853 3,020,382
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $ 53,378,838 $ 121,615,093 $ 22,358,552 $ 64,482,715
- ----------------------------------------------------------------------------------------------------------------------------------
Cash $ 123,971 $ -- $ -- $ 339,887
Receivable for investments sold -- 2,598,986 257,401 --
Interest receivable 713,772 1,750,740 294,423 805,566
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 54,216,581 $ 125,964,819 $ 22,910,376 $ 65,628,168
- ----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for daily variation margin on open
financial futures contracts $ 77,572 $ 180,787 $ 34,527 $ 161,312
Demand note payable -- 2,000,000 100,000 --
Due to bank -- 3,902 90,947 --
Payable to affiliate for Trustees' fees 211 -- 25 --
Accrued expenses 9,778 11,212 7,937 9,056
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 87,561 $ 2,195,901 $ 233,436 $ 170,368
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $ 54,129,020 $ 123,768,918 $ 22,676,940 $ 65,457,800
- ----------------------------------------------------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Net proceeds from capital contributions
and withdrawals $ 51,421,957 $ 118,446,445 $ 21,568,961 $ 62,936,595
Net unrealized appreciation (computed on
the basis of identified cost) 2,707,063 5,322,473 1,107,979 2,521,205
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL $ 54,129,020 $ 123,768,918 $ 22,676,940 $ 65,457,800
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
66
<Page>
Statements of Operations
For the Six Months Ended September 30, 2003
<Table>
<Caption>
CALIFORNIA FLORIDA MASSACHUSETTS
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest $ 796,299 $ 1,583,423 $ 1,750,305
- --------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 796,299 $ 1,583,423 $ 1,750,305
- --------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 74,602 $ 149,813 $ 168,549
Trustees fees and expenses 553 3,405 3,428
Legal and accounting services 8,509 8,216 8,216
Custodian fee 10,934 18,687 19,896
Miscellaneous 5,024 8,264 8,691
- --------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 99,622 $ 188,385 $ 208,780
- --------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 696,677 $ 1,395,038 $ 1,541,525
- --------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss)--
Investment transactions (identified cost basis) $ (10,429) $ 213,412 $ (174,868)
Financial futures contracts 170,884 390,447 (13,459)
- --------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 160,455 $ 603,859 $ (188,327)
- --------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation)--
Investments (identified cost basis) $ 53,748 $ 232,923 $ 565,719
Financial futures contracts (315,860) (578,832) (301,710)
- --------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ (262,112) $ (345,909) $ 264,009
- --------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) $ (101,657) $ 257,950 $ 75,682
- --------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 595,020 $ 1,652,988 $ 1,617,207
- --------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
67
<Page>
<Table>
<Caption>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest $ 1,198,730 $ 2,685,260 $ 512,385 $ 1,500,635
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 1,198,730 $ 2,685,260 $ 512,385 $ 1,500,635
- ----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 112,271 $ 257,917 $ 48,581 $ 139,373
Trustees fees and expenses 1,098 4,443 113 3,404
Legal and accounting services 8,216 9,795 7,209 8,311
Custodian fee 15,225 27,245 8,710 19,439
Miscellaneous 6,840 10,676 5,381 7,552
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 143,650 $ 310,076 $ 69,994 $ 178,079
- ----------------------------------------------------------------------------------------------------------------------------------
Deduct--
Reduction of custodian fee $ -- $ -- $ -- $ 3,476
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ -- $ -- $ -- $ 3,476
- ----------------------------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 143,650 $ 310,076 $ 69,994 $ 174,603
- ----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 1,055,080 $ 2,375,184 $ 442,391 $ 1,326,032
- ----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss)--
Investment transactions (identified cost basis) $ (62,732) $ (292,566) $ (20,190) $ (100,981)
Financial futures contracts (19,293) (58,957) 16,391 283,371
- ----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ (82,025) $ (351,523) $ (3,799) $ 182,390
- ----------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation)--
Investments (identified cost basis) $ 481,289 $ 1,555,195 $ (17,414) $ 701,835
Financial futures contracts (193,764) (447,273) (94,151) (544,614)
- ----------------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 287,525 $ 1,107,922 $ (111,565) $ 157,221
- ----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) $ 205,500 $ 756,399 $ (115,364) $ 339,611
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,260,580 $ 3,131,583 $ 327,027 $ 1,665,643
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
68
<Page>
Statements of Changes in Net Assets
For the Six Months Ended September 30, 2003
<Table>
<Caption>
CALIFORNIA FLORIDA MASSACHUSETTS
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------
From operations--
Net investment income $ 696,677 $ 1,395,038 $ 1,541,525
Net realized gain (loss) 160,455 603,859 (188,327)
Net change in unrealized appreciation (depreciation) (262,112) (345,909) 264,009
- --------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 595,020 $ 1,652,988 $ 1,617,207
- --------------------------------------------------------------------------------------------------------------------
Capital transactions--
Contributions $ 7,621,449 $ 12,189,180 $ 19,206,347
Withdrawals (4,839,239) (14,710,041) (9,953,698)
- --------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ 2,782,210 $ (2,520,861) $ 9,252,649
- --------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ 3,377,230 $ (867,873) $ 10,869,856
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS
At beginning of period $ 32,230,955 $ 68,828,889 $ 71,969,237
- --------------------------------------------------------------------------------------------------------------------
At end of period $ 35,608,185 $ 67,961,016 $ 82,839,093
- --------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
69
<Page>
<Table>
<Caption>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------------------
From operations--
Net investment income $ 1,055,080 $ 2,375,184 $ 442,391 $ 1,326,032
Net realized gain (loss) (82,025) (351,523) (3,799) 182,390
Net change in unrealized appreciation
(depreciation) 287,525 1,107,922 (111,565) 157,221
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,260,580 $ 3,131,583 $ 327,027 $ 1,665,643
- ----------------------------------------------------------------------------------------------------------------------------------
Capital transactions--
Contributions $ 8,790,794 $ 29,264,635 $ 4,045,700 $ 12,344,026
Withdrawals (3,479,042) (10,467,295) (2,813,749) (6,509,002)
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS $ 5,311,752 $ 18,797,340 $ 1,231,951 $ 5,835,024
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 6,572,332 $ 21,928,923 $ 1,558,978 $ 7,500,667
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
At beginning of period $ 47,556,688 $ 101,839,995 $ 21,117,962 $ 57,957,133
- ----------------------------------------------------------------------------------------------------------------------------------
At end of period $ 54,129,020 $ 123,768,918 $ 22,676,940 $ 65,457,800
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
70
<Page>
Statements of Changes in Net Assets
For the Year Ended March 31, 2003
<Table>
<Caption>
CALIFORNIA FLORIDA MASSACHUSETTS
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------
From operations--
Net investment income $ 1,091,403 $ 2,327,941 $ 2,418,184
Net realized loss (166,889) (263,064) (652,768)
Net change in unrealized appreciation 1,137,449 2,290,417 3,031,840
- --------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 2,061,963 $ 4,355,294 $ 4,797,256
- --------------------------------------------------------------------------------------------------------------------
Capital transactions--
Contributions $ 13,750,055 $ 36,161,356 $ 35,620,316
Withdrawals (6,040,253) (12,334,886) (11,906,929)
- --------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS $ 7,709,802 $ 23,826,470 $ 23,713,387
- --------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 9,771,765 $ 28,181,764 $ 28,510,643
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS
At beginning of year $ 22,459,190 $ 40,647,125 $ 43,458,594
- --------------------------------------------------------------------------------------------------------------------
At end of year $ 32,230,955 $ 68,828,889 $ 71,969,237
- --------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
71
<Page>
<Table>
<Caption>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------------------
From operations--
Net investment income $ 1,887,266 $ 3,351,410 $ 839,305 $ 2,124,247
Net realized loss (573,236) (516,039) (393,016) (507,265)
Net change in unrealized appreciation 1,724,027 3,021,101 1,191,838 1,993,059
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 3,038,057 $ 5,856,472 $ 1,638,127 $ 3,610,041
- ----------------------------------------------------------------------------------------------------------------------------------
Capital transactions--
Contributions $ 12,992,956 $ 59,696,240 $ 4,468,215 $ 22,962,822
Withdrawals (6,550,618) (20,332,175) (2,895,164) (8,454,553)
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ 6,442,338 $ 39,364,065 $ 1,573,051 $ 14,508,269
- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 9,480,395 $ 45,220,537 $ 3,211,178 $ 18,118,310
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
At beginning of year $ 38,076,293 $ 56,619,458 $ 17,906,784 $ 39,838,823
- ----------------------------------------------------------------------------------------------------------------------------------
At end of year $ 47,556,688 $ 101,839,995 $ 21,117,962 $ 57,957,133
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
72
<Page>
Supplementary Data
<Table>
<Caption>
CALIFORNIA LIMITED PORTFOLIO
--------------------------------------------------------------------------
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 0.58%(2) 0.64% 0.65% 0.67% 0.66% 0.62%
Expenses after custodian fee reduction 0.58%(2) 0.62% 0.63% 0.64% 0.66% 0.61%
Net investment income 4.09%(2) 4.29% 4.56% 4.77% 4.84% 4.67%
Portfolio Turnover 5% 7% 9% 8% 13% 29%
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return(3) 2.00% 8.92% 3.04% -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD (000's OMITTED) $ 35,608 $ 32,231 $ 22,459 $ 21,513 $ 22,604 $ 28,678
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) The Portfolio has adopted the provisions of the revised AICPA Audit and
Accounting 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 the ratio of net
investment income to average net assets from 4.54% to 4.56%. 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.
73
<Page>
<Table>
<Caption>
FLORIDA LIMITED PORTFOLIO
--------------------------------------------------------------------------
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 0.55%(2) 0.57% 0.60% 0.61% 0.62% 0.59%
Expenses after custodian fee reduction 0.55%(2) 0.54% 0.57% 0.59% 0.59% 0.57%
Net investment income 4.07%(2) 4.33% 4.74% 4.89% 4.87% 4.68%
Portfolio Turnover 9% 23% 15% 7% 16% 16%
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return(3) 2.39% 8.88% 4.06% -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD (000's OMITTED) $ 67,961 $ 68,829 $ 40,647 $ 39,452 $ 45,023 $ 59,948
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) The Portfolio has adopted the provisions of the revised AICPA Audit and
Accounting 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 the ratio of net
investment income to average net assets from 4.73% to 4.74%. 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.
74
<Page>
<Table>
<Caption>
MASSACHUSETTS LIMITED PORTFOLIO
--------------------------------------------------------------------------
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 0.54%(2) 0.57% 0.59% 0.62% 0.61% 0.60%
Expenses after custodian fee reduction 0.54%(2) 0.55% 0.56% 0.59% 0.58% 0.57%
Net investment income 3.96%(2) 4.27% 4.70% 5.01% 4.92% 4.67%
Portfolio Turnover 6% 22% 8% 8% 15% 19%
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return(3) 2.35% 9.48% 3.53% -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD (000's OMITTED) $ 82,839 $ 71,969 $ 43,459 $ 37,614 $ 44,189 $ 51,543
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) The Portfolio has adopted the provisions of the revised AICPA Audit and
Accounting 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 the ratio of net
investment income to average net assets from 4.69% to 4.70%. 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.
75
<Page>
<Table>
<Caption>
NEW JERSEY LIMITED PORTFOLIO
--------------------------------------------------------------------------
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 0.56%(2) 0.60% 0.62% 0.63% 0.63% 0.62%
Expenses after custodian fee reduction 0.56%(2) 0.59% 0.60% 0.61% 0.60% 0.62%
Net investment income 4.09%(2) 4.46% 4.80% 5.06% 5.01% 4.78%
Portfolio Turnover 5% 25% 17% 11% 15% 13%
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return(3) 2.54% 7.79% 3.16% -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD (000's OMITTED) $ 54,129 $ 47,557 $ 38,076 $ 33,337 $ 35,121 $ 39,781
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) The Portfolio has adopted the provisions of the revised AICPA Audit and
Accounting 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 the ratio of net
investment income to average net assets from 4.79% to 4.80%. 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.
76
<Page>
<Table>
<Caption>
NEW YORK LIMITED PORTFOLIO
--------------------------------------------------------------------------
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 0.52%(2) 0.56% 0.58% 0.60% 0.61% 0.59%
Expenses after custodian fee reduction 0.52%(2) 0.54% 0.55% 0.58% 0.58% 0.59%
Net investment income 3.99%(2) 4.29% 4.70% 4.90% 4.95% 4.74%
Portfolio Turnover 10% 18% 11% 10% 18% 17%
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return(3) 2.88% 8.61% 3.01% -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD (000's OMITTED) $ 123,769 $ 101,840 $ 56,619 $ 50,570 $ 51,675 $ 65,873
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) The Portfolio has adopted the provisions of the revised AICPA Audit and
Accounting 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 the ratio of net
investment income to average net assets from 4.69% to 4.70%. 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.
77
<Page>
<Table>
<Caption>
OHIO LIMITED PORTFOLIO
--------------------------------------------------------------------------
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 0.63%(2) 0.67% 0.70% 0.78% 0.69% 0.67%
Expenses after custodian fee reduction 0.63%(2) 0.66% 0.67% 0.74% 0.66% 0.64%
Net investment income 3.98%(2) 4.31% 4.47% 4.91% 5.00% 4.85%
Portfolio Turnover 9% 12% 19% 17% 13% 19%
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return(3) 1.73% 8.92% 3.08% -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD (000's OMITTED) $ 22,677 $ 21,118 $ 17,907 $ 16,788 $ 19,005 $ 22,801
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) The Portfolio has adopted the provisions of the revised AICPA Audit and
Accounting 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 on the ratio of net investment
income to average net assets was less than 0.01%. 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.
78
<Page>
<Table>
<Caption>
PENNSYLVANIA LIMITED PORTFOLIO
--------------------------------------------------------------------------
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 0.56%(2) 0.58% 0.61% 0.64% 0.63% 0.62%
Expenses after custodian fee reduction 0.55%(2) 0.56% 0.56% 0.61% 0.61% 0.60%
Net investment income 4.20%(2) 4.52% 4.75% 5.04% 5.03% 4.83%
Portfolio Turnover 5% 3% 20% 6% 11% 16%
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return(3) 2.79% 8.28% 3.56% -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD (000's OMITTED) $ 65,458 $ 57,957 $ 39,839 $ 35,582 $ 38,635 $ 50,771
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) The Portfolio has adopted the provisions of the revised AICPA Audit and
Accounting 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 the ratio of net
investment income to average net assets from 4.74% to 4.75%. 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.
79
<Page>
LIMITED MATURITY MUNICIPALS PORTFOLIOS as of September 30, 2003
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 SIGNIFICANT ACCOUNTING POLICIES
California Limited Maturity Municipals Portfolio (California Limited
Portfolio), Florida Limited Maturity Municipals Portfolio (Florida Limited
Portfolio), Massachusetts Limited Maturity Municipals Portfolio
(Massachusetts Limited Portfolio), New Jersey Limited Maturity Municipals
Portfolio (New Jersey Limited Portfolio), New York Limited Maturity
Municipals Portfolio (New York Limited Portfolio), Ohio Limited Maturity
Municipals Portfolio (Ohio Limited Portfolio) and Pennsylvania Limited
Maturity Municipals Portfolio (Pennsylvania Limited Portfolio), collectively,
the Portfolios, are registered under the Investment Company Act of 1940, as
amended, as diversified open-end management investment companies which were
organized as trusts under the laws of the State of New York on May 1, 1992.
The Declarations of Trust permit the Trustees to issue interests in the
Portfolios. At September 30, 2003, Eaton Vance California Limited Maturity
Municipals Fund, Eaton Vance Florida Limited Maturity Municipals Fund, Eaton
Vance Massachusetts Limited Maturity Municipals Fund, Eaton Vance New Jersey
Limited Maturity Municipals Fund, Eaton Vance New York Limited Maturity
Municipals Fund, Eaton Vance Ohio Limited Maturity Municipals Fund and
Pennsylvania Limited Maturity Municipals Fund held an approximate 99.9% in
its corresponding portfolio. The following is a summary of significant
accounting policies of the Portfolios. The policies are in conformity with
accounting principles generally accepted in the United States of America.
A INVESTMENT VALUATIONS -- Municipal bonds are normally valued on the basis
of valuations furnished by a pricing service. Taxable obligations, if any,
for which price quotations are readily available are normally valued at the
mean between the latest bid and asked prices. Futures contracts listed on
commodity exchanges are valued at closing settlement prices. Short-term
obligations, maturing in sixty days or less, are valued at amortized cost,
which approximates fair 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 FEDERAL TAXES -- The Portfolios are treated as partnerships for federal tax
purposes. No provision is made by the Portfolios for federal or state taxes
on any taxable income of the Portfolios because each investor in the
Portfolios is ultimately responsible for the payment of any taxes. Since some
of the Portfolios' investors are regulated investment companies that invest
all or substantially all of their assets in the Portfolios, the Portfolios
normally must satisfy the applicable source of income and diversification
requirements (under the Internal Revenue Code) in order for their respective
investors to satisfy them. The Portfolios will allocate at least annually
among their respective investors each investor's distributive share of the
Portfolios' net taxable (if any) and tax-exempt investment income, net
realized capital gains, and any other items of income, gain, loss, deduction
or credit.
Interest income received by the Portfolios on investments in municipal bonds,
which is excludable from gross income under the Internal Revenue Code, will
retain its status as income exempt from federal income tax when allocated to
each Portfolio's investors. The portion of such interest, if any, earned on
private activity bonds issued after August 7, 1986, may be considered a tax
preference item for investors.
D FINANCIAL FUTURES CONTRACTS -- Upon the entering of a financial futures
contract, a Portfolio is required to deposit (initial margin) either in cash
or securities an amount equal to a certain percentage of the purchase price
indicated in the financial futures contract. Subsequent payments are made or
received by a Portfolio (margin maintenance) each day, dependent on the daily
fluctuations in the value of the underlying security, and are recorded for
book purposes as unrealized gains or losses by a Portfolio. A Portfolio's
investment in financial futures contracts is designed for both hedging
against anticipated future changes in interest rates and investment purposes.
Should interest rates move unexpectedly, a Portfolio may not achieve the
anticipated benefits of the financial futures contracts and may realize a
loss.
E OPTIONS ON FINANCIAL FUTURES CONTRACTS -- Upon the purchase of a put option
on a financial futures contract by a Portfolio, the premium paid is recorded
as an investment, the value of which is marked-to-market daily. When a
purchased option expires, a Portfolio will realize a loss in the amount of
the cost of the option. When a Portfolio enters into a closing sale
transaction, a 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 a Portfolio exercises a put option, settlement is
made in cash. The risk associated with purchasing put options is limited to
the premium originally paid.
80
<Page>
F WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS -- The Portfolios may engage
in when-issued and delayed delivery transactions. The Portfolios record
when-issued securities on trade date and maintain security positions such
that sufficient liquid assets will be available to make 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 Portfolios. Pursuant to the respective custodian agreements,
IBT receives a fee reduced by credits which are determined based on the
average daily cash balances each Portfolio maintains with IBT. All
significant credit balances used to reduce the Portfolios' custodian fees are
reported as a reduction of total expenses in the Statements 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
Portfolios' management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The investment adviser fee is earned by Boston Management and Research (BMR),
a subsidiary of Eaton Vance Management (EVM), as compensation for management
and investment advisory services rendered to each Portfolio. The fee is based
upon a percentage of average daily net assets plus a percentage of gross
income (i.e., income other than gains from the sale of securities). For the
six months ended September 30, 2003, each Portfolio paid advisory fees as
follows:
<Table>
<Caption>
PORTFOLIO AMOUNT EFFECTIVE RATE*
-----------------------------------------------------------------
California Limited Portfolio $ 74,602 0.44%
Florida Limited Portfolio 149,813 0.44%
Massachusetts Limited Portfolio 168,549 0.43%
New Jersey Limited Portfolio 112,271 0.43%
New York Limited Portfolio 257,917 0.43%
Ohio Limited Portfolio 48,581 0.44%
Pennsylvania Limited Portfolio 139,373 0.44%
</Table>
* As a percentage of average daily net assets (annualized).
Except as to Trustees of the Portfolios who are not members of EVM's or BMR's
organization, officers and Trustees receive remuneration for their services
to the Portfolios out of such investment adviser fee. Trustees of the
Portfolios that are not affiliated with the Investment Adviser may elect to
defer receipt of all or a percentage of their annual fees in accordance with
the terms of the Trustees Deferred Compensation Plan. For the six months
ended September 30, 2003, no significant amounts have been deferred.
Certain of the officers and one Trustee of the Portfolios are officers of the
above organizations.
81
<Page>
3 INVESTMENTS
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations, for the six months ended September 30, 2003 were as
follows:
<Table>
California Limited Portfolio
Purchases $ 5,327,604
Sales 1,800,377
Florida Limited Portfolio
Purchases $ 5,692,504
Sales 6,511,111
Massachusetts Limited Portfolio
Purchases $ 15,525,088
Sales 4,562,198
New Jersey Limited Portfolio
Purchases $ 8,665,775
Sales 2,300,353
New York Limited Portfolio
Purchases $ 31,463,949
Sales 11,319,934
Ohio Limited Portfolio
Purchases $ 3,447,536
Sales 2,045,788
Pennsylvania Limited Portfolio
Purchases $ 10,228,536
Sales 3,276,620
</Table>
4 FEDERAL INCOME TAX BASIS OF UNREALIZED APPRECIATION (DEPRECIATION)
The cost and unrealized appreciation (depreciation) in value of the
investments owned by each Portfolio at September 30, 2003, as computed on a
federal income tax basis, are as follows:
<Table>
California Limited Portfolio
Aggregate cost $ 33,336,840
----------------------------------------------------------
Gross unrealized appreciation $ 1,851,528
Gross unrealized depreciation (97,767)
----------------------------------------------------------
Net unrealized appreciation $ 1,753,761
----------------------------------------------------------
Florida Limited Portfolio
Aggregate cost $ 63,756,703
----------------------------------------------------------
Gross unrealized appreciation $ 3,659,289
Gross unrealized depreciation (315,538)
----------------------------------------------------------
Net unrealized appreciation $ 3,343,751
----------------------------------------------------------
Massachusetts Limited Portfolio
Aggregate cost $ 77,647,219
----------------------------------------------------------
Gross unrealized appreciation $ 4,199,302
Gross unrealized depreciation (237,634)
----------------------------------------------------------
Net unrealized appreciation $ 3,961,668
----------------------------------------------------------
New Jersey Limited Portfolio
Aggregate cost $ 50,430,246
----------------------------------------------------------
Gross unrealized appreciation $ 3,197,679
Gross unrealized depreciation (249,087)
----------------------------------------------------------
Net unrealized appreciation $ 2,948,592
----------------------------------------------------------
New York Limited Portfolio
Aggregate cost $ 115,775,818
----------------------------------------------------------
Gross unrealized appreciation $ 6,657,393
Gross unrealized depreciation (818,118)
----------------------------------------------------------
Net unrealized appreciation $ 5,839,275
----------------------------------------------------------
</Table>
82
<Page>
<Table>
Ohio Limited Portfolio
Aggregate cost $ 21,157,002
----------------------------------------------------------
Gross unrealized appreciation $ 1,467,587
Gross unrealized depreciation (266,037)
----------------------------------------------------------
Net unrealized appreciation $ 1,201,550
----------------------------------------------------------
Pennsylvania Limited Portfolio
Aggregate cost $ 61,427,708
----------------------------------------------------------
Gross unrealized appreciation $ 3,496,348
Gross unrealized depreciation (441,341)
----------------------------------------------------------
Net unrealized appreciation $ 3,055,007
----------------------------------------------------------
</Table>
5 LINE OF CREDIT
The Portfolios participate with other portfolios and funds managed by BMR and
EVM and its affiliates in a $150 million unsecured line of credit agreement
with a group of banks. The Portfolios may temporarily borrow from the line of
credit to satisfy redemption requests or settle investment transactions.
Interest is charged to each participating portfolio or fund based on its
borrowings at an amount above either the Eurodollar rate or federal funds
effective rate. In addition, a fee computed at an annual rate of 0.10% on the
daily unused portion of the line of credit is allocated among the
participating portfolios and funds at the end of each quarter. At September
30, 2003, the Florida Limited Portfolio, New York Limited Portfolio and the
Ohio Limited Portfolio had balances outstanding pursuant to this line of
credit of $1,100,000, $2,000,000 and $100,000, respectively. The Portfolios
did not have significant borrowings or allocated fees during the six months
ended September 30, 2003.
6 FINANCIAL INSTRUMENTS
The Portfolios regularly trade in financial instruments with off-balance
sheet risk in the normal course of their investing activities to assist in
managing exposure to various market risks. These financial instruments
include futures contracts and may involve, to a varying degree, elements of
risk in excess of the amounts recognized for financial statement purposes.
The notional or contractual amounts of these instruments represent the
investment a Portfolio has in particular classes of financial instruments and
does not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.
A summary of obligations under these financial instruments at September 30,
2003, is as follows:
FUTURES CONTRACTS
<Table>
<Caption>
EXPIRATION NET UNREALIZED
PORTFOLIO DATE CONTRACTS POSITION DEPRECIATION
--------------------------------------------------------------------------------
California 12/03 53 U.S. Treasury Bond Short $ (297,443)
--------------------------------------------------------------------------------
Florida 12/03 96 U.S. Treasury Bond Short (529,572)
--------------------------------------------------------------------------------
Massachusetts 12/03 44 U.S. Treasury Bond Short (130,196)
12/03 41 U.S. Treasury Note Short (170,002)
--------------------------------------------------------------------------------
New Jersey 12/03 30 U.S. Treasury Bond Short (91,509)
12/03 25 U.S. Treasury Note Short (103,606)
--------------------------------------------------------------------------------
New York 12/03 68 U.S. Treasury Bond Short (209,427)
12/03 61 U.S. Treasury Note Short (252,446)
--------------------------------------------------------------------------------
Ohio 12/03 12 U.S. Treasury Bond Short (39,616)
12/03 13 U.S. Treasury Note Short (53,258)
--------------------------------------------------------------------------------
Pennsylvania 12/03 89 U.S. Treasury Bond Short (499,177)
--------------------------------------------------------------------------------
</Table>
At September 30, 2003, the Portfolios had sufficient cash and/or securities
to cover margin requirements on open future contracts.
83
<Page>
7 INTERESTHOLDER MEETING
Each Portfolio held a Special Meeting of Interestholders on June 6, 2003 to
elect Trustees. The results of the vote were as follows:
<Table>
<Caption>
JESSICA M. DONALD R. JAMES B. SAMUEL L. WILLIAM H. NORTON H. LYNN A.
PORTFOLIO BIBLIOWICZ DWIGHT HAWKES HAYES, III PARK REAMER STOUT
- -----------------------------------------------------------------------------------------------------------------------
California Portfolio
Affirmative 99% 99% 99% 99% 99% 99% 99%
Withhold 1% 1% 1% 1% 1% 1% 1%
Florida Portfolio
Affirmative 99% 99% 99% 99% 99% 99% 99%
Withhold 1% 1% 1% 1% 1% 1% 1%
Massachusetts Portfolio
Affirmative 99% 99% 99% 99% 99% 99% 99%
Withhold 1% 1% 1% 1% 1% 1% 1%
New Jersey Portfolio
Affirmative 98% 98% 98% 98% 98% 98% 98%
Withhold 2% 2% 2% 2% 2% 2% 2%
New York Portfolio
Affirmative 98% 98% 98% 98% 98% 98% 98%
Withhold 2% 2% 2% 2% 2% 2% 2%
Ohio Portfolio
Affirmative 99% 99% 99% 99% 99% 99% 99%
Withhold 1% 1% 1% 1% 1% 1% 1%
Pennsylvania Portfolio
Affirmative 98% 99% 99% 98% 99% 99% 98%
Withhold 2% 1% 1% 2% 1% 1% 2%
</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 Portfolios.
84
<Page>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS
INVESTMENT MANAGEMENT
Eaton Vance Limited Maturity Municipals Funds
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
Limited Maturity Municipals Portfolios
OFFICERS TRUSTEES
Thomas J. Fetter Jessica M. Bibliowicz
President
James B. Hawkes
James B Hawkes
Vice President and Trustee Samuel L. Hayes, III
Cynthia J. Clemson William H. Park
Vice President and Portfolio
Manager of California, Florida Ronald A. Pearlman
and Pennsylvania Limited
Maturity Municipals Portfolios Norton H. Reamer
Robert B. MacIntosh Lynn A. Stout
Vice President
William H. Ahern, Jr.
Vice President and Portfolio
Manager of Massachusetts,
New Jersey, New York and
Ohio Limited Maturity
Municipals Portfolios
William J. Austin, Jr.
Treasurer
Alan R. Dynner
Secretary
85
<Page>
INVESTMENT ADVISER OF THE LIMITED MATURITY MUNICIPALS PORTFOLIOS
BOSTON MANAGEMENT AND RESEARCH
The Eaton Vance Building
255 State Street
Boston, MA 02109
ADMINISTRATOR OF EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS
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 INVESTMENT TRUST
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>
442-11/03 7LTFSRC
<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 owning institutional investment management firms). Mr. Hayes is
the Jacob H. Schiff Professor of
<Page>
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 California 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
-----------------
<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 Florida 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
-----------------
<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 Massachusetts 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
-----------------
<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 New Jersey 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
-----------------
<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 New York 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
-----------------
<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 Ohio 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
-----------------
<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 Pennsylvania Limited Fund)
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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
-----------------