<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09157
Eaton Vance California Municipal Income 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)
November 30, 2003
-----------------
Date of Fiscal Year End
May 31, 2003
------------
Date of Reporting Period
- --------------------------------------------------------------------------------
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09143
Eaton Vance Florida Municipal Income 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)
November 30, 2003
-----------------
Date of Fiscal Year End
May 31, 2003
------------
Date of Reporting Period
- --------------------------------------------------------------------------------
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09147
Eaton Vance Massachusetts Municipal Income 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)
November 30, 2003
-----------------
Date of Fiscal Year End
May 31, 2003
------------
Date of Reporting Period
- --------------------------------------------------------------------------------
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09153
Eaton Vance Michigan Municipal Income Fund
------------------------------------------
(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)
November 30, 2003
-----------------
Date of Fiscal Year End
May 31, 2003
------------
Date of Reporting Period
- --------------------------------------------------------------------------------
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09155
Eaton Vance New Jersey Municipal Income 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)
November 30, 2003
-----------------
Date of Fiscal Year End
May 31, 2003
------------
Date of Reporting Period
- --------------------------------------------------------------------------------
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09145
Eaton Vance New York Municipal Income 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)
November 30, 2003
-----------------
Date of Fiscal Year End
May 31, 2003
------------
Date of Reporting Period
- --------------------------------------------------------------------------------
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09149
Eaton Vance Ohio Municipal Income 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)
November 30, 2003
-----------------
Date of Fiscal Year End
May 31, 2003
------------
Date of Reporting Period
- --------------------------------------------------------------------------------
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09151
Eaton Vance Pennsylvania Municipal Income Fund
----------------------------------------------
(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)
November 30, 2003
-----------------
Date of Fiscal Year End
May 31, 2003
------------
Date of Reporting Period
- --------------------------------------------------------------------------------
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
[GRAPHIC]
[EATON VANCE LOGO(R)]
MANAGED INVESTMENTS
EDUCATION
SEMIANNUAL REPORT MAY 31, 2003
EATON VANCE
MUNICIPAL
INCOME
TRUSTS
CALIFORNIA
FLORIDA
MASSACHUSETTS
MICHIGAN
NEW JERSEY
NEW YORK
OHIO
PENNSYLVANIA
<Page>
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 Municipal Income Trusts as of May 31, 2003
LETTER TO SHAREHOLDERS
[PHOTO OF 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 have a significant influence on the investment decisions of
municipal bond portfolio managers. The widening of spreads may suggest a
developing opportunity. If spreads have widened appreciably, the investor may
detect an unusual opportunity in a lower-quality, higher-yielding bond.
Conversely, if lower-quality bonds have significantly outperformed high-quality
bonds over a period, the resulting narrowing of spreads may signal the need for
caution. This "spread compression" may prompt portfolio managers to upgrade
their portfolios with higher quality bonds because they are no longer being
adequately compensated for the risk of owning lower-quality bonds.
While quality spreads are a key metric for municipal bond investors, they
represent just one of many factors considered in establishing a diversified bond
portfolio. At Eaton Vance, we realize that complex markets require intensive
research, a need that emphasizes once again the value of experienced,
professional portfolio management.
Sincerely,
/s/ Thomas J. Fetter
Thomas J. Fetter
President
July 11, 2003
SHARES OF THE TRUSTS 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. YIELDS WILL
VARY.
2
<Page>
MARKET RECAP
The U.S. economy, which has slumped badly in recent years, remained sluggish in
the first half of 2003, although there were sporadic signs of improvement. A
continued decline in interest rates to their lowest level in 45 years helped
fuel rallies in the financial markets. The conclusion of official hostilities in
Iraq and the passage of a Tax Bill gave investors added confidence. Capital
spending remained well below past recovery rates, although some businesses
indicated that they were starting to commit new investment toward equipment.
While there were signs of spotty growth, the overall economy failed to gain
traction...
The manufacturing sector turned in a mixed showing, characterized by weak
demand. The auto and textile areas registered declines, while construction and
defense-related manufacturing were fairly strong. Boosted by the lowest mortgage
rates in a decade, the construction sector was fairly strong. Growth was limited
to the residential segment, however, as commercial investment continued to
slump. Consumer spending remained lackluster despite a modest rebound in retail
activity following the end of the war in Iraq. However, retail sales were below
the levels of a year earlier.
The Federal Reserve maintained an accommodative monetary policy...
Gross Domestic Product expanded 1.9% in the first quarter of 2003, following a
1.4% rise in the fourth quarter of 2002. As the economy struggled, businesses
reported more layoffs in response to still-weak demand. The nation's
unemployment rate climbed to 6.1% in May 2003, the highest monthly jobless rate
since July 1994. Not surprisingly, inflation has remained quite tame. In fact,
many economists have pointed to DE-flation as a more worrisome threat. In that
environment, the Federal Reserve has maintained an accommodative monetary
posture. The Federal Funds rate - a key short-term interest rate barometer -
stood at 1.25%, at May 31, 2003 and was lowered to 1.00%, a 45-year low in June.
Ten-year Treasury bond yields - which were 5.04% at May 31, 2002 - declined to
3.39% by May 31, 2003, in response to the tepid economy. The sharp decline in
rates was greeted warmly by investors wary of the volatile equity markets and
helped to sustain a rally in bonds. The Lehman Brothers Municipal Bond Index had
a total return of 6.46% for the six months ended May 31, 2003.*
[CHART]
MUNICIPAL BOND YIELDS EXCEEDED TREASURY YIELDS
<Table>
30-year AAA-rated
General Obligations (GO) Bonds* 4.65%
Taxable equivalent yield
in 35.0% tax bracket 7.15%
30-Year Treasury bond 4.39%
</Table>
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 [ILLEGIBLE] OF THE TRUSTS' YIELD.
STATISTICS AS OF MAY 31, 2003.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
SOURCE: BLOOMBERG L.P.
While Federal Tax rates have fallen, state taxes have been on the rise...
While interest rates remain near historical lows, the likelihood of a sharp
increase in rates in the near term is fairly remote. Core inflation - the major
nemesis of the bond market - has been dealt a blow by a weak economy and,
importantly, by the longer-term influence of global competition. Meanwhile, the
rationale for tax-exempt income remains intact. Even as federal tax rates have
been reduced, state governments - most of which have constitutional mandates to
balance their budgets - have enacted property and income tax increases to make
up for revenue shortfalls. As a result, we believe that municipal bonds will
continue to merit a place in the investment 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 VARIOUS 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 Municipal Income Trust as of May 31, 2003
MANAGEMENT DISCUSSION
[PHOTO OF CYNTHIA J. CLEMSON]
PORTFOLIO MANAGER
Management Discussion
- - California's economic outlook has been complicated by the state's enormous
budget deficit. State and local governments have instituted furloughs and wage
cuts to deal with anticipated revenue shortfalls. Meanwhile, consumer
confidence weakened amid a stagnant technology outlook. The state's May 2003
jobless rate was 6.6%, unchanged from a year ago.
- - Insured* general obligations (GOs) constituted the Trust's largest sector
weighting at May 31, 2003. Given the state's budgetary issues, the insured*
nature of the bonds adds an additional layer of protection, with these bonds
representing a dependable revenue stream.
- - Insured* transportation bonds remained a large investment for the Trust. Given
the state's vast geography, the efficient transport of passengers and freight
is a key segment of California's economy. The Trust's investments included
issues for ports, airport authorities, mass transit and selected Puerto Rico
highway issues.
- - Special tax revenue bonds constituted a major commitment for the Trust and
provided an attractive income source. These issues financed a broad array of
public programs such as road construction and water facilities.
- - The Trust was well served by its broad diversification. In addition to
diversifying according to issuer, sector and insurer, management had a mixed
coupon allocation, balancing income-oriented higher-coupons with
performance-minded low- and zero-coupons.
Trust Statistics(1)
<Table>
- - Number of Issues: 79
- - Effective Maturity: 9.9 years
- - Average Rating: AA
- - Average Call: 9.0 years
- - Average Dollar Price: $ 97.78
</Table>
The Trust
PERFORMANCE FOR THE PAST SIX MONTHS
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 14.25% for the six months ended May 31, 2003. That return was
the result of an increase in share price from $13.66 on November 30, 2002 to
$15.09 on May 31, 2003, and the reinvestment of $0.476 in regular monthly
dividends.(2)
- - Based on net asset value, the Trust had a total return of 13.27% for the six
months ended May 31, 2003. That return was the result of an increase in net
asset value from $14.59 on November 30, 2002 to $15.98 on May 31, 2003, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $15.09, the Trust had a
market yield of 6.31% at May 31, 2003.(3) The Trust's market yield is
equivalent to a taxable yield of 10.70%.(4)
[CHART]
Rating Distribution(1)
BY TOTAL INVESTMENTS
<Table>
AAA 62.4%
AA 4.4%
A 14.4%
BBB 6.4%
Non-Rated 12.4%
</Table>
TRUST INFORMATION
AS OF MAY 31, 2003
PERFORMANCE(5)
AVERAGE ANNUAL TOTAL RETURNS (BY SHARE PRICE, AMERICAN STOCK EXCHANGE)
<Table>
One Year 12.41%
Life of Trust (1/29/99) 6.26
</Table>
AVERAGE ANNUAL TOTAL RETURNS (AT NET ASSET VALUE)
<Table>
One Year 21.31%
Life of Trust (1/29/99) 7.67
</Table>
[CHART]
FIVE LARGEST CATEGORIES(1)
BY NET ASSETS APPLICABLE TO COMMON SHARES
<Table>
Insured - General Obligations* 21.8%
Insured - Transportation* 19.0%
Special Tax Revenue 18.8%
Insured - Water & Sewer* 14.8%
Hospital 14.6%
</Table>
(1) Trust Statistics, Rating Distribution and Five Largest Categories are
subject to change. Rating Distribution is determined by dividing the total
market value of the issues by the total investments of the Trust.
(2) A portion of the Trust's income may be subject to federal and state income
tax and/or federal alternative minimum tax.
(3) The Trust's market yield is calculated by dividing the most recent dividend
per share by the share price at the end of the period and annualizing the
result.
(4) Taxable-equivalent yield assumes maximum 41.05% combined federal and state
income tax rate. A lower rate would result in a lower tax-equivalent figure.
(5) Returns are historical and are calculated by determining the percentage
change in share price or net asset value with all distributions reinvested.
* Private insurance does not remove the risk of loss of principal associated
with insured investments due to changes in market conditions.
Past performance is no guarantee of future results. Investment return and
share price will fluctuate so that shares, when sold, may be worth more or
less than their original cost.
4
<Page>
Eaton Vance Florida Municipal Income Trust as of May 31, 2003
MANAGEMENT DISCUSSION
[PHOTO OF CYNTHIA J. CLEMSON]
PORTFOLIO MANAGER
Management Discussion
- - Florida's economy posted modest growth in the first half of 2003. Construction
activity was strong, driven by low interest rates. However, while somewhat
improved, the performance of Florida's travel and tourism industry has not yet
returned to 2000 levels. The state's jobless rate was 5.1% in May 2003, down
from 5.5% a year ago.
- - Insured* transportation bonds were the Trust's largest weighting at May 31,
2003. Transportation facilities are a key element of Florida's tourism
economy, and provide the infrastructure needed for the state's continuing
population growth. The Trust's holdings included issues for airports, port
facilities and highways.
- - Management maintained a large exposure to essential services bonds, including
insured* water and sewer bonds. These bonds are backed by revenues from water
and sewer bill payments, which tend to be relatively stable compared to
cyclical sources of income.
- - Insured* special tax revenue bonds constituted another major investment for
the Trust. These issues provided local communities a financing mechanism for a
wide variety of public initiatives, including utility, water and road
projects.
- - Management continued its efforts to upgrade the Trust's call protection. As
rates decline, there is a growing likelihood that some bonds may be called
prior to maturity, causing the proceeds to be invested at lower interest
rates. That has increased the importance of maintaining good call protection.
Trust Statistics(1)
<Table>
- - Number of Issues: 70
- - Effective Maturity: 8.5 years
- - Average Rating: AA
- - Average Call: 6.9 years
- - Average Dollar Price: $ 106.55
</Table>
The Trust
PERFORMANCE FOR THE PAST SIX MONTHS
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 12.99% for the six months ended May 31, 2003. That return was
the result of an increase in share price from $14.40 on November 30, 2002 to
$15.75 on May 31, 2003, and the reinvestment of $0.494 in regular monthly
dividends.(2)
- - Based on net asset value, the Trust had a total return of 11.09% for the six
months ended May 31, 2003. That return was the result of an increase in net
asset value from $14.73 on November 30, 2002 to $15.84 on May 31, 2003, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $15.75, the Trust had a
market yield of 6.27% at May 31, 2003.(3) The Trust's market yield is
equivalent to a taxable yield of 9.65%.(4)
[CHART]
Rating Distribution(1)
BY TOTAL INVESTMENTS
<Table>
AAA 62.1%
AA 11.4%
A 5.6%
BBB 4.2%
CCC 0.3%
Non-Rated 16.4%
</Table>
TRUST INFORMATION
AS OF MAY 31, 2003
PERFORMANCE(5)
AVERAGE ANNUAL TOTAL RETURNS (BY SHARE PRICE, AMERICAN STOCK EXCHANGE)
<Table>
One Year 20.36%
Life of Trust (1/29/99) 7.38
</Table>
AVERAGE ANNUAL TOTAL RETURNS (AT NET ASSET VALUE)
<Table>
One Year 18.75%
Life of Trust (1/29/99) 7.52
</Table>
[CHART]
FIVE LARGEST CATEGORIES(1)
BY NET ASSETS APPLICABLE TO COMMON SHARES
<Table>
Insured - Transportation* 23.0%
Insured - Water & Sewer* 20.3%
Insured - Special Tax Revenue* 13.9%
Hospital 11.8%
Insured - Miscellaneous* 11.6%
</Table>
(1) Trust Statistics, Rating Distribution and Five Largest Categories are
subject to change. Rating Distribution is determined by dividing the total
market value of the issues by the total investments of the Trust.
(2) A portion of the Trust's income may be subject to federal income and state
intangibles tax and/or federal alternative minimum tax.
(3) The Trust's market yield is calculated by dividing the most recent dividend
per share by the share price at the end of the period and annualizing the
result.
(4) Taxable-equivalent yield assumes maximum 35.00% combined federal and state
intangibles tax rate. A lower rate would result in a lower tax-equivalent
figure.
(5) Returns are historical and are calculated by determining the percentage
change in share price or net asset value with all distributions reinvested.
* Private insurance does not remove the risk of loss of principal associated
with insured investments due to changes in market conditions.
Past performance is no guarantee of future results. Investment return and
share price will fluctuate so that shares, when sold, may be worth more or
less than their original cost.
5
<Page>
Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2003
MANAGEMENT DISCUSSION
[PHOTO OF ROBERT B. MACINTOSH]
PORTFOLIO MANAGER
Management Discussion
- - The Massachusetts economy struggled in early 2003. Manufacturing of consumer
durables was especially weak, while slow technology sales reflected slow
capital spending. Temporary staffing showed some growth, as weary employers
opted for outsourcing. The Commonwealth's May 2003 jobless rate was 5.5%,
lower than the national rate, but above the 5.1% rate of a year ago.
- - The education and insured* education sectors are characteristically regarded
as defensive in a slowing economy. The Trust focused on bonds of well-regarded
institutions - at the university and secondary level - with continuing strong
applicant demand.
- - Hospital bonds represented a large commitment for the Trust. The competitive
Massachusetts hospital market has felt increasing pressure to reduce costs.
The Trust emphasized institutions with sound financial structures, good
management and the ability to offer attractive health care specialties.
- - Insured* transportation bonds remained significant investments. The Trust's
transportation holdings included issues for the Commonwealth's turnpike
authority, which enjoys fairly consistent toll revenues in any economic
environment.
- - The Trust generally avoided obligations of the Commonwealth, which may be
subject to downgrades of credit ratings. In addition, management took
advantage of strong retail demand to sell selected coupons and adjust the
overall coupon structure of the Trust.
Trust Statistics(1)
<Table>
- - Number of Issues: 60
- - Effective Maturity: 9.9 years
- - Average Rating: AA-
- - Average Call: 7.8 years
- - Average Dollar Price: $ 102.74
</Table>
The Trust
PERFORMANCE FOR THE PAST SIX MONTHS
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 7.20% for the six months ended May 31, 2003. That return was
the result of an increase in share price from $15.51 on November 30, 2002 to
$16.10 on May 31, 2003, and the reinvestment of $0.482 in regular monthly
dividends.(2)
- - Based on net asset value, the Trust had a total return of 12.41% for the six
months ended May 31, 2003. That return was the result of an increase in net
asset value from $14.35 on November 30, 2002 to $15.62 on May 31, 2003, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $16.10, the Trust had a
market yield of 5.99% at May 31, 2003.(3) The Trust's market yield is
equivalent to a taxable yield of 9.73%.(4)
[CHART]
Rating Distribution(1)
BY TOTAL INVESTMENTS
<Table>
AAA 51.0%
AA 5.8%
A 18.6%
BBB 14.3%
BB 1.1%
Non-Rated 9.2%
</Table>
TRUST INFORMATION
AS OF MAY 31, 2003
PERFORMANCE(5)
AVERAGE ANNUAL TOTAL RETURNS (BY SHARE PRICE, AMERICAN STOCK EXCHANGE)
<Table>
One Year 16.79%
Life of Trust (1/29/99) 7.80
</Table>
AVERAGE ANNUAL TOTAL RETURNS (AT NET ASSET VALUE)
<Table>
One Year 20.44%
Life of Trust (1/29/99) 7.05
</Table>
[CHART]
FIVE LARGEST CATEGORIES(1)
BY NET ASSETS APPLICABLE TO COMMON SHARES
<Table>
Education 30.2%
Hospital 21.7%
Insured - Education* 18.2%
Insured - Transportation* 14.5%
Insured - General Obligations* 12.7%
</Table>
(1) Trust Statistics, Rating Distribution and Five Largest Categories are
subject to change. Rating Distribution is determined by dividing the total
market value of the issues by the total investments of the Trust.
(2) A portion of the Trust's income may be subject to federal and state income
tax and/or federal alternative minimum tax.
(3) The Trust's market yield is calculated by dividing the most recent dividend
per share by the share price at the end of the period and annualizing the
result.
(4) Taxable-equivalent yield assumes maximum 38.45% combined federal and state
income tax rate. A lower rate would result in a lower tax-equivalent figure.
(5) Returns are historical and are calculated by determining the percentage
change in share price or net asset value with all distributions reinvested.
* Private insurance does not remove the risk of loss of principal associated
with insured investments due to changes in market conditions. Past
performance is no guarantee of future results. Investment return and share
price will fluctuate so that shares, when sold, may be worth more or less
than their original cost.
6
<Page>
Eaton Vance Michigan Municipal Income Trust as of May 31, 2003
MANAGEMENT DISCUSSION
[PHOTO OF WILLIAM H. AHERN]
PORTFOLIO MANAGER
Management Discussion
- - Michigan's economy reflected the uncertainties seen elsewhere in the nation.
Manufacturing growth was uneven, as the key auto industry battled rising
inventories. Home-building was a source of strength, although commercial
construction remained weak. The state's May 2003 jobless rate rose to 6.7%,
well above last year's 6.2% rate.
- - The Trust's largest sector concentration was in hospital bonds. Management
remained very selective with respect to hospital investments, focusing on the
more competitive institutions, with favorable cost structures, in-demand care
specialties and strategic alliances with other hospitals.
- - Insured* general obligations (GOs) and general obligations remained a major
focus for the Trust. In a slow economy, many states and municipalities have
encountered a shortfall in income and sales tax receipts. In that climate,
insured* GOs provided some insulation from revenue-related uncertainties.
- - Insured* transportation bonds were a significant investment. The Trust's
investments included airport issues for the Wayne County facility that
services the Detroit metropolitan area, as well as selected Puerto Rico
highway bonds.
- - Management continued its efforts to improve the Trust's call protection. With
the significant decline in interest rates and quickening pace of
pre-refundings, call protection has become an increasingly important strategic
consideration.
Trust Statistics(1)
<Table>
- - Number of Issues: 55
- - Effective Maturity: 9.9 years
- - Average Rating: AA
- - Average Call: 7.7 years
- - Average Dollar Price: $ 102.80
</Table>
The Trust
PERFORMANCE FOR THE PAST SIX MONTHS
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 17.92% for the six months ended May 31, 2003. That return was
the result of an increase in share price from $13.94 on November 30, 2002 to
$15.91 on May 31, 2003, and the reinvestment of $0.486 in regular monthly
dividends.(2)
- - Based on net asset value, the Trust had a total return of 11.71% for the six
months ended May 31, 2003. That return was the result of an increase in net
asset value from $14.40 on November 30, 2002 to $15.57 on May 31, 2003, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $15.91, the Trust had a
market yield of 6.11% at May 31, 2003.(3) The Trust's market yield is
equivalent to a taxable yield of 9.79%.(4)
[CHART]
Rating Distribution(1)
BY TOTAL INVESTMENTS
<Table>
AAA 57.5%
AA 4.4%
A 16.6%
BBB 10.0%
Non-Rated 11.5%
</Table>
TRUST INFORMATION
AS OF MAY 31, 2003
PERFORMANCE(5)
AVERAGE ANNUAL TOTAL RETURNS (BY SHARE PRICE, AMERICAN STOCK EXCHANGE)
<Table>
One Year 19.18%
Life of Trust (1/29/99) 7.58
</Table>
AVERAGE ANNUAL TOTAL RETURNS (AT NET ASSET VALUE)
<Table>
One Year 17.13%
Life of Trust (1/29/99) 7.04
</Table>
[CHART]
FIVE LARGEST CATEGORIES(1)
BY NET ASSETS APPLICABLE TO COMMON SHARES
<Table>
Hospital 34.0%
Insured - General Obligations* 24.7%
General Obligations 16.9%
Insured - Transportation* 12.9%
Industrial Development Revenue 10.6%
</Table>
(1) Trust Statistics, Rating Distribution and Five Largest Categories are
subject to change. Rating Distribution is determined by dividing the total
market value of the issues by the total investments of the Trust.
(2) A portion of the Trust's income may be subject to federal and state income
tax and/or federal alternative minimum tax.
(3) The Trust's market yield is calculated by dividing the most recent dividend
per share by the share price at the end of the period and annualizing the
result.
(4) Taxable-equivalent yield assumes maximum 37.60% combined federal and state
income tax rate. Income may also be subject to single business tax and city
income tax. A lower rate would result in a lower tax-equivalent figure.
(5) Returns are historical and are calculated by determining the percentage
change in share price or net asset value with all distributions reinvested.
* Private insurance does not remove the risk of loss of principal associated
with insured investments due to changes in market conditions.
Past performance is no guarantee of future results. Investment return and
share price will fluctuate so that shares, when sold, may be worth more or
less than their original cost.
7
<Page>
Eaton Vance New Jersey Municipal Income Trust as of May 31, 2003
MANAGEMENT DISCUSSION
[PHOTO OF ROBERT B. MACINTOSH]
PORTFOLIO MANAGER
Management Discussion
- - The New Jersey economy showed tentative signs of recovery in the first half of
2003. Business services, trade and leisure generated above-average job growth.
However, manufacturing again posted declines, with the metals area especially
weak. The state's May 2003 jobless rate was 5.6%, lower than the national rate
and down slightly from the 5.8% rate of a year ago.
- - Insured* transportation bonds represented the Trust's largest sector weighting
at May 31, 2003. The Trust's transportation holdings included an issue for the
state's turnpike authority, which enjoys fairly consistent toll revenues in
any economic environment.
- - Hospital bonds were among the Trust's major investments. Management focused on
institutions that either dominate their urban markets or are sole providers in
suburban or rural areas, with minimal competition. These hospitals have
generally been less vulnerable to the competitive pressures characterizing the
industry.
- - Education bonds remained a major focus of the Trust's investments. Management
emphasized institutions with high applications-to-admissions ratios that are
able to generate consistent, stable tuition revenues.
- - In a very strong retail market, management sold a range of in-demand coupons,
thereby adjusting the Trust's coupon structure to reflect the decline in
interest rates. In addition, with quality spreads having narrowed appreciably,
management has made an effort to upgrade quality within the Trust.
Trust Statistics(1)
<Table>
- - Number of Issues: 62
- - Effective Maturity: 10.2 years
- - Average Rating: AA-
- - Average Call: 8.4 years
- - Average Dollar Price: $ 107.52
</Table>
The Trust
PERFORMANCE FOR THE PAST SIX MONTHS
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 12.86% for the six months ended May 31, 2003. That return was
the result of an increase in share price from $14.40 on November 30, 2002 to
$15.70 on May 31, 2003, and the reinvestment of $0.504 in regular monthly
dividends.(2)
- - Based on net asset value, the Trust had a total return of 12.86% for the six
months ended May 31, 2003. That return was the result of an increase in net
asset value from $14.06 on November 30, 2002 to $15.33 on May 31, 2003, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $15.70, the Trust had a
market yield of 6.43% at May 31, 2003.3 The Trust's market yield is equivalent
to a taxable yield of 10.57%.(4)
[CHART]
Rating Distribution(1)
BY TOTAL INVESTMENTS
<Table>
AAA 51.6%
AA 8.3%
A 12.8%
BBB 13.4%
B 1.1%
Non-Rated 12.8%
</Table>
TRUST INFORMATION
AS OF MAY 31, 2003
PERFORMANCE(5)
AVERAGE ANNUAL TOTAL RETURNS (BY SHARE PRICE, AMERICAN STOCK EXCHANGE)
<Table>
One Year 16.41%
Life of Trust (1/29/99) 7.35
</Table>
AVERAGE ANNUAL TOTAL RETURNS (AT NET ASSET VALUE)
<Table>
One Year 17.16%
Life of Trust (1/29/99) 6.76
</Table>
[CHART]
FIVE LARGEST CATEGORIES(1)
BY NET ASSETS APPLICABLE TO COMMON SHARES
<Table>
Insured - Transportation* 28.1%
Hospital 19.9%
Transportation 19.3%
Education 12.3%
Insured - General Obligations* 11.8%
</Table>
(1) Trust Statistics, Rating Distribution and Five Largest Categories are
subject to change. Rating Distribution is determined by dividing the total
market value of the issues by the total investments of the Trust.
(2) A portion of the Trust's income may be subject to federal and state income
tax and/or federal alternative minimum tax.
(3) The Trust's market yield is calculated by dividing the most recent dividend
per share by the share price at the end of the period and annualizing the
result.
(4) Taxable-equivalent yield assumes maximum 39.14% combined federal and state
income tax rate. A lower rate would result in a lower tax-equivalent figure.
(5) Returns are historical and are calculated by determining the percentage
change in share price or net asset value with all distributions reinvested.
* Private insurance does not remove the risk of loss of principal associated
with insured investments due to changes in market conditions.
Past performance is no guarantee of future results. Investment return and
share price will fluctuate so that shares, when sold, may be worth more or
less than their original cost.
8
<Page>
Eaton Vance New York Municipal Income Trust as of May 31, 2003
MANAGEMENT DISCUSSION
[PHOTO OF THOMAS J. FETTER]
PORTFOLIO MANAGER
Management Discussion
- - The New York economy reported mixed results, with signs of an emerging
recovery. The retail sector was weak, as consumers remained skeptical.
However, construction-related areas were fairly robust. The financial sector
reported job growth, as the equity markets staged an impressive rally. The
state's May 2003 jobless rate was 6.1%, unchanged from a year ago.
- - Insured* transportation bonds remained the Trust's largest sector weighting at
May 31, 2003. While the slow economy has resulted in slower freight and
passenger traffic, the Trust focused on thruway, port facilities and airports
that are well-positioned to weather the weaker climate.
- - The Trust was selective within the hospital sector, given the industry's
continuing challenges. Management focused on bonds of well-managed facilities,
diversified among county and local issuers, as well as by coupon distribution.
- - Escrowed bonds were among the Trust's largest commitments. Escrowed bonds are
pre-refunded to their approaching call dates and, thus, continue to deliver
above-average income. Because they are backed by Treasury bonds, escrowed
bonds are considered to be of the highest quality.
- - Call protection remained a priority of the Trust. Management sought to
eliminate bonds with poor call features in favor of noncallable bonds or those
with superior call protection. Adequate call protection allows bonds to
participate more fully in market rallies.
Trust Statistics(1)
<Table>
- - Number of Issues: 65
- - Effective Maturity: 9.2 years
- - Average Rating: AA-
- - Average Call: 8.0 years
- - Average Dollar Price: $111.71
</Table>
The Trust
PERFORMANCE FOR THE PAST SIX MONTHS
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 16.35% for the six months ended May 31, 2003. That return was
the result of an increase in share price from $13.99 on November 30, 2002 to
$15.72 on May 31, 2003, and the reinvestment of $0.512 in regular monthly
dividends.(2)
- - Based on net asset value, the Trust had a total return of 12.19% for the six
months ended May 31, 2003. That return was the result of an increase in net
asset value from $14.86 on November 30, 2002 to $16.10 on May 31, 2003, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $15.72, the Trust had a
market yield of 6.49% at May 31, 2003.(3) The Trust's market yield is
equivalent to a taxable yield of 10.72%.(4)
[CHART]
Rating Distribution(1)
BY TOTAL INVESTMENTS
<Table>
AAA 44.4%
AA 18.6%
A 17.9%
BBB 6.8%
Non-Rated 12.3%
</Table>
TRUST INFORMATION
AS OF MAY 31, 2003
PERFORMANCE(5)
AVERAGE ANNUAL TOTAL RETURNS (BY SHARE PRICE, AMERICAN STOCK EXCHANGE)
<Table>
One Year 15.15%
Life of Trust (1/29/99) 7.38
</Table>
AVERAGE ANNUAL TOTAL RETURNS (AT NET ASSET VALUE)
<Table>
One Year 20.07%
Life of Trust (1/29/99) 7.97
</Table>
[CHART]
FIVE LARGEST CATEGORIES(1)
BY NET ASSETS APPLICABLE TO COMMON SHARES
<Table>
Insured-Transportation* 15.6%
Hospital 13.3%
Escrowed - Prorefunded 12.7%
Insured-Hospital* 11.6%
Electric Utilities 10.8%
</Table>
(1) Trust Statistics, Rating Distribution and Five Largest Categories are
subject to change. Rating Distribution is determined by dividing the total
market value of the issues by the total investments of the Trust.
(2) A portion of the Trust's income may be subject to federal and state income
tax and/or federal alternative minimum tax.
(3) The Trust's market yield is calculated by dividing the most recent dividend
per share by the share price at the end of the period and annualizing the
result.
(4) Taxable-equivalent yield assumes maximum 39.45% combined federal and state
income tax rate. New York City residents may be subject to New York City
personal income tax. A lower rate would result in a lower tax-equivalent
figure.
(5) Returns are historical and are calculated by determining the percentage
change in share price or net asset value with all distributions reinvested.
* Private insurance does not remove the risk of loss of principal associated
with insured investments due to changes in market conditions.
Past performance is no guarantee of future results. Investment return and
share price will fluctuate so that shares, when sold, may be worth more or
less than their original cost.
9
<Page>
Eaton Vance Ohio Municipal Income Trust as of May 31, 2003
MANAGEMENT DISCUSSION
[PHOTO OF THOMAS J. FETTER]
PORTFOLIO MANAGER
Management Discussion
- - Economic activity remained mixed in Ohio, with some industries strengthening
while others deteriorated. Selected manufacturers enjoyed rising production,
while residential construction saw strong gains over last year. Retailers,
meanwhile, reported weak demand, exemplified by slumping auto sales. The
state's May 2003 jobless rate was 6.1%, up from 5.9% a year ago.
- - Hospital bonds constituted the Trust's largest sector weighting at May 31,
2003. In a highly competitive, managed-care environment, the Trust continued
to focus on institutions we believe have a sound financial underpinning,
experienced management and a good marketing strategy.
- - Insured* general obligations (GOs) were a significant commitment for the
Trust. These insured* issues are generally prized by investors, especially at
a time when the weak economy has continued to pressure industrial and
economically-sensitive issuers.
- - Insured* education bonds represented a large commitment for the Trust. These
issues, which financed the construction of classroom and dormitories for
universities throughout the state, are typically less vulnerable to an
economic slowdown than cyclical bonds.
- - Puerto Rico bonds played a role in management's efforts to maintain a broad
diversification. The Trust's Puerto Rico holdings included insured* general
obligations and transportation bonds, as well as uninsured infrastructure
bonds.
Trust Statistics(1)
<Table>
- - Number of Issues: 49
- - Effective Maturity: 10.6 years
- - Average Rating: AA-
- - Average Call: 8.9 years
- - Average Dollar Price: $105.30
</Table>
The Trust
PERFORMANCE FOR THE PAST SIX MONTHS
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 17.45% for the six months ended May 31, 2003. That return was
the result of an increase in share price from $14.73 on November 30, 2002 to
$16.73 on May 31, 2003, and the reinvestment of $0.499 in regular monthly
dividends.(2)
- - Based on net asset value, the Trust had a total return of 12.36% for the six
months ended May 31, 2003. That return was the result of an increase in net
asset value from $14.15 on November 30, 2002 to $15.37 on May 31, 2003, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $16.73, the Trust had a
market yield of 5.96% at May 31, 2003.(3) The Trust's market yield is
equivalent to a taxable yield of 9.91%.(4)
[CHART]
Rating Distribution(1)
BY TOTAL INVESTMENTS
<Table>
AAA 44.3%
AA 12.7%
A 22.1%
BBB 8.7%
BB 1.6%
Non-Rated 10.6%
</Table>
TRUST INFORMATION
AS OF MAY 31, 2003
PERFORMANCE(5)
AVERAGE ANNUAL TOTAL RETURNS (BY SHARE PRICE, AMERICAN STOCK EXCHANGE)
<Table>
One Year 22.42%
Life of Trust (1/29/99) 8.74
</Table>
AVERAGE ANNUAL TOTAL RETURNS (AT NET ASSET VALUE)
<Table>
One Year 17.58%
Life of Trust (1/29/99) 6.65
</Table>
[CHART]
FIVE LARGEST CATEGORIES(1)
BY NET ASSETS APPLICABLE TO COMMON SHARES
<Table>
Hospital 21.8%
Insured - General Obligations* 21.4%
Industrial Development Revenue 19.8%
Insured - Education* 13.9%
Insured - Transportaion* 11.4%
</Table>
(1) Trust Statistics, Rating Distribution and Five Largest Categories are
subject to change. Rating Distribution is determined by dividing the total
market value of the issues by the total investments of the Trust.
(2) A portion of the Trust's income may be subject to federal and state income
tax and/or federal alternative minimum tax.
(3) The Trust's market yield is calculated by dividing the most recent dividend
per share by the share price at the end of the period and annualizing the
result.
(4) Taxable-equivalent yield assumes maximum 39.88% combined federal and state
income tax rate. A lower rate would result in a lower tax-equivalent figure.
(5) Returns are historical and are calculated by determining the percentage
change in share price or net asset value with all distributions reinvested.
* Private insurance does not remove the risk of loss of principal associated
with insured investments due to changes in market conditions.
Past performance is no guarantee of future results. Investment return and
share price will fluctuate so that shares, when sold, may be worth more or
less than their original cost.
10
<Page>
Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2003
MANAGEMENT DISCUSSION
[PHOTO OF CYNTHIA J. CLEMSON]
PORTFOLIO MANAGER
Management Discussion
- - Uncertainty characterized Pennsyl-vania's economy in the first half of 2003,
as manufacturers reported declines in orders, while retail sales were below
last year's pace. Meanwhile, residential building was surprisingly strong,
while the commercial side lagged. The state's May 2003 jobless rate was 5.6%,
unchanged from a year ago.
- - Insured* education bonds were the Trust's largest sector weighting at May 31,
2003, providing excellent quality and stable revenues in an uncertain economic
climate. The Trust's holdings included issues for the state university system
as well as prominent private institutions.
- - The Trust maintained a large exposure to insured* general obligations (GOs).
In a period characterized by lower wages and weaker consumer spending,
insured* GOs provided an extra measure of security against the likelihood of
declining state and municipal revenues.
- - Insured* water and sewer bonds have played a prominent role in the Trust.
These issues are often sought by investors in a slow economy because they
finance an essential service and are less vulnerable to cutbacks in consumer
spending.
- - With the dramatic decline in interest rates increasing call risk, management
emphasized non-callable bonds and bonds with favorable call characteristics.
The calling of older, higher-coupon bonds has made call protection an
important consideration for investors.
Trust Statistics(1)
<Table>
- - Number of Issues: 63
- - Effective Maturity: 7.8 years
- - Average Rating: AA
- - Average Call: 6.7 years
- - Average Dollar Price: $104.34
</Table>
The Trust
PERFORMANCE FOR THE PAST SIX MONTHS
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 13.28% for the six months ended May 31, 2003. That return was
the result of an increase in share price from $13.96 on November 30, 2002 to
$15.32 on May 31, 2003, and the reinvestment of $0.465 in regular monthly
dividends.(2)
- - Based on net asset value, the Trust had a total return of 11.69% for the six
months ended May 31, 2003. That return was the result of an increase in net
asset value from $14.26 on November 30, 2002 to $15.43 on May 31, 2003, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $15.32, the Trust had a
market yield of 6.08% at May 31, 2003.(3) The Trust's market yield is
equivalent to a taxable yield of 9.62%.(4)
[CHART]
Rating Distribution(1)
BY TOTAL INVESTMENTS
<Table>
AAA 66.7%
AA 2.1%
A 11.5%
BBB 8.6%
BB 2.2%
B 0.5%
CCC 1.0%
Non-Rated 7.4%
</Table>
TRUST INFORMATION
AS OF MAY 31, 2003
PERFORMANCE(5)
AVERAGE ANNUAL TOTAL RETURNS (BY PRICE PRICE, AMERICAN STOCK EXCHANGE)
<Table>
One Year 20.45%
Life of Trust (1/29/99) 6.54
</Table>
AVERAGE ANNUAL TOTAL RETURNS (AT NET ASSET VALUE)
<Table>
One Year 17.42%
Life of Trust (1/29/99) 6.71
</Table>
[CHART]
FIVE LARGEST CATEGORIES(1)
BY NET ASSETS APPLICABLE TO COMMON SHARES
<Table>
Insured - Education* 23.1%
Insured - General Obligations* 17.5%
Insured - Water & Sewer* 15.7%
Insured - Transportaion* 15.6%
Insured - Hospital* 15.2%
</Table>
(1) Trust Statistics, Rating Distribution and Five Largest Categories are
subject to change. Rating Distribution is determined by dividing the total
market value of the issues by the total investments of the Trust.
(2) A portion of the Trust's income may be subject to federal and state income
tax and/or federal alternative minimum tax.
(3) The Trust's market yield is calculated by dividing the most recent dividend
per share by the share price at the end of the period and annualizing the
result.
(4) Taxable-equivalent yield assumes maximum 36.82% combined federal and state
income tax rate. A lower rate would result in a lower tax-equivalent figure.
(5) Returns are historical and are calculated by determining the percentage
change in share price or net asset value with all distributions reinvested.
* Private insurance does not remove the risk of loss of principal associated
with insured investments due to changes in market conditions.
Past performance is no guarantee of future results. Investment return and
share price will fluctuate so that shares, when sold, may be worth more or
less than their original cost.
11
<Page>
CALIFORNIA MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 149.2%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Education -- 9.3%
- -------------------------------------------------------------------------
$ 1,000 California Educational Facilities
Authority, (Dominican University),
5.75%, 12/1/30 $ 1,056,400
500 California Educational Facilities
Authority, (Pepperdine University),
5.00%, 11/1/29 522,525
1,850 California Educational Facilities
Authority, (Santa Clara University),
5.00%, 9/1/23 2,051,742
4,000 California Educational Facilities
Authority, (Stanford University),
5.125%, 1/1/31 4,179,360
2,500 California Educational Facilities
Authority, (University of Southern
California), 5.50%, 10/1/27 2,797,175
- -------------------------------------------------------------------------
$ 10,607,202
- -------------------------------------------------------------------------
Electric Utilities -- 1.5%
- -------------------------------------------------------------------------
$ 1,600 California Department Water Resource
Power Supply, 5.125%, 5/1/18 $ 1,731,824
- -------------------------------------------------------------------------
$ 1,731,824
- -------------------------------------------------------------------------
Escrowed / Prerefunded -- 1.0%
- -------------------------------------------------------------------------
$ 2,425 Foothill/Eastern Transportation Corridor
Agency, Escrowed to Maturity,
0.00%, 1/1/20 $ 1,188,735
- -------------------------------------------------------------------------
$ 1,188,735
- -------------------------------------------------------------------------
General Obligations -- 3.0%
- -------------------------------------------------------------------------
$ 2,200 California State General Obligation,
5.00%, 2/1/21 $ 2,300,276
1,100 California State General Obligation,
5.25%, 4/1/30 1,148,521
- -------------------------------------------------------------------------
$ 3,448,797
- -------------------------------------------------------------------------
Hospital -- 14.6%
- -------------------------------------------------------------------------
$ 2,000 California Health Facilities Financing
Authority, (Cedars-Sinai Medical
Center), 6.25%, 12/1/34 $ 2,176,680
750 California Infrastructure and Economic
Development, (Kaiser Hospital),
5.50%, 8/1/31 784,732
1,650 California Statewide Communities
Development Authority, (Kaiser
Permanente), 5.50%, 11/1/32 1,722,006
1,750 California Statewide Communities
Development Authority, (Sonoma County
Indian Health), 6.40%, 9/1/29 1,697,902
1,500 California Statewide Communities
Development Authority, (Sutter Health),
5.50%, 8/15/28 1,574,445
1,500 Duarte, COP, (City of Hope),
5.25%, 4/1/24 1,513,800
1,000 Stockton Health Facilities Authority,
(Dameron Hospital), 5.70%, 12/1/14 1,067,370
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Hospital (continued)
- -------------------------------------------------------------------------
$ 2,000 Tahoe Forest Hospital District,
5.85%, 7/1/22 $ 2,007,280
2,000 Torrance Hospital, (Torrance Memorial
Medical Center), 5.50%, 6/1/31 2,093,180
2,000 Washington Township, Health Care
District, 5.25%, 7/1/29 2,088,280
- -------------------------------------------------------------------------
$ 16,725,675
- -------------------------------------------------------------------------
Housing -- 2.4%
- -------------------------------------------------------------------------
$ 1,000 California Statewide Communities
Development Authority, (Corporate Fund
for Housing), 6.50%, 12/1/29 $ 1,001,400
500 California Statewide Communities
Development Authority, (Corporate Fund
for Housing), 7.25%, 12/1/34 505,805
787 Commerce, (Hermitage III Senior
Apartments), 6.50%, 12/1/29 770,760
446 Commerce, (Hermitage III Senior
Apartments), 6.85%, 12/1/29 433,285
- -------------------------------------------------------------------------
$ 2,711,250
- -------------------------------------------------------------------------
Industrial Development Revenue -- 1.2%
- -------------------------------------------------------------------------
$ 1,250 California Pollution Control Financing
Authority, (Mobil Oil Corp.), (AMT),
5.50%, 12/1/29 $ 1,387,337
- -------------------------------------------------------------------------
$ 1,387,337
- -------------------------------------------------------------------------
Insured-Education -- 6.2%
- -------------------------------------------------------------------------
$ 3,770 California Educational Facilities
Authority, (Pooled College and
University), (MBIA), 5.10%, 4/1/23 $ 3,984,815
3,000 California University, (AMBAC),
5.00%, 11/1/33 3,167,100
- -------------------------------------------------------------------------
$ 7,151,915
- -------------------------------------------------------------------------
Insured-Electric Utilities -- 14.0%
- -------------------------------------------------------------------------
$ 3,250 California Pollution Control Financing
Authority, (Southern California Edison
Co.), (MBIA), (AMT), 5.55%, 9/1/31 $ 3,486,275
2,500 California Pollution Control Financing
Authority, PCR, (Pacific Gas and
Electric), (MBIA), (AMT),
5.35%, 12/1/16 2,800,475
4,000 Puerto Rico Electric Power Authority,
(FSA), Variable Rate, 7/1/29(1)(2) 4,731,000
665 Puerto Rico Electric Power Authority,
(MBIA), Variable Rate, 7/1/29(2)(3) 847,290
3,000 Sacramento Municipal Electric Utility
District, (FSA), 5.00%, 8/15/28 3,173,310
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
12
<Page>
CALIFORNIA MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-Electric Utilities (continued)
- -------------------------------------------------------------------------
$ 1,000 Southern California Public Power
Authority, (Magnolia Power), (MBIA),
5.00%, 7/1/25 $ 1,063,080
- -------------------------------------------------------------------------
$ 16,101,430
- -------------------------------------------------------------------------
Insured-Escrowed / Prerefunded -- 1.6%
- -------------------------------------------------------------------------
$ 5,130 Foothill/Eastern Transportation Corridor
Agency, Escrowed to Maturity, (FSA),
0.00%, 1/1/26 $ 1,790,575
- -------------------------------------------------------------------------
$ 1,790,575
- -------------------------------------------------------------------------
Insured-General Obligations -- 21.8%
- -------------------------------------------------------------------------
$ 3,650 Burbank Unified School District, (FGIC),
0.00%, 8/1/18 $ 1,890,298
1,650 California RITES, (AMBAC), Variable
Rate, 5/1/26(1)(2) 2,136,436
6,425 Foothill-De Anza Community College
District, (MBIA), 0.00%, 8/1/20 2,955,628
3,000 Foothill-De Anza Community College
District, (MBIA), 0.00%, 8/1/21 1,298,580
3,750 Los Angeles Unified School District,
(FGIC), 5.375%, 7/1/25 4,127,475
5,000 Murrieta Valley Unified School District,
(FGIC), 0.00%, 9/1/20 2,291,050
2,500 Puerto Rico General Obligation, (FSA),
Variable Rate, 7/1/27(2)(3) 3,192,875
9,635 San Ramon Valley Unified School
District, (FGIC), 0.00%, 7/1/18(4) 5,007,984
4,500 Ukiah Unified School District, (FGIC),
0.00%, 8/1/20 2,126,115
- -------------------------------------------------------------------------
$ 25,026,441
- -------------------------------------------------------------------------
Insured-Hospital -- 4.6%
- -------------------------------------------------------------------------
$ 3,200 California Statewide Communities
Development Authority, (Children's
Hospital Los Angeles), (MBIA),
5.25%, 8/15/29 $ 3,477,216
1,245 California Statewide Communities
Development Authority, (Sutter Health),
Residual Certificates, (FSA), Variable
Rate, 8/15/19(2)(3) 1,793,149
- -------------------------------------------------------------------------
$ 5,270,365
- -------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of
Participation -- 7.2%
- -------------------------------------------------------------------------
$ 9,000 Anaheim Public Financing Authority,
(Public Improvements), (FSA),
0.00%, 9/1/17 $ 4,904,460
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of
Participation (continued)
- -------------------------------------------------------------------------
$11,500 Anaheim Public Financing Authority,
(Public Improvements), (FSA),
0.00%, 9/1/28 $ 3,332,930
- -------------------------------------------------------------------------
$ 8,237,390
- -------------------------------------------------------------------------
Insured-Special Tax Revenue -- 0.8%
- -------------------------------------------------------------------------
$ 250 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/07(1)(2) $ 270,538
525 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(3) 589,696
- -------------------------------------------------------------------------
$ 860,234
- -------------------------------------------------------------------------
Insured-Transportation -- 19.0%
- -------------------------------------------------------------------------
$ 2,500 Los Angeles County Metropolitan
Transportation Authority, (FGIC),
5.25%, 7/1/30 $ 2,716,575
2,300 Port Oakland, (MBIA), (AMT),
5.375%, 11/1/25 2,416,656
2,515 Puerto Rico Highway and Transportation
Authority, (AMBAC), Variable Rate,
1/1/19(2)(3) 2,847,885
1,750 Puerto Rico Highway and Transportation
Authority, (FSA), 4.75%, 7/1/38 1,823,833
5,000 San Francisco City and County Airports,
(International Airport), (FGIC), (AMT),
5.25%, 5/1/30 5,192,400
6,000 San Francisco, (Bay Area Rapid
Transportation District), (FGIC),
5.50%, 7/1/34 6,791,280
- -------------------------------------------------------------------------
$ 21,788,629
- -------------------------------------------------------------------------
Insured-Water and Sewer -- 14.8%
- -------------------------------------------------------------------------
$ 5,000 Contra Costa County, Water District,
(MBIA), 5.00%, 10/1/24 $ 5,222,400
6,250 East Bay Municipal Utilities District
Water System, (MBIA), 5.00%, 6/1/38 6,482,688
3,200 Metropolitan Water District, (Southern
California Waterworks), (MBIA), Variable
Rate, 7/1/27(2)(3) 3,436,832
4,850 Santa Rosa Wastewater, (AMBAC),
0.00%, 9/1/23 1,854,010
- -------------------------------------------------------------------------
$ 16,995,930
- -------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 6.4%
- -------------------------------------------------------------------------
$ 4,000 Sacramento City, Financing Authority,
5.40%, 11/1/20 $ 4,647,080
2,500 San Diego County, Certificates of
Participation, 5.375%, 10/1/41 2,667,150
- -------------------------------------------------------------------------
$ 7,314,230
- -------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
13
<Page>
CALIFORNIA MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Special Tax Revenue -- 18.8%
- -------------------------------------------------------------------------
$ 1,500 Bonita Canyon Public Facilities
Financing Authority, 5.375%, 9/1/28 $ 1,491,660
1,750 Capistrano Unified School District,
5.75%, 9/1/29 1,777,965
1,685 Corona, Public Financing Authority,
5.80%, 9/1/20 1,693,206
1,000 Corona-Norco Unified School District
Public Financing Authority,
6.125%, 9/1/31 1,028,560
1,590 Fontana Redevelopment Agency, (Jurupa
Hills), 5.60%, 10/1/27 1,647,081
1,425 Lincoln Public Financing Authority,
Improvement Bond Act of 1915 (Twelve
Bridges), 6.20%, 9/2/25 1,497,176
600 Manteca Unified School District,
5.80%, 9/1/24 607,458
750 Murrieta Valley Unified School District,
6.20%, 9/1/35 753,330
2,465 Oakland Joint Powers Financing
Authority, 5.40%, 9/2/18 2,685,420
995 Oakland Joint Powers Financing
Authority, 5.50%, 9/2/24 1,064,222
700 Rancho Cucamonga Public Financing
Authority, 6.00%, 9/2/20 734,979
1,245 Roseville Special Tax, 6.30%, 9/1/25 1,307,960
1,325 San Pablo Redevelopment Agency,
5.65%, 12/1/23 1,410,383
1,500 Santa Margarita Water District,
6.20%, 9/1/20 1,565,820
250 Santaluz Community Facilities District
No. 2, 6.10%, 9/1/21 257,915
500 Santaluz Community Facilities District
No. 2, 6.20%, 9/1/30 515,370
500 Turlock Public Financing Authority,
5.45%, 9/1/24 508,225
1,000 Whittier Public Financing Authority,
(Greenleaf Avenue Redevelopment),
5.50%, 11/1/23 1,031,620
- -------------------------------------------------------------------------
$ 21,578,350
- -------------------------------------------------------------------------
Transportation -- 1.0%
- -------------------------------------------------------------------------
$ 1,170 Port Redwood City, (AMT), 5.125%, 6/1/30 $ 1,158,183
- -------------------------------------------------------------------------
$ 1,158,183
- -------------------------------------------------------------------------
Total Tax-Exempt Investments -- 149.2%
(identified cost $154,368,886) $171,074,492
- -------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.3% $ 2,603,702
- -------------------------------------------------------------------------
Auction Preferred Shares Plus Cumulative Unpaid Dividends
- -- (51.5)% $(59,001,285)
- -------------------------------------------------------------------------
Net Assets Applicable to Common
Shares -- 100.0% $114,676,909
- -------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Trust 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 May 31, 2003, 60.3% 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 6.4% to 21.9% 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 has been issued as a leveraged inverse floater bond.
(4) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
SEE NOTES TO FINANCIAL STATEMENTS
14
<Page>
FLORIDA MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 150.9%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Education -- 1.6%
- -------------------------------------------------------------------------
$1,000 Volusia County Educational Facilities
Authority, (Embry Riddle Aeronautical),
5.75%, 10/15/29 $ 1,067,770
- -------------------------------------------------------------------------
$ 1,067,770
- -------------------------------------------------------------------------
Electric Utilities -- 5.9%
- -------------------------------------------------------------------------
$1,850 Hillsborough County, IDA, (Tampa
Electric Co.), 5.50%, 10/1/23 $ 1,833,757
2,000 Jacksonville Electric Authority,
Variable Rate, 10/1/32(1)(2) 2,128,360
- -------------------------------------------------------------------------
$ 3,962,117
- -------------------------------------------------------------------------
Escrowed / Prerefunded -- 5.3%
- -------------------------------------------------------------------------
$ 700 Alachua County Health Facilities
Authority, (Beverly Enterprises Inc.),
Prerefunded to 4/1/04, 6.75%, 4/1/10 $ 740,068
2,500 Escambia County, Health Facilities
Authority, (Charity Obligation Group),
Prerefunded to 11/1/10, 5.00%, 11/1/28 2,814,375
- -------------------------------------------------------------------------
$ 3,554,443
- -------------------------------------------------------------------------
General Obligations -- 2.5%
- -------------------------------------------------------------------------
$1,250 Florida, Variable Rate, 7/1/27(1)(2) $ 1,337,762
350 Florida Board of Education,
4.75%, 6/1/28 357,084
- -------------------------------------------------------------------------
$ 1,694,846
- -------------------------------------------------------------------------
Health Care-Miscellaneous -- 0.8%
- -------------------------------------------------------------------------
$ 500 Osceola County IDA Community Provider
Pooled Loan, 7.75%, 7/1/17 $ 509,535
- -------------------------------------------------------------------------
$ 509,535
- -------------------------------------------------------------------------
Hospital -- 11.8%
- -------------------------------------------------------------------------
$2,250 Highlands County Health Facilities
Authority, (Adventist Health System),
5.25%, 11/15/28 $ 2,293,717
1,250 Jacksonville, EDA, (Mayo Clinic),
5.50%, 11/15/36 1,335,075
1,750 Lakeland Hospital System, (Lakeland
Regional Health System),
5.50%, 11/15/32 1,819,825
1,000 South Miami Health Facility Authority,
(Baptist Health), 5.25%, 11/15/33 1,025,470
1,400 West Orange Health Care District,
5.80%, 2/1/31 1,466,570
- -------------------------------------------------------------------------
$ 7,940,657
- -------------------------------------------------------------------------
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Housing -- 3.6%
- -------------------------------------------------------------------------
$1,720 Escambia County Housing Finance
Authority, SFM, (Multi-County Program),
(AMT), 5.50%, 10/1/31 $ 1,801,167
500 Florida Capital Projects Finance
Authority, Student Housing Revenue,
(Florida University), 7.75%, 8/15/20 518,645
130 Florida Capital Projects Finance
Authority, Student Housing Revenue,
(Florida University), 9.50%, 8/15/05 130,090
- -------------------------------------------------------------------------
$ 2,449,902
- -------------------------------------------------------------------------
Industrial Development Revenue -- 1.7%
- -------------------------------------------------------------------------
$ 940 Broward County IDR, (Lynxs Cargoport),
(AMT), 6.75%, 6/1/19 $ 856,631
650 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.25%, 6/1/26 253,519
- -------------------------------------------------------------------------
$ 1,110,150
- -------------------------------------------------------------------------
Insured-Electric Utilities -- 9.8%
- -------------------------------------------------------------------------
$1,600 Burke County Development Authority
(Georgia Power Co.), (MBIA),
5.45%, 5/1/34 $ 1,637,008
1,100 Guam Power Authority, (MBIA),
5.125%, 10/1/29 1,163,470
2,750 Jupiter Island, Utility System, (South
Martin Regional Utility), (MBIA),
5.00%, 10/1/28 2,869,350
750 Puerto Rico Electric Power Authority,
(FSA), Variable Rate, 7/1/29(1)(2) 887,062
- -------------------------------------------------------------------------
$ 6,556,890
- -------------------------------------------------------------------------
Insured-Escrowed / Prerefunded -- 3.4%
- -------------------------------------------------------------------------
$ 650 Dade County, Professional Sports
Franchise Facility, (MBIA), Escrowed to
Maturity, 5.25%, 10/1/30 $ 755,040
1,250 Tampa Bay Water Utility System, (FGIC),
Prerefunded to 10/1/11, 5.75%, 10/1/29 1,518,261
- -------------------------------------------------------------------------
$ 2,273,301
- -------------------------------------------------------------------------
Insured-General Obligations -- 2.8%
- -------------------------------------------------------------------------
$1,500 Puerto Rico General Obligation, FSA,
Variable Rate, 7/1/27(2)(3) $ 1,915,725
- -------------------------------------------------------------------------
$ 1,915,725
- -------------------------------------------------------------------------
Insured-Hospital -- 5.7%
- -------------------------------------------------------------------------
$1,000 Maricopa County IDA, (Mayo Clinic
Hospital), (AMBAC), 5.25%, 11/15/37 $ 1,048,910
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
15
<Page>
FLORIDA MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-Hospital (continued)
- -------------------------------------------------------------------------
$1,350 Miami Dade County Health Facilities
Authority, (Miami Children's Hospital),
(AMBAC), 5.125%, 8/15/26 $ 1,438,627
1,250 South Miami Health Facility Authority,
(Baptist Health), (AMBAC),
5.25%, 11/15/33 1,342,550
- -------------------------------------------------------------------------
$ 3,830,087
- -------------------------------------------------------------------------
Insured-Housing -- 1.7%
- -------------------------------------------------------------------------
$1,100 Broward County Housing Finance
Authority, Multifamily Housing, (Venice
Homes Apartments), (FSA), (AMT),
5.70%, 1/1/32 $ 1,143,527
- -------------------------------------------------------------------------
$ 1,143,527
- -------------------------------------------------------------------------
Insured-Miscellaneous -- 11.6%
- -------------------------------------------------------------------------
$4,000 Miami-Dade County, (Professional Sport
Franchise), (MBIA), 4.75%, 10/1/30 $ 4,095,560
3,500 Orange County Tourist Development,
(AMBAC), 5.125%, 10/1/30 3,719,450
- -------------------------------------------------------------------------
$ 7,815,010
- -------------------------------------------------------------------------
Insured-Special Tax Revenue -- 13.9%
- -------------------------------------------------------------------------
$2,500 Dade County Convention Center Special
Tax, (AMBAC), 5.00%, 10/1/35 $ 2,577,700
970 Dade County, Special Obligation Residual
Certificates, (AMBAC), Variable Rate,
10/1/35(2)(3) 1,060,443
2,250 Jacksonville, Sales Tax, (AMBAC),
5.00%, 10/1/30 2,364,862
1,470 Miami Beach Resort Tax, (AMBAC),
6.25%, 10/1/22 1,901,812
1,395 Miami-Dade County, Special Obligation,
(MBIA), 5.00%, 10/1/37 1,451,135
- -------------------------------------------------------------------------
$ 9,355,952
- -------------------------------------------------------------------------
Insured-Transportation -- 23.0%
- -------------------------------------------------------------------------
$2,250 Florida Ports Financing Commission,
(FGIC), 5.50%, 10/1/29 $ 2,383,920
3,700 Florida Turnpike Authority, (Department
of Transportation), (FGIC),
4.50%, 7/1/27(4) 3,732,227
1,500 Greater Orlando Aviation Authority,
(FGIC), (AMT), Variable Rate,
4/1/13(2)(3) 1,793,475
650 Lee County Airport, (FSA),
6.00%, 10/1/29 737,120
500 Lee County Airport, (FSA), (AMT),
5.75%, 10/1/25 543,400
1,000 Massachusetts Turnpike Authority,
Metropolitan Highway System, (MBIA),
5.00%, 1/1/37 1,026,650
1,000 Miami-Dade County Expressway Authority,
(FGIC), 5.125%, 7/1/29 1,065,730
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-Transportation (continued)
- -------------------------------------------------------------------------
$1,000 Orlando and Orange County Expressway
Authority, (FGIC), 5.00%, 7/1/28 $ 1,042,250
1,250 Puerto Rico Highway and Transportation
Authority, (MBIA), 5.50%, 7/1/36 1,435,963
1,165 Puerto Rico Highway and Transportation
Authority, (MBIA), Variable Rate,
1/1/19(2)(3) 1,649,372
- -------------------------------------------------------------------------
$ 15,410,107
- -------------------------------------------------------------------------
Insured-Water and Sewer -- 20.3%
- -------------------------------------------------------------------------
$1,500 Miami Beach Storm Water, (FGIC),
5.375%, 9/1/30 $ 1,632,180
1,000 Okeechobee Utility Authority, (FSA),
5.00%, 10/1/25 1,050,970
1,250 Saint Petersburg Public Utilities,
(FSA), 5.00%, 10/1/28 1,308,488
4,000 Sunrise Utilities Systems, (AMBAC),
5.00%, 10/1/28 4,324,960
1,500 Tampa Bay Water Utility System, (FGIC),
Variable Rate, 10/1/27(1)(2) 1,578,300
3,650 Winter Haven Utilities System, (MBIA),
4.75%, 10/1/28 3,729,899
- -------------------------------------------------------------------------
$ 13,624,797
- -------------------------------------------------------------------------
Nursing Home -- 2.3%
- -------------------------------------------------------------------------
$ 850 Okaloosa County Retirement Rental
Housing, (Encore Retirement Partners),
6.125%, 2/1/14 $ 770,313
265 Orange County Health Facilities
Authority, (Westminster Community Care),
6.60%, 4/1/24 210,672
735 Orange County Health Facilities
Authority, (Westminster Community Care),
6.75%, 4/1/34 585,560
- -------------------------------------------------------------------------
$ 1,566,545
- -------------------------------------------------------------------------
Other Revenue -- 2.1%
- -------------------------------------------------------------------------
$ 500 Capital Trust Agency, (Seminole Tribe
Convention), 8.95%, 10/1/33 $ 534,490
750 Capital Trust Agency, (Seminole Tribe
Convention), 10.00%, 10/1/33 853,868
- -------------------------------------------------------------------------
$ 1,388,358
- -------------------------------------------------------------------------
Senior Living / Life Care -- 2.2%
- -------------------------------------------------------------------------
$1,500 Lee County IDA, (Shell Point Village),
5.50%, 11/15/29 $ 1,452,255
- -------------------------------------------------------------------------
$ 1,452,255
- -------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
16
<Page>
FLORIDA MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Special Tax Revenue -- 11.0%
- -------------------------------------------------------------------------
$ 320 Fleming Island Plantation Community
Development District, 6.30%, 2/1/05 $ 322,506
685 Heritage Harbour South Community
Development District, (Capital
Improvements), 5.40%, 11/1/08 688,315
900 Heritage Springs Community Development
District, 6.75%, 5/1/21 923,526
920 Longleaf Community Development District,
6.65%, 5/1/20 838,700
750 North Springs Improvement District,
(Heron Bay), 7.00%, 5/1/19 783,923
1,000 Northern Palm Beach County Improvement
District, (Water Control and
Improvement), 6.00%, 8/1/25 1,032,490
500 Stoneybrook West Community Development
District, 7.00%, 5/1/32 525,495
920 University Square Community Development
District, 6.75%, 5/1/20 971,529
470 Vista Lakes Community Development
District, 7.20%, 5/1/32 496,320
750 Waterlefe Community Development
District, 6.95%, 5/1/31 776,363
- -------------------------------------------------------------------------
$ 7,359,167
- -------------------------------------------------------------------------
Water and Sewer -- 7.9%
- -------------------------------------------------------------------------
$2,000 Jacksonville, Water and Sewer,
5.375%, 10/1/29 $ 2,047,320
3,000 Seminole County, Water and Sewer,
5.375%, 10/1/22 3,258,180
- -------------------------------------------------------------------------
$ 5,305,500
- -------------------------------------------------------------------------
Total Tax-Exempt Investments -- 150.9%
(identified cost $93,796,473) $101,286,641
- -------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.0% $ 1,352,625
- -------------------------------------------------------------------------
Auction Preferred Shares Plus Cumulative Unpaid Dividends
- -- (52.9)% $(35,503,204)
- -------------------------------------------------------------------------
Net Assets Applicable to Common Shares -- 100.0%
$ 67,136,062
- -------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Trust 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 May 31, 2003, 61.2% 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 7.5% to 19.6% 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 has been issued as a leveraged inverse floater bond.
(4) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
SEE NOTES TO FINANCIAL STATEMENTS
17
<Page>
MASSACHUSETTS MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 149.5%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Education -- 30.2%
- -------------------------------------------------------------------------
$ 500 Massachusetts Development Finance
Agency, (Belmont Hill School),
5.00%, 9/1/31 $ 516,790
2,500 Massachusetts Development Finance
Agency, (Boston University),
5.45%, 5/15/59 2,673,275
1,000 Massachusetts Development Finance
Agency, (Clark University),
5.00%, 7/1/28 1,015,150
500 Massachusetts Development Finance
Agency, (Mount Holyoke College),
5.25%, 7/1/31 534,425
1,000 Massachusetts Development Finance
Agency, (Suffolk University),
5.85%, 7/1/29 1,040,860
400 Massachusetts Development Finance
Agency, (Western New England College),
6.125%, 12/1/32 416,664
1,500 Massachusetts Development Finance
Agency, (Wheeler School),
6.50%, 12/1/29 1,603,050
1,000 Massachusetts Development Finance
Agency, (Xaverian Brothers High School),
5.65%, 7/1/29 1,037,370
2,500 Massachusetts HEFA, (Massachusetts
Institute of Technology), 4.75%, 1/1/28 2,552,325
200 Massachusetts HEFA, (Wellesley College),
5.125%, 7/1/39 209,556
500 Massachusetts IFA, (Babson College),
5.25%, 10/1/27 519,325
400 Massachusetts IFA, (Belmont Hill
School), 5.25%, 9/1/28 411,256
- -------------------------------------------------------------------------
$ 12,530,046
- -------------------------------------------------------------------------
Electric Utilities -- 2.6%
- -------------------------------------------------------------------------
$1,000 Massachusetts IFA, (Devens Electric
System), 6.00%, 12/1/30 $ 1,070,070
- -------------------------------------------------------------------------
$ 1,070,070
- -------------------------------------------------------------------------
Escrowed / Prerefunded -- 4.9%
- -------------------------------------------------------------------------
$1,450 Rail Connections, Inc., (Route 128
Parking), (ACA), Prerefunded to 7/1/09,
0.00%, 7/1/20 $ 620,716
3,720 Rail Connections, Inc., (Route 128
Parking), (ACA), Prerefunded to 7/1/09,
0.00%, 7/1/22 1,396,897
- -------------------------------------------------------------------------
$ 2,017,613
- -------------------------------------------------------------------------
Health Care-Miscellaneous -- 5.4%
- -------------------------------------------------------------------------
$1,000 Massachusetts Development Finance
Agency, (Biomedical Research Corp.),
6.25%, 8/1/20 $ 1,096,990
510 Massachusetts Development Finance
Agency, (MCHSP Human Services),
6.60%, 8/15/29 472,959
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Health Care-Miscellaneous (continued)
- -------------------------------------------------------------------------
$ 700 Massachusetts HEFA, (Learning Center for
Deaf Children), 6.125%, 7/1/29 $ 653,982
- -------------------------------------------------------------------------
$ 2,223,931
- -------------------------------------------------------------------------
Hospital -- 21.7%
- -------------------------------------------------------------------------
$1,000 Massachusetts HEFA, (Baystate Medical
Center), 5.75%, 7/1/33 $ 1,055,300
400 Massachusetts HEFA, (Berkshire Health
System), 6.25%, 10/1/31 421,940
500 Massachusetts HEFA, (Caritas Christi),
6.25%, 7/1/22 482,070
175 Massachusetts HEFA, (Central New England
Health Systems), 6.30%, 8/1/18 173,717
1,100 Massachusetts HEFA, (Covenant Health),
6.00%, 7/1/31 1,174,041
1,000 Massachusetts HEFA,
(Milford-Whitinsville Hospital),
5.25%, 7/15/18 993,750
125 Massachusetts HEFA,
(Milford-Whitinsville Hospital),
5.375%, 7/15/28 119,440
1,375 Massachusetts HEFA, (Partners Healthcare
System), 5.25%, 7/1/29 1,423,826
2,000 Massachusetts HEFA, (South Shore
Hospital), 5.75%, 7/1/29 2,080,300
1,000 Massachusetts HEFA, (Winchester
Hospital), 6.75%, 7/1/30 1,073,510
- -------------------------------------------------------------------------
$ 8,997,894
- -------------------------------------------------------------------------
Industrial Development Revenue -- 1.9%
- -------------------------------------------------------------------------
$ 750 Massachusetts IFA, (American Hingham
Water Co.), (AMT), 6.60%, 12/1/15 $ 776,475
- -------------------------------------------------------------------------
$ 776,475
- -------------------------------------------------------------------------
Insured-Education -- 18.2%
- -------------------------------------------------------------------------
$2,925 Massachusetts College Building
Authority, (XLCA), 0.00%, 5/1/21 $ 1,313,062
1,000 Massachusetts College Building
Authority, (XLCA), 5.50%, 5/1/39 1,194,310
850 Massachusetts HEFA, (Berklee College of
Music), (MBIA), Variable Rate,
10/1/27(1)(2) 933,759
1,000 Massachusetts HEFA, (Northeastern
University), (MBIA), 5.00%, 10/1/29 1,045,870
500 Massachusetts HEFA, (UMass-Worcester
Campus), (FGIC), 5.25%, 10/1/31 537,775
1,000 Massachusetts IFA, (Merrimack College),
(MBIA), 5.00%, 7/1/27 1,037,800
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
18
<Page>
MASSACHUSETTS MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-Education (continued)
- -------------------------------------------------------------------------
$1,450 Massachusetts IFA, (Tufts University),
(MBIA), 4.75%, 2/15/28(3) $ 1,475,056
- -------------------------------------------------------------------------
$ 7,537,632
- -------------------------------------------------------------------------
Insured-Electric Utilities -- 2.0%
- -------------------------------------------------------------------------
$ 750 Puerto Rico Electric Power Authority,
(FSA), 5.25%, 7/1/29 $ 818,520
- -------------------------------------------------------------------------
$ 818,520
- -------------------------------------------------------------------------
Insured-General Obligations -- 12.7%
- -------------------------------------------------------------------------
$1,500 Martha's Vineyard Land Bank, (AMBAC),
5.00%, 5/1/32 $ 1,583,400
500 Plymouth, (MBIA), 5.25%, 10/15/20 560,985
900 Puerto Rico General Obligation, (FSA),
Variable Rate, 7/1/27(2)(4) 1,149,435
1,715 Westfield, (FGIC), 5.00%, 5/1/20 1,992,573
- -------------------------------------------------------------------------
$ 5,286,393
- -------------------------------------------------------------------------
Insured-Hospital -- 3.7%
- -------------------------------------------------------------------------
$1,000 Massachusetts HEFA, (Harvard Pilgrim
Health), (FSA), 5.00%, 7/1/28 $ 1,019,130
500 Massachusetts HEFA, (Southcoast Health
System), (MBIA), 4.75%, 7/1/27 504,625
- -------------------------------------------------------------------------
$ 1,523,755
- -------------------------------------------------------------------------
Insured-Industrial Development Revenue -- 5.0%
- -------------------------------------------------------------------------
$1,000 Massachusetts Port Authority, (US
Airways), (FGIC), (AMT), 5.00%, 7/1/28 $ 1,014,780
1,000 Massachusetts Port Authority, (US
Airways), (MBIA), (AMT), 6.00%, 9/1/21 1,065,650
- -------------------------------------------------------------------------
$ 2,080,430
- -------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 3.2%
- -------------------------------------------------------------------------
$1,250 Massachusetts Development Finance
Agency, (MBIA), 5.125%, 2/1/34 $ 1,316,037
- -------------------------------------------------------------------------
$ 1,316,037
- -------------------------------------------------------------------------
Insured-Special Tax Revenue -- 4.1%
- -------------------------------------------------------------------------
$ 800 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/07(1)(2) $ 865,720
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-Special Tax Revenue (continued)
- -------------------------------------------------------------------------
$ 735 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(4) $ 825,574
- -------------------------------------------------------------------------
$ 1,691,294
- -------------------------------------------------------------------------
Insured-Transportation -- 14.5%
- -------------------------------------------------------------------------
$1,435 Massachusetts Port Authority, (Delta Air
Lines Inc., (AMBAC), (AMT),
5.50%, 1/1/16 $ 1,561,137
1,100 Massachusetts Turnpike Authority,
Metropolitan Highway System, (MBIA),
Variable Rate, 1/1/27(2)(4) 1,187,956
2,000 Massachusetts Turnpike Authority,
Metropolitan Highway System, (MBIA),
5.25%, 1/1/29 2,148,520
1,000 Puerto Rico Highway and Transportation
Authority, (AMBAC), Variable Rate,
1/1/19(2)(4) 1,132,360
- -------------------------------------------------------------------------
$ 6,029,973
- -------------------------------------------------------------------------
Insured-Water and Sewer -- 3.7%
- -------------------------------------------------------------------------
$1,500 Massachusetts Water Pollution Abatement
Trust, (FGIC), 4.75%, 2/1/26 $ 1,528,590
- -------------------------------------------------------------------------
$ 1,528,590
- -------------------------------------------------------------------------
Nursing Home -- 4.0%
- -------------------------------------------------------------------------
$ 500 Boston, IDA (Alzheimers Center), (FHA),
6.00%, 2/1/37 $ 562,185
520 Massachusetts Development Finance
Agency, (Odd Fellows Home of
Massachusetts), 6.25%, 1/1/15 490,136
600 Massachusetts HEFA, (Christopher House),
6.875%, 1/1/29 596,022
- -------------------------------------------------------------------------
$ 1,648,343
- -------------------------------------------------------------------------
Other Revenue -- 1.0%
- -------------------------------------------------------------------------
$ 300 Puerto Rico Infrastructure Financing
Authority, Variable Rate, 10/1/34(2)(4) $ 421,389
- -------------------------------------------------------------------------
$ 421,389
- -------------------------------------------------------------------------
Senior Living / Life Care -- 3.3%
- -------------------------------------------------------------------------
$1,500 Massachusetts Development Finance
Agency, (Berkshire Retirement),
5.625%, 7/1/29 $ 1,393,095
- -------------------------------------------------------------------------
$ 1,393,095
- -------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
19
<Page>
MASSACHUSETTS MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Transportation -- 3.5%
- -------------------------------------------------------------------------
$1,350 Massachusetts Bay Transportation
Authority, Variable Rate, 3/1/27(1)(2) $ 1,434,956
- -------------------------------------------------------------------------
$ 1,434,956
- -------------------------------------------------------------------------
Water and Sewer -- 3.9%
- -------------------------------------------------------------------------
$1,500 Massachusetts Water Pollution Abatement
Trust, PCR, 5.375%, 8/1/27 $ 1,633,230
- -------------------------------------------------------------------------
$ 1,633,230
- -------------------------------------------------------------------------
Total Tax-Exempt Investments -- 149.5%
(identified cost $56,177,670) $ 61,959,666
- -------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.4% $ 986,838
- -------------------------------------------------------------------------
Auction Preferred Shares Plus Cumulative Unpaid Dividends
- -- (51.9)% $(21,502,941)
- -------------------------------------------------------------------------
Net Assets Applicable to Common
Shares -- 100.0% $ 41,443,563
- -------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Trust 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 May 31, 2003, 44.9% 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 3.3% to 18.2% 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.
(4) Security has been issued as a leveraged inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
20
<Page>
MICHIGAN MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 152.4%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Education -- 4.0%
- -------------------------------------------------------------------------
$1,250 Michigan Higher Education Facility
Authority, (Creative Studies),
5.90%, 12/1/27 $ 1,286,825
- -------------------------------------------------------------------------
$ 1,286,825
- -------------------------------------------------------------------------
Electric Utilities -- 4.0%
- -------------------------------------------------------------------------
$1,250 Michigan Strategic Fund, (Detroit Edison
Pollution Control), 5.45%, 9/1/29 $ 1,312,112
- -------------------------------------------------------------------------
$ 1,312,112
- -------------------------------------------------------------------------
Escrowed / Prerefunded -- 2.8%
- -------------------------------------------------------------------------
$ 750 Michigan Hospital Finance Authority,
(Ascension Health Care), Prerefunded to
11/15/09, 6.125%, 11/15/26 $ 924,720
- -------------------------------------------------------------------------
$ 924,720
- -------------------------------------------------------------------------
General Obligations -- 16.9%
- -------------------------------------------------------------------------
$ 500 East Grand Rapids Public Schools,
5.00%, 5/1/25 $ 524,805
500 Garden City School District,
5.00%, 5/1/26 524,120
5,335 Grand Rapids and Kent County Joint
Building Authority, 0.00%, 12/1/29 1,490,439
1,000 Manistee Area Public Schools,
5.00%, 5/1/24 1,053,730
1,000 White Cloud Public Schools,
5.125%, 5/1/31 1,052,580
800 Woodhaven Brownstown School District,
5.125%, 5/1/32 846,432
- -------------------------------------------------------------------------
$ 5,492,106
- -------------------------------------------------------------------------
Health Care-Miscellaneous -- 1.2%
- -------------------------------------------------------------------------
$ 395 Pittsfield Township EDC, (Arbor
Hospice), 7.875%, 8/15/27 $ 391,137
- -------------------------------------------------------------------------
$ 391,137
- -------------------------------------------------------------------------
Hospital -- 34.0%
- -------------------------------------------------------------------------
$ 500 Allegan Hospital Finance Authority,
(Allegan General Hospital),
7.00%, 11/15/21 $ 508,255
345 John Tolfree Health System Corp.,
6.00%, 9/15/23 355,319
500 Kent Hospital Finance Authority,
(Spectrum Health), 5.50%, 1/15/31 524,645
500 Mecosta County, (Michigan General
Hospital), 6.00%, 5/15/18 480,540
1,000 Michigan Health Facilities Authority,
(Henry Ford Health), 5.25%, 11/15/25 1,013,680
1,000 Michigan Hospital Finance Authority,
(Central Michigan Community Hospital),
6.25%, 10/1/27 975,740
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Hospital (continued)
- -------------------------------------------------------------------------
$1,000 Michigan Hospital Finance Authority,
(Henry Ford Health), 5.25%, 11/15/20 $ 1,026,940
2,275 Michigan Hospital Finance Authority,
(McLaren Obligated Group),
4.50%, 10/15/21 2,180,110
750 Michigan Hospital Finance Authority,
(Memorial Healthcare Center),
5.875%, 11/15/21 741,577
750 Michigan Hospital Finance Authority,
(Sparrow Obligation Group),
5.625%, 11/15/36 780,495
750 Michigan Hospital Finance Authority,
(Trinity Health), 6.00%, 12/1/27 843,510
750 Royal Oak Hospital Finance Authority,
(William Beaumount Hospital),
5.25%, 1/1/20 775,087
800 Saginaw Hospital Finance Authority,
(Covenant Medical Center),
6.50%, 7/1/30 881,232
- -------------------------------------------------------------------------
$ 11,087,130
- -------------------------------------------------------------------------
Housing -- 3.2%
- -------------------------------------------------------------------------
$1,000 Multifamily Housing, (AMT),
6.00%, 11/1/33 $ 1,042,870
- -------------------------------------------------------------------------
$ 1,042,870
- -------------------------------------------------------------------------
Industrial Development Revenue -- 10.6%
- -------------------------------------------------------------------------
$ 500 Delta County EDC, (Mead
Westvaco-Escanaba), 6.25%, 4/15/27 $ 518,200
1,000 Detroit Local Development Finance
Authority, (Chrysler Corp.),
5.375%, 5/1/21 1,028,500
800 Dickinson County Economic Development
Corp., (International Paper Co.),
5.75%, 6/1/16 846,040
800 Michigan Strategic Fund, (S.D. Warren),
(AMT), 7.375%, 1/15/22 807,688
625 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.25%, 6/1/26 243,769
- -------------------------------------------------------------------------
$ 3,444,197
- -------------------------------------------------------------------------
Insured-Education -- 1.6%
- -------------------------------------------------------------------------
$ 500 Central Michigan University, (FGIC),
5.00%, 10/1/27 $ 516,645
- -------------------------------------------------------------------------
$ 516,645
- -------------------------------------------------------------------------
Insured-Electric Utilities -- 4.9%
- -------------------------------------------------------------------------
$1,000 Michigan Strategic Fund Resource
Recovery, (Detroit Edison Co.), (MBIA),
(AMT), 5.55%, 9/1/29 $ 1,067,590
500 Michigan Strategic Fund Resource
Recovery, (Detroit Edison Co.), (XLCA),
5.25%, 12/15/32 525,060
- -------------------------------------------------------------------------
$ 1,592,650
- -------------------------------------------------------------------------
Insured-General Obligations -- 24.7%
- -------------------------------------------------------------------------
$1,000 Central Montcalm Public Schools, (MBIA),
6.00%, 5/1/29 $ 1,153,950
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
21
<Page>
MICHIGAN MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-General Obligations (continued)
- -------------------------------------------------------------------------
$ 650 Detroit School District, (FGIC),
4.75%, 5/1/28 $ 663,397
450 Eaton Rapids Public Schools, (MBIA),
4.75%, 5/1/25 458,703
2,000 Fenton Area Public Schools, (FGIC),
5.00%, 5/1/24 2,102,940
2,000 Novi Building Authority, (FSA),
5.50%, 10/1/25 2,219,440
1,120 Okemos Public School District, (MBIA),
0.00%, 5/1/19 563,662
700 Puerto Rico General Obligation, FSA,
Variable Rate, 7/1/27(1)(2) 894,005
- -------------------------------------------------------------------------
$ 8,056,097
- -------------------------------------------------------------------------
Insured-Hospital -- 8.2%
- -------------------------------------------------------------------------
$ 500 Michigan Health Facilities Authority,
(Detroit Medical Group), (AMBAC),
5.25%, 8/15/27 $ 522,975
1,000 Royal Oak Hospital Finance Authority,
(William Beaumont Hospital), (MBIA),
5.25%, 11/15/35 1,052,980
1,000 Saginaw Hospital Finance Authority,
(Covenant Medical Center), (MBIA),
5.50%, 7/1/24 1,080,770
- -------------------------------------------------------------------------
$ 2,656,725
- -------------------------------------------------------------------------
Insured-Special Tax Revenue -- 8.5%
- -------------------------------------------------------------------------
$ 300 Detroit Downtown Development, (MBIA),
4.75%, 7/1/25 $ 305,070
600 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/07(1)(3) 649,290
455 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(2) 511,070
1,250 Wayne Charter County, (Airport
Hotel-Detroit Metroplitan Airport),
(MBIA), 5.00%, 12/1/30 1,306,250
- -------------------------------------------------------------------------
$ 2,771,680
- -------------------------------------------------------------------------
Insured-Student Loan -- 3.2%
- -------------------------------------------------------------------------
$1,000 Michigan Higher Education Student Loan
Authority Revenue, (AMBAC), (AMT),
5.50%, 6/1/25(4) $ 1,041,750
- -------------------------------------------------------------------------
$ 1,041,750
- -------------------------------------------------------------------------
Insured-Transportation -- 12.9%
- -------------------------------------------------------------------------
$ 670 Puerto Rico Highway and Transportation
Authority, (AMBAC), Variable Rate,
1/1/19(1)(2) $ 758,681
600 Puerto Rico Highway and Transportation
Authority, (MBIA), Variable Rate,
1/1/19(1)(2) 849,462
2,000 Wayne Charter County Airport, Residual
Certificates, (MBIA), (AMT), Variable
Rate, 12/1/28(1)(3) 2,053,940
525 Wayne Charter County Metropolitan
Airport, (MBIA), 5.00%, 12/1/28 544,299
- -------------------------------------------------------------------------
$ 4,206,382
- -------------------------------------------------------------------------
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-Water and Sewer -- 8.5%
- -------------------------------------------------------------------------
$1,000 Detroit Sewer Disposal, (FGIC),
5.125%, 7/1/31 $ 1,053,500
1,650 Detroit Water Supply System, (FGIC),
5.00%, 7/1/30 1,722,963
- -------------------------------------------------------------------------
$ 2,776,463
- -------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 0.8%
- -------------------------------------------------------------------------
$ 250 Puerto Rico, (Guaynabo Municipal
Government Center Lease), 5.625%, 7/1/22 $ 259,943
- -------------------------------------------------------------------------
$ 259,943
- -------------------------------------------------------------------------
Transportation -- 2.4%
- -------------------------------------------------------------------------
$ 750 Kent County Airport Facility, Variable
Rate, 1/1/25(1)(3) $ 790,125
- -------------------------------------------------------------------------
$ 790,125
- -------------------------------------------------------------------------
Total Tax-Exempt Investments -- 152.4%
(identified cost $45,328,831) $ 49,649,557
- -------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.3% $ 432,809
- -------------------------------------------------------------------------
Auction Preferred Shares Plus Cumulative Unpaid Dividends
- -- (53.7)% $(17,501,298)
- -------------------------------------------------------------------------
Net Assets Applicable to Common Shares -- 100.0%
$ 32,581,068
- -------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Trust invests primarily in debt securities issued by Michigan
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 May 31, 2003, 47.6% 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 1.1% to 21.0% of
total investments.
(1) 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.
(2) Security has been issued as a leveraged inverse floater bond.
(3) Security has been issued as an inverse floater bond.
(4) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
SEE NOTES TO FINANCIAL STATEMENTS
22
<Page>
NEW JERSEY MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 151.4%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Cogeneration -- 1.5%
- -------------------------------------------------------------------------
$ 1,000 Port Authority of New York and New
Jersey, (KIAC), (AMT), 6.75%, 10/1/19 $ 1,030,130
- -------------------------------------------------------------------------
$ 1,030,130
- -------------------------------------------------------------------------
Education -- 12.3%
- -------------------------------------------------------------------------
$ 1,485 New Jersey Educational Facilities
Authority, (Bloomfield College),
6.85%, 7/1/30 $ 1,562,398
3,935 New Jersey Educational Facilities
Authority, (Princeton University),
5.00%, 7/1/20 4,216,471
2,750 New Jersey Educational Facilities
Authority, (Steven's Institute of
Technology), 5.25%, 7/1/32 2,842,345
- -------------------------------------------------------------------------
$ 8,621,214
- -------------------------------------------------------------------------
Electric Utilities -- 2.2%
- -------------------------------------------------------------------------
$ 1,500 Salem County Pollution Control Financing
Authority, (Public Service Enterprise
Group, Inc.), (AMT), 5.75%, 4/1/31 $ 1,508,280
- -------------------------------------------------------------------------
$ 1,508,280
- -------------------------------------------------------------------------
Escrowed / Prerefunded -- 2.3%
- -------------------------------------------------------------------------
$ 1,250 New Jersey EDA, (Kapkowski Mall),
Prerefunded to 5/15/14, 6.375%, 4/1/31 $ 1,608,362
- -------------------------------------------------------------------------
$ 1,608,362
- -------------------------------------------------------------------------
Hospital -- 19.9%
- -------------------------------------------------------------------------
$ 1,035 New Jersey Health Care Facilities
Financing Authority, (Atlantic City
Medical Center), 5.75%, 7/1/25 $ 1,118,142
550 New Jersey Health Care Facilities
Financing Authority, (Burdette Tomlin
Memorial Hospital), 5.50%, 7/1/29 569,695
1,950 New Jersey Health Care Facilities
Financing Authority, (Capital Health
System), 5.25%, 7/1/27 1,896,667
1,000 New Jersey Health Care Facilities
Financing Authority, (Deborah Heart and
Lung Center), 6.30%, 7/1/23 1,019,430
2,000 New Jersey Health Care Facilities
Financing Authority, (Hackensack
University Medical Center),
6.00%, 1/1/34 2,128,120
750 New Jersey Health Care Facilities
Financing Authority, (Palisades Medical
Center), 6.50%, 7/1/21 781,072
2,000 New Jersey Health Care Facilities
Financing Authority, (Robert Wood
Johnson University Hospital),
5.75%, 7/1/31 2,181,180
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Hospital (continued)
- -------------------------------------------------------------------------
$ 1,450 New Jersey Health Care Facilities
Financing Authority, (Saint Peters
University Hospital), (AMT),
6.875%, 7/1/20 $ 1,615,039
1,900 New Jersey Health Care Facilities
Financing Authority, (St. Elizabeth's
Hospital), 6.00%, 7/1/20 1,948,963
600 New Jersey Health Care Facilities
Financing Authority, (Trinitas
Hospital), 7.50%, 7/1/30 666,972
- -------------------------------------------------------------------------
$ 13,925,280
- -------------------------------------------------------------------------
Industrial Development Revenue -- 10.8%
- -------------------------------------------------------------------------
$ 1,000 Gloucester County, Improvements
Authority, (Waste Management, Inc.),
(AMT), 7.00%, 12/1/29 $ 1,152,370
1,000 New Jersey EDA, (Anheuser-Busch), (AMT),
5.85%, 12/1/30 1,050,560
1,500 New Jersey EDA, (Continental Airlines),
(AMT), 6.25%, 9/15/29 1,116,165
3,700 New Jersey EDA, (The Seeing Eye, Inc.),
6.20%, 12/1/24 4,255,370
- -------------------------------------------------------------------------
$ 7,574,465
- -------------------------------------------------------------------------
Insured-Education -- 10.1%
- -------------------------------------------------------------------------
$ 1,000 New Jersey Educational Facilities
Authority, (Jersey City University),
(AMBAC), 5.00%, 7/1/32 $ 1,054,850
600 New Jersey Educational Facilities
Authority, (NJ Institute of Technology),
(MBIA), 4.75%, 7/1/31 617,634
1,750 New Jersey Educational Facilities
Authority, (Ramapo College), (MBIA),
5.75%, 7/1/29 2,000,705
1,600 Puerto Rico Industrial, Tourist,
Educational, Medical and Environmental,
Residual Certificates, (MBIA), Variable
Rate, 7/1/33(1)(2) 1,825,584
1,500 University of New Jersey Medicine and
Dentistry, (AMBAC), 5.00%, 12/1/31 1,585,395
- -------------------------------------------------------------------------
$ 7,084,168
- -------------------------------------------------------------------------
Insured-Electric Utilities -- 1.9%
- -------------------------------------------------------------------------
$ 1,250 Vineland, (Electric Utility), (MBIA),
(AMT), 5.25%, 5/15/26 $ 1,334,062
- -------------------------------------------------------------------------
$ 1,334,062
- -------------------------------------------------------------------------
Insured-General Obligations -- 11.8%
- -------------------------------------------------------------------------
$ 700 Bordentown Regional School District
Board of Education, (FGIC),
5.00%, 1/15/30 $ 742,154
1,000 Bordentown Regional School District
Board of Education, (FGIC),
5.00%, 1/15/31 1,059,480
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
23
<Page>
NEW JERSEY MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-General Obligations (continued)
- -------------------------------------------------------------------------
$ 1,555 Colts Neck Township Board of Education,
(FSA), 5.00%, 2/1/26 $ 1,705,135
1,000 Montgomery Township Board of Education,
(MBIA), 5.00%, 8/1/25 1,067,270
500 Montgomery Township Board of Education,
(MBIA), 5.00%, 4/1/27 527,815
1,000 Old Bridge Township Board of Education,
(MBIA), 5.00%, 7/15/26 1,057,720
2,000 Washington Township, Mercer County Board
of Education, (FGIC), 5.00%, 1/1/26 2,113,520
- -------------------------------------------------------------------------
$ 8,273,094
- -------------------------------------------------------------------------
Insured-Housing -- 0.5%
- -------------------------------------------------------------------------
$ 300 New Jersey Housing and Mortgage Finance
Agency, Multifamily Housing, (FSA),
5.75%, 5/1/25 $ 323,217
- -------------------------------------------------------------------------
$ 323,217
- -------------------------------------------------------------------------
Insured-Industrial Development Revenue -- 3.1%
- -------------------------------------------------------------------------
$ 1,580 New Jersey EDA, (FSA), Variable Rate,
5/1/17(1)(3) $ 2,148,373
- -------------------------------------------------------------------------
$ 2,148,373
- -------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 3.1%
- -------------------------------------------------------------------------
$ 6,000 Garden Preservation Trust and Open Space
and Farmland, (FSA), 0.00%, 11/1/25 $ 2,133,780
- -------------------------------------------------------------------------
$ 2,133,780
- -------------------------------------------------------------------------
Insured-Special Tax Revenue -- 5.3%
- -------------------------------------------------------------------------
$ 3,575 New Jersey Sports and Exposition
Authority, (MBIA), 4.50%, 9/1/20 $ 3,671,847
- -------------------------------------------------------------------------
$ 3,671,847
- -------------------------------------------------------------------------
Insured-Transportation -- 28.1%
- -------------------------------------------------------------------------
$ 4,000 Delaware River and Bay Authority,
(AMBAC), 5.75%, 1/1/29(4) $ 4,567,640
1,000 Delaware River Port Authority, (FSA),
5.625%, 1/1/26 1,123,120
3,250 Delaware River Port Authority, (FSA),
5.75%, 1/1/26 3,701,068
800 New Jersey Transportation Trust Fund
Authority, (MBIA), 5.00%, 12/15/21 853,216
1,500 New Jersey Turnpike Authority, RITES,
(MBIA), Variable Rate, 7/1/23(1)(2) 1,975,590
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-Transportation (continued)
- -------------------------------------------------------------------------
$ 1,100 Port Authority of New York and New
Jersey, (AMBAC), 4.75%, 1/15/26 $ 1,120,746
4,000 Port Authority of New York and New
Jersey, (JFK International Terminal),
(MBIA), (AMT), 5.75%, 12/1/25 4,434,840
1,630 Puerto Rico Highway and Transportation
Authority, (AMBAC), Variable Rate,
1/1/19(1)(2) 1,845,747
- -------------------------------------------------------------------------
$ 19,621,967
- -------------------------------------------------------------------------
Insured-Water and Sewer -- 8.1%
- -------------------------------------------------------------------------
$ 750 Bayonne Municipal Utilities Authority,
Sewer System, (FGIC), 5.00%, 4/1/33 $ 793,868
1,500 Bordentown Sewer Authority, (FGIC),
5.375%, 12/1/20 1,675,365
1,000 New Jersey Economic Development
Authority Water Facilities, (Middlesex
Water Co.), (AMBAC), (AMT),
5.10%, 1/1/32 1,053,670
3,150 Passaic Valley Sewer Commissioners,
(FGIC), 2.50%, 12/1/32 2,144,426
- -------------------------------------------------------------------------
$ 5,667,329
- -------------------------------------------------------------------------
Nursing Home -- 3.1%
- -------------------------------------------------------------------------
$ 1,000 New Jersey EDA, (Masonic Charity
Foundation), 5.50%, 6/1/31 $ 1,085,880
995 New Jersey EDA, (Victoria Health),
5.20%, 12/20/36 1,072,839
- -------------------------------------------------------------------------
$ 2,158,719
- -------------------------------------------------------------------------
Other Revenue -- 4.9%
- -------------------------------------------------------------------------
$ 1,000 New Jersey EDA, (Glimcher Properties
REIT), (AMT), 6.00%, 11/1/28 $ 971,650
1,000 Puerto Rico Infrastructure Financing
Authority, Variable Rate, 10/1/34(1)(2) 1,404,630
1,250 Tobacco Settlement Financing Corp.,
Variable Rate, 6/1/39(1)(3) 1,080,375
- -------------------------------------------------------------------------
$ 3,456,655
- -------------------------------------------------------------------------
Senior Living / Life Care -- 3.1%
- -------------------------------------------------------------------------
$ 1,100 New Jersey EDA, (Fellowship Village),
5.50%, 1/1/25 $ 1,088,296
1,100 New Jersey EDA, (United Methodist
Homes), 5.75%, 7/1/29 1,087,482
- -------------------------------------------------------------------------
$ 2,175,778
- -------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
24
<Page>
NEW JERSEY MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Transportation -- 19.3%
- -------------------------------------------------------------------------
$ 1,175 Delaware River Joint Toll Bridge
Commission, 5.00%, 7/1/28 $ 1,221,001
4,000 New Jersey Highway Authority, (Garden
State Parkway), 5.625%, 1/1/30 4,409,880
1,500 New Jersey Transportation Trust Fund
Authority, Variable Rate, 6/15/17(1)(3) 1,761,645
2,550 Port Authority of New York and New
Jersey, 4.75%, 8/1/33 2,574,327
1,600 Port Authority of New York and New
Jersey, Variable Rate, 3/1/19(2) 2,295,600
1,175 South Jersey Port Authority, (Marine
Terminal), 5.10%, 1/1/33 1,220,179
- -------------------------------------------------------------------------
$ 13,482,632
- -------------------------------------------------------------------------
Total Tax-Exempt Investments -- 151.4%
(identified cost $94,492,870) $105,799,352
- -------------------------------------------------------------------------
Other Assets, Less Liabilities -- 3.0% $ 2,071,646
- -------------------------------------------------------------------------
Auction Preferred Shares Plus Cumulative Unpaid Dividends
- -- (54.4)% $(38,000,000)
- -------------------------------------------------------------------------
Net Assets Applicable to Common
Shares -- 100.0% $ 69,870,998
- -------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Trust 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 May 31, 2003, 47.5% 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 8.1% to 18.3% of
total investments.
(1) 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.
(2) Security has been issued as a leveraged inverse floater bond.
(3) Security has been issued as an inverse floater bond.
(4) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
SEE NOTES TO FINANCIAL STATEMENTS
25
<Page>
NEW YORK MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 148.2%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Cogeneration -- 2.4%
- -------------------------------------------------------------------------
$1,000 Port Authority of New York and New
Jersey, (KIAC), (AMT), 6.75%, 10/1/19 $ 1,030,130
1,150 Suffolk County IDA, (Nissequogue
Cogeneration Partners Facility), (AMT),
5.50%, 1/1/23 1,073,548
- -------------------------------------------------------------------------
$ 2,103,678
- -------------------------------------------------------------------------
Education -- 8.1%
- -------------------------------------------------------------------------
$1,000 Dutchess County IDA, (Marist College),
5.00%, 7/1/20 $ 1,032,360
500 New York Dormitory Authority, (City
University), 5.25%, 7/1/31 570,210
4,025 New York Dormitory Authority,
(Rockefeller University), 4.75%, 7/1/37 4,114,757
1,285 New York Dormitory Authority,
(University Educational Facility),
4.75%, 5/15/28 1,297,940
- -------------------------------------------------------------------------
$ 7,015,267
- -------------------------------------------------------------------------
Electric Utilities -- 10.8%
- -------------------------------------------------------------------------
$2,000 Long Island Power Authority,
5.50%, 12/1/23 $ 2,177,300
1,655 Long Island Power Authority, Electric
System Revenue, 5.25%, 12/1/26 1,760,457
1,000 Long Island Power Authority, Electric
System Revenue, 5.375%, 9/1/25 1,045,310
4,100 New York Power Authority,
5.25%, 11/15/40 4,339,768
- -------------------------------------------------------------------------
$ 9,322,835
- -------------------------------------------------------------------------
Escrowed / Prerefunded -- 12.7%
- -------------------------------------------------------------------------
$2,000 New York City Transitional Finance
Authority, Prerefunded to 5/15/10,
6.00%, 11/15/29 $ 2,450,540
3,000 New York City Transitional Finance
Authority, Prerefunded to 8/15/09,
6.00%, 8/15/29 3,663,510
1,545 New York Dormitory Authority,
(University Educational Facility),
Prerefunded to 5/15/08, 4.75%, 5/15/28 1,757,098
2,500 Tompkins County IDA, (Cornell
University), Prerefunded to 3/1/10,
5.75%, 7/1/30 3,031,925
- -------------------------------------------------------------------------
$ 10,903,073
- -------------------------------------------------------------------------
General Obligations -- 6.0%
- -------------------------------------------------------------------------
$4,630 New York City, 6.00%, 8/1/16 $ 5,143,467
- -------------------------------------------------------------------------
$ 5,143,467
- -------------------------------------------------------------------------
Health Care-Miscellaneous -- 6.6%
- -------------------------------------------------------------------------
$1,250 New York City IDA, (A Very Special
Place, Inc.), 5.75%, 1/1/29 $ 1,044,437
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Health Care-Miscellaneous (continued)
- -------------------------------------------------------------------------
$1,500 New York City IDA, (Ohel Children's
Home), 6.00%, 3/15/23 $ 1,362,405
225 Suffolk County IDA, Civic Facility
Revenue, (Alliance of LI),
7.50%, 9/1/15 237,863
230 Suffolk County IDA, Civic Facility
Revenue, (Alliance of LI),
7.50%, 9/1/15 243,149
2,600 Westchester County IDA, (Children's
Village), 5.375%, 3/15/19 2,750,566
- -------------------------------------------------------------------------
$ 5,638,420
- -------------------------------------------------------------------------
Hospital -- 13.3%
- -------------------------------------------------------------------------
$ 245 Chautauqua County IDA, (Womans Christian
Association), 6.35%, 11/15/17 $ 233,213
500 Chautauqua County IDA, (Womans Christian
Association), 6.40%, 11/15/29 477,345
1,250 Fulton County IDA, (Nathan Littauer
Hospital), 6.00%, 11/1/18 1,127,700
400 Nassau County, IDA, Civic Facility
Revenue, (North Shore Health System),
6.25%, 11/1/21 403,540
3,200 New York City Health and Hospital Corp.,
5.25%, 2/15/17 3,364,640
300 New York City Health and Hospital Corp.,
(Health System), 5.375%, 2/15/26 312,789
500 New York City Industrial Development
Agency Civic, (Staten Island University
Hospital), 6.45%, 7/1/32 538,085
1,500 New York Dormitory Authority Revenue,
(Lenox Hill Hospital), 5.50%, 7/1/30 1,579,905
1,250 Oneida County IDA, (St. Elizabeth
Hospital), 5.75%, 12/1/19 1,139,462
2,105 Suffolk County Industrial Development
Agency Civic Facility, (Huntington
Hospital), 6.00%, 11/1/22 2,278,768
- -------------------------------------------------------------------------
$ 11,455,447
- -------------------------------------------------------------------------
Industrial Development Revenue -- 5.4%
- -------------------------------------------------------------------------
$1,500 New York City, NY, Industrial
Development Agency, (American Airlines,
Inc.-JFK International Airport), (AMT),
8.00%, 8/1/12 $ 607,680
775 Onandaga County IDA, (AMT),
6.125%, 1/1/32 790,422
2,500 Onondaga County IDA, (Anheuser-Busch),
(AMT), 6.25%, 12/1/34 2,727,225
550 Port Authority of New York and New
Jersey, (Continental Airlines), (AMT),
9.125%, 12/1/15 556,985
- -------------------------------------------------------------------------
$ 4,682,312
- -------------------------------------------------------------------------
Insured-Education -- 8.1%
- -------------------------------------------------------------------------
$1,200 New York Dormitory Authority, (Cooper
Union), (MBIA), 6.25%, 7/1/29 $ 1,427,292
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
26
<Page>
NEW YORK MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-Education (continued)
- -------------------------------------------------------------------------
$4,500 New York Dormitory Authority, (New York
University), (MBIA), 5.75%, 7/1/27 $ 5,550,255
- -------------------------------------------------------------------------
$ 6,977,547
- -------------------------------------------------------------------------
Insured-Electric Utilities -- 0.9%
- -------------------------------------------------------------------------
$ 750 Puerto Rico Electric Power Authority,
(FSA), 5.125%, 7/1/26 $ 810,255
- -------------------------------------------------------------------------
$ 810,255
- -------------------------------------------------------------------------
Insured-Escrowed / Prerefunded -- 12.0%
- -------------------------------------------------------------------------
$1,500 Metropolitan Transportation Authority of
New York, Escrowed to Maturity, (FGIC),
4.75%, 7/1/26 $ 1,589,805
1,400 Metropolitan Transportation Authority of
New York, Escrowed to Maturity, (FGIC),
4.75%, 7/1/26 1,496,530
1,000 Metropolitan Transportation Authority of
New York, Escrowed to Maturity, (FGIC),
4.875%, 7/1/18 1,107,560
4,005 Metropolitan Transportation Authority of
New York, Prerefunded to 10/1/14, (FSA),
5.25%, 4/1/23 4,778,165
1,250 New York Local Government Assistance
Corp., (AMBAC), Prerefunded to 4/1/05,
6.00%, 4/1/24 1,386,362
- -------------------------------------------------------------------------
$ 10,358,422
- -------------------------------------------------------------------------
Insured-General Obligations -- 2.6%
- -------------------------------------------------------------------------
$1,750 Puerto Rico General Obligation, FSA,
Variable Rate, 7/1/27(1)(2) $ 2,235,013
- -------------------------------------------------------------------------
$ 2,235,013
- -------------------------------------------------------------------------
Insured-Hospital -- 11.6%
- -------------------------------------------------------------------------
$5,000 New York Dormitory Authority, (Memorial
Sloan Kettering Cancer Center), (MBIA),
5.50%, 7/1/23(3) $ 5,902,200
4,000 New York Dormitory Authority, (Municipal
Health Facilities Improvement), (FSA),
4.75%, 1/15/29 4,077,960
- -------------------------------------------------------------------------
$ 9,980,160
- -------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 1.3%
- -------------------------------------------------------------------------
$1,000 New York Dormitory Authority,
(Department Health), (MBIA),
5.50%, 7/1/25 $ 1,108,180
- -------------------------------------------------------------------------
$ 1,108,180
- -------------------------------------------------------------------------
Insured-Miscellaneous -- 1.5%
- -------------------------------------------------------------------------
$1,000 New York City, Trust for Cultural
Resources, (AMBAC), Variable Rate,
7/1/29(1)(4) $ 1,322,200
- -------------------------------------------------------------------------
$ 1,322,200
- -------------------------------------------------------------------------
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-Special Tax Revenue -- 3.0%
- -------------------------------------------------------------------------
$1,175 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/07(1)(4) $ 1,271,526
1,190 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(2) 1,336,644
- -------------------------------------------------------------------------
$ 2,608,170
- -------------------------------------------------------------------------
Insured-Transportation -- 15.6%
- -------------------------------------------------------------------------
$2,325 Monroe County Airport Authority, (MBIA),
(AMT), Variable Rate, 1/1/17(1)(4) $ 3,264,184
3,750 New York Thruway Authority, (Highway and
Bridge), (AMBAC), 5.125%, 4/1/20 4,088,438
2,735 Niagara Frontier Airport Authority,
(Buffalo Niagara International Airport),
(MBIA), (AMT), 5.625%, 4/1/29 2,959,844
1,750 Niagara Frontier Airport Authority,
(Buffalo Niagara International Airport),
(MBIA), (AMT), Variable
Rate, 4/1/29(1)(4) 2,037,735
1,000 Port Authority of New York and New
Jersey, (FSA), 5.00%, 4/15/32 1,059,140
- -------------------------------------------------------------------------
$ 13,409,341
- -------------------------------------------------------------------------
Insured-Water and Sewer -- 2.6%
- -------------------------------------------------------------------------
$2,000 New York City Municipal Water Finance
Authority, (FGIC), 5.50%, 6/15/32 $ 2,253,860
- -------------------------------------------------------------------------
$ 2,253,860
- -------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 5.6%
- -------------------------------------------------------------------------
$4,385 New York Dormitory Authority, (Court
Facility), 6.00%, 5/15/39 $ 4,792,849
- -------------------------------------------------------------------------
$ 4,792,849
- -------------------------------------------------------------------------
Miscellaneous -- 3.6%
- -------------------------------------------------------------------------
$1,285 Albany Industrial Development Agency
Civic Facility, (Charitable Leadership),
5.75%, 7/1/26 $ 1,329,153
1,250 Puerto Rico Infrastructure Financing
Authority, Variable Rate, 10/1/32(1)(2) 1,749,313
- -------------------------------------------------------------------------
$ 3,078,466
- -------------------------------------------------------------------------
Senior Living / Life Care -- 2.6%
- -------------------------------------------------------------------------
$1,250 Mount Vernon IDA, (Wartburg Senior
Housing, Inc. - Meadowview),
6.20%, 6/1/29 $ 1,204,750
1,000 Suffolk County IDA, (Jeffersons Ferry),
7.20%, 11/1/19 1,054,700
- -------------------------------------------------------------------------
$ 2,259,450
- -------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
27
<Page>
NEW YORK MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Special Tax Revenue -- 1.3%
- -------------------------------------------------------------------------
$1,040 New York State Local Government
Assistance Corp., 5.00%, 4/1/21 $ 1,148,493
- -------------------------------------------------------------------------
$ 1,148,493
- -------------------------------------------------------------------------
Transportation -- 3.0%
- -------------------------------------------------------------------------
$1,800 Port Authority of New York and New
Jersey, Variable Rate, 3/1/19(2) $ 2,582,550
- -------------------------------------------------------------------------
$ 2,582,550
- -------------------------------------------------------------------------
Water and Sewer -- 7.6%
- -------------------------------------------------------------------------
$1,500 New York City Municipal Water Finance
Authority, 5.25%, 6/15/29 $ 1,563,600
3,500 New York City Municipal Water Finance
Authority, 5.75%, 6/15/29 3,952,585
1,000 New York Environmental Facility Corp.,
Clean Water, 5.00%, 6/15/28 1,054,650
- -------------------------------------------------------------------------
$ 6,570,835
- -------------------------------------------------------------------------
Total Tax-Exempt Investments -- 148.2%
(identified cost $114,394,185) $127,760,290
- -------------------------------------------------------------------------
Other Assets, Less Liabilities -- 3.4% $ 2,954,006
- -------------------------------------------------------------------------
Auction Preferred Shares Plus Cumulative Unpaid Dividends
- -- (51.6)% $(44,501,598)
- -------------------------------------------------------------------------
Net Assets Applicable to Common
Shares -- 100.0% $ 86,212,698
- -------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Trust 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 May 31, 2003, 40.0% 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 5.0% to 17.4% of
total investments.
(1) 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.
(2) Security has been issued as a leveraged inverse floater bond.
(3) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
(4) Security has been issued as an inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
28
<Page>
OHIO MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 151.9%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Cogeneration -- 0.9%
- -------------------------------------------------------------------------
$ 400 Ohio Water Development Authority, Solid
Waste Disposal, (Bay Shore Power),
(AMT), 5.875%, 9/1/20 $ 373,464
- -------------------------------------------------------------------------
$ 373,464
- -------------------------------------------------------------------------
Education -- 3.8%
- -------------------------------------------------------------------------
$1,500 Ohio Higher Educational Facilities
Authority, (Oberlin College), Variable
Rate, 10/1/29(1)(2) $ 1,628,265
- -------------------------------------------------------------------------
$ 1,628,265
- -------------------------------------------------------------------------
Electric Utilities -- 5.4%
- -------------------------------------------------------------------------
$ 500 Clyde Electric System Revenue, (AMT),
6.00%, 11/15/14 $ 529,680
1,750 Ohio Water Development Authority,
Pollution Control Facilities, (Cleveland
Electric), (AMT), 6.10%, 8/1/20 1,789,917
- -------------------------------------------------------------------------
$ 2,319,597
- -------------------------------------------------------------------------
General Obligations -- 6.7%
- -------------------------------------------------------------------------
$1,000 Delaware County, 6.00%, 12/1/25 $ 1,180,780
1,530 Hamilton City School District,
5.625%, 12/1/24 1,724,325
- -------------------------------------------------------------------------
$ 2,905,105
- -------------------------------------------------------------------------
Hospital -- 21.8%
- -------------------------------------------------------------------------
$ 550 Cuyahoga County, (Cleveland Clinic
Health System), 5.50%, 1/1/29 $ 578,452
1,500 Erie County Hospital Facilities,
(Firelands Regional Medical Center),
5.625%, 8/15/32 1,573,500
2,000 Franklin County, (Childrens Hospital),
5.20%, 5/1/29 2,053,840
625 Highland County, (Joint Township
Hospital District), 6.75%, 12/1/29 592,631
400 Mahoning County Hospital Facility,
(Forum Health Obligation Group),
6.00%, 11/15/32 424,724
1,250 Parma Community General Hospital
Association, 5.35%, 11/1/18 1,304,050
1,750 Parma Community General Hospital
Association, 5.375%, 11/1/29 1,790,180
1,000 Richland County Hospital Facilities,
(Medcentral Health Systems),
6.375%, 11/15/22 1,084,800
- -------------------------------------------------------------------------
$ 9,402,177
- -------------------------------------------------------------------------
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Housing -- 2.4%
- -------------------------------------------------------------------------
$1,000 Multifamily Housing, (Tyler's Creek),
(AMT), 6.00%, 11/1/33 $ 1,042,870
- -------------------------------------------------------------------------
$ 1,042,870
- -------------------------------------------------------------------------
Industrial Development Revenue -- 19.8%
- -------------------------------------------------------------------------
$1,250 Cleveland Airport, (Continental
Airlines), (AMT), 5.70%, 12/1/19 $ 740,063
1,300 Dayton Special Facilities Revenue,
(Emery Air Freight), 5.625%, 2/1/18 1,066,260
3,000 Moraine Solid Waste Disposal, (General
Motors Corp.), (AMT), 5.65%, 7/1/24 3,012,720
1,250 Ohio Environmental Facilities, (Ford
Motor), (AMT), 5.95%, 9/1/29 1,255,925
2,250 Ohio Water Development Authority,
(Anheuser-Busch), (AMT), 6.00%, 8/1/38 2,428,020
- -------------------------------------------------------------------------
$ 8,502,988
- -------------------------------------------------------------------------
Insured-Certificates of Participation -- 3.8%
- -------------------------------------------------------------------------
$1,500 Cleveland, Certificates of
Participation, (Cleveland Stadium),
(AMBAC), 5.25%, 11/15/22 $ 1,627,770
- -------------------------------------------------------------------------
$ 1,627,770
- -------------------------------------------------------------------------
Insured-Education -- 13.9%
- -------------------------------------------------------------------------
$1,500 Cleveland State University, (FGIC),
5.00%, 6/1/33 $ 1,582,755
1,000 Ohio Higher Educational Facilities,
(University of Dayton), (AMBAC),
5.50%, 12/1/30 1,107,670
1,500 University of Akron, (FGIC), Variable
Rate, 1/1/29(1)(2) 1,925,775
1,250 University of Cincinnati, (FGIC),
5.25%, 6/1/24 1,356,713
- -------------------------------------------------------------------------
$ 5,972,913
- -------------------------------------------------------------------------
Insured-Electric Utilities -- 4.1%
- -------------------------------------------------------------------------
$2,000 Ohio Municipal Electric Generation
Agency, (MBIA), 0.00%, 2/15/25 $ 731,080
3,000 Ohio Municipal Electric Generation
Agency, (MBIA), 0.00%, 2/15/26 1,040,010
- -------------------------------------------------------------------------
$ 1,771,090
- -------------------------------------------------------------------------
Insured-Escrowed / Prerefunded -- 1.2%
- -------------------------------------------------------------------------
$ 500 Cuyahoga County, (Cleveland Clinic),
(MBIA), Escrowed to Maturity,
5.125%, 1/1/29(3) $ 523,610
- -------------------------------------------------------------------------
$ 523,610
- -------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
29
<Page>
OHIO MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-General Obligations -- 21.4%
- -------------------------------------------------------------------------
$1,000 Lima City School District, (AMBAC),
5.50%, 12/1/22 $ 1,123,340
500 Lima City School District, (AMBAC),
6.00%, 12/1/22 593,110
1,705 Plain Local School District, (FGIC),
5.00%, 12/1/30 1,804,248
1,000 Puerto Rico General Obligation, FSA,
Variable Rate, 7/1/27(2)(4) 1,277,150
1,250 South-Western City School District,
Franklin and Pickway Counties, (AMBAC),
4.75%, 12/1/26 1,279,125
2,860 Springfield City School District Clark
County, (FGIC), 5.20%, 12/1/23 3,127,896
- -------------------------------------------------------------------------
$ 9,204,869
- -------------------------------------------------------------------------
Insured-Special Tax Revenue -- 11.0%
- -------------------------------------------------------------------------
$2,500 Delaware County, Sewer District, (MBIA),
4.75%, 12/1/24 $ 2,570,675
2,000 Hamiliton County Sales Tax Revenue,
(AMBAC), 5.25%, 12/1/32 2,153,820
- -------------------------------------------------------------------------
$ 4,724,495
- -------------------------------------------------------------------------
Insured-Transportation -- 11.4%
- -------------------------------------------------------------------------
$1,325 Cleveland Airport System Revenue, (FSA),
5.00%, 1/1/31 $ 1,381,392
1,000 Ohio Turnpike Commission, (FGIC),
5.50%, 2/15/24 1,190,160
1,000 Ohio Turnpike Commission, (FGIC),
5.50%, 2/15/26 1,186,560
1,000 Puerto Rico Highway and Transportation
Authority, (AMBAC), Variable Rate,
1/1/19(2)(4) 1,132,360
- -------------------------------------------------------------------------
$ 4,890,472
- -------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 3.2%
- -------------------------------------------------------------------------
$1,300 Union County, (Pleasant Valley Joint
Fire District), 6.125%, 12/1/19 $ 1,379,495
- -------------------------------------------------------------------------
$ 1,379,495
- -------------------------------------------------------------------------
Miscellaneous -- 3.2%
- -------------------------------------------------------------------------
$1,000 Puerto Rico Infrastructure Financing
Authority, Variable Rate, 10/1/32(2)(4) $ 1,399,450
- -------------------------------------------------------------------------
$ 1,399,450
- -------------------------------------------------------------------------
Nursing Home -- 5.0%
- -------------------------------------------------------------------------
$1,755 Cuyahoga County, Health Care Facilities,
(Benjamin Rose Institute),
5.50%, 12/1/28 $ 1,609,932
630 Ohio HFA, Retirement Rental Housing,
(Encore Retirement Partners),
6.75%, 3/1/19 554,954
- -------------------------------------------------------------------------
$ 2,164,886
- -------------------------------------------------------------------------
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Pooled Loans -- 7.5%
- -------------------------------------------------------------------------
$1,020 Ohio Economic Development, (Ohio
Enterprise Bond Fund), (AMT),
5.85%, 12/1/22 $ 1,092,930
1,000 Rickenbacker Port Authority, Oasbo
Expanded Asset Pooled Loan,
5.375%, 1/1/32 1,113,120
1,100 Toledo-Lucas County Port Authority,
5.40%, 5/15/19 1,020,635
- -------------------------------------------------------------------------
$ 3,226,685
- -------------------------------------------------------------------------
Special Tax Revenue -- 5.4%
- -------------------------------------------------------------------------
$ 600 Cleveland-Cuyahoga County Port
Authority, 7.00%, 12/1/18 $ 614,556
1,420 Cuyahoga County, Economic Development,
(Shaker Square), 6.75%, 12/1/30 1,695,636
- -------------------------------------------------------------------------
$ 2,310,192
- -------------------------------------------------------------------------
Total Tax-Exempt Investments -- 151.9%
(identified cost $60,698,852) $ 65,370,393
- -------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.7% $ 1,165,092
- -------------------------------------------------------------------------
Auction Preferred Shares Plus Cumulative Unpaid Dividends
- -- (54.6)% $(23,502,829)
- -------------------------------------------------------------------------
Net Assets Applicable to Common Shares -- 100.0%
$ 43,032,656
- -------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Trust invests primarily in debt securities issued by Ohio municipali-
ties. 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 May 31, 2003, 43.9% 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 4.1% to 18.6% 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.
(4) Security has been issued as a leveraged inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
30
<Page>
PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 152.4%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Cogeneration -- 3.7%
- -------------------------------------------------------------------------
$ 470 Carbon County IDA, (Panther Creek
Partners), (AMT), 6.65%, 5/1/10 $ 494,825
500 Pennsylvania EDA, (Northampton
Generating), (AMT), 6.50%, 1/1/13 508,620
500 Pennsylvania EDA, (Resource
Recovery-Colver), (AMT), 7.05%, 12/1/10 518,180
- -------------------------------------------------------------------------
$ 1,521,625
- -------------------------------------------------------------------------
Education -- 8.6%
- -------------------------------------------------------------------------
$ 1,500 Pennsylvania HEFA, (Drexel University),
6.00%, 5/1/29 $ 1,635,645
1,300 Pennsylvania HEFA, (University of
Pennsylvania), 4.625%, 7/15/30 1,306,409
600 Philadelphia HEFA, (Chestnut Hill
College), 6.00%, 10/1/29 600,918
- -------------------------------------------------------------------------
$ 3,542,972
- -------------------------------------------------------------------------
Electric Utilities -- 1.5%
- -------------------------------------------------------------------------
$ 600 York County, IDA, Pollution Control,
(Public Service Enterprise Group, Inc.),
5.50%, 9/1/20 $ 601,878
- -------------------------------------------------------------------------
$ 601,878
- -------------------------------------------------------------------------
Health Care -- Miscellaneous -- 5.3%
- -------------------------------------------------------------------------
$ 600 Allegheny County, IDA, (Residential
Resources, Inc.), 6.50%, 9/1/21 $ 599,286
1,500 Chester County HEFA, (Devereux
Foundation), 6.00%, 11/1/29 1,586,730
- -------------------------------------------------------------------------
$ 2,186,016
- -------------------------------------------------------------------------
Hospital -- 7.4%
- -------------------------------------------------------------------------
$ 300 Allegheny County Hospital Development
Authority, (West Pennsylvania Allegheny
Health System), 9.25%, 11/15/30 $ 335,583
1,250 Lehigh County, General Purpose
Authority, (Lehigh Valley Health
Network), 5.25%, 7/1/32 1,269,525
850 Pennsylvania HEFA, (UPMC Health System),
6.00%, 1/15/31 909,211
500 Washington County Hospital Authority,
(Monongahela Hospital), 5.50%, 6/1/17 538,525
- -------------------------------------------------------------------------
$ 3,052,844
- -------------------------------------------------------------------------
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Industrial Development Revenue -- 5.1%
- -------------------------------------------------------------------------
$ 500 New Morgan IDA, (New Morgan Landfill),
(AMT), 6.50%, 4/1/19 $ 447,495
1,000 Pennsylvania, IDA, (Sun Co.), (AMT),
7.60%, 12/1/24 1,059,720
1,550 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.30%, 6/1/23 604,547
- -------------------------------------------------------------------------
$ 2,111,762
- -------------------------------------------------------------------------
Insured-Education -- 23.1%
- -------------------------------------------------------------------------
$ 900 Lycoming County Authority, (Pennsylvania
College of Technology), (AMBAC),
5.25%, 5/1/32 $ 965,853
1,000 Northampton County HEFA, (Lafayette
College), (MBIA), 5.00%, 11/1/27 1,031,780
1,000 Pennsylvania HEFA, (Bryn Mawr College),
(AMBAC), 5.125%, 12/1/29 1,054,860
2,000 Pennsylvania HEFA, (State System Higher
Education), (FSA), 5.00%, 6/15/24 2,103,740
2,000 Pennsylvania HEFA, (Temple University),
(MBIA), 5.00%, 4/1/29(1) 2,076,080
600 Puerto Rico Industrial, Tourist,
Educational, Medical and Environmental,
Residual Certificates, (MBIA), Variable
Rate, 7/1/33(2)(3) 684,594
1,500 University of Pittsburgh, (MBIA),
5.00%, 6/1/21 1,596,855
- -------------------------------------------------------------------------
$ 9,513,762
- -------------------------------------------------------------------------
Insured-Electric Utilities -- 4.4%
- -------------------------------------------------------------------------
$ 600 Puerto Rico Electric Power Authority,
(MBIA), Variable Rate, 7/1/29(2)(3) $ 764,472
835 Puerto Rico Electric Power Authority,
DRIVERS, (FSA), Variable Rate,
7/1/29(2)(3) 1,063,890
- -------------------------------------------------------------------------
$ 1,828,362
- -------------------------------------------------------------------------
Insured-Escrowed / Prerefunded -- 5.4%
- -------------------------------------------------------------------------
$ 1,000 Berks County Municipal Authority,
(Reading Hospital and Medical Center),
(FSA), Prerefunded to 11/1/09 @ 102,
6.00%, 11/1/29 $ 1,233,040
2,000 Westmoreland County Municipal Authority,
(FGIC), Escrowed to Maturity,
0.00%, 8/15/19 994,080
- -------------------------------------------------------------------------
$ 2,227,120
- -------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
31
<Page>
PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-Gas Utilities -- 3.4%
- -------------------------------------------------------------------------
$ 1,325 Philadelphia Natural Gas Works, (FSA),
Variable
Rate, 7/1/28(4) $ 1,403,705
- -------------------------------------------------------------------------
$ 1,403,705
- -------------------------------------------------------------------------
Insured-General Obligations -- 17.5%
- -------------------------------------------------------------------------
$ 1,825 Hopewell School District, (FSA),
0.00%, 9/1/25 $ 633,750
1,000 McKeesport Area School District, (FGIC),
0.00%, 10/1/31 253,670
2,000 Philadelphia General Obligation, (FSA),
5.00%, 3/15/28 2,091,320
1,125 Philadelphia School District, (FSA),
5.50%, 2/1/31 1,246,579
1,500 Puerto Rico General Obligation, (FSA),
5.125%, 7/1/30 1,596,150
1,000 Puerto Rico General Obligation, FSA,
Variable Rate, 7/1/27(2)(3) 1,277,150
250 Southeast Delco Area School District,
(MBIA), 0.00%, 2/1/24 94,035
- -------------------------------------------------------------------------
$ 7,192,654
- -------------------------------------------------------------------------
Insured-Hospital -- 15.2%
- -------------------------------------------------------------------------
$ 1,000 Dauphin County General Authority,
(Pinnacle Health System), (MBIA),
5.50%, 5/15/27 $ 1,081,840
500 Delaware County Authority, (Catholic
Health East), (AMBAC), 4.875%, 11/15/26 509,380
1,500 Lehigh County General Purpose Authority,
(Lehigh Valley Health Network), (MBIA),
5.25%, 7/1/29 1,583,190
3,000 Montgomery County HEFA, (Abington
Memorial Hospital), (AMBAC),
5.00%, 6/1/28 3,094,620
- -------------------------------------------------------------------------
$ 6,269,030
- -------------------------------------------------------------------------
Insured-Special Tax Revenue -- 4.2%
- -------------------------------------------------------------------------
$ 1,000 Pittsburgh and Allegheny County Public
Auditorium Authority, (AMBAC),
5.00%, 2/1/24 $ 1,051,430
595 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(3) 668,322
- -------------------------------------------------------------------------
$ 1,719,752
- -------------------------------------------------------------------------
Insured-Transportation -- 15.6%
- -------------------------------------------------------------------------
$ 1,000 Allegheny County Port Authority, (FGIC),
5.00%, 3/1/29 $ 1,050,030
3,100 Pennsylvania Turnpike Commision Oil
Franchise, (AMBAC), 4.75%, 12/1/27 3,158,900
1,005 Philadelphia Parking Authority, (AMBAC),
5.25%, 2/15/29 1,073,903
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Insured-Transportation (continued)
- -------------------------------------------------------------------------
$ 800 Puerto Rico Highway and Transportation
Authority, (MBIA), Variable Rate,
1/1/19(2)(3) $ 1,132,616
- -------------------------------------------------------------------------
$ 6,415,449
- -------------------------------------------------------------------------
Insured-Water and Sewer -- 15.7%
- -------------------------------------------------------------------------
$ 500 Allegheny County Sanitation and Sewer
Authority, (MBIA), 5.00%, 12/1/19 $ 545,925
1,000 Allegheny County Sanitation and Sewer
Authority, (MBIA), 5.50%, 12/1/24 1,113,250
500 Delaware County IDA, (Water Facilities),
(FGIC), (AMT), 6.00%, 6/1/29 574,490
1,000 Philadelphia Water and Wastewater,
(FGIC), 5.00%, 11/1/31 1,053,320
3,000 Pittsburgh Water and Sewer Authority,
(AMBAC), 5.125%, 12/1/31 3,180,150
- -------------------------------------------------------------------------
$ 6,467,135
- -------------------------------------------------------------------------
Miscellaneous -- 1.4%
- -------------------------------------------------------------------------
$ 600 Philadelphia IDA, (Franklin Institute),
5.20%, 6/15/26 $ 573,690
- -------------------------------------------------------------------------
$ 573,690
- -------------------------------------------------------------------------
Nursing Home -- 2.1%
- -------------------------------------------------------------------------
$ 500 Clarion County IDA, (Beverly
Enterprises, Inc.), 5.875%, 5/1/07 $ 493,200
400 Cumberland County IDA, (Beverly
Enterprises, Inc.), 5.50%, 10/1/08 390,892
- -------------------------------------------------------------------------
$ 884,092
- -------------------------------------------------------------------------
Senior Living / Life Care -- 8.5%
- -------------------------------------------------------------------------
$ 600 Bucks County, IDA, (Pennswood),
6.00%, 10/1/27 $ 634,266
490 Cliff House Trust (AMT), 6.625%, 6/1/27 441,093
500 Crawford County Hospital Authority,
(Wesbury United Methodist Community),
6.25%, 8/15/29 493,535
400 Delaware IDA, (Glen Riddle), (AMT),
8.625%, 9/1/25 423,796
500 Lancaster County Hospital Authority,
(Health Center), 5.875%, 6/1/31 522,605
925 Montgomery County HEFA, (Faulkeways at
Gwynedd), 6.75%, 11/15/30 995,975
- -------------------------------------------------------------------------
$ 3,511,270
- -------------------------------------------------------------------------
Transportation -- 4.3%
- -------------------------------------------------------------------------
$ 600 Delaware River Joint Toll Bridge
Commission, 5.00%, 7/1/28 $ 623,490
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
32
<Page>
PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF MAY 31, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -------------------------------------------------------------------------
Transportation (continued)
- -------------------------------------------------------------------------
$ 395 Erie Municipal Airport Authority, (AMT),
5.50%, 7/1/09 $ 409,741
500 Erie Municipal Airport Authority, (AMT),
5.875%, 7/1/16 500,855
250 Pennsylvania EDA, (Amtrak), (AMT),
6.25%, 11/1/31 215,795
- -------------------------------------------------------------------------
$ 1,749,881
- -------------------------------------------------------------------------
Total Tax-Exempt Investments -- 152.4%
(identified cost $58,241,111) $ 62,772,999
- -------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.2% $ 919,847
- -------------------------------------------------------------------------
Auction Preferred Shares Plus Cumulative Unpaid Dividends
- -- (54.6)% $(22,503,461)
- -------------------------------------------------------------------------
Net Assets Applicable to Common
Shares -- 100.0% $ 41,189,385
- -------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
The Trust 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 May 31, 2003, 68.6% 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 6.3% to 23.5% of
total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
(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 has been issued as a leveraged inverse floater bond.
(4) Security has been issued as an inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
33
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
AS OF MAY 31, 2003
<Table>
<Caption>
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
- ----------------------------------------------------------------------------------------------------
Assets
- ----------------------------------------------------------------------------------------------------
Investments --
Identified cost $154,368,886 $ 93,796,473 $56,177,670 $45,328,831
Unrealized appreciation 16,705,606 7,490,168 5,781,996 4,320,726
- ----------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $171,074,492 $101,286,641 $61,959,666 $49,649,557
- ----------------------------------------------------------------------------------------------------
Cash $ 117,804 $ 187,228 $ -- $ --
Receivable for investments
sold 6,849 -- -- --
Interest receivable 2,573,753 1,194,929 1,161,617 744,595
Receivable for daily variation
margin on open financial
futures contracts -- 11,987 10,312 6,894
Prepaid expenses 5,215 4,135 4,085 1,621
- ----------------------------------------------------------------------------------------------------
TOTAL ASSETS $173,778,113 $102,684,920 $63,135,680 $50,402,667
- ----------------------------------------------------------------------------------------------------
Liabilities
- ----------------------------------------------------------------------------------------------------
Payable for daily variation
margin on open financial
futures contracts $ 44,147 $ -- $ -- $ --
Due to bank -- -- 147,347 287,950
Payable to affiliate for
Trustees' fees 1,454 1,081 311 521
Accrued expenses 54,318 44,573 41,518 31,830
- ----------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 99,919 $ 45,654 $ 189,176 $ 320,301
- ----------------------------------------------------------------------------------------------------
Auction preferred shares at
liquidation value plus
cumulative
unpaid dividends $ 59,001,285 $ 35,503,204 $21,502,941 $17,501,298
- ----------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES $114,676,909 $ 67,136,062 $41,443,563 $32,581,068
- ----------------------------------------------------------------------------------------------------
Sources of Net Assets
- ----------------------------------------------------------------------------------------------------
Common Shares, $0.01 par
value, unlimited number of
shares authorized $ 71,773 $ 42,386 $ 26,528 $ 20,923
Additional paid-in capital 106,399,318 62,964,801 39,249,148 31,083,981
Accumulated net realized loss
(computed on the basis of
identified cost) (9,627,665) (4,078,465) (4,012,381) (3,170,052)
Accumulated undistributed net
investment income 1,357,218 847,286 517,705 388,832
Net unrealized appreciation
(computed on the basis of
identified cost) 16,476,265 7,360,054 5,662,563 4,257,384
- ----------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES $114,676,909 $ 67,136,062 $41,443,563 $32,581,068
- ----------------------------------------------------------------------------------------------------
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
- ----------------------------------------------------------------------------------------------------
2,360 1,420 860 700
- ----------------------------------------------------------------------------------------------------
Common Shares Outstanding
- ----------------------------------------------------------------------------------------------------
7,177,287 4,238,608 2,652,767 2,092,265
- ----------------------------------------------------------------------------------------------------
Net Asset Value Per Common Share
- ----------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES DIVIDED BY
COMMON SHARES ISSUED AND
OUTSTANDING $ 15.98 $ 15.84 $ 15.62 $ 15.57
- ----------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
34
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF MAY 31, 2003
<Table>
<Caption>
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
- -------------------------------------------------------------------------------------------------------
Assets
- -------------------------------------------------------------------------------------------------------
Investments --
Identified cost $ 94,492,870 $114,394,185 $60,698,852 $58,241,111
Unrealized appreciation 11,306,482 13,366,105 4,671,541 4,531,888
- -------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $105,799,352 $127,760,290 $65,370,393 $62,772,999
- -------------------------------------------------------------------------------------------------------
Cash $ -- $ 802,622 $ -- $ --
Receivable for investments sold 173,582 -- -- --
Interest receivable 2,240,510 2,215,821 1,253,283 1,195,929
Receivable for daily variation
margin on open financial
futures contracts 14,733 9,675 7,740 6,230
Prepaid expenses 4,151 3,165 4,106 1,659
- -------------------------------------------------------------------------------------------------------
TOTAL ASSETS $108,232,328 $130,791,573 $66,635,522 $63,976,817
- -------------------------------------------------------------------------------------------------------
Liabilities
- -------------------------------------------------------------------------------------------------------
Due to bank $ 314,880 $ -- $ 58,625 $ 248,898
Payable to affiliate for Trustees'
fees 1,081 866 311 532
Accrued expenses 45,369 76,411 41,101 34,541
- -------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 361,330 $ 77,277 $ 100,037 $ 283,971
- -------------------------------------------------------------------------------------------------------
Auction preferred shares at
liquidation value plus cumulative
unpaid dividends $ 38,000,000 $ 44,501,598 $23,502,829 $22,503,461
- -------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON
SHARES $ 69,870,998 $ 86,212,698 $43,032,656 $41,189,385
- -------------------------------------------------------------------------------------------------------
Sources of Net Assets
- -------------------------------------------------------------------------------------------------------
Common Shares, $0.01 par value,
unlimited number of
shares authorized $ 45,567 $ 53,551 $ 28,005 $ 26,688
Additional paid-in capital 67,629,258 79,461,619 41,596,585 39,644,641
Accumulated net realized loss
(computed on the basis of
identified cost) (9,791,121) (7,604,929) (3,769,944) (3,550,752)
Accumulated undistributed net
investment income 846,437 999,277 556,809 605,258
Net unrealized appreciation
(computed on the basis of
identified cost) 11,140,857 13,303,180 4,621,201 4,463,550
- -------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON
SHARES $ 69,870,998 $ 86,212,698 $43,032,656 $41,189,385
- -------------------------------------------------------------------------------------------------------
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
- -------------------------------------------------------------------------------------------------------
1,520 1,780 940 900
- -------------------------------------------------------------------------------------------------------
Common Shares Outstanding
- -------------------------------------------------------------------------------------------------------
4,556,699 5,355,058 2,800,538 2,668,807
- -------------------------------------------------------------------------------------------------------
Net Asset Value Per Common Share
- -------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON
SHARES DIVIDED BY COMMON SHARES
ISSUED AND OUTSTANDING $ 15.33 $ 16.10 $ 15.37 $ 15.43
- -------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
35
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 2003
<Table>
<Caption>
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
- ----------------------------------------------------------------------------------------------------------
Investment Income
- ----------------------------------------------------------------------------------------------------------
Interest $ 4,839,412 $2,903,829 $1,804,314 $1,444,502
- ----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 4,839,412 $2,903,829 $1,804,314 $1,444,502
- ----------------------------------------------------------------------------------------------------------
Expenses
- ----------------------------------------------------------------------------------------------------------
Investment adviser fee $ 583,160 $ 348,116 $ 212,451 $ 169,748
Administration fee 166,617 99,462 60,700 48,499
Trustees fees and expenses 4,569 3,049 902 1,035
Legal and accounting services 19,806 18,018 17,351 18,007
Printing and postage 13,524 9,678 7,060 5,417
Custodian fee 32,674 25,450 15,655 13,410
Transfer and dividend disbursing
agent 55,320 34,378 24,897 17,180
Preferred shares remarketing agent
fee 73,548 44,253 26,801 21,695
Miscellaneous 12,530 9,853 9,262 11,766
- ----------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 961,748 $ 592,257 $ 375,079 $ 306,757
- ----------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 3,877,664 $2,311,572 $1,429,235 $1,137,745
- ----------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ----------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions
(identified cost basis) $ 97,721 $ 453,109 $ 246,811 $ (65,856)
Financial futures contracts (1,496,950) (855,400) (538,679) (645,164)
- ----------------------------------------------------------------------------------------------------------
NET REALIZED LOSS $(1,399,229) $ (402,291) $ (291,868) $ (711,020)
- ----------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost
basis) $11,416,455 $5,188,128 $3,735,875 $3,216,655
Financial futures contracts (229,341) (130,114) (119,433) (91,720)
- ----------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION) $11,187,114 $5,058,014 $3,616,442 $3,124,935
- ----------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 9,787,885 $4,655,723 $3,324,574 $2,413,915
- ----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED
SHAREHOLDERS $ (278,821) $ (173,462) $ (104,436) $ (85,345)
- ----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $13,386,728 $6,793,833 $4,649,373 $3,466,315
- ----------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
36
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 2003
<Table>
<Caption>
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
- ------------------------------------------------------------------------------------------------------
Investment Income
- ------------------------------------------------------------------------------------------------------
Interest $ 3,135,286 $3,685,734 $1,894,254 $1,835,988
- ------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 3,135,286 $3,685,734 $1,894,254 $1,835,988
- ------------------------------------------------------------------------------------------------------
Expenses
- ------------------------------------------------------------------------------------------------------
Investment adviser fee $ 364,331 $ 441,377 $ 225,121 $ 215,444
Administration fee 104,095 126,108 64,320 61,556
Trustees fees and expenses 3,050 3,576 903 1,046
Legal and accounting services 17,808 21,153 17,365 18,287
Printing and postage 10,829 2,063 7,747 6,191
Custodian fee 25,279 30,136 17,142 14,651
Transfer and dividend disbursing
agent 36,013 41,221 23,350 21,933
Preferred shares remarketing agent
fee 47,369 55,472 29,295 28,048
Miscellaneous 9,569 17,560 8,936 12,256
- ------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 618,343 $ 738,666 $ 394,179 $ 379,412
- ------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ -- $ 4,299 $ 5,694 $ --
- ------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ -- $ 4,299 $ 5,694 $ --
- ------------------------------------------------------------------------------------------------------
NET EXPENSES $ 618,343 $ 734,367 $ 388,485 $ 379,412
- ------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 2,516,943 $2,951,367 $1,505,769 $1,456,576
- ------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions
(identified cost basis) $(1,196,337) $ 502,737 $ 221,855 $ 133,229
Financial futures contracts (911,611) (753,952) (626,754) (427,700)
- ------------------------------------------------------------------------------------------------------
NET REALIZED LOSS $(2,107,948) $ (251,215) $ (404,899) $ (294,471)
- ------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost
basis) $ 8,029,834 $6,934,473 $3,866,923 $3,408,640
Financial futures contracts (165,625) (62,925) (50,340) (68,338)
- ------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION) $ 7,864,209 $6,871,548 $3,816,583 $3,340,302
- ------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 5,756,261 $6,620,333 $3,411,684 $3,045,831
- ------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED
SHAREHOLDERS $ (184,909) $ (208,753) $ (113,181) $ (120,257)
- ------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 8,088,295 $9,362,947 $4,804,272 $4,382,150
- ------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
37
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED MAY 31, 2003
<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
- -------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 3,877,664 $ 2,311,572 $ 1,429,235 $ 1,137,745
Net realized loss (1,399,229) (402,291) (291,868) (711,020)
Net change in unrealized
appreciation (depreciation) 11,187,114 5,058,014 3,616,442 3,124,935
Distributions to preferred
shareholders (278,821) (173,462) (104,436) (85,345)
- -------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 13,386,728 $ 6,793,833 $ 4,649,373 $ 3,466,315
- -------------------------------------------------------------------------------------------------------
Distributions to common
shareholders --
From net investment income $ (3,412,886) $(2,088,345) $(1,272,297) $(1,015,092)
- -------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON
SHAREHOLDERS $ (3,412,886) $(2,088,345) $(1,272,297) $(1,015,092)
- -------------------------------------------------------------------------------------------------------
Capital share transactions --
Reinvestment of distributions
to common shareholders $ -- $ 128,331 $ 271,950 $ 65,473
- -------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS $ -- $ 128,331 $ 271,950 $ 65,473
- -------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 9,973,842 $ 4,833,819 $ 3,649,026 $ 2,516,696
- -------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares
- -------------------------------------------------------------------------------------------------------
At beginning of period $104,703,067 $62,302,243 $37,794,537 $30,064,372
- -------------------------------------------------------------------------------------------------------
AT END OF PERIOD $114,676,909 $67,136,062 $41,443,563 $32,581,068
- -------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income
included in net assets applicable to common shares
- -------------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 1,357,218 $ 847,286 $ 517,705 $ 388,832
- -------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
38
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED MAY 31, 2003
<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
- ----------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 2,516,943 $ 2,951,367 $ 1,505,769 $ 1,456,576
Net realized loss (2,107,948) (251,215) (404,899) (294,471)
Net change in unrealized
appreciation (depreciation) 7,864,209 6,871,548 3,816,583 3,340,302
Distributions to preferred
shareholders (184,909) (208,753) (113,181) (120,257)
- ----------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 8,088,295 $ 9,362,947 $ 4,804,272 $ 4,382,150
- ----------------------------------------------------------------------------------------------------
Distributions to common
shareholders --
From net investment income $(2,292,692) $(2,739,112) $(1,393,658) $(1,242,089)
- ----------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON
SHAREHOLDERS $(2,292,692) $(2,739,112) $(1,393,658) $(1,242,089)
- ----------------------------------------------------------------------------------------------------
Capital share transactions --
Reinvestment of distributions
to common shareholders $ 272,144 $ -- $ 114,697 $ 21,947
- ----------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS $ 272,144 $ -- $ 114,697 $ 21,947
- ----------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 6,067,747 $ 6,623,835 $ 3,525,311 $ 3,162,008
- ----------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares
- ----------------------------------------------------------------------------------------------------
At beginning of period $63,803,251 $79,588,863 $39,507,345 $38,027,377
- ----------------------------------------------------------------------------------------------------
AT END OF PERIOD $69,870,998 $86,212,698 $43,032,656 $41,189,385
- ----------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income
included in net assets applicable to common shares
- ----------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 846,437 $ 999,277 $ 556,809 $ 605,258
- ----------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
39
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED NOVEMBER 30, 2002
<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
- ----------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 7,652,045 $ 4,665,322 $ 2,785,362 $ 2,263,571
Net realized gain (loss) 146,938 325,679 (356,291) (498,076)
Net change in unrealized
appreciation (depreciation) 986,040 1,182,245 914,229 269,559
Distributions to preferred
shareholders (786,832) (497,248) (277,880) (235,098)
- ----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 7,998,191 $ 5,675,998 $ 3,065,420 $ 1,799,956
- ----------------------------------------------------------------------------------------------------------
Distributions to common shareholders
--
From net investment income $ (6,684,158) $(4,032,486) $(2,449,469) $(1,988,080)
- ----------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON
SHAREHOLDERS $ (6,684,158) $(4,032,486) $(2,449,469) $(1,988,080)
- ----------------------------------------------------------------------------------------------------------
Capital share transactions --
Reinvestment of distributions to
common shareholders $ 725,158 $ 12,879 $ 544,544 $ 39,961
- ----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ 725,158 $ 12,879 $ 544,544 $ 39,961
- ----------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS $ 2,039,191 $ 1,656,391 $ 1,160,495 $ (148,163)
- ----------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares
- ----------------------------------------------------------------------------------------------------------
At beginning of year $102,663,876 $60,645,852 $36,634,042 $30,212,535
- ----------------------------------------------------------------------------------------------------------
AT END OF YEAR $104,703,067 $62,302,243 $37,794,537 $30,064,372
- ----------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income
included in net assets applicable to common shares
- ----------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 1,171,261 $ 797,521 $ 465,203 $ 351,524
- ----------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
40
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED NOVEMBER 30, 2002
<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
- -------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 4,950,137 $ 5,943,478 $ 3,081,803 $ 2,823,050
Net realized gain (loss) 148,253 705,674 211,803 (43,963)
Net change in unrealized
appreciation (depreciation) 590,372 2,288,681 (120,211) 129,353
Distributions to preferred
shareholders (473,418) (548,692) (304,430) (296,919)
- -------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 5,215,344 $ 8,389,141 $ 2,868,965 $ 2,611,521
- -------------------------------------------------------------------------------------------------------
Distributions to common shareholders
--
From net investment income $(4,398,246) $(5,246,581) $(2,655,587) $(2,364,612)
- -------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON
SHAREHOLDERS $(4,398,246) $(5,246,581) $(2,655,587) $(2,364,612)
- -------------------------------------------------------------------------------------------------------
Capital share transactions --
Reinvestment of distributions to
common shareholders $ 749,009 $ 788,135 $ 222,185 $ 57,015
- -------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ 749,009 $ 788,135 $ 222,185 $ 57,015
- -------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 1,566,107 $ 3,930,695 $ 435,563 $ 303,924
- -------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares
- -------------------------------------------------------------------------------------------------------
At beginning of year $62,237,144 $75,658,168 $39,071,782 $37,723,453
- -------------------------------------------------------------------------------------------------------
AT END OF YEAR $63,803,251 $79,588,863 $39,507,345 $38,027,377
- -------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income
included in net assets applicable to common shares
- -------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 807,095 $ 995,775 $ 557,879 $ 511,028
- -------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
41
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
CALIFORNIA TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $14.590 $14.410 $13.210 $11.630 $15.000
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.540 $ 1.069 $ 1.035 $ 1.008 $ 0.773
Net realized and unrealized
gain (loss) 1.365 0.155 1.120 1.576 (3.322)
Distributions to preferred
shareholders (0.039) (0.110) (0.222) (0.279) (0.186)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 1.866 $ 1.114 $ 1.933 $ 2.305 $(2.735)
- ----------------------------------------------------------------------------------------------------------------------------
Less distributions to common shareholders
- ----------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.476) $(0.934) $(0.733) $(0.725) $(0.510)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON
SHAREHOLDERS $(0.476) $(0.934) $(0.733) $(0.725) $(0.510)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $ -- $ -- $ -- $ -- $(0.040)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $ -- $ -- $ -- $ -- $(0.085)
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $15.980 $14.590 $14.410 $13.210 $11.630
- ----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $15.090 $13.660 $14.320 $11.688 $11.438
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 14.25% 1.84% 29.65% 8.79% (20.70)%
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
42
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
CALIFORNIA TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+ ++
- ----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
common shares, end of
period (000's omitted) $114,677 $104,703 $102,664 $94,049 $82,333
Ratios (As a percentage of
average net assets
applicable to common
shares):
Net expenses(5) 1.78%(6) 1.82% 1.83% 1.99% 1.66%(6)
Net expenses after
custodian fee
reduction(5) 1.78%(6) 1.80% 1.76% 1.92% 1.60%(6)
Net investment income(5) 7.18%(6) 7.44% 7.32% 8.43% 6.83%(6)
Portfolio Turnover 3% 11% 47% 29% 146%
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been as follows:
Ratios (As a percentage of
average net assets
applicable to common
shares):
Expenses(5) 1.85%(6)
Expenses after custodian
fee reduction(5) 1.79%(6)
Net investment income(5) 6.64%(6)
Net investment income per
share $ 0.752
- ----------------------------------------------------------------------------------------------------------------------------
++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
Ratios (As a percentage of
average total net assets):
Net expenses 1.15%(6) 1.16% 1.15% 1.17% 1.06%(6)
Net expenses after
custodian fee reduction 1.15%(6) 1.15% 1.11% 1.13% 1.02%(6)
Net investment income 4.65%(6) 4.73% 4.62% 4.97% 4.37%(6)
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.18%(6)
Expenses after custodian
fee reduction 1.14%(6)
Net investment income 4.25%(6)
- ----------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 2,360 2,360 2,360 2,360 2,360
Asset coverage per
preferred share(7) $ 73,592 $ 69,366 $ 68,507 $64,862 $59,892
Involuntary liquidation
preference per preferred
share(8) $ 25,000 $ 25,000 $ 25,000 $25,000 $25,000
Approximate market value
per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $25,000 $25,000
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Computed using average common shares outstanding.
(2) The Trust 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 November 30, 2002 was to increase net
investment income per share by $0.012, decrease net realized and
unrealized gains per share by $0.012, increase the ratio of net
investment income to average net assets applicable to common shares from
7.36% to 7.44% and increase the ratio of net investment income to
average total net assets from 4.68% to 4.73%. Per share data and ratios
for the periods prior to December 1, 2001 have not been restated to
reflect this change in presentation.
(3) For the period from the start of business, January 29, 1999, to November
30, 1999.
(4) Returns are historical and are calculated by determining the percentage
change in market value with all distributions reinvested. Total return
is not computed on an annualized basis.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets applicable to common shares
reflect the Trust's leveraged capital structure.
(6) Annualized.
(7) Calculated by subtracting the Trust's total liabilities (not including
the preferred shares) from the Trust's total assets, and dividing this
by the number of preferred shares outstanding.
(8) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
43
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
FLORIDA TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $14.730 $14.340 $13.070 $11.770 $15.000
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.546 $ 1.103 $ 1.056 $ 1.028 $ 0.779
Net realized and unrealized
gain (loss) 1.099 0.358 1.162 1.318 (3.180)
Distributions to preferred
shareholders (0.041) (0.118) (0.243) (0.338) (0.200)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 1.604 $ 1.343 $ 1.975 $ 2.008 $(2.601)
- ----------------------------------------------------------------------------------------------------------------------------
Less distributions to common shareholders
- ----------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.494) $(0.953) $(0.705) $(0.708) $(0.502)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON
SHAREHOLDERS $(0.494) $(0.953) $(0.705) $(0.708) $(0.502)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $ -- $ -- $ -- $ -- $(0.042)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $ -- $ -- $ -- $ -- $(0.085)
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $15.840 $14.730 $14.340 $13.070 $11.770
- ----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $15.750 $14.400 $13.380 $10.500 $10.438
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 12.99% 15.18% 34.91% 7.20% (27.62)%
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
44
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
FLORIDA TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+ ++
- ----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
common shares, end of
period (000's omitted) $67,136 $62,302 $60,646 $55,296 $49,715
Ratios (As a percentage of
average net assets
applicable to common
shares):
Net expenses(5) 1.85%(6) 1.87% 1.90% 1.99% 1.74%(6)
Net expenses after
custodian fee
reduction(5) 1.85%(6) 1.86% 1.82% 1.91% 1.68%(6)
Net investment income(5) 7.21%(6) 7.61% 7.46% 8.59% 6.89%(6)
Portfolio Turnover 8% 14% 24% 20% 101%
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been as follows:
Ratios (As a percentage of
average net assets
applicable to common
shares):
Expenses(5) 2.07% 1.88%(6)
Expenses after custodian
fee reduction(5) 1.99% 1.82%(6)
Net investment income(5) 8.51% 6.75%(6)
Net investment income per
share $ 1.018 $ 0.763
- ----------------------------------------------------------------------------------------------------------------------------
++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
Ratios (As a percentage of
average total net assets):
Net expenses 1.19%(6) 1.18% 1.19% 1.16% 1.11%(6)
Net expenses after
custodian fee reduction 1.19%(6) 1.18% 1.14% 1.12% 1.07%(6)
Net investment income 4.64%(6) 4.82% 4.68% 5.05% 4.39%(6)
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.20% 1.20%(6)
Expenses after custodian
fee reduction 1.16% 1.16%(6)
Net investment income 5.01% 4.30%(6)
- ----------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 1,420 1,420 1,420 1,420 1,420
Asset coverage per
preferred share(7) $72,281 $68,878 $67,695 $63,944 $60,023
Involuntary liquidation
preference per preferred
share(8) $25,000 $25,000 $25,000 $25,000 $25,000
Approximate market value
per preferred share(8) $25,000 $25,000 $25,000 $25,000 $25,000
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Computed using average common shares outstanding.
(2) The Trust 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 November 30, 2002 was to increase net
investment income per share by $0.002, decrease net realized and
unrealized gains per share by $0.002, increase the ratio of net
investment income to average net assets applicable to common shares from
7.60% to 7.61%, and increase the ratio of net investment income to
average total net assets from 4.81% to 4.82 %. Per share data and ratios
for the period prior to December 1, 2001 have not been restated to
reflect this change in presentation.
(3) For the period from the start of business, January 29, 1999, to November
30, 1999.
(4) Returns are historical and are calculated by determining the percentage
change in market value with all distributions reinvested. Total return
is not computed on an annualized basis.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets applicable to common shares
reflect the Trust's leveraged capital structure.
(6) Annualized.
(7) Calculated by subtracting the Trust's total liabilities (not including
the preferred shares) from the Trust's total assets, and dividing this
by the number of preferred shares outstanding.
(8) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
45
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
MASSACHUSETTS TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $14.350 $14.110 $12.530 $11.470 $15.000
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.541 $ 1.065 $ 1.044 $ 1.008 $ 0.779
Net realized and unrealized
gain (loss) 1.251 0.218 1.486 1.058 (3.479)
Distributions to preferred
shareholders (0.040) (0.106) (0.227) (0.286) (0.192)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 1.752 $ 1.177 $ 2.303 $ 1.780 $(2.892)
- ----------------------------------------------------------------------------------------------------------------------------
Less distributions to common shareholders
- ----------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.482) $(0.937) $(0.723) $(0.720) $(0.510)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON
SHAREHOLDERS $(0.482) $(0.937) $(0.723) $(0.720) $(0.510)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $ -- $ -- $ -- $ -- $(0.043)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $ -- $ -- $ -- $ -- $(0.085)
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $15.620 $14.350 $14.110 $12.530 $11.470
- ----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $16.100 $15.510 $14.370 $10.813 $11.438
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 7.20% 15.16% 40.54% 0.69% (20.68)%
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
46
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
MASSACHUSETTS TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+ ++
- ----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
common shares, end of
period (000's omitted) $41,444 $37,795 $36,634 $32,501 $29,458
Ratios (As a percentage of
average net assets
applicable to common
shares):
Net expenses(5) 1.91%(6) 1.97% 1.97% 2.17% 1.98%(6)
Net expenses after
custodian fee
reduction(5) 1.91%(6) 1.94% 1.88% 2.09% 1.91%(6)
Net investment income(5) 7.27%(6) 7.55% 7.60% 8.80% 6.93%(6)
Portfolio Turnover 12% 7% 13% 32% 111%
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been as follows:
Ratios (As a percentage of
average net assets
applicable to common
shares):
Expenses(5) 2.01%(6)
Expenses after custodian
fee reduction(5) 1.94%(6)
Net investment income(5) 6.90%(6)
Net investment income per
share $ 0.776
- ----------------------------------------------------------------------------------------------------------------------------
++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
Ratios (As a percentage of
average total net assets):
Net expenses 1.23%(6) 1.24% 1.23% 1.26% 1.26%(6)
Net expenses after
custodian fee reduction 1.23%(6) 1.22% 1.17% 1.21% 1.21%(6)
Net investment income 4.70%(6) 4.77% 4.74% 5.10% 4.41%(6)
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.28%(6)
Expenses after custodian
fee reduction 1.23%(6)
Net investment income 4.39%(6)
- ----------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 860 860 860 860 860
Asset coverage per
preferred share(7) $73,194 $68,951 $67,602 $62,797 $59,256
Involuntary liquidation
preference per preferred
share(8) $25,000 $25,000 $25,000 $25,000 $25,000
Approximate market value
per preferred share(8) $25,000 $25,000 $25,000 $25,000 $25,000
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Computed using average common shares outstanding.
(2) The Trust 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 November 30, 2002 was to increase net
investment income per share by $0.005, decrease net realized and
unrealized gains per share by $0.005, increase the ratio of net
investment income to average net assets applicable to common shares from
7.51% to 7.55%, and increase the ratio of net investment income to
average total net assets from 4.75% to 4.77 %. Per share data and ratios
for the periods prior to December 1, 2001 have not been restated to
reflect this change in presentation.
(3) For the period from the start of business, January 29, 1999, to November
30, 1999.
(4) Returns are historical and are calculated by determining the percentage
change in market value with all distributions reinvested. Total return
is not computed on an annualized basis.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets applicable to common shares
reflect the Trust's leveraged capital structure.
(6) Annualized.
(7) Calculated by subtracting the Trust's total liabilities (not including
the preferred shares) from the Trust's total assets, and dividing this
by the number of preferred shares outstanding.
(8) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
47
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
MICHIGAN TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $14.400 $14.490 $13.060 $11.840 $15.000
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.545 $ 1.085 $ 1.045 $ 0.996 $ 0.771
Net realized and unrealized
gain (loss) 1.152 (0.109) 1.317 1.250 (3.111)
Distributions to preferred
shareholders (0.041) (0.113) (0.242) (0.321) (0.191)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 1.656 $ 0.863 $ 2.120 $ 1.925 $(2.531)
- ----------------------------------------------------------------------------------------------------------------------------
Less distributions to common shareholders
- ----------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.486) $(0.953) $(0.690) $(0.705) $(0.500)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON
SHAREHOLDERS $(0.486) $(0.953) $(0.690) $(0.705) $(0.500)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $ -- $ -- $ -- $ -- $(0.044)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $ -- $ -- $ -- $ -- $(0.085)
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $15.570 $14.400 $14.490 $13.060 $11.840
- ----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $15.910 $13.940 $13.000 $10.438 $10.875
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 17.92% 14.72% 31.69% 2.30% (24.66)%
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
48
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
MICHIGAN TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+ ++
- ----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
common shares, end of
period (000's omitted) $32,581 $30,064 $30,213 $27,233 $24,691
Ratios (As a percentage of
average net assets
applicable to common
shares):
Net expenses(5) 1.97%(6) 2.00% 1.99% 2.18% 1.78%(6)
Net expenses after
custodian fee
reduction(5) 1.97%(6) 1.99% 1.90% 2.09% 1.71%(6)
Net investment income(5) 7.32%(6) 7.54% 7.36% 8.34% 6.77%(6)
Portfolio Turnover 4% 13% 33% 18% 90%
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been as follows:
Ratios (As a percentage of
average net assets
applicable to common
shares):
Expenses(5) 2.21% 2.06%(6)
Expenses after custodian
fee reduction(5) 2.12% 1.99%(6)
Net investment income(5) 8.31% 6.49%(6)
Net investment income per
share $ 0.992 $ 0.738
- ----------------------------------------------------------------------------------------------------------------------------
++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
Ratios (As a percentage of
average total net assets):
Net expenses 1.26%(6) 1.27% 1.25% 1.27% 1.14%(6)
Net expenses after
custodian fee reduction 1.26%(6) 1.26% 1.19% 1.22% 1.09%(6)
Net investment income 4.69%(6) 4.76% 4.63% 4.90% 4.33%(6)
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.29% 1.32%(6)
Expenses after custodian
fee reduction 1.24% 1.27%(6)
Net investment income 4.88% 4.15%(6)
- ----------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 700 700 700 700 700
Asset coverage per
preferred share(7) $71,546 $67,952 $68,163 $63,906 $60,283
Involuntary liquidation
preference per preferred
share(8) $25,000 $25,000 $25,000 $25,000 $25,000
Approximate market value
per preferred share(8) $25,000 $25,000 $25,000 $25,000 $25,000
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Computed using average common shares outstanding.
(2) The Trust 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 November 30, 2002 was to increase net
investment income per share by $0.005, increase net realized and
unrealized losses per share by $0.005, increase the ratio of net
investment income to average net assets applicable to common shares from
7.51% to 7.54% and increase the ratio of net investment income to
average total net assets from 4.74% to 4.76%. Per share data and ratios
for the periods prior to December 1, 2001 have not been restated to
reflect this change in presentation.
(3) For the period from the start of business, January 29, 1999, to November
30, 1999.
(4) Returns are historical and are calculated by determining the percentage
change in market value with all distributions reinvested. Total return
is not computed on an annualized basis.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets applicable to common shares
reflect the Trust's leveraged capital structure.
(6) Annualized.
(7) Calculated by subtracting the Trust's total liabilities (not including
the preferred shares) from the Trust's total assets, and dividing this
by the number of preferred shares outstanding.
(8) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
49
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
NEW JERSEY TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $14.060 $13.880 $12.680 $11.720 $15.000
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.553 $ 1.098 $ 1.057 $ 1.012 $ 0.778
Net realized and unrealized
gain (loss) 1.262 0.163 1.089 0.977 (3.235)
Distributions to preferred
shareholders (0.041) (0.105) (0.234) (0.324) (0.195)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 1.774 $ 1.156 $ 1.912 $ 1.665 $(2.652)
- ----------------------------------------------------------------------------------------------------------------------------
Less distributions to common shareholders
- ----------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.504) $(0.976) $(0.712) $(0.705) $(0.500)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON
SHAREHOLDERS $(0.504) $(0.976) $(0.712) $(0.705) $(0.500)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $ -- $ -- $ -- $ -- $(0.042)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $ -- $ -- $ -- $ -- $(0.086)
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $15.330 $14.060 $13.880 $12.680 $11.720
- ----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $15.700 $14.400 $13.340 $10.750 $10.875
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 12.86% 15.70% 31.34% 5.28% (24.64)%
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
50
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
NEW JERSEY TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+ ++
- ----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
common shares, end of
period (000's omitted) $69,871 $63,803 $62,237 $56,883 $52,490
Ratios (As a percentage of
average net assets
applicable to common
shares):
Net expenses(5) 1.87%(6) 1.89% 1.95% 2.08% 1.67%(6)
Net expenses after
custodian fee
reduction(5) 1.87%(6) 1.88% 1.90% 2.00% 1.61%(6)
Net investment income(5) 7.59%(6) 7.80% 7.64% 8.64% 6.83%(6)
Portfolio Turnover 15% 25% 35% 54% 114%
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been as follows:
Ratios (As a percentage of
average net assets
applicable to common
shares):
Expenses(5) 1.85%(6)
Expenses after custodian
fee reduction(5) 1.79%(6)
Net investment income(5) 6.65%(6)
Net investment income per
share $ 0.757
- ----------------------------------------------------------------------------------------------------------------------------
++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets,
including amounts related to preferred shares are as follows:
Ratios (As a percentage of
average total net assets):
Net expenses 1.19%(6) 1.19% 1.21% 1.21% 1.07%(6)
Net expenses after
custodian fee reduction 1.19%(6) 1.18% 1.18% 1.16% 1.03%(6)
Net investment income 4.83%(6) 4.88% 4.74% 5.01% 4.35%(6)
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.18%(6)
Expenses after custodian
fee reduction 1.14%(6)
Net investment income 4.24%(6)
- ----------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 1,520 1,520 1,520 1,520 1,520
Asset coverage per
preferred share(7) $70,968 $66,976 $65,951 $62,434 $59,538
Involuntary liquidation
preference per preferred
share(8) $25,000 $25,000 $25,000 $25,000 $25,000
Approximate market value
per preferred share(8) $25,000 $25,000 $25,000 $25,000 $25,000
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Computed using average common shares outstanding.
(2) The Trust 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 November 30, 2002 was to increase net
investment income per share by $0.003, decrease net realized and
unrealized gains per share by $0.003, increase the ratio of net
investment income to average net assets applicable to common shares from
7.78% to 7.80% and increase the ratio of net investment income to
average total net assets from 4.87% to 4.88%. Per share data and ratios
for the periods prior to December 1, 2001 have not been restated to
reflect this change in presentation.
(3) For the period from the start of business, January 29, 1999, to November
30, 1999.
(4) Returns are historical and are calculated by determining the percentage
change in market value with all distibutions reinvested. Total return is
not computed on an annualized basis.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets applicable to common shares
reflect the Trust's leveraged capital structure.
(6) Annualized.
(7) Calculated by substracting the Trust's liabilities (not including the
preferred shares) from the Trust's total assets, and dividing this by
the number of preferred shares outstanding.
(8) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
51
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
NEW YORK TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $14.860 $14.280 $13.020 $11.800 $15.000
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.551 $ 1.114 $ 1.057 $ 1.002 $ 0.781
Net realized and unrealized
gain (loss) 1.240 0.553 1.150 1.239 (3.153)
Distributions to preferred
shareholders (0.039) (0.103) (0.220) (0.301) (0.191)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 1.752 $ 1.564 $ 1.987 $ 1.940 $(2.563)
- ----------------------------------------------------------------------------------------------------------------------------
Less distributions to common shareholders
- ----------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.512) $(0.984) $(0.727) $(0.720) $(0.510)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON
SHAREHOLDERS $(0.512) $(0.984) $(0.727) $(0.720) $(0.510)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $ -- $ -- $ -- $ -- $(0.041)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $ -- $ -- $ -- $ -- $(0.086)
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $16.100 $14.860 $14.280 $13.020 $11.800
- ----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $15.720 $13.990 $14.050 $10.750 $10.813
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 16.35% 6.56% 38.30% 5.90% (25.00)%
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
52
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
NEW YORK TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+ ++
- ----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
common shares, end of
period (000's omitted) $86,213 $79,589 $75,658 $69,023 $62,327
Ratios (As a percentage of
average net assets
applicable to common
shares):
Net expenses(5) 1.80%(6) 1.86% 1.88% 2.03% 1.65%(6)
Net expenses after
custodian fee
reduction(5) 1.79%(6) 1.86% 1.86% 1.95% 1.59%(6)
Net investment income(5) 7.21%(6) 7.64% 7.45% 8.33% 6.86%(6)
Portfolio Turnover 10% 8% 21% 36% 139%
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been as follows:
Ratios (As a percentage of
average net assets
applicable to common
shares):
Expenses(5) 1.86%(6)
Expenses after custodian
fee reduction(5) 1.80%(6)
Net investment income(5) 6.65%(6)
Net investment income per
share $ 0.757
- ----------------------------------------------------------------------------------------------------------------------------
++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
Ratios (As a percentage of
average total net assets):
Net expenses 1.17%(6) 1.18% 1.19% 1.20% 1.05%(6)
Net expenses after
custodian fee reduction 1.16%(6) 1.18% 1.17% 1.15% 1.01%(6)
Net investment income 4.68%(6) 4.84% 4.68% 4.91% 4.38%(6)
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.18%(6)
Expenses after custodian
fee reduction 1.14%(6)
Net investment income 4.25%(6)
- ----------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 1,780 1,780 1,780 1,780 1,780
Asset coverage per
preferred share(7) $73,435 $69,714 $67,506 $63,777 $60,026
Involuntary liquidation
preference per preferred
share(8) $25,000 $25,000 $25,000 $25,000 $25,000
Approximate market value
per preferred share(8) $25,000 $25,000 $25,000 $25,000 $25,000
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Computed using average common shares outstanding.
(2) The Trust 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 November 30, 2002 was to increase net
investment income per share by $0.002, decrease net realized and
unrealized gains per share by $0.002, increase the ratio of net
investment income to average net assets applicable to common shares from
7.62% to 7.64% and increase the ratio of net investment income to
average total net assets from 4.83% to 4.84%. Per share data and ratios
for the periods prior to December 1, 2001 have not been restated to
reflect this change in presentation.
(3) For the period from the start of business, January 29, 1999, to November
30, 1999.
(4) Returns are historical and are calculated by determining the percentage
change in market value with all distributions reinvested. Total return
is not computed on an annualized basis.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets applicable to common shares
reflect the Trust's leveraged capital structure.
(6) Annualized.
(7) Calculated by subtracting the Trust's total liabilities (not including
the preferred shares) from the Trust's total assets, and dividing this
by the number of preferred shares outstanding.
(8) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
53
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
OHIO TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $14.150 $14.070 $12.820 $11.910 $15.000
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.538 $ 1.107 $ 1.068 $ 1.028 $ 0.772
Net realized and unrealized
gain (loss) 1.221 0.036 1.134 0.930 (3.035)
Distributions to preferred
shareholders (0.040) (0.109) (0.242) (0.335) (0.197)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 1.719 $ 1.034 $ 1.960 $ 1.623 $(2.460)
- ----------------------------------------------------------------------------------------------------------------------------
Less distributions to common shareholders
- ----------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.499) $(0.954) $(0.710) $(0.713) $(0.502)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON
SHAREHOLDERS $(0.499) $(0.954) $(0.710) $(0.713) $(0.502)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $ -- $ -- $ -- $ -- $(0.043)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $ -- $ -- $ -- $ -- $(0.085)
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $15.370 $14.150 $14.070 $12.820 $11.910
- ----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $ 16.73 $14.730 $13.620 $11.375 $11.250
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 17.45% 15.59% 26.39% 7.55% (22.06)%
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
54
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
OHIO TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+ ++
- ----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
common shares, end of
period (000's omitted) $43,033 $39,507 $39,072 $35,613 $33,049
Ratios (As a percentage of
average net assets
applicable to common
shares):
Net expenses(5) 1.93%(6) 1.96% 1.99% 2.08% 1.84%(6)
Net expenses after
custodian fee
reduction(5) 1.90%(6) 1.87% 1.90% 2.01% 1.77%(6)
Net investment income(5) 7.36%(6) 7.84% 7.69% 8.56% 6.74%(6)
Portfolio Turnover 6% 8% 26% 26% 136%
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been as follows:
Ratios (As a percentage of
average net assets
applicable to common
shares):
Expenses(5) 2.16% 1.96%(6)
Expenses after custodian
fee reduction(5) 2.09% 1.89%(6)
Net investment income(5) 8.48% 6.62%(6)
Net investment income per
share $ 1.018 $ 0.758
- ----------------------------------------------------------------------------------------------------------------------------
++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
Ratios (As a percentage of
average total net assets):
Net expenses 1.23%(6) 1.23% 1.24% 1.22% 1.17%(6)
Net expenses after
custodian fee reduction 1.21%(6) 1.17% 1.18% 1.18% 1.13%(6)
Net investment income 4.68%(6) 4.91% 4.78% 5.02% 4.31%(6)
+ The expenses of the Trust may reflect a reduction of the invesment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.26% 1.25%(6)
Expenses after custodian
fee reduction 1.22% 1.21%(6)
Net investment income 4.98% 4.23%(6)
- ----------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 940 940 940 940 940
Asset coverage per
preferred share(7) $70,782 $67,032 $66,569 $62,895 $60,158
Involuntary liquidation
preference per preferred
share(8) $25,000 $25,000 $25,000 $25,000 $25,000
Approximate market value
per preferred share(9) $25,000 $25,000 $25,000 $25,000 $25,000
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Computed using average common shares outstanding.
(2) The Trust 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 November 30, 2002 was to increase net
investment income per share by $0.005, decrease net realized and
unrealized gains per share by $0.005, increase the ratio of net
investment income to average net assets applicable to common shares from
7.80% to 7.84% and increase the ratio of net investment income to
average total net assets from 4.88% to 4.91%. Per share data and ratios
for the periods prior to December 1, 2001 have not been restated to
reflect this change in presentation.
(3) For the period from the start of business, January 29, 1999, to November
30, 1999.
(4) Returns are historical and are calculated by determining the percentage
change in market value with all distributions reinvested. Total return
is not computed on an annualized basis.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets applicable to common shares
reflect the Trust's leveraged capital structure.
(6) Annualized.
(7) Calculated by subtracting the Trust's total liabilities (not including
the preferred shares) from the Trust's total assets, and dividing this
by the number of preferred shares outstanding.
(8) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
55
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
PENNSYLVANIA TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $14.260 $14.160 $12.960 $11.840 $15.000
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.546 $ 1.059 $ 1.015 $ 1.013 $ 0.780
Net realized and unrealized
gain (loss) 1.134 0.039 1.107 1.147 (3.108)
Distributions to preferred
shareholders (0.045) (0.111) (0.244) (0.332) (0.201)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 1.635 $ 0.987 $ 1.878 $ 1.828 $(2.529)
- ----------------------------------------------------------------------------------------------------------------------------
Less distributions to common shareholders
- ----------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.465) $(0.887) $(0.678) $(0.708) $(0.502)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON
SHAREHOLDERS $(0.465) $(0.887) $(0.678) $(0.708) $(0.502)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $ -- $ -- $ -- $ -- $(0.043)
- ----------------------------------------------------------------------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $ -- $ -- $ -- $ -- $(0.086)
- ----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $15.430 $14.260 $14.160 $12.960 $11.840
- ----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $15.320 $13.960 $12.750 $10.625 $10.750
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 13.28% 16.77% 26.88% 5.29% (25.50)%
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
56
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
PENNSYLVANIA TRUST
------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2003 ----------------------------------------------------------------------
(UNAUDITED)(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+ ++
- ----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
common shares, end of
period (000's omitted) $41,189 $38,027 $37,723 $34,514 $31,543
Ratios (As a percentage of
average net assets
applicable to common
shares):
Net expenses(5) 1.94%(6) 1.95% 1.97% 1.95% 1.77%(6)
Net expenses after
custodian fee
reduction(5) 1.94%(6) 1.95% 1.94% 1.86% 1.70%(6)
Net investment income(5) 7.44%(6) 7.48% 7.26% 8.46% 6.85%(6)
Portfolio Turnover 3% 20% 34% 19% 79%
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been as follows:
Ratios (As a percentage of
average net assets
applicable to common
shares):
Expenses(5) 2.14% 1.98%(6)
Expenses after custodian
fee reduction(5) 2.05% 1.91%(6)
Net investment income(5) 8.27% 6.64%(6)
Net investment income per
share $ 0.990 $ 0.756
- ----------------------------------------------------------------------------------------------------------------------------
++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
Ratios (As a percentage of
average total net assets):
Net expenses 1.23%(6) 1.22% 1.23% 1.14% 1.13%(6)
Net expenses after
custodian fee reduction 1.23%(6) 1.22% 1.20% 1.09% 1.08%(6)
Net investment income 4.73%(6) 4.68% 4.53% 4.96% 4.37%(6)
+ The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.25% 1.26%(6)
Expenses after custodian
fee reduction 1.20% 1.21%(6)
Net investment income 4.85% 4.24%(6)
- ----------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 900 900 900 900 900
Asset coverage per
preferred share(7) $70,770 $67,257 $66,920 $63,357 $60,050
Involuntary liquidation
preference per preferred
share(8) $25,000 $25,000 $25,000 $25,000 $25,000
Approximate market value
per preferred share(8) $25,000 $25,000 $25,000 $25,000 $25,000
- ----------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Computed using average common shares outstanding.
(2) The Trust has adopted the provisions of the revised AICPA Audit and
Accounting Guide for Investment Companies and began using the interest
method to amortize premiums of fixed-income securities. The effect of
this change for the year ended November 30, 2002 was to increase net
investment income per share by $0.003, decrease net realized and
unrealized gains per share by $0.003, increase the ratio of net
investment income to average net assets applicable to common shares from
7.45% to 7.48% and increase the ratio of net investment income to
average total net assets from 4.67% to 4.68%. Per share data and ratios
for the periods prior to December 1, 2001 have not been restated to
reflect this change in presentation.
(3) For the period from the start of business, January 29, 1999, to November
30, 1999.
(4) Returns are historical and are calculated by determining the percentage
change in market value with all distributions reinvested. Total return
is not computed on an annualized basis.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets applicable to common shares
reflect the Trust's leveraged capital structure.
(6) Annualized.
(7) Calculated by subtracting the Trust's total liabilites (not including
the preferred shares) from the Trust's total assets, and dividing this
by the number of preferred shares outstanding.
(8) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
57
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance
Florida Municipal Income Trust (Florida Trust), Eaton Vance Massachusetts
Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal
Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust
(New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York
Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust), and Eaton Vance
Pennsylvania Municipal Income Trust (Pennsylvania Trust), (individually
referred to as the Trust or collectively the Trusts) are registered under the
Investment Company Act of 1940, as amended, as non-diversified, closed-end
management investment companies. The Trusts were organized under the laws of
the Commonwealth of Massachusetts by an Agreement and Declaration of Trust
dated December 10, 1998. Each Trust's investment objective is to achieve
current income exempt from regular federal income taxes and taxes in its
specified state. Each Trust seeks to achieve its objective by investing
primarily in investment grade municipal obligations issued by its specified
state.
The following is a summary of significant accounting policies consistently
followed by each 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 Valuation -- Municipal bonds are normally valued on the basis of
valuations furnished by a pricing service. Futures contracts listed on the
commodity exchanges are valued at closing settlement prices. Short-term
obligations, maturing in sixty days or less, are valued at amortized cost,
which approximates 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 Investment Transactions -- Investment transactions are recorded on a trade
date basis. Realized gains and losses from such transactions are determined
using the specific identification method. Securities purchased or sold on a
when-issued or delayed delivery basis may be settled a month or more after
the transaction date. The securities so purchased are subject to market
fluctuations during this period. To the extent that when-issued or delayed
delivery purchases are outstanding, the Trust instructs the custodian to
segregate assets in a separate account, with a current value at least equal
to the amount of its purchase commitments.
C Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or discount.
D Federal Taxes -- Each Trust's policy is to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute to shareholders each year all of its taxable income, if any, and
tax-exempt income, including any net realized gain on investments. Therefore,
no provision for federal income or excise tax is necessary. At November 30,
2002, the Trusts, for federal income tax purposes, had capital loss
carryovers which will reduce taxable income arising from future net realized
gain on investments, if any, to the extent permitted by the Internal Revenue
Code, and thus will reduce the amount of the distributions to shareholders
which would otherwise be necessary to relieve the Trusts of any liability for
federal income or excise tax. The amounts and expiration dates of the capital
loss carryovers of each Trust are as follows:
<Table>
<Caption>
TRUST AMOUNT EXPIRES
------------------------------------------------------------------
California $6,183,969 November 30, 2007
2,239,451 November 30, 2008
Florida 1,763,318 November 30, 2007
1,777,536 November 30, 2008
160,909 November 30, 2009
Massachusetts 1,625,192 November 30, 2007
1,739,252 November 30, 2008
39,627 November 30, 2009
343,176 November 30, 2010
Michigan 1,193,621 November 30, 2007
624,509 November 30, 2008
165,469 November 30, 2009
467,069 November 30, 2010
New Jersey 4,271,329 November 30, 2007
3,178,038 November 30, 2008
262,308 November 30, 2009
New York 5,404,082 November 30, 2007
1,920,646 November 30, 2008
70,059 November 30, 2009
Ohio 1,909,299 November 30, 2007
643,577 November 30, 2008
850,745 November 30, 2009
Pennsylvania 1,594,189 November 30, 2007
807,118 November 30, 2008
844,973 November 30, 2009
43,295 November 30, 2010
</Table>
In addition, each Trust intends to satisfy conditions which will enable it to
designate distributions from the interest
58
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
income generated by its investments in municipal obligations, which are
exempt from regular federal income taxes when received by each Trust, as
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 for investors.
E Financial Futures Contracts -- Upon the entering of a financial futures
contract, a Trust 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 Trust (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 Trust. A Trust'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 Trust may not achieve the anticipated
benefits of the financial futures contracts and may realize a loss.
F Options on Financial Futures Contracts -- Upon the purchase of a put option
on a financial futures contract by a Trust, the premium paid is recorded as
an investment, the value of which is marked-to-market daily. When a purchased
option expires, a Trust will realize a loss in the amount of the cost of the
option. When a Trust enters into a closing sale transaction, a Trust 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 Trust exercises a put option, settlement is made in cash. The risk
associated with purchasing put options is limited to the premium
originally paid.
G Use of Estimates -- The preparation of 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.
H Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
of the Trusts. Pursuant to the respective custodian agreements, IBT receives
a fee reduced by credits which are determined based on the average daily cash
balances each Trust maintains with IBT. All significant credit balances used
to reduce the Trusts' custodian fees are reported as a reduction of total
expenses in the Statement of Operations.
I Interim Financial Statements -- The interim financial statements relating to
May 31, 2003 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the Trusts'
management reflect all adjustments, consisting only of normal recurring
adjustments, necessary for the fair presentation of the financial statements.
2 Auction Preferred Shares (APS)
- -------------------------------------------
Each Trust issued Auction Preferred Shares on March 1, 1999 in a public
offering. The underwriting discounts and other offering costs were recorded
as a reduction of capital of the common shares of each Trust. Dividends on
the APS, which accrue daily, are cumulative at a rate which was established
at the offering of each Trust's APS and have been reset every seven days
thereafter by an auction.
Auction Preferred Shares issued and outstanding as of May 31, 2003 and
dividend rate ranges for the six months ended May 31, 2003 are as indicated
below:
<Table>
<Caption>
PREFERRED SHARES DIVIDENDS RATE
TRUST ISSUED AND OUTSTANDING RANGES
----------------------------------------------------------------------------------
California 2,360 0.60% - 1.25%
Florida 1,420 0.10% - 1.45%
Massachusetts 860 0.60% - 1.50%
Michigan 700 0.62% - 1.50%
New Jersey 1,520 0.60% - 1.20%
New York 1,780 0.60% - 1.25%
Ohio 940 0.59% - 1.50%
Pennsylvania 900 0.84% - 1.65%
</Table>
The APS are redeemable at the option of each Trust at a redemption price
equal to $25,000 per share, plus accumulated and unpaid dividends on any
dividend payment date. The APS are also subject to mandatory redemption at a
redemption price equal to $25,000 per share, plus accumulated and unpaid
dividends, if any Trust is in default for an extended period on its asset
maintenance requirements with respect to the APS. If the dividends on the APS
shall remain unpaid in an amount equal to two full years' dividends, the
holders of the APS as a class have the right to elect a majority of the Board
of Trustees. In general, the holders of the APS and the Common Shares have
equal voting rights of one vote per share, except that the holders of the
APS, as a separate
59
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
class, have the right to elect at least two members of the Board of Trustees.
The APS have a liquidation preference of $25,000 per share, plus accumulated
and unpaid dividends. Each Trust is required to maintain certain asset
coverage with respect to the APS as defined in each Trust's By-Laws and the
Investment Company Act of 1940. Each Trust pays an annual fee equivalent to
0.25% of the preferred shares liquidation value for the remarketing efforts
associated with the preferred auction.
3 Distributions to Shareholders
- -------------------------------------------
Each Trust intends to make monthly distributions of net investment income,
after payment of any dividends on any outstanding Auction Preferred Shares.
Distributions are recorded on the ex-dividend date. Distributions to
preferred shareholders are recorded daily and are payable at the end of each
dividend period. Each dividend payment period for the Auction Preferred
Shares is generally seven days. The applicable dividend rate for the Auction
Preferred Shares on May 31, 2003 was 0.795%, 1.10%, 1.00%, 0.90%, 1.05%,
0.65%, 1.10%, and 1.125%, for California Trust, Florida Trust, Massachusetts
Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and
Pennsylvania Trust, respectively. For the six months ended May 31, 2003, the
amount of dividends each Trust paid to Auction Preferred shareholders and
average APS dividend rates for such period were as follows:
<Table>
<Caption>
DIVIDENDS PAID TO AVERAGE APS
TRUST PREFERRED SHAREHOLDERS DIVIDEND RATES
--------------------------------------------------------------------------------
California $278,821 0.94%
Florida 173,462 0.99%
Massachusetts 104,436 0.98%
Michigan 85,345 0.99%
New Jersey 184,909 0.99%
New York 208,753 0.94%
Ohio 113,181 0.98%
Pennsylvania 120,257 1.07%
</Table>
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 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. These differences relate
primarily to the method for amortizing premiums.
4 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------
The investment adviser fee, computed at an annual rate of 0.70% of each
Trust's average weekly gross assets, was earned by Eaton Vance Management
(EVM) as compensation for investment advisory services rendered to each
Trust. Except for Trustees of each Trust who are not members of EVM's
organization, officers and Trustees receive remuneration for their services
to each Trust out of such investment adviser fee. For the six months ended
May 31, 2003, the fee was equivalent to 0.70% of each Trust's average weekly
gross assets and amounted to $583,160, $348,116, $212,451, $169,748,
$364,331, $441,377, $225,121, and $215,444, for California Trust, Florida
Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust,
Ohio Trust and Pennsylvania Trust, respectively. EVM also serves as the
administrator of each Trust. An administration fee, computed at the annual
rate of 0.20% of the average weekly gross assets of each Trust is paid to EVM
for administering business affairs of each Trust. For the six months ended
May 31, 2003, the administrative fee amounted to $166,617, $99,462, $60,700,
$48,499, $104,095, $126,108, $64,320, and $61,556, for California Trust,
Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New
York Trust, Ohio Trust and Pennsylvania Trust, respectively.
Trustees of the Trusts 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 May 31, 2003, no significant amounts have been deferred.
Certain officers and one Trustee of each Trust are officers of the above
organization.
5 Investments
- -------------------------------------------
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations for the six months ended May 31, 2003 were as follows:
<Table>
<Caption>
CALIFORNIA TRUST
-----------------------------------------------------
Purchases $ 5,657,181
Sales 7,795,194
<Caption>
FLORIDA TRUST
-----------------------------------------------------
Purchases $ 7,779,258
Sales 8,602,804
</Table>
60
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
MASSACHUSETTS TRUST
-----------------------------------------------------
Purchases $ 6,932,167
Sales 6,953,772
<Caption>
MICHIGAN TRUST
-----------------------------------------------------
Purchases $ 1,797,626
Sales 1,973,074
<Caption>
NEW JERSEY TRUST
-----------------------------------------------------
Purchases $15,690,850
Sales 15,495,990
<Caption>
NEW YORK TRUST
-----------------------------------------------------
Purchases $12,600,240
Sales 14,290,734
<Caption>
OHIO TRUST
-----------------------------------------------------
Purchases $ 3,796,445
Sales 4,998,931
<Caption>
PENNSYLVANIA TRUST
-----------------------------------------------------
Purchases $ 1,830,664
Sales 1,927,584
</Table>
6 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned by each Trust at May 31, 2003, as computed for federal
income tax purposes, were as follows:
<Table>
<Caption>
CALIFORNIA TRUST
------------------------------------------------------
AGGREGATE COST $154,134,515
------------------------------------------------------
Gross unrealized appreciation $ 16,999,149
Gross unrealized depreciation (59,172)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 16,939,977
------------------------------------------------------
<Caption>
FLORIDA TRUST
------------------------------------------------------
AGGREGATE COST $ 93,771,837
------------------------------------------------------
Gross unrealized appreciation $ 8,373,260
Gross unrealized depreciation (858,456)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 7,514,804
------------------------------------------------------
<Caption>
MASSACHUSETTS TRUST
------------------------------------------------------
AGGREGATE COST $ 56,134,471
------------------------------------------------------
Gross unrealized appreciation $ 6,037,535
Gross unrealized depreciation (212,340)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 5,825,195
------------------------------------------------------
<Caption>
MICHIGAN TRUST
------------------------------------------------------
AGGREGATE COST $ 45,298,844
------------------------------------------------------
Gross unrealized appreciation $ 4,770,434
Gross unrealized depreciation (419,721)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 4,350,713
------------------------------------------------------
<Caption>
NEW JERSEY TRUST
------------------------------------------------------
AGGREGATE COST $ 94,460,983
------------------------------------------------------
Gross unrealized appreciation $ 11,607,312
Gross unrealized depreciation (268,943)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 11,338,369
------------------------------------------------------
<Caption>
NEW YORK TRUST
------------------------------------------------------
AGGREGATE COST $114,369,615
------------------------------------------------------
Gross unrealized appreciation $ 14,846,867
Gross unrealized depreciation (1,456,192)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 13,390,675
------------------------------------------------------
<Caption>
OHIO TRUST
------------------------------------------------------
AGGREGATE COST $ 60,660,476
------------------------------------------------------
Gross unrealized appreciation $ 5,671,322
Gross unrealized depreciation (961,405)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 4,709,917
------------------------------------------------------
</Table>
61
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PENNSYLVANIA TRUST
------------------------------------------------------
AGGREGATE COST $ 58,203,356
------------------------------------------------------
Gross unrealized appreciation $ 5,712,389
Gross unrealized depreciation (1,142,746)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 4,569,643
------------------------------------------------------
</Table>
7 Shares of Beneficial Interest
- -------------------------------------------
Each Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional $0.01 par value common shares. Transactions in common
shares were as follows:
<Table>
<Caption>
CALIFORNIA TRUST
--------------------------------------
SIX MONTHS ENDED
MAY 31, 2003 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2002
--------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan -- 52,243
--------------------------------------------------------------------------------
NET INCREASE -- 52,243
--------------------------------------------------------------------------------
<Caption>
FLORIDA TRUST
--------------------------------------
SIX MONTHS ENDED
MAY 31, 2003 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2002
--------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan 8,327 926
--------------------------------------------------------------------------------
NET INCREASE 8,327 926
--------------------------------------------------------------------------------
<Caption>
MASSACHUSETTS TRUST
--------------------------------------
SIX MONTHS ENDED
MAY 31, 2003 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2002
--------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan 18,212 37,713
--------------------------------------------------------------------------------
NET INCREASE 18,212 37,713
--------------------------------------------------------------------------------
<Caption>
MICHIGAN TRUST
--------------------------------------
SIX MONTHS ENDED
MAY 31, 2003 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2002
--------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan 4,310 2,758
--------------------------------------------------------------------------------
NET INCREASE 4,310 2,758
--------------------------------------------------------------------------------
<Caption>
NEW JERSEY TRUST
--------------------------------------
SIX MONTHS ENDED
MAY 31, 2003 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2002
--------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan 18,882 53,105
--------------------------------------------------------------------------------
NET INCREASE 18,882 53,105
--------------------------------------------------------------------------------
<Caption>
NEW YORK TRUST
--------------------------------------
SIX MONTHS ENDED
MAY 31, 2003 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2002
--------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan -- 55,136
--------------------------------------------------------------------------------
NET INCREASE -- 55,136
--------------------------------------------------------------------------------
<Caption>
OHIO TRUST
--------------------------------------
SIX MONTHS ENDED
MAY 31, 2003 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2002
--------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan 7,763 15,351
--------------------------------------------------------------------------------
NET INCREASE 7,763 15,351
--------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA TRUST
--------------------------------------
SIX MONTHS ENDED
MAY 31, 2003 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2002
--------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan 1,514 4,050
--------------------------------------------------------------------------------
NET INCREASE 1,514 4,050
--------------------------------------------------------------------------------
</Table>
8 Financial Instruments
- -------------------------------------------
Each Trust regularly trades in financial instruments with off-balance sheet
risk in the normal course of its investing activities to assist in managing
exposure to various market risks. These financial instruments include 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 Trust 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.
62
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF MAY 31, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
A summary of obligations under these financial instruments at May 31, 2003 is
as follows:
<Table>
<Caption>
EXPIRATION NET UNREALIZED
TRUST DATE CONTRACTS POSITION DEPRECIATION
--------------------------------------------------------------------------------------------
California 9/03 220 U.S. Treasury Bond Short $(229,341)
--------------------------------------------------------------------------------------------
Florida 9/03 125 U.S. Treasury Bond Short $(130,114)
--------------------------------------------------------------------------------------------
Massachusetts 9/03 110 U.S. Treasury Bond Short $(119,433)
--------------------------------------------------------------------------------------------
Michigan 9/03 72 U.S. Treasury Bond Short $ (63,342)
--------------------------------------------------------------------------------------------
New Jersey 9/03 160 U.S. Treasury Bond Short $(165,625)
--------------------------------------------------------------------------------------------
New York 9/03 100 U.S. Treasury Bond Short $ (62,925)
--------------------------------------------------------------------------------------------
Ohio 9/03 80 U.S. Treasury Bond Short $ (50,340)
--------------------------------------------------------------------------------------------
Pennsylvania 9/03 65 U.S. Treasury Bond Short $ (68,338)
--------------------------------------------------------------------------------------------
</Table>
At May 31, 2003, the Trust had sufficient cash and/or securities to cover
margin requirements on open future contracts.
9 Annual Meeting of Shareholders
- -------------------------------------------
Each Trust held its Annual Meeting of Shareholders on March 21, 2003. The
following action was taken by the shareholders of each Trust:
ITEM 1: The election of Jessica M. Bibliowicz and Donald R. Dwight as
Trustees of the Trust for a three-year term expiring in 2006.
<Table>
<Caption>
NOMINEE FOR TRUSTEE NOMINEE FOR TRUSTEE
ELECTED BY ALL ELECTED BY ALL
SHAREHOLDERS SHAREHOLDERS
TRUST JESSICA M. BIBLIOWICZ DONALD R. DWIGHT
------------------------------------------------------------------------------------
California Trust
For 6,952,445 6,968,810
Withheld 101,025 84,660
Florida Trust
For 3,937,378 3,909,744
Withheld 47,021 74,655
Massachusetts Trust
For 2,410,839 2,399,673
Withheld 30,963 42,129
Michigan Trust
For 1,958,288 1,956,788
Withheld 32,788 34,288
New Jersey Trust
For 4,389,725 4,383,086
Withheld 47,049 53,688
New York Trust
For 5,090,535 5,064,887
Withheld 77,915 103,563
Ohio Trust
For 2,266,387 2,250,144
Withheld 18,404 34,647
Pennsylvania Trust
For 2,602,208 2,580,813
Withheld 11,458 32,853
</Table>
10 Subsequent Events
- -------------------------------------------
At their June 2003 Board meeting, the Trustees of each Trust appointed two
new Trustees, William H. Park and Ronald A. Pearlman, to replace Jack L.
Treynor and Donald R. Dwight, respectively, as Trustees of each Trust, such
appointments being effective upon Mr. Treynor's and Mr. Dwight's retirement.
As of July 1, 2003, both Mr. Treynor and Mr. Dwight had retired from each
Trust's Board of Trustees. In addition, as of June 2003, each Trust's Audit
Committee membership has changed and now consists of the following
independent Trustees: Norton H. Reamer (chairman), Samuel L. Hayes, III,
William H. Park, and Lynn A. Stout.
63
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS
DIVIDEND REINVESTMENT PLAN
Each Trust offers a dividend reinvestment plan (the Plan) pursuant to which
shareholders automatically have dividends and capital gains distributions
reinvested in common shares (the Shares) of the same Trust unless they elect
otherwise through their investment dealer. On the distribution payment date, if
the net asset value per Share is equal to or less than the market price per
Share plus estimated brokerage commissions, then new Shares will be issued. The
number of Shares shall be determined by the greater of the net asset value per
Share or 95% of the market price. Otherwise, Shares generally will be purchased
on the open market by the Plan Agent. Distributions subject to income tax (if
any) are taxable whether or not shares are reinvested.
If your shares are in the name of a brokerage firm, bank, or other nominee, you
can ask the firm or nominee to participate in the Plan on your behalf. If the
nominee does not offer the Plan, you will need to request that your shares be
re-registered in your name with each Trust's transfer agent, PFPC Inc., or you
will not be able to participate.
The Plan Agent's service fee for handling distributions will be paid by each
Trust. Each participant will be charged their pro rata share of brokerage
commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the Plan
Agent at the address noted on the following page. If you withdraw, you will
receive shares in your name for all Shares credited to your account under the
Plan. If a participant elects by written notice to the Plan Agent to have the
Plan Agent sell part or all of his or her Shares and remit the proceeds, the
Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from
the proceeds.
If you wish to participate in the Plan and your shares are held in your own
name, you may complete the form on the following page and deliver it to the Plan
Agent.
Any inquires regarding the Plan can be directed to the Plan Agent, PFPC Inc., at
1-800-331-1710.
64
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS
APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN
This form is for shareholders who hold their common shares in their own names.
If your common shares are held in the name of a brokerage firm, bank, or other
nominee, you should contact your nominee to see if it will participate in the
Plan on your behalf. If you wish to participate in the Plan, but your brokerage
firm, bank, or nominee is unable to participate on your behalf, you should
request that your common shares be re-registered in your own name which will
enable your participation in the Plan.
The following authorization and appointment is given with the understanding that
I may terminate it at any time by terminating my participation in the Plan as
provided in the terms and conditions of the Plan.
<Table>
------------------------------------------------------
Please print exact name on account
------------------------------------------------------
Shareholder signature Date
------------------------------------------------------
Shareholder signature Date
Please sign exactly as your common shares are registered.
All persons whose names appear on the share certificate
must sign.
</Table>
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO CONTINUE TO RECEIVE YOUR
DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
THIS AUTHORIZATION FORM, WHEN SIGNED, SHOULD BE MAILED TO THE FOLLOWING ADDRESS:
Eaton Vance Municipal Income Trusts
c/o PFPC Inc.
P.O. Box 43027
Providence, RI 02940-3027
800-331-1710
- --------------------------------------------------------------------------------
65
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS
NUMBER OF EMPLOYEES
Each Trust is organized as a Massachusetts business trust and is registered
under the Investment Company Act of 1940, as amended, as a closed-end,
nondiversified, management investment company and has no employees.
NUMBER OF SHAREHOLDERS
As of May 31, 2003 our records indicate that there are 69, 47, 62, 39, 68, 63,
56 and 57 registered shareholders for California Trust, Florida Trust,
Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio
Trust and Pennsylvania Trust, respectively, and approximately 3,000, 2,000,
1,300, 1,200, 2,300, 2,800, 1,600 and 1,500 shareholders owning the Trust shares
in street name, such as through brokers, banks, and financial intermediaries for
California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey
Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively.
If you are a street name shareholder and wish to receive Trust reports directly,
which contain important information about a Trust, please write or call:
Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265
AMERICAN STOCK EXCHANGE SYMBOLS
<Table>
California Trust CEV
Florida Trust FEV
Massachusetts Trust MMV
Michigan Trust EMI
New Jersey Trust EVJ
New York Trust EVY
Ohio Trust EVO
Pennsylvania Trust EVP
</Table>
66
<Page>
INVESTMENT MANAGEMENT
EATON VANCE MUNICIPAL INCOME TRUSTS
Officers
Thomas J. Fetter
President and Portfolio Manager
of New York and Ohio Municipal
Income Trusts
James B. Hawkes
Vice President and Trustee
William H. Ahern, Jr.
Vice President and Portfolio Manager
of Michigan Municipal Income Trust
Cynthia J. Clemson
Vice President and Portfolio
Manager of California, Florida
and Pennsylvania Municipal Income
Trusts
Robert B. MacIntosh
Vice President and Portfolio
Manager of Massachusetts and
New Jersey Municipal Income
Trusts
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
Samuel L. Hayes, III
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
67
<Page>
INVESTMENT ADVISER AND ADMINISTRATOR OF EATON VANCE MUNICIPAL INCOME TRUSTS
EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
Boston, MA 02109
CUSTODIAN
INVESTORS BANK & TRUST COMPANY
200 Clarendon Street
Boston, MA 02116
TRANSFER AGENT AND DIVIDEND DISBURSING AGENT
PFPC INC.
P.O. Box 43027
Providence, RI 02940-3027
(800)331-1710
EATON VANCE FUNDS
EATON VANCE MANAGEMENT
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 diclosed to
anyone, except as permitted by law (which includes disclosure to employees
necessary to sercice 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
EATON VANCE MUNICIPAL INCOME TRUSTS
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
147-7/03 CE-MUNISRC
<Page>
[[NOTE TO FILERS: INSERT SHAREHOLDER REPORT HERE]]
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, an independent trustee,
as its audit committee financial expert.
<Page>
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing since the registrant invests exclusively in
non-voting securities.
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 California Municipal Income Trust
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16,2003
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: July 16, 2003
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16, 2003
<Page>
[[NOTE TO FILERS: INSERT SHAREHOLDER REPORT HERE]]
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, an independent trustee,
as its audit committee financial expert.
<Page>
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing since the registrant invests exclusively in
non-voting securities.
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 Florida Municipal Income Trust
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16,2003
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: July 16, 2003
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16, 2003
<Page>
[[NOTE TO FILERS: INSERT SHAREHOLDER REPORT HERE]]
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, an independent trustee,
as its audit committee financial expert.
<Page>
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing since the registrant invests exclusively in
non-voting securities.
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 Massachusetts Municipal Income Trust
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16,2003
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: July 16, 2003
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16, 2003
<Page>
[[NOTE TO FILERS: INSERT SHAREHOLDER REPORT HERE]]
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, an independent trustee,
as its audit committee financial expert.
<Page>
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing since the registrant invests exclusively in
non-voting securities.
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 MICHIGAN MUNICIPAL INCOME FUND
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16, 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: July 16, 2003
-------------
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16, 2003
-------------
<Page>
[[NOTE TO FILERS: INSERT SHAREHOLDER REPORT HERE]]
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, an independent trustee,
as its audit committee financial expert.
<Page>
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing since the registrant invests exclusively in
non-voting securities.
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 New Jersey Municipal Income Trust
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16,2003
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: July 16, 2003
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16, 2003
<Page>
[[NOTE TO FILERS: INSERT SHAREHOLDER REPORT HERE]]
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, an independent trustee,
as its audit committee financial expert.
<Page>
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing since the registrant invests exclusively in
non-voting securities.
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 New York Municipal Income Trust
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16,2003
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: July 16, 2003
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16, 2003
<Page>
[[NOTE TO FILERS: INSERT SHAREHOLDER REPORT HERE]]
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, an independent trustee,
as its audit committee financial expert.
<Page>
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing since the registrant invests exclusively in
non-voting securities.
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 Ohio Municipal Income Trust
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16,2003
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: July 16, 2003
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16, 2003
<Page>
[[NOTE TO FILERS: INSERT SHAREHOLDER REPORT HERE]]
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, an independent trustee,
as its audit committee financial expert.
<Page>
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing since the registrant invests exclusively in
non-voting securities.
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.
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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 PENNSYLVANIA MUNICIPAL INCOME FUND
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 16, 2003
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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: July 16, 2003
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By: /s/ Thomas J. Fetter
---------------------
Thomas J. Fetter
President
Date: July 16, 2003
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