<Page>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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
-----------
Date of Fiscal Year End
May 31, 2004
------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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
-----------
Date of Fiscal Year End
May 31, 2004
------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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
-----------
Date of Fiscal Year End
May 31, 2004
------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09153
EATON VANCE MICHIGAN 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
--------------
(Regis trant's Telephone Number)
November 30
-----------
Date of Fiscal Year End
May 31, 2004
------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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
-----------
Date of Fiscal Year End
May 31, 2004
------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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
-----------
Date of Fiscal Year End
May 31, 2004
------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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
-----------
Date of Fiscal Year End
May 31, 2004
------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09151
EATON VANCE PENNSYLVANIA 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
--------------
(Regis trant's Telephone Number)
November 30
-----------
Date of Fiscal Year End
May 31, 2004
------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
[EV LOGO]
[GRAPHIC IMAGE]
SEMIANNUAL REPORT MAY 31, 2004
[GRAPHIC IMAGE]
EATON VANCE MUNICIPAL INCOME TRUSTS
CLOSED-END FUNDS:
CALIFORNIA
FLORIDA
MASSACHUSETTS
MICHIGAN
NEW JERSEY
NEW YORK
OHIO
PENNSYLVANIA
[GRAPHIC IMAGE]
<Page>
EATON VANCE FUNDS
EATON VANCE MANAGEMENT
BOSTON MANAGEMENT AND RESEARCH
EATON VANCE DISTRIBUTORS, INC.
PRIVACY NOTICE
The Eaton Vance organization is committed to ensuring your financial
privacy. This notice is being sent to comply with privacy regulations
of the Securities and Exchange Commission. Each of the above financial
institutions has in effect the following policy with respect to
nonpublic personal information about its customers:
- Only such information received from you, through application forms
or otherwise, and information about your Eaton Vance fund
transactions will be collected.
- None of such information about you (or former customers) will be
disclosed to anyone, except as permitted by law (which includes
disclosure to employees necessary to service your account).
- Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect the
confidentiality of such information.
For more information about Eaton Vance's privacy policies, call:
1-800-262-1122.
IMPORTANT NOTICE
REGARDING DELIVERY OF
SHAREHOLDER DOCUMENTS
The Securities and Exchange Commission permits 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, 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, 2004
LETTER TO SHAREHOLDERS
[PHOTO OF THOMAS J. FETTER]
Thomas J. Fetter
President
The municipal bond market consists of a broad array of bond issues, with widely
varying features and performance characteristics that may make them appropriate
for a specific investment scenario. In this edition of our continuing
educational series, we will feature zero coupon bonds - a variety of bond that
has seen increasing use by investors over the past 20 years - and discuss why
they can provide flexibility in managing a bond portfolio.
THE 1980'S BROUGHT NEW VARIATIONS TO THE BOND MARKET...
Any discussion of zero coupon bonds should start with the term "coupon."
Traditionally, bonds were issued in certificate form, with interest coupons
attached, which the owner would clip and present for payment. The coupon rate
indicates the rate of annual interest the issuer pays to the bondholder. For
example, a $1,000 bond with a 5% coupon makes two semiannual interest payments
of $25 each.
Today, most bonds are issued as "book-entry bonds," registered in the owner's
name, but not delivered in certificate form. That change has not only replaced
the antiquated coupon-clipping system, but also encouraged the development of
new types of bonds - including zero coupon bonds, introduced in 1982.
ZERO-COUPONS: NO INTEREST PAYMENTS, BUT A PREDICTABLE LUMP-SUM PAYMENT AT
MATURITY...
Zero coupon bonds do not have coupons attached and do not make regular interest
payments. Instead, they are issued at a discount, usually well below par, or
face value. As with coupon bonds, the bondholder receives face value if the bond
is held to its maturity date. Over time - from its issuance to its maturity -
zero coupon bonds accrete to par, meaning that their price appreciates over time
to reflect the accrual of "imputed" compound interest. An investor holding a
zero coupon bond to maturity receives a lump sum payment from the issuer for
face value reflecting the initial investment plus interest that has accrued.
Although zero coupon bonds do not pay any interest until they mature, the
accrual of "imputed" compound interest is recognized currently.
ZERO COUPON BONDS PROVIDE PORTFOLIO MANAGERS ADDITIONAL FLEXIBILITY...
For a portfolio manager, zero coupons can play a useful strategic role. Like
other bonds, zero coupon bond prices are affected by market conditions, changes
in an issuer's underlying fundamentals and fluctuations in interest rates.
Because they pay no coupon or periodic interest payments, they typically display
more price sensitivity than other bonds in response to changes in interest
rates. Therefore, zero coupon bonds can provide more appreciation potential in a
declining interest rate environment. Of course, zero coupons display increased
DOWNSIDE volatility in the event of an INCREASE in interest rates.
Some zero coupon bonds start out as coupon-bearing bonds, which are then
deposited with a trustee and subsequently "stripped" of their coupons. New
securities are then created from principal and coupon payments. This allows an
investor to choose a maturity to match the time when funds will be needed.
Moreover, because of their many permutations, zero coupon bonds can help balance
income-oriented bonds with performance-oriented zero coupons, providing more
versatility in managing a municipal portfolio.
TAX-EXEMPT BONDS CONTINUE TO OFFER OPPORTUNITIES FOR ISSUERS AND INVESTORS
ALIKE...
Throughout its history, the municipal market has helped finance public projects
and has pioneered new financing options for issuers - such as zero coupon bonds
- - that offer new opportunities for investors. We at Eaton Vance remain confident
that the market will continue to offer more such opportunities and we emphasize
our continued commitment to this exciting market.
Sincerely,
/s/ Thomas J. Fetter
Thomas J. Fetter
President
July 7, 2004
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>
EATON VANCE MUNICIPAL INCOME TRUSTS as of May 31, 2004
MARKET RECAP
The U.S. economy strengthened significantly in the six months ended May 31,
2004. Despite sometimes unsettling news from Iraq, consumers continued to spend,
while businesses began to renew capital spending programs. Not surprisingly,
amid a strengthening economy and rising inflation, the bond markets gave back
some of their gains from the previous year.
THE CONSTRUCTION AND BUSINESS SERVICE SECTORS WERE AMONG THE LEADERS IN JOB
GROWTH...
The nation's Gross Domestic Product grew by 3.9% in the first quarter of 2004,
following a 4.1% rise in the fourth quarter of 2003. New momentum was apparent
across the entire economy. Retail sales improved markedly, as consumers gained
more confidence from an improving job outlook. Manufacturing activity gained
strength, with new orders and industrial production significantly stronger than
in 2003. Demand for advanced technology products picked up, as businesses made
purchases long-delayed by prior doubts about the strength of the recovery.
Consistent with an improving economy, demand rose for key industrial components,
such as metals, energy and chemicals, while factories operated at higher
capacity rates. The residential construction sector continued to create jobs,
despite a rise in mortgage rates in recent months. However, the commercial
segment of the real estate market remained depressed. Conditions in the
agricultural sector generally improved, as farmers received higher prices for
many products.
HAVING LAGGED THE INITIAL UPTURN, JOB GROWTH HAS RETURNED IN RECENT MONTHS...
Rising job growth was among the key developments during the six months ended May
31, 2004. While monthly labor data can be quite volatile, recent trends suggest
a favorable turn in the labor market. The nation's unemployment rate was 5.6% in
May 2004, down from 6.1% a year earlier. The economy produced jobs in
technology, apparel, finance, construction, retail and manufacturing.
[CHART]
MUNICIPAL BOND YIELDS WERE NEARLY 96% OF TREASURY YIELDS
<Table>
30-YEAR AAA-RATED GENERAL OBLIGATION (GO) BONDS* 5.16%
TAXABLE EQUIVALENT YIELD IN 35.0% TAX BRACKET 7.94%
30-YEAR TREASURY BOND 5.38%
</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 REPRESENTATIVE OF THE TRUSTS' YIELD. STATISTICS AS OF
MAY 31, 2004.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SOURCE: BLOOMBERG, L.P.
INTEREST RATES MOVED HIGHER, AS THE FEDERAL RESERVE PROMISED TO BATTLE
INFLATION...
Inflation re-emerged as a concern to investors and the Federal Reserve.
Record-high oil prices pushed the price of gasoline above $2 a gallon, while
food costs edged higher, together with those of many raw materials used in
industrial processes. The Federal Reserve has maintained a close watch on
employment and price data. On June 30, 2004, after having held its Federal Funds
rate - a key short-term interest rate barometer - at 1.00% through the first
half of the year, the Federal Reserve raised that benchmark to 1.25%, the first
such rate hike since May 2000.
The municipal bond market performed generally in line with the Treasury market
during the six-month period ended May 31, 2004. Ten-year Treasury bond yields -
which were around 4.37% at November 30, 2003 - rose to 4.68% by May 31, 2004,
while 10-year municipal yields rose from 3.81% to 4.21%. Amid increasing signs
of inflation and an upward trend in interest rates, the Lehman Brothers
Municipal Bond Index retreated slightly during the six months ended May 31,
2004, posting a total return of -0.22%.*
*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, 2004
MANAGEMENT DISCUSSION
[PHOTO OF CYNTHIA J. CLEMSON]
Cynthia J. Clemson
Portfolio Manager
MANAGEMENT DISCUSSION
- - California generated increased economic activity in the first half of 2004,
reflecting the national recovery. Residential construction has produced strong
job growth, while the information sector has also showed renewed momentum. The
state's May 2004 jobless rate was 6.2%, down 6.8% from a year ago.
- - Insured* general obligations (GOs) were the Trust's largest sector weighting
at May 31, 2004. Insured* GOs provided excellent quality during a period in
which the still-evolving economic recovery produced a mixed revenue picture
for some industrial issuers.
- - Special tax revenue bonds were major investments of the Trust and financed a
wide variety of projects. The Trust's investments included issues that
financed water infrastructure, transportation projects and public facilities
throughout the state.
- - The Trust remained very selective within the hospital sector. Management
focused its investments on acute care institutions with good market share, as
well as facilities with in-demand health care niches, such as cardiac, cancer
or dialysis specialties.
- - Management continued to adjust the Trust's coupon structure and call
protection, as market conditions warranted. Coupon structure and call
protection can have a significant influence on the Trust's performance
characteristics, especially in a changing interest rate environment.
TRUST STATISTICS(1)
<Table>
- - Number of Issues: 81
- - Effective Maturity: 13.5 years
- - Average Rating: AA
- - Average Call: 8.5 years
- - Average Dollar Price: $92.22
</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 -2.33% for the six months ended May 31, 2004. That return was
the result of a decrease in share price from $14.95 on November 30, 2003 to
$14.11 on May 31, 2004, and the reinvestment of $0.512 in regular monthly
dividends.(3)
- - Based on net asset value, the Trust had a total return of -0.84% for the six
months ended May 31, 2004. That return was the result of a decrease in net
asset value from $15.32 on November 30, 2003 to $14.68 on May 31, 2004, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $14.11, the Trust had a
market yield of 7.25% at May 31, 2004.(4) The Trust's market yield is
equivalent to a taxable yield of 12.30%.(5)
[CHART]
RATING DISTRIBUTION(1),(2)
By total investments
<Table>
AAA 59.3%
AA 5.1%
A 15.6%
BBB 5.5%
Non-Rated 14.5%
</Table>
TRUST INFORMATION
as of May 31, 2004
PERFORMANCE(6)
Average Annual Total Returns (by share price, American Stock Exchange)
<Table>
One Year 0.08%
Five Years 7.48
Life of Trust (1/29/99) 5.07
</Table>
Average Annual Total Returns (at net asset value)
<Table>
One Year -1.68%
Five Years 7.11
Life of Trust (1/29/99) 5.85
</Table>
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE.
(2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE
ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME
TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX.
(4) 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.
(5) 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.
(6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
* PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED
WITH INSURED INVESTMENTS.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET
VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL
FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET
VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
QUOTED RETURN.
4
<Page>
EATON VANCE FLORIDA MUNICIPAL INCOME TRUST as of May 31, 2004
MANAGEMENT DISCUSSION
[PHOTO OF CYNTHIA J. CLEMSON]
Cynthia J. Clemson
Portfolio Manager
MANAGEMENT DISCUSSION
- - Florida employment growth during the period was among the fastest in the
nation. The state's pivotal tourism industry continued to benefit from the
weak U.S. dollar, while low interest rates prompted continued growth in the
residential real estate market. The state's jobless rate was 4.5% in May 2004,
down from 5.3% a year ago.
- - Insured* water and sewer issues were the Trust's largest weighting at May 31,
2004. Population growth in areas such as Tampa and St. Petersburg has brought
more construction and the need for water improvements, a trend that has
resulted in additional opportunities within this sector.
- - Insured* transportation bonds were large investments of the Trust.
Transportation-related bonds represent a significant portion of Florida's
municipal issuance and have increased in recent years as the state faces
growing infrastructure financing needs. The Trust's holdings included issues
for airports, turnpikes, port facilities and expressways.
- - Insured* special tax revenue bonds provided an attractive income stream. These
issues provide Florida communities flexibility in financing a wide variety of
public initiatives and infrastructure-related projects.
- - Management continued to adjust the Trust's coupon structure and call
protection, as market conditions warranted. Coupon structure and call
protection can have a significant influence on the Trust's performance
characteristics, especially in a changing interest rate environment.
TRUST STATISTICS(1)
<Table>
- - Number of Issues: 73
- - Effective Maturity: 16.0 years
- - Average Rating: AA
- - Average Call: 6.2 years
- - Average Dollar Price: $100.57
</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 -7.59% for the six months ended May 31, 2004. That return was
the result of a decrease in share price from $15.455 on November 30, 2003 to
$13.80 on May 31, 2004, and the reinvestment of $0.518 in regular monthly
dividends.(3)
- - Based on net asset value, the Trust had a total return of -1.17% for the six
months ended May 31, 2004. That return was the result of a decrease in net
asset value from $15.53 on November 30, 2003 to $14.83 on May 31, 2004, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $13.80, the Trust had a
market yield of 7.50% at May 31, 2004.(4) The Trust's market yield is
equivalent to a taxable yield of 11.54%.(5)
[CHART]
RATING DISTRIBUTION(1),(2)
By total investments
<Table>
AAA 64.2%
AA 10.4%
A 5.4%
BBB 3.4%
CCC 0.5%
Non-Rated 16.1%
</Table>
TRUST INFORMATION
as of May 31, 2004
PERFORMANCE(6)
Average Annual Total Returns (by share price, American Stock Exchange)
<Table>
One Year -6.22%
Five Years 6.01
Life of Trust (1/29/99) 4.69
</Table>
Average Annual Total Returns (at net asset value)
<Table>
One Year 0.21%
Five Years 7.44
Life of Trust (1/29/99) 6.12
</Table>
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE.
(2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE
ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL INCOME AND STATE
INTANGIBLES TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX.
(4) 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.
(5) TAXABLE-EQUIVALENT YIELD ASSUMES MAXIMUM 35.00% FEDERAL INCOME TAX RATE. A
LOWER RATE WOULD RESULT IN A LOWER TAX-EQUIVALENT FIGURE.
(6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
* PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED
WITH INSURED INVESTMENTS.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET
VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL
FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET
VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
QUOTED RETURN.
5
<Page>
EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST as of May 31, 2004
MANAGEMENT DISCUSSION
[PHOTO OF ROBERT B. MACINTOSH]
Robert B. MacIntosh
Portfolio Manager
MANAGEMENT DISCUSSION
- - Recovering from losses in the past two years, the Massachusetts economy gained
ground in the first half of 2004. Finance and technology rebounded, while
housing created additional jobs in the construction sector. The Commonwealth's
May 2004 jobless rate was 5.2%, lower than the national rate, and below the
5.8% rate of a year ago.
- - Insured* and uninsured education bonds were among the Trust's largest
weightings at May 31, 2004. Education bonds constitute a significant portion
of Massachusetts tax-exempt issuance. The Trust's investments included some of
the Commonwealth's most respected colleges and preparatory schools.
- - As elsewhere in the nation, the Massachusetts hospital industry faces cost and
reimbursement pressures. Hospital issues constituted significant investments
of the Trust, with the focus on health and education facility authority issues
that financed the construction and improvement of acute care facilities.
- - The Trust increased its exposure to insured* Commonwealth general obligation
(GOs) bonds during the period. With increasing signs of a statewide economic
recovery, administration estimates of sales tax and income tax receipts have
been revised upward.
- - With a rising trend in interest rates, the Trust made adjustments in coupon
structure, in part, by selling zero coupon issues into strong retail demand.
Management also pared its holdings of alternative minimum tax (AMT) bonds,
which have been under pressure due to the widening impact of the AMT.
TRUST STATISTICS(1)
<Table>
- - Number of Issues: 57
- - Effective Maturity: 18.5 years
- - Average Rating: AA-
- - Average Call: 8.9 years
- - Average Dollar Price: $99.28
</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 -2.31% for the six months ended May 31, 2004. That return was
the result of a decrease in share price from $15.40 on November 30, 2003 to
$14.55 on May 31, 2004, and the reinvestment of $0.512 in regular monthly
dividends.(3)
- - Based on net asset value, the Trust had a total return of -1.58% for the six
months ended May 31, 2004. That return was the result of a decrease in net
asset value from $15.38 on November 30, 2003 to $14.64 on May 31, 2004, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $14.55, the Trust had a
market yield of 7.03% at May 31, 2004.(4) The Trust's market yield is
equivalent to a taxable yield of 11.42%.(5)
[CHART]
RATING DISTRIBUTION(1),(2)
By total investments
<Table>
AAA 46.6%
AA 12.2%
A 20.4%
BBB 12.5%
BB 1.1%
Non-Rated 7.2%
</Table>
TRUST INFORMATION
as of May 31, 2004
PERFORMANCE(6)
Average Annual Total Returns (by share price, American Stock Exchange)
<Table>
One Year -3.48%
Five Years 7.37
Life of Trust (1/29/99) 5.59
</Table>
Average Annual Total Returns (at net asset value)
<Table>
One Year 0.10%
Five Years 7.03
Life of Trust (1/29/99) 5.72
</Table>
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE.
(2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE
ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME
TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX.
(4) 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.
(5) 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.
(6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
* PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED
WITH INSURED INVESTMENTS.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET
VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL
FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET
VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
QUOTED RETURN.
6
<Page>
EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST as of May 31, 2004
MANAGEMENT DISCUSSION
[PHOTO OF WILLIAM H. AHERN]
William H. Ahern
Portfolio Manager
MANAGEMENT DISCUSSION
- - Michigan's job picture brightened significantly in the first half of 2004, as
the beleaguered manufacturing sector was boosted by rising orders for durable
goods and strong vehicle sales. Conditions also improved in trade,
transportation and home building. The state's May 2004 jobless rate fell to
6.5%, down from last year's 7.2% rate.
- - The Trust remained selective within the hospital sector, its largest sector
weighting at May 31, 2004. With the industry facing pressure to contain costs,
the Trust focused on institutions management believes have superior
management, sound cost structures and highly marketable health care
specialties.
- - Insured* general obligations (GOs) and general obligations were large
investments for the Trust. Insured* GOs afforded excellent quality, while
uninsured issues provided an exposure to the state turnaround through
investments in local school district bonds.
- - Industrial development bonds constituted a significant investment for the
Trust and another link to the economic recovery. The Trust's investments
included economically sensitive issues for paper producers, airlines and the
state's key automobile manufacturing sector.
- - Management continued to adjust coupon structure and call protection to address
changing market conditions. Coupon structure and call protection can have a
significant influence on the Trust's responsiveness to interest rate
fluctuations.
TRUST STATISTICS(1)
<Table>
- - Number of Issues: 52
- - Effective Maturity: 13.0 years
- - Average Rating: AA-
- - Average Call: 7.3 years
- - Average Dollar Price: $97.93
</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 0.82% for the six months ended May 31, 2004. That return was
the result of a decrease in share price from $15.635 on November 30, 2003 to
$15.24 on May 31, 2004, and the reinvestment of $0.516 in regular monthly
dividends.(3)
- - Based on net asset value, the Trust had a total return of -1.45% for the six
months ended May 31, 2004. That return was the result of a decrease in net
asset value from $15.24 on November 30, 2003 to $14.52 on May 31, 2004, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $15.24, the Trust had a
market yield of 6.38% at May 31, 2004.(4) The Trust's market yield is
equivalent to a taxable yield of 10.22%.(5)
[CHART]
RATING DISTRIBUTION(1),(2)
By total investments
<Table>
AAA 47.4%
AA 12.9%
A 18.2%
BBB 9.7%
CCC 0.9%
Non-Rated 10.9%
</Table>
TRUST INFORMATION
as of May 31, 2004
PERFORMANCE(6)
Average Annual Total Returns (by share price, American Stock Exchange)
<Table>
One Year 2.45%
Five Years 7.33
Life of Trust (1/29/99) 6.60
</Table>
Average Annual Total Returns (at net asset value)
<Table>
One Year -0.26%
Five Years 6.79
Life of Trust (1/29/99) 5.64
</Table>
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE.
(2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE
ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME
TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX.
(4) 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.
(5) TAXABLE-EQUIVALENT YIELD ASSUMES MAXIMUM 37.60% COMBINED FEDERAL AND STATE
INCOME TAX RATE. A LOWER RATE WOULD RESULT IN A LOWER TAX-EQUIVALENT FIGURE.
(6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
* PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED
WITH INSURED INVESTMENTS.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET
VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL
FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET
VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
QUOTED RETURN.
7
<Page>
EATON VANCE NEW JERSEY MUNICIPAL INCOME TRUST as of May 31, 2004
MANAGEMENT DISCUSSION
[PHOTO OF ROBERT B. MACINTOSH]
Robert B. MacIntosh
Portfolio Manager
MANAGEMENT DISCUSSION
- - New Jersey's job growth has exceeded the nation in the past year and continued
to gather strength in 2004. Growth was particularly strong in education,
health services, retail trade, government and professional and business
services. The state's May 2004 jobless rate was 4.9%, lower than the national
rate and well below the 5.9% rate of a year ago.
- - Hospital bonds represented the Trust's largest sector weighting at May 31,
2004. Management focused on institutions prominent in their urban markets or
well-positioned in suburban markets. We believe these facilities may be
somewhat less vulnerable to the competitive pressures facing the hospital
industry.
- - Insured* transportation bonds were among the Trust's largest investments.
These issues financed upgrades needed for New Jersey's transportation matrix
and represented a range of projects that included port authorities, turnpikes
and JFK International Terminal.
- - Insured* general obligation bonds (GOs) represented a large investment for the
Trust. Insured* GOs represented quality and a dependable revenue stream. With
the economic recovery still in its early stages, insured* issues are an
attractive alternative to GOs of communities whose local economies have not
yet rebounded.
- - With this cycle's pre-refundings largely completed, the New Jersey tax-exempt
market was characterized by very little new supply. Management therefore took
advantage of new Puerto Rico issues to provide added diversification and
adjust the Trust's coupon structure.
TRUST STATISTICS(1)
<Table>
- - Number of Issues: 62
- - Effective Maturity: 15.2 years
- - Average Rating: AA-
- - Average Call: 9.5 years
- - Average Dollar Price: $97.23
</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 -4.30% for the six months ended May 31, 2004. That return was
the result of a decrease in share price from $15.415 on November 30, 2003 to
$14.24 on May 31, 2004, and the reinvestment of $0.534 in regular monthly
dividends.(3)
- - Based on net asset value, the Trust had a total return of -2.81% for the six
months ended May 31, 2004. That return was the result of a decrease in net
asset value from $15.19 on November 30, 2003 to $14.25 on May 31, 2004, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $14.24, the Trust had a
market yield of 7.50% at May 31, 2004.(4) The Trust's market yield is
equivalent to a taxable yield of 12.32%.(5)
[CHART]
RATING DISTRIBUTION(1),(2)
By total investments
<Table>
AAA 48.8%
AA 4.9%
A 17.6%
BBB 17.2%
B 1.2%
Non-Rated 10.3%
</Table>
TRUST INFORMATION
as of May 31, 2004
PERFORMANCE(6)
Average Annual Total Returns (by share price, American Stock Exchange)
<Table>
One Year -2.69%
Five Years 6.49
Life of Trust (1/29/99) 5.39
</Table>
Average Annual Total Returns (at net asset value)
<Table>
One Year -0.27%
Five Years 6.44
Life of Trust (1/29/99) 5.41
</Table>
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE.
(2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE
ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME
TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX.
(4) 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.
(5) 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.
(6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
* PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED
WITH INSURED INVESTMENTS.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET
VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL
FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET
VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
QUOTED RETURN.
8
<Page>
EATON VANCE NEW YORK MUNICIPAL INCOME TRUST as of May 31, 2004
MANAGEMENT DISCUSSION
[PHOTO OF THOMAS J. FETTER]
Thomas J. Fetter
Portfolio Manager
MANAGEMENT DISCUSSION
- - The New York economy, which has lagged the national economy in recent years,
showed signs of renewal in the first half of 2004. Employment growth has
improved in recent months as key industries, such as finance and business
services, have added workers. The state's May 2004 jobless rate was 5.8%, down
from 6.3% a year ago.
- - Hospital bonds represented the Trust's largest sector weighting at May 31,
2004. Investments represented a diverse array of hospitals, with an emphasis
on institutions management believes have good cost structures, good market
shares and health care specialities.
- - Insured* transportation bonds constituted a significant investment for the
Trust. Investments included bonds for New York City's bridge and tunnel
authority, as well as several issues for local and county airport authorities.
- - In a still-evolving recovery, management maintained an exposure to public
purpose bonds, whose revenues are less economically-driven. The Trust had
large investments in electric utility bonds, whose revenues are derived from
customer's recurring utility payments.
- - Management continued its efforts to fine-tune coupon structure and improve
call protection. These adjustments were part of an ongoing commitment to seek
to protect against untimely calls and help improve the overall performance
characteristics of the Trust.
TRUST STATISTICS(1)
<Table>
- - Number of Issues: 68
- - Effective Maturity: 16.5 years
- - Average Rating: A+
- - Average Call: 8.2 years
- - Average Dollar Price: $101.80
</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 -6.31% for the six months ended May 31, 2004. That return was
the result of a decrease in share price from $15.46 on November 30, 2003 to
$14.00 on May 31, 2004, and the reinvestment of $0.520 in regular monthly
dividends.(3)
- - Based on net asset value, the Trust had a total return of -2.30% for the six
months ended May 31, 2004. That return was the result of a decrease in net
asset value from $15.81 on November 30, 2003 to $14.93 on May 31, 2004, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $14.00, the Trust had a
market yield of 7.43% at May 31, 2004.(4) The Trust's market yield is
equivalent to a taxable yield of 12.39%.(5)
[CHART]
Rating Distribution(1),(2)
By total investments
<Table>
AAA 35.4%
AA 12.6%
A 33.7%
BBB 6.2%
CCC 1.4%
Non-Rated 10.7%
</Table>
TRUST INFORMATION
as of May 31, 2004
PERFORMANCE(6)
Average Annual Total Returns (by share price, American Stock Exchange)
<Table>
One Year -4.70%
Five Years 6.82
Life of Trust (1/29/99) 5.01
</Table>
Average Annual Total Returns (at net asset value)
<Table>
One Year -0.77%
Five Years 7.48
Life of Trust (1/29/99) 6.28
</Table>
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE.
(2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE
ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME
TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX.
(4) 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.
(5) TAXABLE-EQUIVALENT YIELD ASSUMES MAXIMUM 40.01% COMBINED FEDERAL AND STATE
INCOME TAX RATE. A LOWER RATE WOULD RESULT IN A LOWER TAX-EQUIVALENT FIGURE.
(6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
* PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED
WITH INSURED INVESTMENTS.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET
VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL
FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET
VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
QUOTED RETURN.
9
<Page>
EATON VANCE OHIO MUNICIPAL INCOME TRUST as of May 31, 2004
MANAGEMENT DISCUSSION
[PHOTO OF THOMAS J. FETTER]
Thomas J. Fetter
Portfolio Manager
MANAGEMENT DISCUSSION
- - The Ohio economy gained strong momentum in the first half of 2004. The
manufacturing sector saw broad-based increases in production, a marked
improvement from 2003. Retailing benefited from strong consumer demand and
residential construction neared last year's record pace. The state's May 2004
jobless rate was 5.6%, down from 6.1% a year ago.
- - Hospital bonds constituted the Trust's largest sector weighting at May 31,
2004. Amid strict Medicare reimbursement policies and continuing pressures on
hospitals to pare costs, management emphasized facilities we believe have
sound financial structures and good competitive positions within their
respective markets.
- - Industrial development revenue bonds (IDRs) provided the Trust above-average
income while financing commercial initiatives. In an economic recovery, the
Trust's investments included auto manufacturers, airlines and air freight
operators - areas that are likely to benefit from expanding economic activity.
- - Insured* general obligations (GO) played a prominent role in the Trust. In a
market characterized by historically narrow spreads, insured* GOs were
attractive and were a key to maintaining the Trust's high average credit
rating.
- - Management adjusted the Trust's coupon structure as market conditions
warranted. Management also continued to update call protection, eliminating
issues with unfavorable call features in favor of bonds with longer-dated call
provisions.
TRUST STATISTICS(1)
<Table>
- - Number of Issues: 55
- - Effective Maturity: 14.9 years
- - Average Rating: AA-
- - Average Call: 8.4 years
- - Average Dollar Price: $99.46
</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 -5.46% for the six months ended May 31, 2004. That return was
the result of a decrease in share price from $15.715 on November 30, 2003 to
$14.37 on May 31, 2004, and the reinvestment of $0.505 in regular monthly
dividends.(3)
- - Based on net asset value, the Trust had a total return of -1.35% for the six
months ended May 31, 2004. That return was the result of a decrease in net
asset value from $15.07 on November 30, 2003 to $14.38 on May 31, 2004, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $14.37, the Trust had a
market yield of 7.02% at May 31, 2004.(4) The Trust's market yield is
equivalent to a taxable yield of 11.68%.(5)
[CHART]
RATING DISTRIBUTION(1),(2)
By total investments
<Table>
AAA 44.8%
AA 14.0%
A 17.7%
BBB 10.6%
BB 1.9%
B 1.4%
Non-Rated 9.6%
</Table>
TRUST INFORMATION
as of May 31, 2004
PERFORMANCE(6)
Average Annual Total Returns (by share price, American Stock Exchange)
<Table>
One Year -8.14%
Five Years 5.82
Life of Trust (1/29/99) 5.36
</Table>
Average Annual Total Returns (at net asset value)
<Table>
One Year 0.03%
Five Years 6.39
Life of Trust (1/29/99) 5.37
</Table>
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE.
(2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE
ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME
TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX.
(4) 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.
(5) 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.
(6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
* PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED
WITH INSURED INVESTMENTS.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET
VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL
FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET
VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
QUOTED RETURN.
10
<Page>
EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST as of May 31, 2004
MANAGEMENT DISCUSSION
[PHOTO OF CYNTHIA J. CLEMSON]
Cynthia J. Clemson
Portfolio Manager
MANAGEMENT DISCUSSION
- - Pennsylvania's economy improved in early 2004, with manufacturing continuing
its recovery. The education and health services sectors remained the state's
strongest job generators, benefiting from recent demographic trends and a
large investment in biotechnology. The state's May 2004 jobless rate was 5.1%,
down from 5.6% a year ago.
- - Insured* education bonds were the Trust's largest sector weighting at May 31,
2004. These investments provided good quality from well-regarded issuers and
included issues from private colleges, the state university system and
vocational institutions.
- - Insured* general obligation bonds were major investments for the Trust.
Insured* school district GOs are often valued by investors for their quality
and insulation from the economic sensitivity that generally characterizes
industrial issuers.
- - Insured* water and sewer bonds were a significant commitment for the Trust.
These bonds finance projects for essential services. Backed by generally
non-discretionary customer payments, they enjoy a very reliable revenue
stream.
- - The Trust continued to emphasize diversification. In addition to diversifying
according to issuer, sector and insurer, management had a balanced coupon
allocation. Management also emphasized good call protection, which remains a
strategic priority.
TRUST STATISTICS(1)
<Table>
- - Number of Issues: 64
- - Effective Maturity: 13.4 years
- - Average Rating: AA
- - Average Call: 5.8 years
- - Average Dollar Price: $98.46
</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 -9.41% for the six months ended May 31, 2004. That return was
the result of a decrease in share price from $15.98 on November 30, 2003 to
$14.00 on May 31, 2004, and the reinvestment of $0.501 in regular monthly
dividends.(3)
- - Based on net asset value, the Trust had a total return of -1.22% for the six
months ended May 31, 2004. That return was the result of a decrease in net
asset value from $15.21 on November 30, 2003 to $14.53 on May 31, 2004, and
the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $14.00, the Trust had a
market yield of 7.16% at May 31, 2004.(4) The Trust's market yield is
equivalent to a taxable yield of 11.33%.(5)
[CHART]
RATING DISTRIBUTION(1),(2)
By total investments
<Table>
AAA 65.8%
AA 2.6%
A 11.3%
BBB 9.6%
BB 2.1%
CCC 1.7%
Non-Rated 6.9%
</Table>
TRUST INFORMATION
as of May 31, 2004
PERFORMANCE(6)
Average Annual Total Returns (by price price, American Stock Exchange)
<Table>
One Year -2.40%
Five Years 6.42
Life of Trust (1/29/99) 4.81
</Table>
Average Annual Total Returns (at net asset value)
<Table>
One Year 0.57%
Five Years 6.66
Life of Trust (1/29/99) 5.54
</Table>
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE.
(2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE
ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME
TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX.
(4) 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.
(5) 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.
(6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
* PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED
WITH INSURED INVESTMENTS.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET
VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL
FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET
VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
QUOTED RETURN.
11
<Page>
CALIFORNIA MUNICIPAL INCOME TRUST as of May 31, 2004
PORTFOLIO OF INVESTMENTS (Unaudited)
TAX-EXEMPT INVESTMENTS -- 154.3%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
EDUCATION -- 9.5%
$ 1,000 California Educational Facilities Authority,
(Dominican University), 5.75%, 12/1/30 $ 1,016,520
500 California Educational Facilities Authority,
(Pepperdine University), 5.00%, 11/1/29 488,375
1,850 California Educational Facilities Authority,
(Santa Clara University), 5.00%, 9/1/23 1,887,832
4,000 California Educational Facilities Authority,
(Stanford University), 5.125%, 1/1/31 4,009,520
2,500 California Educational Facilities Authority,
(University of Southern California), 5.50%, 10/1/27 2,582,450
- -----------------------------------------------------------------------------------------------
$ 9,984,697
- -----------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 1.0%
$ 2,425 Foothill/Eastern Transportation Corridor Agency,
Escrowed to Maturity, 0.00%, 1/1/20 $ 1,096,658
- -----------------------------------------------------------------------------------------------
$ 1,096,658
- -----------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 6.5%
$ 2,200 California, 5.00%, 2/1/21 $ 2,202,310
1,100 California, 5.25%, 4/1/30 1,096,062
3,500 California, 5.50%, 11/1/33 3,570,770
- -----------------------------------------------------------------------------------------------
$ 6,869,142
- -----------------------------------------------------------------------------------------------
HOSPITAL -- 15.4%
$ 2,000 California Health Facilities Financing Authority,
(Cedars-Sinai Medical Center), 6.25%, 12/1/34 $ 2,117,280
750 California Infrastructure and Economic Development,
(Kaiser Hospital), 5.50%, 8/1/31 743,145
1,650 California Statewide Communities Development
Authority, (Kaiser Permanente), 5.50%, 11/1/32 1,630,744
1,750 California Statewide Communities Development
Authority, (Sonoma County Indian Health),
6.40%, 9/1/29 1,771,927
1,500 California Statewide Communities Development
Authority, (Sutter Health), 5.50%, 8/15/28 1,520,130
1,500 Duarte, COP, (City of Hope), 5.25%, 4/1/24 1,440,075
1,000 Stockton Health Facilities Authority, (Dameron Hospital),
5.70%, 12/1/14 1,041,930
2,000 Tahoe Forest Hospital District, 5.85%, 7/1/22 2,003,660
2,000 Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31 2,017,380
2,000 Washington Township, Health Care District,
5.25%, 7/1/29 1,946,880
- -----------------------------------------------------------------------------------------------
$ 16,233,151
- -----------------------------------------------------------------------------------------------
HOUSING -- 2.4%
$ 1,000 California Statewide Communities Development
Authority, (Corporate Fund for Housing),
6.50%, 12/1/29 $ 940,910
500 California Statewide Communities Development
Authority, (Corporate Fund for Housing),
7.25%, 12/1/34 479,335
778 Commerce, (Hermitage III Senior Apartments),
6.50%, 12/1/29 705,040
444 Commerce, (Hermitage III Senior Apartments),
6.85%, 12/1/29 399,846
- -----------------------------------------------------------------------------------------------
$ 2,525,131
- -----------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 1.2%
$ 1,250 California Pollution Control Financing Authority,
(Mobil Oil Corp.), (AMT), 5.50%, 12/1/29 $ 1,276,912
- -----------------------------------------------------------------------------------------------
$ 1,276,912
- -----------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 5.9%
$ 3,270 California Educational Facilities Authority,
(Pooled College and University), (MBIA),
5.10%, 4/1/23 $ 3,311,398
3,000 California University, (AMBAC), 5.00%, 11/1/33 2,947,680
- -----------------------------------------------------------------------------------------------
$ 6,259,078
- -----------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 10.3%
$ 3,250 California Pollution Control Financing Authority,
(Southern California Edison Co.), (MBIA), (AMT),
5.55%, 9/1/31 $ 3,305,965
2,500 California Pollution Control Financing Authority, PCR,
(Pacific Gas and Electric), (MBIA), (AMT),
5.35%, 12/1/16 2,633,875
665 Puerto Rico Electric Power Authority, (FSA), Variable
Rate, 7/1/29(1)(2) 708,112
4,000 Puerto Rico Electric Power Authority, (FSA), Variable
Rate, 7/1/29(2)(3) 4,172,880
- -----------------------------------------------------------------------------------------------
$ 10,820,832
- -----------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 5.1%
$ 5,130 Foothill/Eastern Transportation Corridor Agency,
Escrowed to Maturity, (FSA), 0.00%, 1/1/26 $ 1,578,142
3,200 Metropolitan Water District, CA, (Southern California
Waterworks), (MBIA), Prerefunded to 1/1/07,
Variable Rate, 7/1/27(1)(2) 3,828,320
- -----------------------------------------------------------------------------------------------
$ 5,406,462
- -----------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
12
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 26.1%
$ 3,650 Burbank Unified School District, (FGIC),
0.00%, 8/1/18 $ 1,778,973
1,650 California RITES, (AMBAC), Variable Rate,
5/1/26(1)(2) 1,875,901
1,600 California, (AMBAC), 5.00%, 2/1/281,604,976
6,425 Foothill-De Anza Community College District,
(MBIA), 0.00%, 8/1/20 2,750,735
3,000 Foothill-De Anza Community College District,
(MBIA), 0.00%, 8/1/21 1,207,020
3,750 Los Angeles Unified School District, (FGIC),
5.375%, 7/1/25 3,839,700
5,000 Murrieta Valley Unified School District, (FGIC),
0.00%, 9/1/20 2,131,000
2,500 Puerto Rico, (FSA), Variable Rate, 7/1/27(1)(2) 2,675,625
9,635 San Ramon Valley Unified School District, (FGIC),
0.00%, 7/1/18(4) 4,715,851
3,000 Simi Valley Unified School District, (MBIA),
5.00%, 8/1/28(5) 2,972,790
4,500 Ukiah Unified School District, (FGIC), 0.00%, 8/1/20 1,944,585
- -----------------------------------------------------------------------------------------------
$ 27,497,156
- -----------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 4.4%
$ 3,200 California Statewide Communities Development
Authority, (Children's Hospital Los Angeles), (MBIA),
5.25%, 8/15/29(6) $ 3,227,456
1,245 California Statewide Communities Development
Authority, (Sutter Health), Residual Certificates, (FSA),
Variable Rate, 8/15/27(1)(2) 1,446,055
- -----------------------------------------------------------------------------------------------
$ 4,673,511
- -----------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF
PARTICIPATION -- 7.2%
$ 9,000 Anaheim Public Financing Authority, (Public
Improvements), (FSA), 0.00%, 9/1/17 $ 4,636,890
11,500 Anaheim Public Financing Authority, (Public
Improvements), (FSA), 0.00%, 9/1/28 2,890,065
- -----------------------------------------------------------------------------------------------
$ 7,526,955
- -----------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 2.4%
$ 250 Puerto Rico Infrastructure Financing Authority, (AMBAC),
Variable Rate, 7/1/28(2)(3) $ 251,063
525 Puerto Rico Infrastructure Financing Authority, (AMBAC),
Variable Rate, 7/1/28(1)(2) 528,350
1,750 San Francisco Bay Area Rapid Transportation District Sales
Tax Revenue, (AMBAC), 5.00%, 7/1/31 1,725,640
- -----------------------------------------------------------------------------------------------
$ 2,505,053
- -----------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 14.5%
$ 2,500 Los Angeles County Metropolitan Transportation
Authority, (FGIC), 5.25%, 7/1/30 $ 2,527,150
2,300 Port Oakland, (MBIA), (AMT), 5.375%, 11/1/25 2,330,084
2,515 Puerto Rico Highway and Transportation Authority,
(AMBAC), Variable Rate, 7/1/28(1)(2) 2,532,328
1,750 Puerto Rico Highway and Transportation Authority,
(FSA), 4.75%, 7/1/38 1,666,315
6,000 San Francisco, (Bay Area Rapid Transportation District),
(FGIC), 5.50%, 7/1/34 6,231,780
- -----------------------------------------------------------------------------------------------
$ 15,287,657
- -----------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 12.2%
$ 5,000 Contra Costa County, Water District, (MBIA),
5.00%, 10/1/24 $ 5,008,950
6,250 East Bay Municipal Utilities District Water System,
(MBIA), 5.00%, 6/1/38 6,114,938
4,850 Santa Rosa Wastewater, (AMBAC), 0.00%, 9/1/23 1,710,692
- -----------------------------------------------------------------------------------------------
$ 12,834,580
- -----------------------------------------------------------------------------------------------
LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 6.3%
$ 4,000 Sacramento City, Financing Authority, 5.40%, 11/1/20 $ 4,179,480
2,500 San Diego County, Certificates of Participation,
5.375%, 10/1/41 2,491,000
- -----------------------------------------------------------------------------------------------
$ 6,670,480
- -----------------------------------------------------------------------------------------------
OTHER REVENUE -- 1.5%
$ 1,500 California Statewide Communities Development
Authority, (East Valley Tourist Development Authority),
8.25%, 10/1/14 $ 1,519,485
- -----------------------------------------------------------------------------------------------
$ 1,519,485
- -----------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 21.4%
$ 1,500 Bonita Canyon Public Facilities Financing Authority,
5.375%, 9/1/28 $ 1,431,480
1,600 Brentwood Infrastructure Financing Authority,
6.375%, 9/2/33 1,633,312
1,750 Capistrano Unified School District, 5.75%, 9/1/29 1,730,295
1,665 Corona, Public Financing Authority, 5.80%, 9/1/20 1,665,067
1,000 Corona-Norco Unified School District Public Financing
Authority, 6.125%, 9/1/31 999,230
1,590 Fontana Redevelopment Agency, (Jurupa Hills),
5.60%, 10/1/27 1,592,242
1,380 Lincoln Public Financing Authority, Improvement Bond Act
of 1915 (Twelve Bridges), 6.20%, 9/2/25 1,398,727
600 Manteca Unified School District, 5.80%, 9/1/24 618,384
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
13
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE (CONTINUED)
$ 750 Murrieta Valley Unified School District,
6.20%, 9/1/35 $ 754,148
2,465 Oakland Joint Powers Financing Authority,
5.40%, 9/2/18 2,560,469
995 Oakland Joint Powers Financing Authority,
5.50%, 9/2/24 1,019,577
700 Rancho Cucamonga Public Financing Authority,
6.00%, 9/2/20 714,147
1,245 Roseville Special Tax, 6.30%, 9/1/25 1,258,919
1,325 San Pablo Redevelopment Agency, 5.65%, 12/1/23 1,352,507
1,500 Santa Margarita Water District, 6.20%, 9/1/20 1,533,630
250 Santaluz Community Facilities District No. 2,
6.10%, 9/1/21 252,873
500 Santaluz Community Facilities District No. 2,
6.20%, 9/1/30 504,260
500 Turlock Public Financing Authority, 5.45%, 9/1/24 487,685
1,000 Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23 998,180
- -----------------------------------------------------------------------------------------------
$ 22,505,132
- -----------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
$ 1,170 Port Redwood City, (AMT), 5.125%, 6/1/30 $ 1,075,616
- -----------------------------------------------------------------------------------------------
$ 1,075,616
- -----------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 154.3%
(IDENTIFIED COST $157,515,100) $ 162,567,688
- -----------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 1.7% $ 1,773,818
- -----------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (56.0)% $ (59,005,404)
- -----------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON
SHARES -- 100.0% $ 105,336,102
- -----------------------------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
AMBAC - AMBAC Financial Group, Inc.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
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, 2004, 57.1% 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 an
individual financial institution ranged from 8.1% to 22.6% of total investments.
(1) Security has been issued as a leveraged inverse floater bond.
(2) Security exempt from registration under Rule 144a of the Securities Act of
1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At May 31, 2004,
the aggregate value of the securities is $18,018,634 or 17.1% of the
Trust's net assets.
(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.
(5) When-issued security.
(6) Security (or a portion thereof) has been segregated to cover when-issued
securities.
See notes to financial statements
14
<Page>
FLORIDA MUNICIPAL INCOME TRUST as of May 31, 2004
PORTFOLIO OF INVESTMENTS (Unaudited)
TAX-EXEMPT INVESTMENTS -- 152.2%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
EDUCATION -- 1.5%
$ 1,000 Volusia County Educational Facilities Authority,
(Embry Riddle Aeronautical), 5.75%, 10/15/29 $ 956,890
- -----------------------------------------------------------------------------------------------
$ 956,890
- -----------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 3.1%
$ 2,000 Jacksonville Electric Authority, Variable Rate,
10/1/32(1)(2) $ 1,968,920
- -----------------------------------------------------------------------------------------------
$ 1,968,920
- -----------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 7.5%
$ 2,500 Escambia County, Health Facilities Authority,
(Charity Obligation Group), Prerefunded to 11/1/10,
5.00%, 11/1/28 $ 2,677,900
2,000 Jacksonville, Water and Sewer, Prerefunded to
10/1/04, 5.375%, 10/1/29 2,047,660
- -----------------------------------------------------------------------------------------------
$ 4,725,560
- -----------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 2.5%
$ 1,250 Florida, Variable Rate, 7/1/27(1)(2) $ 1,240,725
350 Florida Board of Education, 4.75%, 6/1/28 333,007
- -----------------------------------------------------------------------------------------------
$ 1,573,732
- -----------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 0.3%
$ 205 Osceola County IDA Community Provider Pooled Loan,
7.75%, 7/1/17 $ 206,412
- -----------------------------------------------------------------------------------------------
$ 206,412
- -----------------------------------------------------------------------------------------------
HOSPITAL -- 11.7%
$ 1,250 Jacksonville, EDA, (Mayo Clinic), 5.50%, 11/15/36 $ 1,267,350
1,750 Lakeland Hospital System, (Lakeland Regional Health
System), 5.50%, 11/15/32 1,726,427
2,000 Orange County Health Facilities Authority, (Adventist
Health System), 5.625%, 11/15/32 2,009,380
1,000 South Miami Health Facility Authority, (Baptist Health),
5.25%, 11/15/33 978,700
1,400 West Orange Health Care District, 5.80%, 2/1/31 1,414,448
- -----------------------------------------------------------------------------------------------
$ 7,396,305
- -----------------------------------------------------------------------------------------------
HOUSING -- 3.1%
$ 1,350 Escambia County Housing Finance Authority, SFM,
(Multi-County Program), (AMT), 5.50%, 10/1/31 $ 1,365,727
500 Florida Capital Projects Finance Authority, Student
Housing Revenue, (Florida University), 7.75%, 8/15/20 503,340
85 Florida Capital Projects Finance Authority, Student
Housing Revenue, (Florida University), 9.50%, 8/15/05 84,595
- -----------------------------------------------------------------------------------------------
$ 1,953,662
- -----------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 3.5%
$ 913 Broward County IDR, (Lynxs Cargoport), (AMT),
6.75%, 6/1/19 $ 822,938
1,000 Capital Trust Agency, (Fort Lauderdale Project),
(AMT), 5.75%, 1/1/32 920,700
650 Puerto Rico Port Authority, (American Airlines),
(AMT), 6.25%, 6/1/26 437,859
- -----------------------------------------------------------------------------------------------
$ 2,181,497
- -----------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 9.9%
$ 1,600 Burke County Development Authority (Georgia
Power Co.), (MBIA), (AMT), 5.45%, 5/1/34 $ 1,606,496
1,100 Guam Power Authority, (MBIA), 5.125%, 10/1/29 1,110,175
2,750 Jupiter Island, Utility System, (South Martin Regional
Utility), (MBIA), 5.00%, 10/1/28 2,727,257
750 Puerto Rico Electric Power Authority, (FSA), Variable
Rate, 7/1/29(1)(2) 782,415
- -----------------------------------------------------------------------------------------------
$ 6,226,343
- -----------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 3.3%
$ 650 Dade County, Professional Sports Franchise Facility,
(MBIA), Escrowed to Maturity, 5.25%, 10/1/30 $ 674,089
1,250 Tampa Bay Water Utility System, (FGIC), Prerefunded
to 10/1/11, 5.75%, 10/1/29 1,422,662
- -----------------------------------------------------------------------------------------------
$ 2,096,751
- -----------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 2.6%
$ 1,500 Puerto Rico, (FSA), Variable Rate, 7/1/27(2)(3) $ 1,605,375
- -----------------------------------------------------------------------------------------------
$ 1,605,375
- -----------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 5.7%
$ 1,000 Maricopa County IDA, (Mayo Clinic Hospital),
(AMBAC), 5.25%, 11/15/37 $ 1,003,280
1,350 Miami Dade County Health Facilities Authority, (Miami
Children's Hospital), (AMBAC), 5.125%, 8/15/26 1,350,783
1,250 South Miami Health Facility Authority, (Baptist Health),
(AMBAC), 5.25%, 11/15/33 1,257,262
- -----------------------------------------------------------------------------------------------
$ 3,611,325
- -----------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
15
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
INSURED-HOUSING -- 1.8%
$ 1,100 Broward County Housing Finance Authority,
Multifamily Housing, (Venice Homes Apartments),
(FSA), (AMT), 5.70%, 1/1/32 $ 1,104,004
- -----------------------------------------------------------------------------------------------
$ 1,104,004
- -----------------------------------------------------------------------------------------------
INSURED-MISCELLANEOUS -- 11.6%
$ 4,000 Miami-Dade County, (Professional Sport Franchise),
(MBIA), 4.75%, 10/1/30 $ 3,800,880
3,500 Orange County Tourist Development, (AMBAC),
5.125%, 10/1/30 3,510,955
- -----------------------------------------------------------------------------------------------
$ 7,311,835
- -----------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 12.3%
$ 1,500 Dade County Convention Center Special Tax, (AMBAC),
5.00%, 10/1/35 $ 1,476,090
970 Dade County, Special Obligation Residual Certificates,
(AMBAC), Variable Rate, 10/1/35(2)(3) 923,634
2,250 Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30 2,225,475
1,470 Miami Beach Resort Tax, (AMBAC), 6.25%, 10/1/22 1,740,862
1,395 Miami-Dade County, Special Obligation, (MBIA),
5.00%, 10/1/37 1,369,583
- -----------------------------------------------------------------------------------------------
$ 7,735,644
- -----------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 22.7%
$ 2,250 Florida Ports Financing Commission, (FGIC), (AMT),
5.50%, 10/1/29 $ 2,286,473
3,700 Florida Turnpike Authority, (Department of
Transportation), (FGIC), 4.50%, 7/1/27(4) 3,402,964
1,500 Greater Orlando Aviation Authority, (FGIC), (AMT),
Variable Rate, 10/1/18(2)(3) 1,613,025
500 Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25 520,000
650 Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29 699,485
1,000 Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), 5.00%, 1/1/37 977,150
1,000 Miami-Dade County Expressway Authority, (FGIC),
5.125%, 7/1/29 1,003,890
1,000 Orlando and Orange County Expressway Authority, (FGIC),
5.00%, 7/1/28 992,750
1,250 Puerto Rico Highway and Transportation Authority, (MBIA),
5.50%, 7/1/36 1,329,038
1,165 Puerto Rico Highway and Transportation Authority, (MBIA),
Variable Rate, 7/1/26(2)(3) 1,458,930
- -----------------------------------------------------------------------------------------------
$ 14,283,705
- -----------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 26.3%
$ 3,000 Marco Island Utility System, (MBIA), 5.00%, 10/1/33 $ 2,956,650
1,000 Marion County Utility System, (MBIA),
5.00%, 12/1/33 985,570
1,500 Miami Beach Storm Water, (FGIC), 5.375%, 9/1/30 1,538,820
1,000 Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25 1,001,820
1,250 Saint Petersburg Public Utilities, (FSA),
5.00%, 10/1/28 1,239,663
4,000 Sunrise Utilities Systems, (AMBAC), 5.00%, 10/1/28 4,011,920
1,500 Tampa Bay Water Utility System, (FGIC), Variable
Rate, 10/1/27(1)(2) 1,369,320
3,650 Winter Haven Utilities System, (MBIA),
4.75%, 10/1/28 3,477,684
- -----------------------------------------------------------------------------------------------
$ 16,581,447
- -----------------------------------------------------------------------------------------------
NURSING HOME -- 2.6%
$ 850 Okaloosa County Retirement Rental Housing, (Encore
Retirement Partners), 6.125%, 2/1/14 $ 753,364
265 Orange County Health Facilities Authority, (Westminster
Community Care), 6.60%, 4/1/24 228,369
735 Orange County Health Facilities Authority, (Westminster
Community Care), 6.75%, 4/1/34 623,853
- -----------------------------------------------------------------------------------------------
$ 1,605,586
- -----------------------------------------------------------------------------------------------
OTHER REVENUE -- 2.4%
$ 500 Capital Trust Agency, (Seminole Tribe Convention),
8.95%, 10/1/33 $ 583,220
750 Capital Trust Agency, (Seminole Tribe Convention),
10.00%, 10/1/33 905,753
- -----------------------------------------------------------------------------------------------
$ 1,488,973
- -----------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 2.2%
$ 1,500 Lee County IDA, (Shell Point Village), 5.50%, 11/15/29 $ 1,390,740
- -----------------------------------------------------------------------------------------------
$ 1,390,740
- -----------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 12.3%
$ 75 Fleming Island Plantation Community Development
District, 6.30%, 2/1/05 $ 75,112
325 Heritage Harbour South Community Development
District, 6.20%, 5/1/35 326,901
535 Heritage Harbour South Community Development
District, (Capital Improvements), 5.40%, 11/1/08 534,663
860 Heritage Springs Community Development District,
6.75%, 5/1/21 884,476
880 Longleaf Community Development District,
6.65%, 5/1/20 807,638
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
16
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE (CONTINUED)
$ 725 North Springs Improvement District, (Heron Bay),
7.00%, 5/1/19 $ 757,292
1,000 Northern Palm Beach County Improvement District,
(Water Control and Improvement), 6.00%, 8/1/25 1,002,200
600 Sterling Hill Community Development District,
6.20%, 5/1/35 603,720
500 Stoneybrook West Community Development District,
7.00%, 5/1/32 522,925
890 University Square Community Development District,
6.75%, 5/1/20 928,599
465 Vista Lakes Community Development District,
7.20%, 5/1/32 496,322
745 Waterlefe Community Development District,
6.95%, 5/1/31 779,285
- -----------------------------------------------------------------------------------------------
$ 7,719,133
- -----------------------------------------------------------------------------------------------
WATER AND SEWER -- 3.3%
$ 2,000 Seminole County, Water and Sewer,
5.375%, 10/1/22 $ 2,081,500
- -----------------------------------------------------------------------------------------------
$ 2,081,500
- -----------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 152.2%
(IDENTIFIED COST $93,747,203) $ 95,805,339
- -----------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 4.2% $ 2,654,284
- -----------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (56.4)% $ (35,505,587)
- -----------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON
SHARES -- 100.0% $ 62,954,036
- -----------------------------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
AMBAC - AMBAC Financial Group, Inc.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
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,
2004, 63.2% 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 an individual financial
institution ranged from 7.3% to 23.5% of total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At May 31, 2004,
the aggregate value of the securities is $10,962,344 or 17.4% of the
Trust's net assets.
(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, 2004
PORTFOLIO OF INVESTMENTS (Unaudited)
TAX-EXEMPT INVESTMENTS -- 151.4%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
EDUCATION -- 33.8%
$ 500 Massachusetts Development Finance Agency,
(Belmont Hill School), 5.00%, 9/1/31 $ 486,540
2,000 Massachusetts Development Finance Agency,
(Boston University), 5.45%, 5/15/59 1,970,760
1,000 Massachusetts Development Finance Agency,
(Clark University), 5.00%, 7/1/28 956,120
500 Massachusetts Development Finance Agency,
(Massachusetts College of Pharmacy),
5.75%, 7/1/33 488,445
600 Massachusetts Development Finance Agency,
(Middlesex School), 5.00%, 9/1/33 579,828
500 Massachusetts Development Finance Agency,
(Mount Holyoke College), 5.25%, 7/1/31 506,320
1,000 Massachusetts Development Finance Agency,
(Suffolk University), 5.85%, 7/1/29 1,009,460
400 Massachusetts Development Finance Agency,
(Western New England College),
6.125%, 12/1/32 400,568
1,500 Massachusetts Development Finance Agency,
(Wheeler School), 6.50%, 12/1/29 1,546,830
1,000 Massachusetts Development Finance Agency,
(Xaverian Brothers High School),
5.65%, 7/1/29 1,004,580
2,000 Massachusetts HEFA, (Boston College),
5.125%, 6/1/33 1,988,320
1,500 Massachusetts HEFA, (Massachusetts Institute
of Technology), 4.75%, 1/1/28 1,435,305
500 Massachusetts IFA, (Babson College),
5.25%, 10/1/27 501,210
400 Massachusetts IFA, (Belmont Hill School),
5.25%, 9/1/28 396,984
- -----------------------------------------------------------------------------------------------
$ 13,271,270
- -----------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 2.6%
$ 1,000 Massachusetts IFA, (Devens Electric System),
6.00%, 12/1/30 $ 1,028,380
- -----------------------------------------------------------------------------------------------
$ 1,028,380
- -----------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 1.6%
$ 1,450 Rail Connections, Inc., (Route 128 Parking),
(ACA), Prerefunded to 7/1/09,
0.00%, 7/1/20 $ 609,797
- -----------------------------------------------------------------------------------------------
$ 609,797
- -----------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 5.2%
$ 2,000 Massachusetts, 5.25%, 8/1/28 $ 2,050,540
- -----------------------------------------------------------------------------------------------
$ 2,050,540
- -----------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 5.6%
$ 1,000 Massachusetts Development Finance Agency,
(Biomedical Research Corp.),
6.25%, 8/1/20 $ 1,067,780
510 Massachusetts Development Finance Agency,
(MCHSP Human Services),
6.60%, 8/15/29 450,983
700 Massachusetts HEFA, (Learning Center for
Deaf Children), 6.125%, 7/1/29 668,507
- -----------------------------------------------------------------------------------------------
$ 2,187,270
- -----------------------------------------------------------------------------------------------
HOSPITAL -- 18.3%
$ 1,000 Massachusetts HEFA, (Baystate Medical Center),
5.75%, 7/1/33 $ 1,018,380
400 Massachusetts HEFA, (Berkshire Health System),
6.25%, 10/1/31 406,604
175 Massachusetts HEFA, (Central New England
Health Systems), 6.30%, 8/1/18 173,542
1,100 Massachusetts HEFA, (Covenant Health),
6.00%, 7/1/31 1,134,298
1,375 Massachusetts HEFA, (Partners Healthcare System),
5.25%, 7/1/29 1,366,392
2,000 Massachusetts HEFA, (South Shore Hospital),
5.75%, 7/1/29 2,023,660
1,000 Massachusetts HEFA, (Winchester Hospital),
6.75%, 7/1/30 1,059,590
- -----------------------------------------------------------------------------------------------
$ 7,182,466
- -----------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 2.0%
$ 750 Massachusetts IFA, (American Hingham
Water Co.), (AMT), 6.60%, 12/1/15 $ 788,092
- -----------------------------------------------------------------------------------------------
$ 788,092
- -----------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 17.2%
$ 1,800 Massachusetts College Building Authority,
(XLCA), 0.00%, 5/1/21 $ 735,570
1,000 Massachusetts College Building Authority,
(XLCA), 5.50%, 5/1/39(1) 1,067,270
1,600 Massachusetts Development Finance Agency,
(Franklin W. Olin College), (XLCA),
5.25%, 7/1/33 1,594,000
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
18
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
INSURED-EDUCATION (CONTINUED)
$ 850 Massachusetts HEFA, (Berklee College of Music),
(MBIA), Variable Rate, 10/1/27(2)(3) $ 853,817
1,000 Massachusetts HEFA, (Northeastern University),
(MBIA), 5.00%, 10/1/29 990,710
500 Massachusetts HEFA, (UMass-Worcester Campus),
(FGIC), 5.25%, 10/1/31 505,885
1,000 Massachusetts IFA, (Merrimack College), (MBIA),
5.00%, 7/1/27 995,210
- -----------------------------------------------------------------------------------------------
$ 6,742,462
- -----------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 1.9%
$ 750 Puerto Rico Electric Power Authority,
(FSA), 5.25%, 7/1/29 $ 766,208
- -----------------------------------------------------------------------------------------------
$ 766,208
- -----------------------------------------------------------------------------------------------
INSURED-ESCROWED/PREREFUNDED -- 4.8%
$ 1,715 Westfield, Prerefunded to 5/1/10,
(FGIC), 5.00%, 5/1/20 $ 1,881,132
- -----------------------------------------------------------------------------------------------
$ 1,881,132
- -----------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 6.9%
$ 1,000 Massachusetts, (AMBAC), Variable Rate, 8/1/30(3)(4) $ 1,224,300
500 Plymouth, (MBIA), 5.25%, 10/15/20 527,040
900 Puerto Rico, (FSA), Variable Rate, 7/1/27(3)(4) 963,225
- -----------------------------------------------------------------------------------------------
$ 2,714,565
- -----------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF
PARTICIPATION -- 3.2%
$ 1,250 Massachusetts Development Finance Agency,
(SRBC Project), (MBIA), 5.125%, 2/1/34 $ 1,244,425
- -----------------------------------------------------------------------------------------------
$ 1,244,425
- -----------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 3.8%
$ 1,500 Martha's Vineyard Land Bank, (AMBAC),
5.00%, 5/1/32 $ 1,481,040
- -----------------------------------------------------------------------------------------------
$ 1,481,040
- -----------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 11.0%
$ 1,020 Massachusetts Turnpike Authority,
Metropolitan Highway System,
(MBIA), 0.00%, 1/1/29 $ 260,386
1,100 Massachusetts Turnpike Authority,
Metropolitan Highway System,
(MBIA), Variable Rate, 1/1/37(3)(4) 1,024,617
2,000 Massachusetts Turnpike Authority,
Metropolitan Highway System,
(MBIA), 5.25%, 1/1/29 2,017,340
1,000 Puerto Rico Highway and Transportation Authority,
(AMBAC), Variable Rate, 7/1/28(3)(4) 1,006,890
- -----------------------------------------------------------------------------------------------
$ 4,309,233
- -----------------------------------------------------------------------------------------------
NURSING HOME -- 4.0%
$ 500 Boston, IDA (Alzheimers Center),
(FHA), 6.00%, 2/1/37 $ 532,720
490 Massachusetts Development Finance Agency,
(Odd Fellows Home of Massachusetts),
6.25%, 1/1/15 449,418
600 Massachusetts HEFA, (Christopher House),
6.875%, 1/1/29 571,596
- -----------------------------------------------------------------------------------------------
$ 1,553,734
- -----------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 3.5%
$ 1,500 Massachusetts Development Finance Agency,
(Berkshire Retirement), 5.625%, 7/1/29 $ 1,362,750
- -----------------------------------------------------------------------------------------------
$ 1,362,750
- -----------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 6.1%
$ 1,000 Massachusetts Bay Transportation Authority,
(Sales Tax Revenue), 5.00%, 7/1/32 $ 985,110
1,350 Massachusetts Bay Transportation Authority,
(Sales Tax Revenue), 5.25%, 7/1/30 1,407,902
- -----------------------------------------------------------------------------------------------
$ 2,393,012
- -----------------------------------------------------------------------------------------------
TRANSPORTATION -- 5.8%
$ 1,350 Massachusetts Bay Transportation Authority,
Variable Rate, 3/1/27(2)(3) $ 1,317,978
1,000 Puerto Rico Highway and Transportation
Authority, 5.00%, 7/1/36 949,780
- -----------------------------------------------------------------------------------------------
$ 2,267,758
- -----------------------------------------------------------------------------------------------
WATER AND SEWER -- 14.1%
$ 2,000 Massachusetts Water Pollution Abatement Trust,
5.00%, 8/1/32 $ 1,980,460
2,000 Massachusetts Water Pollution Abatement Trust,
5.25%, 8/1/33 2,030,260
1,500 Massachusetts Water Pollution Abatement Trust,
PCR, 5.375%, 8/1/27 1,540,680
- -----------------------------------------------------------------------------------------------
$ 5,551,400
- -----------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
19
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 151.4%
(IDENTIFIED COST $58,322,350) $ 59,385,534
- -----------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 3.4% $ 1,350,410
- -----------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (54.8)% $ (21,501,488)
- -----------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON
SHARES -- 100.0% $ 39,234,456
- -----------------------------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
AMBAC - AMBAC Financial Group, Inc.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
XLCA - XL Capital Assurance, Inc.
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, 2004, 32.2% 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 an
individual financial institution ranged from 2.9% to 13.3% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
(2) Security has been issued as an inverse floater bond.
(3) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At May 31, 2004,
the aggregate value of the securities is $6,390,827 or 16.3% of the Trust's
net assets.
(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, 2004
PORTFOLIO OF INVESTMENTS (Unaudited)
TAX-EXEMPT INVESTMENTS -- 155.4%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
EDUCATION -- 4.1%
$ 1,250 Michigan Higher Education Facility Authority,
(Creative Studies), 5.90%, 12/1/27 $ 1,239,162
- -----------------------------------------------------------------------------------------------
$ 1,239,162
- -----------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 4.2%
$ 1,250 Michigan Strategic Fund, (Detroit Edison
Pollution Control), 5.45%, 9/1/29 $ 1,266,700
- -----------------------------------------------------------------------------------------------
$ 1,266,700
- -----------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 2.8%
$ 750 Michigan Hospital Finance Authority, (Ascension
Health Care), Prerefunded to 11/15/09,
6.125%, 11/15/26 $ 864,037
- -----------------------------------------------------------------------------------------------
$ 864,037
- -----------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 19.1%
$ 500 East Grand Rapids Public Schools, 5.00%, 5/1/25 $ 500,125
500 Garden City School District, 5.00%, 5/1/26 497,675
5,335 Grand Rapids and Kent County Joint Building
Authority, 0.00%, 12/1/29 1,278,373
1,000 Manistee Area Public Schools, 5.00%, 5/1/24 1,004,900
750 Puerto Rico Public Buildings Authority,
5.25%, 7/1/29(1) 750,832
1,000 White Cloud Public Schools, 5.125%, 5/1/31 1,001,750
800 Woodhaven Brownstown School District,
5.125%, 5/1/32 801,416
- -----------------------------------------------------------------------------------------------
$ 5,835,071
- -----------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 1.2%
$ 390 Pittsfield Township EDC, (Arbor Hospice),
7.875%, 8/15/27 $ 368,967
- -----------------------------------------------------------------------------------------------
$ 368,967
- -----------------------------------------------------------------------------------------------
HOSPITAL -- 35.1%
$ 500 Allegan Hospital Finance Authority, (Allegan
General Hospital), 7.00%, 11/15/21 $ 514,670
500 Kent Hospital Finance Authority, (Spectrum Health),
5.50%, 1/15/31 506,665
500 Mecosta County, (Michigan General Hospital),
6.00%, 5/15/18 480,585
1,000 Michigan Health Facilities Authority,
(Henry Ford Health), 5.25%, 11/15/25 968,090
1,000 Michigan Hospital Finance Authority, (Central Michigan
Community Hospital), 6.25%, 10/1/27 1,001,140
1,000 Michigan Hospital Finance Authority, (Henry Ford
Health), 5.25%, 11/15/20 1,000,150
2,275 Michigan Hospital Finance Authority, (McLaren
Obligated Group), 4.50%, 10/15/21 2,075,869
750 Michigan Hospital Finance Authority, (Memorial
Healthcare Center), 5.875%, 11/15/21 752,220
750 Michigan Hospital Finance Authority, (Sparrow
Obligation Group), 5.625%, 11/15/36 742,582
1,000 Michigan Hospital Finance Authority, (Trinity
Health), 6.00%, 12/1/27 1,067,440
750 Royal Oak Hospital Finance Authority, (William
Beaumount Hospital), 5.25%, 1/1/20 754,957
800 Saginaw Hospital Finance Authority, (Covenant
Medical Center), 6.50%, 7/1/30 851,544
- -----------------------------------------------------------------------------------------------
$ 10,715,912
- -----------------------------------------------------------------------------------------------
HOUSING -- 3.3%
$ 995 Multifamily Housing, (AMT), 6.00%, 11/1/33 $ 1,011,039
- -----------------------------------------------------------------------------------------------
$ 1,011,039
- -----------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 11.6%
$ 500 Delta County EDC, (Mead Westvaco-Escanaba),
6.25%, 4/15/27 $ 519,150
1,000 Detroit Local Development Finance Authority,
(Chrysler Corp.), 5.375%, 5/1/21 992,280
800 Dickinson County Economic Development Corp.,
(International Paper Co.), 5.75%, 6/1/16 826,400
800 Michigan Strategic Fund, (S.D. Warren), (AMT),
7.375%, 1/15/22 778,792
625 Puerto Rico Port Authority, (American Airlines),
(AMT), 6.25%, 6/1/26 421,019
- -----------------------------------------------------------------------------------------------
$ 3,537,641
- -----------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 1.6%
$ 500 Central Michigan University, (FGIC), 5.00%, 10/1/27 $ 497,920
- -----------------------------------------------------------------------------------------------
$ 497,920
- -----------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 5.0%
$ 1,000 Michigan Strategic Fund Resource Recovery,
(Detroit Edison Co.), (MBIA), (AMT),
5.55%, 9/1/29 $ 1,020,850
500 Michigan Strategic Fund Resource Recovery,
(Detroit Edison Co.), (XLCA), 5.25%, 12/15/32 501,215
- -----------------------------------------------------------------------------------------------
$ 1,522,065
- -----------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
21
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 24.2%
$ 1,000 Central Montcalm Public Schools, (MBIA),
6.00%, 5/1/29 $ 1,087,640
650 Detroit School District, (FGIC), 4.75%, 5/1/28 619,171
450 Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25 434,075
2,000 Fenton Area Public Schools, (FGIC), 5.00%, 5/1/24 2,006,980
2,000 Novi Building Authority, (FSA), 5.50%, 10/1/25(2) 2,088,760
870 Okemos Public School District, (MBIA), 0.00%, 5/1/19 412,685
700 Puerto Rico, (FSA), Variable Rate, 7/1/27(3)(4) 749,175
- -----------------------------------------------------------------------------------------------
$ 7,398,486
- -----------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 6.6%
$ 1,000 Royal Oak Hospital Finance Authority, (William
Beaumont Hospital), (MBIA), 5.25%, 11/15/35 $ 1,000,890
1,000 Saginaw Hospital Finance Authority, (Covenant
Medical Center), (MBIA), 5.50%, 7/1/24 1,029,310
- -----------------------------------------------------------------------------------------------
$ 2,030,200
- -----------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 10.8%
$ 600 Puerto Rico Infrastructure Financing Authority,
(AMBAC), Variable Rate, 7/1/28(4)(5) $ 602,550
455 Puerto Rico Infrastructure Financing Authority,
(AMBAC), Variable Rate, 7/1/28(3)(4) 457,903
2,250 Wayne Charter County, (Airport Hotel-Detroit
Metroplitan Airport), (MBIA), 5.00%, 12/1/30 2,228,783
- -----------------------------------------------------------------------------------------------
$ 3,289,236
- -----------------------------------------------------------------------------------------------
INSURED-STUDENT LOAN -- 3.3%
$ 1,000 Michigan Higher Education Student Loan Authority
Revenue, (AMBAC), (AMT), 5.50%, 6/1/25(6) $ 1,008,690
- -----------------------------------------------------------------------------------------------
$ 1,008,690
- -----------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 10.8%
$ 670 Puerto Rico Highway and Transportation Authority,
(AMBAC), Variable Rate, 7/1/28(3)(4) $ 674,616
600 Puerto Rico Highway and Transportation Authority,
(MBIA), Variable Rate, 7/1/26(3)(4) 751,380
2,000 Wayne Charter County Airport, Residual Certificates,
(MBIA), (AMT), Variable Rate, 12/1/28(4)(5) 1,860,860
- -----------------------------------------------------------------------------------------------
$ 3,286,856
- -----------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 8.6%
$ 1,000 Detroit Sewer Disposal, (FGIC), 5.125%, 7/1/31 $ 1,001,780
1,650 Detroit Water Supply System, (FGIC), 5.00%, 7/1/30 1,629,788
- -----------------------------------------------------------------------------------------------
$ 2,631,568
- -----------------------------------------------------------------------------------------------
LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 0.8%
$ 250 Puerto Rico, (Guaynabo Municipal Government
Center Lease), 5.625%, 7/1/22 $ 255,658
- -----------------------------------------------------------------------------------------------
$ 255,658
- -----------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.3%
$ 750 Kent County Airport Facility, Variable Rate,
1/1/25(4)(5) $ 713,400
- -----------------------------------------------------------------------------------------------
$ 713,400
- -----------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 155.4%
(IDENTIFIED COST $45,684,475) $ 47,472,608
- -----------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 1.9% $ 585,132
- -----------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (57.3)% $ (17,502,754)
- -----------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON
SHARES -- 100.0% $ 30,554,986
- -----------------------------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
AMBAC - AMBAC Financial Group, Inc.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
XLCA - XL Capital Assurance, Inc.
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, 2004, 45.6% 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 an
individual financial institution ranged from 1.1% to 20.7% of total investments.
(1) When-issued security.
(2) Security (or a portion thereof) has been segregated to cover when-issued
securities.
(3) Security has been issued as a leveraged inverse floater bond.
(4) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At May 31, 2004,
the aggregate value of the securities is $5,809,884 or 19.0% of the Trust's
net assets.
(5) Security has been issued as an inverse floater bond.
(6) 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, 2004
PORTFOLIO OF INVESTMENTS (Unaudited)
TAX-EXEMPT INVESTMENTS -- 159.5%
<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 $ 1,011,090
- -----------------------------------------------------------------------------------------------
$ 1,011,090
- -----------------------------------------------------------------------------------------------
EDUCATION -- 13.3%
$ 1,465 New Jersey Educational Facilities Authority,
(Bloomfield College), 6.85%, 7/1/30 $ 1,489,451
3,935 New Jersey Educational Facilities Authority,
(Princeton University), 5.00%, 7/1/20 4,017,635
3,250 New Jersey Educational Facilities Authority,
(Stevens Institute of Technology), 5.25%, 7/1/32 3,191,272
- -----------------------------------------------------------------------------------------------
$ 8,698,358
- -----------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 11.3%
$ 6,000 Puerto Rico Electric Power Authority, 5.125%, 7/1/29 $ 5,908,080
1,500 Salem County Pollution Control Financing Authority,
(Public Service Enterprise Group, Inc.), (AMT), 5.75%,
4/1/31 1,508,820
- -----------------------------------------------------------------------------------------------
$ 7,416,900
- -----------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 5.4%
$ 3,500 Puerto Rico Public Buildings Authority, 5.25%, 7/1/29(1) $ 3,503,885
- -----------------------------------------------------------------------------------------------
$ 3,503,885
- -----------------------------------------------------------------------------------------------
HOSPITAL -- 22.6%
$ 1,035 New Jersey Health Care Facilities Financing Authority,
(Atlantic City Medical Center), 5.75%, 7/1/25 $ 1,066,981
550 New Jersey Health Care Facilities Financing Authority,
(Burdette Tomlin Memorial Hospital), 5.50%, 7/1/29 552,084
1,500 New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.25%, 7/1/27 1,403,805
1,765 New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.375%, 7/1/33 1,685,081
1,000 New Jersey Health Care Facilities Financing Authority,
(Deborah Heart and Lung Center), 6.30%, 7/1/23 1,012,200
2,000 New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), 6.00%, 1/1/34 2,060,680
750 New Jersey Health Care Facilities Financing Authority,
(Palisades Medical Center), 6.50%, 7/1/21 781,852
2,000 New Jersey Health Care Facilities Financing Authority,
(Robert Wood Johnson University Hospital), 5.75%, 7/1/31 2,073,060
1,450 New Jersey Health Care Facilities Financing Authority,
(Saint Peters University Hospital), 6.875%, 7/1/20 1,606,411
1,900 New Jersey Health Care Facilities Financing Authority,
(St. Elizabeth's Hospital), 6.00%, 7/1/20 1,906,061
600 New Jersey Health Care Facilities Financing Authority,
(Trinitas Hospital), 7.50%, 7/1/30 652,854
- -----------------------------------------------------------------------------------------------
$ 14,801,069
- -----------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 11.4%
$ 1,000 Gloucester County, Improvements Authority,
(Waste Management, Inc.), (AMT), 7.00%, 12/1/29 $ 1,116,640
1,000 New Jersey EDA, (Anheuser-Busch), (AMT), 5.85%,
12/1/30 1,022,620
750 New Jersey EDA, (Continental Airlines), (AMT), 6.25%,
9/15/29 550,065
750 New Jersey EDA, (Continental Airlines), (AMT), 9.00%,
6/1/33 727,523
3,700 New Jersey EDA, (The Seeing Eye, Inc.), 6.20%,
12/1/24 4,041,436
- -----------------------------------------------------------------------------------------------
$ 7,458,284
- -----------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 6.1%
$ 1,000 New Jersey Educational Facilities Authority,
(Jersey City University), (AMBAC), 5.00%, 7/1/32 $ 997,710
400 New Jersey Educational Facilities Authority,
(NJ Institute of Technology), (MBIA), 4.75%, 7/1/31 383,912
1,600 Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental, Residual Certificates, (MBIA),
Variable Rate, 7/1/33(2)(3) 1,598,608
1,000 University of New Jersey Medicine and Dentistry,
(AMBAC), 5.00%, 12/1/31 997,770
- -----------------------------------------------------------------------------------------------
$ 3,978,000
- -----------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 1.9%
$ 1,250 Vineland, (Electric Utility), (MBIA), (AMT), 5.25%,
5/15/26 $ 1,261,213
- -----------------------------------------------------------------------------------------------
$ 1,261,213
- -----------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 3.0%
$ 1,750 New Jersey Educational Facilities Authority,
(Ramapo College), (MBIA), Prefunded to 7/1/09,
5.75%, 7/1/29 $ 1,968,593
- -----------------------------------------------------------------------------------------------
$ 1,968,593
- -----------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 16.5%
$ 700 Bordentown Regional School District Board of Education,
(FGIC), 5.00%, 1/15/30 $ 699,454
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
23
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS (CONTINUED)
$ 1,000 Bordentown Regional School District Board of Education,
(FGIC), 5.00%, 1/15/31 $ 997,750
1,555 Colts Neck Township Board of Education, (FSA), 5.00%,
2/1/26 1,573,473
3,500 Irvington Township, (FSA), 0.00%, 7/15/24 1,212,715
5,500 Irvington Township, (FSA), 0.00%, 7/15/25 1,771,165
1,000 Montgomery Township Board of Education, (MBIA),
5.00%, 8/1/25 1,009,090
500 Montgomery Township Board of Education, (MBIA),
5.00%, 4/1/27 503,160
1,000 Old Bridge Township Board of Education, (MBIA),
5.00%, 7/15/26 1,006,800
2,000 Washington Township, Mercer County Board of Education,
(FGIC), 5.00%, 1/1/26 2,004,300
- -----------------------------------------------------------------------------------------------
$ 10,777,907
- -----------------------------------------------------------------------------------------------
INSURED-HOUSING -- 0.4%
$ 230 New Jersey Housing and Mortgage Finance Agency,
Multifamily Housing, (FSA), 5.75%, 5/1/25 $ 238,494
- -----------------------------------------------------------------------------------------------
$ 238,494
- -----------------------------------------------------------------------------------------------
INSURED-INDUSTRIAL DEVELOPMENT REVENUE -- 3.1%
$ 1,580 New Jersey EDA, (FSA), Variable Rate, 5/1/17(2)(3) $ 2,033,428
- -----------------------------------------------------------------------------------------------
$ 2,033,428
- -----------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF
PARTICIPATION -- 11.7%
$ 4,500 Garden Preservation Trust and Open Space and Farmland,
(FSA), 0.00%, 11/1/27 $ 1,269,450
6,000 Garden Preservation Trust and Open Space and Farmland,
(FSA), 0.00%, 11/1/25 1,901,880
5,000 New Jersey EDA, (School Facilities), (AMBAC), 4.375%,
9/1/29 4,452,300
- -----------------------------------------------------------------------------------------------
$ 7,623,630
- -----------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 1.6%
$ 1,075 New Jersey Sports and Exposition Authority, (MBIA),
4.50%, 9/1/20(5) $ 1,057,284
- -----------------------------------------------------------------------------------------------
$ 1,057,284
- -----------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 22.4%
$ 4,000 Delaware River and Bay Authority, (AMBAC), 5.75%,
1/1/29(4)(5) $ 4,272,480
1,000 Delaware River Port Authority, (FSA), 5.625%, 1/1/26 1,044,230
3,250 Delaware River Port Authority, (FSA), 5.75%, 1/1/26 3,470,220
1,500 New Jersey Turnpike Authority, RITES, (MBIA),
Variable Rate, 1/1/30(2)(3) 1,651,560
4,000 Port Authority of New York and New Jersey,
(JFK International Terminal), (MBIA), (AMT), 5.75%,
12/1/25 4,195,080
- -----------------------------------------------------------------------------------------------
$ 14,633,570
- -----------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 6.5%
$ 900 Bayonne Municipal Utilities Authority, Water and
Sewer Revenue, (XLCA), Variable Rate, 4/1/28(2)(3) $ 675,738
1,500 Bordentown Sewer Authority, (FGIC), 5.375%, 12/1/20 1,587,030
1,000 New Jersey Economic Development Authority Water
Facilities, (Middlesex Water Co.), (AMBAC), (AMT),
5.10%, 1/1/32 983,950
1,655 Passaic Valley Sewer Commissioners, (FGIC), 2.50%,
12/1/32 1,023,634
- -----------------------------------------------------------------------------------------------
$ 4,270,352
- -----------------------------------------------------------------------------------------------
NURSING HOME -- 3.1%
$ 1,000 New Jersey EDA, (Masonic Charity Foundation),
5.50%, 6/1/31 $ 1,020,990
980 New Jersey EDA, (Victoria Health), 5.20%, 12/20/36 987,654
- -----------------------------------------------------------------------------------------------
$ 2,008,644
- -----------------------------------------------------------------------------------------------
OTHER REVENUE -- 2.9%
$ 1,000 New Jersey EDA, (Glimcher Properties REIT), (AMT),
6.00%, 11/1/28 $ 929,350
1,250 Tobacco Settlement Financing Corp., Variable Rate,
6/1/39(3)(6) 967,513
- -----------------------------------------------------------------------------------------------
$ 1,896,863
- -----------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 2.4%
$ 1,700 New Jersey EDA, (Fellowship Village), 5.50%, 1/1/25 $ 1,593,495
- -----------------------------------------------------------------------------------------------
$ 1,593,495
- -----------------------------------------------------------------------------------------------
TRANSPORTATION -- 12.4%
$ 1,500 New Jersey Transportation Trust Fund Authority,
Variable Rate, 6/15/17(3)(6) $ 1,574,985
3,650 Port Authority of New York and New Jersey, 5.00%,
9/1/33 3,575,504
1,600 Port Authority of New York and New Jersey, Variable
Rate, 3/1/28(2) 1,801,840
1,175 South Jersey Port Authority, (Marine Terminal), 5.10%,
1/1/33 1,149,855
- -----------------------------------------------------------------------------------------------
$ 8,102,184
- -----------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
24
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) VALUE
- -----------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 159.5%
(IDENTIFIED COST $101,468,000) $ 104,333,243
- -----------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- (1.4)% $ (918,292)
- -----------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (58.1)% $ (38,000,000)
- -----------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES -- 100.0% $ 65,414,951
- -----------------------------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
AMBAC - AMBAC Financial Group, Inc.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
XLCA - XL Capital Assurance, Inc.
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, 2004, 45.9% 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 an
individual financial institution ranged from 0.6% to 14.0% of total investments.
(1) When-issued security.
(2) Security has been issued as a leveraged inverse floater bond.
(3) Security exempt from registration under Rule 144A of the securities act of
1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At May 31, 2004,
the aggregate value of the securities is $8,501,832 or 13.0% of the Trust's
net assets.
(4) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
(5) Security (or a portion thereof) has been segregated to cover when-issued
securities.
(6) Security has been issued as an inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
25
<Page>
NEW YORK MUNICIPAL INCOME TRUST as of May 31, 2004
PORTFOLIO OF INVESTMENTS (Unaudited)
TAX-EXEMPT INVESTMENTS -- 158.3%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
COGENERATION -- 2.6%
$ 1,000 Port Authority of New York and New Jersey, (KIAC),
(AMT), 6.75%, 10/1/19 $ 1,011,090
1,150 Suffolk County IDA, (Nissequogue Cogeneration Partners
Facility), (AMT), 5.50%, 1/1/23 1,060,622
- -----------------------------------------------------------------------------------------------
$ 2,071,712
- -----------------------------------------------------------------------------------------------
EDUCATION -- 14.7%
$ 1,000 Dutchess County IDA, (Marist College), 5.00%, 7/1/20 $ 992,860
6,000 Hempstead IDA, (Hofstra University Civic Facilities),
5.00%, 7/1/33 5,738,520
50 New York Dormitory Authority, (City University), 5.25%,
7/1/31 50,100
4,025 New York Dormitory Authority, (Rockefeller University),
4.75%, 7/1/37 3,825,400
1,285 New York Dormitory Authority, (University Educational
Facility), 4.75%, 5/15/28 1,197,607
- -----------------------------------------------------------------------------------------------
$ 11,804,487
- -----------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 15.5%
$ 2,000 Long Island Power Authority, 5.50%, 12/1/23 $ 2,045,620
1,655 Long Island Power Authority, Electric System Revenue,
5.25%, 12/1/26 1,661,339
1,000 Long Island Power Authority, Electric System Revenue,
5.375%, 9/1/25 1,014,310
4,100 New York Power Authority, 5.25%, 11/15/40 4,123,534
1,500 Puerto Rico Electric Power Authority, 5.125%, 7/1/29 1,477,020
2,100 Suffolk County IDA, (Keyspan-Port Jefferson), (AMT),
5.25%, 6/1/27 2,042,880
- -----------------------------------------------------------------------------------------------
$ 12,364,703
- -----------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 2.9%
$ 2,000 New York City Transitional Finance Authority,
Prerefunded to 5/15/10, 6.00%, 11/15/29 $ 2,301,900
- -----------------------------------------------------------------------------------------------
$ 2,301,900
- -----------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 10.6%
$ 6,000 New York City, 5.25%, 9/15/33 $ 5,986,140
2,500 Puerto Rico Public Buildings Authority, 5.25%, 7/1/29(1) 2,502,775
- -----------------------------------------------------------------------------------------------
$ 8,488,915
- -----------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 6.8%
$ 1,250 New York City IDA, (A Very Special Place, Inc.), 5.75%,
1/1/29 $ 1,003,575
1,500 New York City IDA, (Ohel Children's Home), 6.00%,
3/15/23 1,317,870
185 Suffolk County IDA, Civic Facility Revenue, (Alliance of LI),
7.50%, 9/1/15 195,489
220 Suffolk County IDA, Civic Facility Revenue, (Alliance of LI),
7.50%, 9/1/15 232,474
2,600 Westchester County IDA, (Children's Village), 5.375%,
3/15/19 2,665,936
- -----------------------------------------------------------------------------------------------
$ 5,415,344
- -----------------------------------------------------------------------------------------------
HOSPITAL -- 15.7%
$ 235 Chautauqua County IDA, (Womans Christian Association),
6.35%, 11/15/17 $ 217,192
495 Chautauqua County IDA, (Womans Christian Association),
6.40%, 11/15/29 456,068
1,250 Fulton County IDA, (Nathan Littauer Hospital), 6.00%,
11/1/18 1,184,163
400 Nassau County, IDA, Civic Facility Revenue, (North Shore
Health System), 6.25%, 11/1/21 428,756
3,200 New York City Health and Hospital Corp., 5.25%,
2/15/17 3,243,040
300 New York City Health and Hospital Corp., (Health
System), 5.375%, 2/15/26 296,565
1,500 New York Dormitory Authority Revenue, (Lenox Hill
Hospital), 5.50%, 7/1/30 1,512,090
2,000 New York Dormitory Authority, (New York Methodist
Hospital), 5.25%, 7/1/33 1,931,960
1,250 Oneida County IDA, (St. Elizabeth Hospital), 5.75%,
12/1/19 1,117,688
2,105 Suffolk County IDA, Civic Facility, (Huntington Hospital),
6.00%, 11/1/22 2,165,813
- -----------------------------------------------------------------------------------------------
$ 12,553,335
- -----------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 6.4%
$ 1,500 New York City, NY, Industrial Development Agency,
(American Airlines, Inc.-JFK International Airport),
(AMT), 8.00%, 8/1/12 $ 1,151,490
775 Onandaga County IDA, Aero Syracuse Cargo, (AMT),
6.125%, 1/1/32 775,457
2,500 Onondaga County IDA, (Anheuser-Busch), (AMT), 6.25%,
12/1/34 2,628,725
550 Port Authority of New York and New Jersey,
(Continental Airlines), (AMT), 9.125%, 12/1/15 561,330
- -----------------------------------------------------------------------------------------------
$ 5,117,002
- -----------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
26
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 5.2%
$ 1,500 New York Dormitory Authority, (Barnard College), (AMBAC),
4.75%, 7/1/35 $ 1,394,250
1,200 New York Dormitory Authority, (Cooper Union), (MBIA),
6.25%, 7/1/29 1,351,032
900 New York Dormitory Authority, (MBIA), Variable Rate,
7/1/27(2)(3) 1,435,185
- -----------------------------------------------------------------------------------------------
$ 4,180,467
- -----------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 6.3%
$ 1,500 Metropolitan Transportation Authority of New York,
Escrowed to Maturity, (FGIC), 4.75%, 7/1/26 $ 1,451,925
1,400 Metropolitan Transportation Authority of New York,
Escrowed to Maturity, (FGIC), 4.75%, 7/1/26 1,355,130
1,000 Metropolitan Transportation Authority of New York,
Escrowed to Maturity, (FGIC), 4.875%, 7/1/18 1,032,940
1,000 New York City, Trust for Cultural Resources, (Museum
of History), Prerefunded to 7/1/09, (AMBAC),
Variable Rate, 7/1/29(2)(3) 1,229,080
- -----------------------------------------------------------------------------------------------
$ 5,069,075
- -----------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 2.3%
$ 1,750 Puerto Rico, (FSA), Variable Rate, 7/1/27(2)(3) $ 1,872,938
- -----------------------------------------------------------------------------------------------
$ 1,872,938
- -----------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 10.9%
$ 5,000 New York Dormitory Authority, (Memorial Sloan
Kettering Cancer Center), (MBIA), 5.50%, 7/1/23(4)(5) $ 5,443,950
3,500 New York Dormitory Authority, (Municipal Health
Facilities Improvement), (FSA), 4.75%, 1/15/29 3,317,335
- -----------------------------------------------------------------------------------------------
$ 8,761,285
- -----------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF
PARTICIPATION -- 1.3%
$ 1,000 New York Dormitory Authority, (Department Health),
(MBIA), 5.50%, 7/1/25 $ 1,041,130
- -----------------------------------------------------------------------------------------------
$ 1,041,130
- -----------------------------------------------------------------------------------------------
INSURED-MISCELLANEOUS -- 1.3%
$ 1,000 New York City, Trust for Cultural Resources, (Museum
of Modern Art), (AMBAC), 5.125%, 7/1/31 $ 1,004,550
- -----------------------------------------------------------------------------------------------
$ 1,004,550
- -----------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 4.2%
$ 1,000 New York City Transitional Finance Authority, (Future Tax),
(AMBAC), 5.00%, 5/1/30 $ 989,210
1,175 Puerto Rico Infrastructure Financing Authority, (AMBAC),
Variable Rate, 7/1/28(3)(6) 1,179,994
1,190 Puerto Rico Infrastructure Financing Authority, (AMBAC),
Variable Rate, 7/1/28(2)(3) 1,197,592
- -----------------------------------------------------------------------------------------------
$ 3,366,796
- -----------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 15.6%
$ 2,325 Monroe County Airport Authority, (MBIA), (AMT),
Variable Rate, 1/1/17(3)(6) $ 2,825,433
2,735 Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT), 5.625%, 4/1/29 2,824,626
1,750 Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT), Variable Rate,
4/1/29(3)(6) 1,864,678
5,000 Triborough Bridge and Tunnel Authority, (MBIA),
5.00%, 1/1/32 4,937,100
- -----------------------------------------------------------------------------------------------
$ 12,451,837
- -----------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 2.6%
$ 2,000 New York City Municipal Water Finance Authority, (FGIC),
5.50%, 6/15/32 $ 2,075,020
- -----------------------------------------------------------------------------------------------
$ 2,075,020
- -----------------------------------------------------------------------------------------------
LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 5.8%
$ 4,385 New York Dormitory Authority, (Court Facility),
6.00%, 5/15/39 $ 4,605,916
- -----------------------------------------------------------------------------------------------
$ 4,605,916
- -----------------------------------------------------------------------------------------------
OTHER REVENUE -- 3.4%
$ 1,285 Albany Industrial Development Agency Civic Facility,
(Charitable Leadership), 5.75%, 7/1/26 $ 1,280,939
1,250 Puerto Rico Infrastructure Financing Authority,
Variable Rate, 10/1/32(2)(3) 1,440,150
- -----------------------------------------------------------------------------------------------
$ 2,721,089
- -----------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 2.7%
$ 1,250 Mount Vernon IDA, (Wartburg Senior Housing, Inc. -
Meadowview), 6.20%, 6/1/29 $ 1,142,275
1,000 Suffolk County IDA, (Jeffersons Ferry), 7.20%, 11/1/19 1,037,070
- -----------------------------------------------------------------------------------------------
$ 2,179,345
- -----------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
27
<Page>
<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 $ 1,069,234
- -----------------------------------------------------------------------------------------------
$ 1,069,234
- -----------------------------------------------------------------------------------------------
TRANSPORTATION -- 12.5%
$ 6,000 Metropolitan Transportation Authority of New York,
5.25%, 11/15/32 $ 5,951,700
1,000 Port Authority of New York and New Jersey,
5.00%, 9/1/33 979,590
1,800 Port Authority of New York and New Jersey, Variable Rate,
3/1/28(2) 2,027,070
1,300 Port Authority of New York and New Jersey, (AMT),
Variable Rate, 6/15/33(3)(6) 1,017,679
- -----------------------------------------------------------------------------------------------
$ 9,976,039
- -----------------------------------------------------------------------------------------------
WATER AND SEWER -- 7.7%
$ 1,500 New York City Municipal Water Finance Authority,
5.25%, 6/15/29 $ 1,507,275
3,500 New York City Municipal Water Finance Authority,
5.75%, 6/15/29 3,688,930
1,000 New York Environmental Facility Corp., Clean Water,
5.00%, 6/15/28 996,640
- -----------------------------------------------------------------------------------------------
$ 6,192,845
- -----------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 158.3%
(IDENTIFIED COST $124,443,596) $ 126,684,964
- -----------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- (2.7)% $ (2,175,976)
- -----------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (55.6)% $ (44,505,602)
- -----------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES -- 100.0% $ 80,003,386
- -----------------------------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
AMBAC - AMBAC Financial Group, Inc.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
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, 2004, 31.4% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by an
individual financial institution ranged from 4.1% to 17.1% of total investments.
(1) When-issued security.
(2) Security has been issued as a leveraged inverse floater bond.
(3) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At May 31, 2004,
the aggregate value of the securities is $14,062,729 or 17.6% of the
Trust's net assets.
(4) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
(5) Security (or a portion thereof) has been segregated to cover when-issued
securities.
(6) Security has been issued as an inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
28
<Page>
OHIO MUNICIPAL INCOME TRUST as of May 31, 2004
PORTFOLIO OF INVESTMENTS (Unaudited)
TAX-EXEMPT INVESTMENTS -- 156.1%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
COGENERATION -- 1.4%
$ 400 Ohio Water Development Authority, Solid
Waste Disposal, (Bay Shore Power), (AMT),
5.875%, 9/1/20 $ 368,272
200 Ohio Water Development Authority, Solid Waste
Disposal, (Bay Shore Power), (AMT), 6.625%, 9/1/20 199,578
- -----------------------------------------------------------------------------------------------
$ 567,850
- -----------------------------------------------------------------------------------------------
EDUCATION -- 3.6%
$ 1,500 Ohio Higher Educational Facilities Authority, (Oberlin
College), Variable Rate, 10/1/291(1)(2) $ 1,467,930
- -----------------------------------------------------------------------------------------------
$ 1,467,930
- -----------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 1.3%
$ 500 Clyde Electric System Revenue, (AMT),
6.00%, 11/15/14 $ 514,115
- -----------------------------------------------------------------------------------------------
$ 514,115
- -----------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 6.7%
$ 1,000 Delaware County, 6.00%, 12/1/25 $ 1,099,910
1,530 Hamilton City School District, 5.625%, 12/1/24 1,626,895
- -----------------------------------------------------------------------------------------------
$ 2,726,805
- -----------------------------------------------------------------------------------------------
HOSPITAL -- 22.4%
$ 550 Cuyahoga County, (Cleveland Clinic Health
System), 5.50%, 1/1/29 $ 553,685
1,500 Erie County Hospital Facilities, (Firelands
Regional Medical Center), 5.625%, 8/15/32 1,489,365
2,000 Franklin County, (Childrens Hospital),
5.20%, 5/1/29 1,981,980
620 Highland County, (Joint Township Hospital District),
6.75%, 12/1/29 563,574
400 Mahoning County Hospital Facility, (Forum Health
Obligation Group), 6.00%, 11/15/32 413,252
1,250 Parma Community General Hospital Association,
5.35%, 11/1/18 1,278,212
1,750 Parma Community General Hospital Association,
5.375%, 11/1/29 1,716,627
1,000 Richland County Hospital Facilities, (Medcentral Health
Systems), 6.375%, 11/15/22 1,056,030
- -----------------------------------------------------------------------------------------------
$ 9,052,725
- -----------------------------------------------------------------------------------------------
HOUSING -- 2.5%
$ 995 Multifamily Housing, (Tyler's Creek), (AMT),
6.00%, 11/1/33 $ 1,011,039
- -----------------------------------------------------------------------------------------------
$ 1,011,039
- -----------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 21.2%
$ 1,250 Cleveland Airport, (Continental Airlines), (AMT),
5.70%, 12/1/19 $ 907,013
1,300 Dayton Special Facilities Revenue, (Emery Air Freight),
5.625%, 2/1/18 1,173,497
3,000 Moraine Solid Waste Disposal, (General Motors Corp.),
(AMT), 5.65%, 7/1/24 2,893,410
1,250 Ohio Environmental Facilities, (Ford Motor), (AMT),
5.95%, 9/1/29 1,254,613
2,250 Ohio Water Development Authority, (Anheuser-Busch),
(AMT), 6.00%, 8/1/38 2,332,103
- -----------------------------------------------------------------------------------------------
$ 8,560,636
- -----------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 10.4%
$ 1,000 Ohio Higher Educational Facilities, (University of
Dayton), (AMBAC), 5.50%, 12/1/30 $ 1,035,720
1,500 University of Akron, (FGIC), Variable Rate, 1/1/29(1)(2) 1,898,205
1,250 University of Cincinnati, (FGIC), 5.25%, 6/1/24 1,284,100
- -----------------------------------------------------------------------------------------------
$ 4,218,025
- -----------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 3.8%
$ 2,000 Ohio Municipal Electric Generation Agency, (MBIA),
0.00%, 2/15/25 $ 638,340
3,000 Ohio Municipal Electric Generation Agency, (MBIA),
0.00%, 2/15/26 894,750
- -----------------------------------------------------------------------------------------------
$ 1,533,090
- -----------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 0.6%
$ 245 Cuyahoga County Hospital, (MBIA), Escrowed to
Maturity, 5.125%, 1/1/29(3) $ 245,012
- -----------------------------------------------------------------------------------------------
$ 245,012
- -----------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 17.7%
$ 1,000 Lima City School District, (AMBAC), 5.50%, 12/1/22 $ 1,071,350
500 Lima City School District, (AMBAC), 6.00%, 12/1/22 563,760
1,000 Plain Local School District, (FGIC), 5.00%, 12/1/30 984,830
1,000 Puerto Rico, (FSA), Variable Rate, 7/1/27(2)(4) 1,070,250
400 Puerto Rico, (MBIA), Variable Rate, 7/1/20(2)(4) 537,040
2,860 Springfield City School District Clark County, (FGIC),
5.20%, 12/1/23 2,945,628
- -----------------------------------------------------------------------------------------------
$ 7,172,858
- -----------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
29
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 3.0%
$ 255 Cuyahoga County, (Cleveland Clinic), (MBIA),
5.125%, 1/1/29(3) $ 255,013
1,000 Franklin County, (Ohio Health Corp.), (MBIA),
5.00%, 5/15/33 975,470
- -----------------------------------------------------------------------------------------------
$ 1,230,483
- -----------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF
PARTICIPATION -- 8.0%
$ 1,500 Cleveland, Certificates of Participation, (Cleveland
Stadium), (AMBAC), 5.25%, 11/15/22 $ 1,549,965
600 Puerto Rico Public Finance Corp., (AMBAC), Variable
Rate, 6/1/24(2)(4) 697,308
1,000 Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33 987,080
- -----------------------------------------------------------------------------------------------
$ 3,234,353
- -----------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 12.4%
$ 2,500 Delaware County, Sewer District, (MBIA),
4.75%, 12/1/24 $ 2,434,475
2,000 Hamiliton County Sales Tax Revenue, (AMBAC),
5.25%, 12/1/32 2,019,300
2,235 Hamilton County Sales Tax Revenue, (AMBAC),
0.00%, 12/1/28 578,686
- -----------------------------------------------------------------------------------------------
$ 5,032,461
- -----------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 11.1%
$ 1,325 Cleveland Airport System Revenue, (FSA),
5.00%, 1/1/31 $ 1,301,031
1,000 Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/24 1,087,840
1,000 Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/26 1,080,270
1,000 Puerto Rico Highway and Transportation Authority,
(AMBAC), Variable Rate, 7/1/28(2)(4) 1,006,890
- -----------------------------------------------------------------------------------------------
$ 4,476,031
- -----------------------------------------------------------------------------------------------
LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 3.3%
$ 1,300 Union County, (Pleasant Valley Joint Fire District),
6.125%, 12/1/19 $ 1,343,771
- -----------------------------------------------------------------------------------------------
$ 1,343,771
- -----------------------------------------------------------------------------------------------
NURSING HOME -- 5.0%
$ 1,755 Cuyahoga County, Health Care Facilities, (Benjamin
Rose Institute), 5.50%, 12/1/28 $ 1,516,724
610 Ohio HFA, Retirement Rental Housing, (Encore Retirement
Partners), 6.75%, 3/1/19 519,250
- -----------------------------------------------------------------------------------------------
$ 2,035,974
- -----------------------------------------------------------------------------------------------
OTHER REVENUE -- 2.9%
$ 1,000 Puerto Rico Infrastructure Financing Authority,
Variable Rate, 10/1/32(2)(4) $ 1,152,120
- -----------------------------------------------------------------------------------------------
$ 1,152,120
- -----------------------------------------------------------------------------------------------
POOLED LOANS -- 7.6%
$ 1,020 Ohio Economic Development, (Ohio Enterprise
Bond Fund), (AMT), 5.85%, 12/1/22 $ 1,036,075
1,000 Rickenbacker Port Authority, Oasbo Expanded
Asset Pooled Loan, 5.375%, 1/1/32 1,007,860
1,100 Toledo-Lucas County Port Authority, 5.40%, 5/15/19 1,016,466
- -----------------------------------------------------------------------------------------------
$ 3,060,401
- -----------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 5.5%
$ 600 Cleveland-Cuyahoga County Port Authority,
7.00%, 12/1/18 $ 617,814
1,420 Cuyahoga County, Economic Development, (Shaker
Square), 6.75%, 12/1/30 1,607,298
- -----------------------------------------------------------------------------------------------
$ 2,225,112
- -----------------------------------------------------------------------------------------------
TRANSPORTATION -- 3.2%
$ 1,375 Puerto Rico Highway and Transportation Authority,
5.00%, 7/1/34 $ 1,307,873
- -----------------------------------------------------------------------------------------------
$ 1,307,873
- -----------------------------------------------------------------------------------------------
WATER AND SEWER -- 2.5%
$ 1,000 Ohio Water Development Authority, (Fresh Water
Improvement), 5.00%, 12/1/28 $ 991,210
- -----------------------------------------------------------------------------------------------
$ 991,210
- -----------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 156.1%
(IDENTIFIED COST $62,119,503) $ 63,159,874
- -----------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 2.0% $ 818,637
- -----------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (58.1)% $ (23,504,052)
- -----------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON
SHARES -- 100.0% $ 40,474,459
- -----------------------------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
AMBAC - AMBAC Financial Group, Inc.
FGIC - Financial Guaranty Insurance Company
SEE NOTES TO FINANCIAL STATEMENTS
30
<Page>
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
The Trust invests primarily in debt securities issued by Ohio municipalities.
The ability of the issuers of the debt securities to meet their obligations may
be affected by economic developments in a specific industry or municipality. In
order to reduce the risk associated with such economic developments, at May 31,
2004, 43.0% 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 an individual financial
institution ranged from 3.8% to 15.1% 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 sold in transactions exempt from
registration, normally to qualified institutional buyers. At May 31, 2004,
the aggregate value of the securities is $7,829,743 or 19.3% of the trust's
net assets.
(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
31
<Page>
PENNSYLVANIA MUNICIPAL INCOME TRUST as of May 31, 2004
PORTFOLIO OF INVESTMENTS (Unaudited)
TAX-EXEMPT INVESTMENTS -- 155.2%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
COGENERATION -- 3.9%
$ 470 Carbon County IDA, (Panther Creek Partners),
(AMT), 6.65%, 5/1/10 $ 503,802
500 Pennsylvania EDA, (Northampton Generating),
(AMT), 6.50%, 1/1/13 505,215
500 Pennsylvania EDA, (Resource Recovery-Colver),
(AMT), 7.05%, 12/1/10 516,615
- -----------------------------------------------------------------------------------------------
$ 1,525,632
- -----------------------------------------------------------------------------------------------
EDUCATION -- 5.5%
$ 1,500 Pennsylvania HEFA, (Drexel University), 6.00%, 5/1/29 $ 1,569,030
600 Philadelphia HEFA, (Chestnut Hill College),
6.00%, 10/1/29 571,116
- -----------------------------------------------------------------------------------------------
$ 2,140,146
- -----------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 1.5%
$ 600 York County, IDA, Pollution Control, (Public Service
Enterprise Group, Inc.), 5.50%, 9/1/20 $ 592,776
- -----------------------------------------------------------------------------------------------
$ 592,776
- -----------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 5.4%
$ 600 Allegheny County, IDA, (Residential Resources, Inc.),
6.50%, 9/1/21 $ 574,758
1,500 Chester County HEFA, (Devereux Foundation),
6.00%, 11/1/29 1,534,770
- -----------------------------------------------------------------------------------------------
$ 2,109,528
- -----------------------------------------------------------------------------------------------
HOSPITAL -- 9.8%
$ 750 Lancaster County Hospital Authority, 5.50%, 3/15/26 $ 745,695
1,250 Lehigh County, General Purpose Authority, (Lehigh
Valley Health Network), 5.25%, 7/1/32 1,180,775
500 Monroe County Hospital Authority, (Pocono Medical
Center), 6.00%, 1/1/43 494,625
850 Pennsylvania HEFA, (UPMC Health System),
6.00%, 1/15/31 883,371
500 Washington County Hospital Authority, (Monongahela
Hospital), 5.50%, 6/1/17 520,495
- -----------------------------------------------------------------------------------------------
$ 3,824,961
- -----------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 6.5%
$ 500 New Morgan IDA, (New Morgan Landfill), (AMT),
6.50%, 4/1/19 $ 460,440
1,000 Pennsylvania, IDA, (Sun Co.), (AMT), 7.60%, 12/1/24 1,044,650
1,550 Puerto Rico Port Authority, (American Airlines),
(AMT), 6.30%, 6/1/23 1,044,669
- -----------------------------------------------------------------------------------------------
$ 2,549,759
- -----------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 25.8%
$ 1,900 Lycoming County Authority, (Pennsylvania College of
Technology), (AMBAC), 5.25%, 5/1/32 $ 1,927,588
1,000 Northampton County HEFA, (Lafayette College), (MBIA),
5.00%, 11/1/27 992,870
1,000 Pennsylvania HEFA, (Bryn Mawr College), (AMBAC),
5.125%, 12/1/29 1,002,850
2,000 Pennsylvania HEFA, (State System Higher Education),
(FSA), 5.00%, 6/15/24 2,008,800
2,000 Pennsylvania HEFA, (Temple University), (MBIA),
5.00%, 4/1/29(1) 1,978,820
600 Puerto Rico Industrial, Tourist, Educational, Medical
and Environmental, Residual Certificates, (MBIA),
Variable Rate, 7/1/33(2)(3) 599,478
1,500 University of Pittsburgh, (MBIA), 5.00%, 6/1/21 1,522,005
- -----------------------------------------------------------------------------------------------
$ 10,032,411
- -----------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 3.9%
$ 600 Puerto Rico Electric Power Authority, (FSA), Variable
Rate, 7/1/29(2)(3) $ 638,898
835 Puerto Rico Electric Power Authority, DRIVERS, (FSA),
Variable Rate, 7/1/29(2)(3) 889,133
- -----------------------------------------------------------------------------------------------
$ 1,528,031
- -----------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 12.2%
$ 650 Berks County Municipal Authority, (Reading Hospital
and Medical Center), (FSA), Prerefunded to
11/1/09 @ 102, 6.00%, 11/1/29 $ 749,886
265 McKeesport Area School District, (FGIC), Escrowed to
Maturity, 0.00%, 10/1/31 57,349
3,100 Pennsylvania Turnpike Commision, Oil Franchise Tax,
(AMBAC), Escrowed to Maturity, 4.75%, 12/1/27 2,991,035
2,000 Westmoreland County Municipal Authority, (FGIC),
Escrowed to Maturity, 0.00%, 8/15/19 937,880
- -----------------------------------------------------------------------------------------------
$ 4,736,150
- -----------------------------------------------------------------------------------------------
INSURED-GAS UTILITIES -- 3.3%
$ 1,325 Philadelphia Natural Gas Works, (FSA), Variable
Rate, 7/1/28(4) $ 1,290,179
- -----------------------------------------------------------------------------------------------
$ 1,290,179
- -----------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
32
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 16.8%
$ 1,825 Hopewell School District, (FSA), 0.00%, 9/1/25 $ 568,780
735 McKeesport Area School District, (FGIC),
0.00%, 10/1/31 159,363
2,000 Philadelphia General Obligation, (FSA),
5.00%, 3/15/28 1,975,440
1,125 Philadelphia School District, (FSA), 5.50%, 2/1/31 1,162,935
1,500 Puerto Rico, (FSA), 5.125%, 7/1/30 1,513,500
1,000 Puerto Rico, (FSA), Variable Rate, 7/1/27(2)(3) 1,070,250
250 Southeast Delco Area School District, (MBIA),
0.00%, 2/1/24 86,015
- -----------------------------------------------------------------------------------------------
$ 6,536,283
- -----------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 15.3%
$ 1,000 Dauphin County General Authority, (Pinnacle Health
System), (MBIA), 5.50%, 5/15/27 $ 1,019,210
500 Delaware County Authority, (Catholic Health East),
(AMBAC), 4.875%, 11/15/26 482,780
1,500 Lehigh County General Purpose Authority, (Lehigh Valley
Health Network), (MBIA), 5.25%, 7/1/29 1,504,965
3,000 Montgomery County HEFA, (Abington Memorial Hospital),
(AMBAC), 5.00%, 6/1/28 2,952,180
- -----------------------------------------------------------------------------------------------
$ 5,959,135
- -----------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 4.1%
$ 1,000 Pittsburgh and Allegheny County Public Auditorium
Authority, (AMBAC), 5.00%, 2/1/24 $ 1,005,200
595 Puerto Rico Infrastructure Financing Authority, (AMBAC),
Variable Rate, 7/1/28(2)(3) 598,796
- -----------------------------------------------------------------------------------------------
$ 1,603,996
- -----------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 7.7%
$ 1,000 Allegheny County Port Authority, (FGIC),
5.00%, 3/1/29 $ 989,420
1,005 Philadelphia Parking Authority, (AMBAC),
5.25%, 2/15/29 1,015,532
800 Puerto Rico Highway and Transportation Authority, (MBIA),
Variable Rate, 7/1/26(2)(3) 1,001,840
- -----------------------------------------------------------------------------------------------
$ 3,006,792
- -----------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 15.6%
$ 500 Allegheny County Sanitation and Sewer Authority,
(MBIA), 5.00%, 12/1/19 $ 516,235
1,000 Allegheny County Sanitation and Sewer Authority,
(MBIA), 5.50%, 12/1/24 1,050,360
500 Delaware County IDA, (Water Facilities), (FGIC), (AMT),
6.00%, 6/1/29 534,215
1,000 Philadelphia Water and Wastewater, (FGIC),
5.00%, 11/1/31 981,660
3,000 Pittsburgh Water and Sewer Authority, (AMBAC),
5.125%, 12/1/31 3,010,140
- -----------------------------------------------------------------------------------------------
$ 6,092,610
- -----------------------------------------------------------------------------------------------
MISCELLANEOUS -- 1.5%
$ 600 Philadelphia IDA, (Franklin Institute), 5.20%, 6/15/26 $ 566,256
- -----------------------------------------------------------------------------------------------
$ 566,256
- -----------------------------------------------------------------------------------------------
NURSING HOME -- 2.0%
$ 375 Clarion County IDA, (Beverly Enterprises, Inc.),
5.875%, 5/1/07 $ 367,174
400 Cumberland County IDA, (Beverly Enterprises, Inc.),
5.50%, 10/1/08 394,772
- -----------------------------------------------------------------------------------------------
$ 761,946
- -----------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 8.6%
$ 600 Bucks County, IDA, (Pennswood), 6.00%, 10/1/27 $ 608,724
490 Cliff House Trust (AMT), 6.625%, 6/1/27 389,109
500 Crawford County Hospital Authority, (Wesbury United
Methodist Community), 6.25%, 8/15/29 485,625
400 Delaware IDA, (Glen Riddle), (AMT), 8.625%, 9/1/25 416,756
500 Lancaster County Hospital Authority, (Health Center),
5.875%, 6/1/31 510,020
925 Montgomery County HEFA, (Faulkeways at Gwynedd),
6.75%, 11/15/30 949,503
- -----------------------------------------------------------------------------------------------
$ 3,359,737
- -----------------------------------------------------------------------------------------------
TRANSPORTATION -- 5.8%
$ 1,200 Delaware River Joint Toll Bridge Commission,
5.00%, 7/1/28 $ 1,177,368
340 Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09 346,854
500 Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/164 83,605
250 Pennsylvania EDA, (Amtrak), (AMT), 6.25%, 11/1/31 251,550
- -----------------------------------------------------------------------------------------------
$ 2,259,377
- -----------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 155.2%
(IDENTIFIED COST $59,140,922) $ 60,475,705
- -----------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 2.5% $ 981,032
- -----------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (57.7)% $ (22,500,000)
- -----------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
33
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON
SHARES -- 100.0% $ 38,956,737
- -----------------------------------------------------------------------------------------------
</Table>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
AMBAC - Financial Group, Inc.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
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, 2004, 67.4% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by an
individual financial institution ranged from 6.1% to 24.8% of total investments.
(1) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
(2) Security has been issued as a leveraged inverse floater bond.
(3) Security exempt from registration under Rule 144A of the securities act of
1933. These securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At May 31, 2004,
the aggregate value of the securities is $4,798,395 or 12.3% of the trust's
net assets.
(4) Security has been issued as an inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
34
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS as of May 31, 2004
FINANCIAL STATEMENTS (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES
AS OF MAY 31, 2004
<Table>
<Caption>
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments --
Identified cost $ 157,515,100 $ 93,747,203 $ 58,322,350 $ 45,684,475
Unrealized appreciation 5,052,588 2,058,136 1,063,184 1,788,133
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $ 162,567,688 $ 95,805,339 $ 59,385,534 $ 47,472,608
- ---------------------------------------------------------------------------------------------------------------------------------
Cash $ 467,423 $ 1,356,941 $ 99,199 $ 540,225
Receivable for investments sold 1,495,013 -- -- --
Interest receivable 2,611,415 1,223,452 1,199,918 757,435
Receivable for daily variation margin on open
financial futures contracts 181,094 109,844 81,935 64,125
Prepaid expenses 3,425 4,429 4,740 --
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 167,326,058 $ 98,500,005 $ 60,771,326 $ 48,834,393
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for when-issued securities $ 2,937,990 $ -- $ -- $ 737,655
Payable to affiliate for Trustees' fees 1,466 1,118 291 533
Accrued expenses 45,096 39,264 35,091 38,465
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 2,984,552 $ 40,382 $ 35,382 $ 776,653
- ---------------------------------------------------------------------------------------------------------------------------------
Auction preferred shares at liquidation value plus
cumulative unpaid dividends $ 59,005,404 $ 35,505,587 $ 21,501,488 $ 17,502,754
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES $ 105,336,102 $ 62,954,036 $ 39,234,456 $ 30,554,986
- ---------------------------------------------------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Common Shares, $0.01 par value, unlimited number
of shares authorized $ 71,773 $ 42,460 $ 26,804 $ 21,041
Additional paid-in capital 106,399,317 63,081,360 39,671,207 31,264,163
Accumulated net realized loss (computed on the
basis of identified cost) (8,953,705) (3,844,202) (2,133,553) (2,996,922)
Accumulated undistributed net investment income 1,396,488 852,693 563,659 387,485
Net unrealized appreciation (computed on the
basis of identified cost) 6,422,229 2,821,725 1,106,339 1,879,219
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES $ 105,336,102 $ 62,954,036 $ 39,234,456 $ 30,554,986
- ---------------------------------------------------------------------------------------------------------------------------------
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 4,246,022 2,680,412 2,104,087
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER COMMON SHARE
NET ASSETS APPLICABLE TO COMMON SHARES DIVIDED BY
COMMON SHARES ISSUED AND OUTSTANDING $ 14.68 $ 14.83 $ 14.64 $ 14.52
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
35
<Page>
AS OF MAY 31, 2004
<Table>
<Caption>
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
- -------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments --
Identified cost $ 101,468,000 $ 124,443,596 $ 62,119,503 $ 59,140,922
Unrealized appreciation 2,865,243 2,241,368 1,040,371 1,334,783
- -------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $ 104,333,243 $ 126,684,964 $ 63,159,874 $ 60,475,705
- -------------------------------------------------------------------------------------------------------------------------------
Receivable for investments sold $ 1,013,056 $ 3,994,730 $ -- $ --
Interest receivable 2,225,090 2,422,492 1,306,554 1,240,906
Receivable for daily variation margin on open financial
futures contracts 140,460 124,687 53,437 71,250
Prepaid expenses 4,418 4,876 4,427 --
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 107,716,267 $ 133,231,749 $ 64,524,292 $ 61,787,861
- -------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased $ -- $ 6,039,125 $ -- $ --
Payable for when-issued securities 3,442,390 2,458,850 -- --
Due to bank 819,557 169,116 509,592 289,627
Payable to affiliate for Trustees' fees 1,118 1,118 290 533
Accrued expenses 38,251 54,552 35,899 40,964
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 4,301,316 $ 8,722,761 $ 545,781 $ 331,124
- -------------------------------------------------------------------------------------------------------------------------------
Auction preferred shares at liquidation value plus
cumulative unpaid dividends $ 38,000,000 $ 44,505,602 $ 23,504,052 $ 22,500,000
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES $ 65,414,951 $ 80,003,386 $ 40,474,459 $ 38,956,737
- -------------------------------------------------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Common Shares, $0.01 par value, unlimited number
of shares authorized $ 45,891 $ 53,603 $ 28,144 $ 26,819
Additional paid-in capital 68,121,032 79,543,024 41,806,937 39,847,452
Accumulated net realized loss (computed on the basis
of identified cost) (6,522,187) (3,215,049) (3,452,056) (3,422,350)
Accumulated undistributed net investment income 830,992 1,128,436 583,867 666,871
Net unrealized appreciation (computed on the basis
of identified cost) 2,939,223 2,493,372 1,507,567 1,837,945
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES $ 65,414,951 $ 80,003,386 $ 40,474,459 $ 38,956,737
- -------------------------------------------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES ISSUED AND OUTSTANDING
(LIQUIDATION PREFERENCE OF $25,000 PER SHARE)
1,520 1,780 940 900
- -------------------------------------------------------------------------------------------------------------------------------
COMMON SHARES OUTSTANDING
4,589,099 5,360,320 2,814,442 2,681,940
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER COMMON SHARE
NET ASSETS APPLICABLE TO COMMON SHARES DIVIDED BY
COMMON SHARES ISSUED AND OUTSTANDING $ 14.25 $ 14.93 $ 14.38 $ 14.53
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
36
<Page>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 2004
<Table>
<Caption>
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest $ 4,863,705 $ 2,913,295 $ 1,799,122 $ 1,447,184
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 4,863,705 $ 2,913,295 $ 1,799,122 $ 1,447,184
- ---------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 592,171 $ 354,279 $ 218,235 $ 172,776
Administration fee 169,192 101,222 62,353 49,365
Trustees fees and expenses 4,374 3,338 866 1,052
Legal and accounting services 15,696 13,167 12,877 13,633
Printing and postage 13,733 10,060 7,756 3,660
Custodian fee 35,267 23,783 18,052 15,333
Transfer and dividend disbursing agent 58,394 37,732 22,480 17,016
Preferred shares remarketing agent fee 73,952 44,496 26,949 21,934
Miscellaneous 7,042 9,936 8,466 21,010
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 969,821 $ 598,013 $ 378,034 $ 315,779
- ---------------------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ -- $ -- $ 2,208 $ --
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ -- $ -- $ 2,208 $ --
- ---------------------------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 969,821 $ 598,013 $ 375,826 $ 315,779
- ---------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 3,893,884 $ 2,315,282 $ 1,423,296 $ 1,131,405
- ---------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 71,963 $ 37,306 $ 813,607 $ 37,035
Financial futures contracts (828,517) (535,940) 287,691 (63,060)
- ---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ (756,554) $ (498,634) $ 1,101,298 $ (26,025)
- ---------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ (4,830,160) $ (2,979,277) $ (2,927,846) $ (1,440,165)
Financial futures contracts 968,119 536,642 (148,850) (12,072)
- ---------------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ (3,862,041) $ (2,442,635) $ (3,076,696) $ (1,452,237)
- ---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $ (4,618,595) $ (2,941,269) $ (1,975,398) $ (1,478,262)
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS FROM
NET INVESTMENT INCOME $ (259,172) $ (161,968) $ (74,872) $ (81,396)
- ---------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM OPERATIONS $ (983,883) $ (787,955) $ (626,974) $ (428,253)
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
37
<Page>
FOR THE SIX MONTHS ENDED MAY 31, 2004
<Table>
<Caption>
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
- -------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest $ 3,119,268 $ 3,758,802 $ 1,934,886 $ 1,832,416
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 3,119,268 $ 3,758,802 $ 1,934,886 $ 1,832,416
- -------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 375,279 $ 451,800 $ 230,603 $ 221,001
Administration fee 107,223 129,086 65,887 63,143
Trustees fees and expenses 3,338 3,337 864 1,052
Legal and accounting services 13,969 11,168 14,381 13,633
Printing and postage 11,297 11,071 8,629 4,209
Custodian fee 24,811 27,422 17,162 18,119
Transfer and dividend disbursing agent 39,001 47,453 26,604 22,204
Preferred shares remarketing agent fee 47,629 55,777 29,376 28,202
Miscellaneous 9,623 8,598 8,930 21,010
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 632,170 $ 745,712 $ 402,436 $ 392,573
- -------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 2,487,098 $ 3,013,090 $ 1,532,450 $ 1,439,843
- -------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 1,307,131 $ 2,846,731 $ (39,461) $ 81,200
Financial futures contracts 331,560 (48,698) (314,989) (306,191)
- -------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 1,638,691 $ 2,798,033 $ (354,450) $ (224,991)
- -------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ (5,639,748) $ (7,691,435) $ (1,930,144) $ (1,951,433)
Financial futures contracts (205,300) 90,808 352,056 354,773
- -------------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ (5,845,048) $ (7,600,627) $ (1,578,088) $ (1,596,660)
- -------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $ (4,206,357) $ (4,802,594) $ (1,932,538) $ (1,821,651)
- -------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS FROM
NET INVESTMENT INCOME $ (152,988) $ (163,962) $ (110,225) $ (103,285)
- -------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM OPERATIONS $ (1,872,247) $ (1,953,466) $ (510,313) $ (485,093)
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
38
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED MAY 31, 2004
<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
- ---------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 3,893,884 $ 2,315,282 $ 1,423,296 $ 1,131,405
Net realized gain (loss) on investment transactions
and financial futures contracts (756,554) (498,634) 1,101,298 (26,025)
Net change in unrealized appreciation (depreciation)
on investments and financial futures contracts (3,862,041) (2,442,635) (3,076,696) (1,452,237)
Distributions to preferred shareholders from net
investment income (259,172) (161,968) (74,872) (81,396)
- ---------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM OPERATIONS $ (983,883) $ (787,955) $ (626,974) $ (428,253)
- ---------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareholders --
From net investment income $ (3,671,269) $ (2,196,918) $ (1,367,770) $ (1,083,672)
- ---------------------------------------------------------------------------------------------------------------------------------
Capital share transactions --
Reinvestment of distributions to common shareholders $ -- 36,497 $ 193,993 $ 103,683
- ---------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS $ -- 36,497 $ 193,993 $ 103,683
- ---------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (4,655,152) $ (2,948,376) $ (1,800,751) $ (1,408,242)
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES
At beginning of period $ 109,991,254 $ 65,902,412 $ 41,035,207 $ 31,963,228
- ---------------------------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 105,336,102 $ 62,954,036 $ 39,234,456 $ 30,554,986
- ---------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED NET
INVESTMENT INCOME INCLUDED IN NET
ASSETS APPLICABLE TO COMMON SHARES
AT END OF PERIOD $ 1,396,488 $ 852,693 $ 563,659 $ 387,485
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
39
<Page>
FOR THE SIX MONTHS ENDED MAY 31, 2004
<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
- -------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 2,487,098 $ 3,013,090 $ 1,532,450 $ 1,439,843
Net realized gain (loss) on investment transactions
and financial futures contracts 1,638,691 2,798,033 (354,450) (224,991)
Net change in unrealized appreciation (depreciation)
on investments and financial futures contracts (5,845,048) (7,600,627) (1,578,088) (1,596,660)
Distributions to preferred shareholders
from net investment income (152,988) (163,962) (110,225) (103,285)
- -------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM OPERATIONS $ (1,872,247) $ (1,953,466) $ (510,313) $ (485,093)
- -------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareholders --
From net investment income $ (2,447,260) $ (2,787,377) $ (1,418,286) $ (1,343,463)
- -------------------------------------------------------------------------------------------------------------------------------
Capital share transactions --
Reinvestment of distributions to common shareholders $ 234,008 $ -- $ 99,520 $ 115,392
- -------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS $ 234,008 $ -- $ 99,520 $ 115,392
- -------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (4,085,499) $ (4,740,843) $ (1,829,079) $ (1,713,164)
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES
At beginning of period $ 69,500,450 $ 84,744,229 $ 42,303,538 $ 40,669,901
- -------------------------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 65,414,951 $ 80,003,386 $ 40,474,459 $ 38,956,737
- -------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED NET
INVESTMENT INCOME INCLUDED IN NET
ASSETS APPLICABLE TO COMMON SHARES
AT END OF PERIOD $ 830,992 $ 1,128,436 $ 583,867 $ 666,871
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
40
<Page>
FOR THE YEAR ENDED NOVEMBER 30, 2003
<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
- ---------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 7,746,314 $ 4,645,253 $ 2,894,337 $ 2,284,352
Net realized gain (loss) on investment transactions
and financial futures contracts (50,699) 321,597 475,279 (522,224)
Net change in unrealized appreciation (depreciation)
on investments and financial futures contracts 4,995,119 2,962,320 2,136,914 2,199,007
Distributions to preferred shareholders from
net investment income (490,647) (321,534) (186,866) (150,383)
- ---------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 12,200,087 $ 7,607,636 $ 5,319,664 $ 3,810,752
- ---------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareholders --
From net investment income $ (6,911,900) $ (4,215,934) $ (2,579,286) $ (2,053,986)
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (6,911,900) $ (4,215,934) $ (2,579,286) $ (2,053,986)
- ---------------------------------------------------------------------------------------------------------------------------------
Capital share transactions --
Reinvestment of distributions to common shareholders $ -- $ 208,467 $ 500,292 $ 142,090
- ---------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS $ -- $ 208,467 $ 500,292 $ 142,090
- ---------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 5,288,187 $ 3,600,169 $ 3,240,670 $ 1,898,856
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES
At beginning of year $ 104,703,067 $ 62,302,243 $ 37,794,537 $ 30,064,372
- ---------------------------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 109,991,254 $ 65,902,412 $ 41,035,207 $ 31,963,228
- ---------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED NET
INVESTMENT INCOME INCLUDED IN NET
ASSETS APPLICABLE TO COMMON SHARES
AT END OF YEAR $ 1,433,045 $ 896,297 $ 583,005 $ 421,148
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
41
<Page>
FOR THE YEAR ENDED NOVEMBER 30, 2003
<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
- -------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 5,105,052 $ 5,933,440 $ 3,041,093 $ 2,907,709
Net realized gain (loss) on investment transactions
and financial futures contracts (484,005) 1,336,457 260,447 45,691
Net change in unrealized appreciation (depreciation)
on investments and financial futures contracts 5,507,623 3,662,367 2,281,037 2,311,357
Distributions to preferred shareholders from
net investment income (323,091) (363,142) (215,153) (214,431)
- -------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 9,805,579 $ 10,569,122 $ 5,367,424 $ 5,050,326
- -------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareholders --
From net investment income $ (4,638,616) $ (5,495,212) $ (2,796,900) $ (2,517,299)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (4,638,616) $ (5,495,212) $ (2,796,900) $ (2,517,299)
- -------------------------------------------------------------------------------------------------------------------------------
Capital share transactions --
Reinvestment of distributions to common shareholders $ 530,236 $ 81,456 $ 225,669 $ 109,497
- -------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS $ 530,236 $ 81,456 $ 225,669 $ 109,497
- -------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 5,697,199 $ 5,155,366 $ 2,796,193 $ 2,642,524
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES
At beginning of year $ 63,803,251 $ 79,588,863 $ 39,507,345 $ 38,027,377
- -------------------------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 69,500,450 $ 84,744,229 $ 42,303,538 $ 40,669,901
- -------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED NET
INVESTMENT INCOME INCLUDED IN NET
ASSETS APPLICABLE TO COMMON SHARES
AT END OF YEAR $ 944,142 $ 1,066,685 $ 579,928 $ 673,776
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
42
<Page>
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, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period
(Common shares) $ 15.320 $ 14.590 $ 14.410 $ 13.210 $ 11.630 $ 15.000
- -------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.543 $ 1.079 $ 1.069 $ 1.035 $ 1.008 $ 0.773
Net realized and unrealized gain (loss) (0.635) 0.682 0.155 1.120 1.576 (3.322)
Distributions to preferred shareholders
from net investment income (0.036) (0.068) (0.110) (0.222) (0.279) (0.186)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.128) $ 1.693 $ 1.114 $ 1.933 $ 2.305 $ (2.735)
- -------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (0.512) $ (0.963) $ (0.934) $ (0.733) $ (0.725) $ (0.510)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.512) $ (0.963) $ (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) $ 14.680 $ 15.320 $ 14.590 $ 14.410 $ 13.210 $ 11.630
- -------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD (COMMON
SHARES) $ 14.110 $ 14.950 $ 13.660 $ 14.320 $ 11.688 $ 11.438
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) (2.33)% 17.06% 1.84% 29.65% 8.79% (20.70)%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
43
<Page>
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
CALIFORNIA TRUST
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(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) $ 105,336 $ 109,991 $ 104,703 $ 102,664 $ 94,049 $ 82,333
Ratios (As a percentage of average net
assets applicable to common shares):
Net expenses(5) 1.76%(6) 1.78% 1.82% 1.83% 1.99% 1.66%(6)
Net expenses after custodian fee
reduction(5) 1.76%(6) 1.78% 1.80% 1.76% 1.92% 1.60%(6)
Net investment income(5) 7.07%(6) 7.17% 7.44% 7.32% 8.43% 6.83%(6)
Portfolio Turnover 2% 9% 11% 47% 29% 146%
+ The expenses of the Trust may reflect a voluntary 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) 1.15% 1.16% 1.15% 1.17% 1.06%(6)
Net expenses after custodian fee
reduction 1.15%(6) 1.15% 1.15% 1.11% 1.13% 1.02%(6)
Net investment income 4.60%(6) 4.64% 4.73% 4.62% 4.97% 4.37%(6)
+ The expenses of the Trust may reflect a voluntary 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 2,360
Asset coverage per preferred share(7) $ 69,636 $ 71,608 $ 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 $ 25,000
Approximate market value per preferred
share(8) $ 25,000 $ 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 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
44
<Page>
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
FLORIDA TRUST
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period
(Common shares) $ 15.530 $ 14.730 $ 14.340 $ 13.070 $ 11.770 $ 15.000
- -------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.545 $ 1.096 $ 1.103 $ 1.056 $ 1.028 $ 0.779
Net realized and unrealized gain (loss) (0.689) 0.775 0.358 1.162 1.318 (3.180)
Distributions to preferred shareholders
from net investment income (0.038) (0.076) (0.118) (0.243) (0.338) (0.200)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.182) $ 1.795 $ 1.343 $ 1.975 $ 2.008 $ (2.601)
- -------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (0.518) $ (0.995) $ (0.953) $ (0.705) $ (0.708) $ (0.502)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.518) $ (0.995) $ (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) $ 14.830 $ 15.530 $ 14.730 $ 14.340 $ 13.070 $ 11.770
- -------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD (COMMON
SHARES) $ 13.800 $ 15.455 $ 14.400 $ 13.380 $ 10.500 $ 10.438
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) (7.59)% 14.67% 15.18% 34.91% 7.20% (27.62)%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
45
<Page>
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
FLORIDA TRUST
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(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) $ 62,954 $ 65,902 $ 62,302 $ 60,646 $ 55,296 $ 49,715
Ratios (As a percentage of average net
assets applicable to common shares):
Net expenses(5) 1.82%(6) 1.83% 1.87% 1.90% 1.99% 1.74%(6)
Net expenses after custodian fee
reduction(5) 1.82%(6) 1.82% 1.86% 1.82% 1.91% 1.68%(6)
Net investment income(5) 7.05%(6) 7.20% 7.61% 7.46% 8.59% 6.89%(6)
Portfolio Turnover 1% 15% 14% 24% 20% 101%
+ The expenses of the Trust may reflect a voluntary 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 1.18%(6) 1.18% 1.18% 1.19% 1.16% 1.11%(6)
Net expenses after custodian fee
reduction 1.18%(6) 1.18% 1.18% 1.14% 1.12% 1.07%(6)
Net investment income 4.58%(6) 4.64% 4.82% 4.68% 5.05% 4.39%(6)
+ The expenses of the Trust may reflect a voluntary 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 1,420
Asset coverage per preferred share(7) $ 69,338 $ 71,412 $ 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 $ 25,000
Approximate market value per preferred
share(8) $ 25,000 $ 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 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
46
<Page>
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
MASSACHUSETTS TRUST
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period
(Common shares) $ 15.380 $ 14.350 $ 14.110 $ 12.530 $ 11.470 $ 15.000
- -------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.532 $ 1.091 $ 1.065 $ 1.044 $ 1.008 $ 0.779
Net realized and unrealized gain (loss) (0.732) 0.982 0.218 1.486 1.058 (3.479)
Distributions to preferred shareholders
from net investment income (0.028) (0.070) (0.106) (0.227) (0.286) (0.192)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.228) $ 2.003 $ 1.177 $ 2.303 $ 1.780 $ (2.892)
- -------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (0.512) $ (0.973) $ (0.937) $ (0.723) $ (0.720) $ (0.510)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.512) $ (0.973) $ (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) $ 14.640 $ 15.380 $ 14.350 $ 14.110 $ 12.530 $ 11.470
- -------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD (COMMON
SHARES) $ 14.550 $ 15.400 $ 15.510 $ 14.370 $ 10.813 $ 11.438
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) (2.31)% 5.91% 15.16% 40.54% 0.69% (20.68)%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
47
<Page>
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
MASSACHUSETTS TRUST
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(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) $ 39,234 $ 41,035 $ 37,795 $ 36,634 $ 32,501 $ 29,458
Ratios (As a percentage of average net
assets applicable to common shares):
Net expenses(5) 1.85%(6) 1.86% 1.97% 1.97% 2.17% 1.98%(6)
Net expenses after custodian fee
reduction(5) 1.84%(6) 1.86% 1.94% 1.88% 2.09% 1.91%(6)
Net investment income(5) 6.97%(6) 7.27% 7.55% 7.60% 8.80% 6.93%(6)
Portfolio Turnover 23% 26% 7% 13% 32% 111%
+ The expenses of the Trust may reflect a voluntary 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 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 1.22%(6) 1.21% 1.24% 1.23% 1.26% 1.26%(6)
Net expenses after custodian fee reduction 1.21%(6) 1.21% 1.22% 1.17% 1.21% 1.21%(6)
Net investment income 4.57%(6) 4.72% 4.77% 4.74% 5.10% 4.41%(6)
+ The expenses of the Trust may reflect a voluntary reduction of the investment
advisor 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 860 860 860 860 860 860
Asset coverage per preferred share(7) $ 70,623 $ 72,719 $ 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 $ 25,000
Approximate market value per preferred
share(8) $ 25,000 $ 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
48
<Page>
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
MICHIGAN TRUST
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period
(Common shares) $ 15.240 $ 14.400 $ 14.490 $ 13.060 $ 11.840 $ 15.000
- -------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.539 $ 1.092 $ 1.085 $ 1.045 $ 0.996 $ 0.771
Net realized and unrealized gain (loss) (0.704) 0.802 (0.109) 1.317 1.250 (3.111)
Distributions to preferred shareholders
from net investment income (0.039) (0.072) (0.113) (0.242) (0.321) (0.191)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.204) $ 1.822 $ 0.863 $ 2.120 $ 1.925 $ (2.531)
- -------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (0.516) $ (0.982) $ (0.953) $ (0.690) $ (0.705) $ (0.500)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.516) $ (0.982) $ (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) $ 14.520 $ 15.240 $ 14.400 $ 14.490 $ 13.060 $ 11.840
- -------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD (COMMON
SHARES) $ 15.240 $ 15.635 $ 13.940 $ 13.000 $ 10.438 $ 10.875
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 0.82% 19.82% 14.72% 31.69% 2.30% (24.66)%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
49
<Page>
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
MICHIGAN TRUST
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(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) $ 30,555 $ 31,963 $ 30,064 $ 30,213 $ 27,233 $ 24,691
Ratios (As a percentage of average net
assets applicable to common shares):
Net expenses(5) 1.98%(6) 1.97% 2.00% 1.99% 2.18% 1.78%(6)
Net expenses after custodian fee
reduction(5) 1.98%(6) 1.97% 1.99% 1.90% 2.09% 1.71%(6)
Net investment income(5) 7.10%(6) 7.31% 7.54% 7.36% 8.34% 6.77%(6)
Portfolio Turnover 2% 8% 13% 33% 18% 90%
+ The expenses of the Trust may reflect a voluntary 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 1.28%(6) 1.26% 1.27% 1.25% 1.27% 1.14%(6)
Net expenses after custodian fee
reduction 1.28%(6) 1.26% 1.26% 1.19% 1.22% 1.09%(6)
Net investment income 4.59%(6) 4.69% 4.76% 4.63% 4.90% 4.33%(6)
+ The expenses of the Trust may reflect a voluntary 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 700 700 700 700 700 700
Asset coverage per preferred share(7) $ 68,654 $ 70,664 $ 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 $ 25,000
Approximate market value per preferred
share(8) $ 25,000 $ 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
50
<Page>
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, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period
(Common shares) $ 15.190 $ 14.060 $ 13.880 $ 12.680 $ 11.720 $ 15.000
- -------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.543 $ 1.120 $ 1.098 $ 1.057 $ 1.012 $ 0.778
Net realized and unrealized gain (loss) (0.916) 1.099 0.163 1.089 0.977 (3.235)
Distributions to preferred shareholders
from net investment income (0.033) (0.071) (0.105) (0.234) (0.324) (0.195)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.406) $ 2.148 $ 1.156 $ 1.912 $ 1.665 $ (2.652)
- -------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (0.534) $ (1.018) $ (0.976) $ (0.712) $ (0.705) $ (0.500)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.534) $ (1.018) $ (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) $ 14.250 $ 15.190 $ 14.060 $ 13.880 $ 12.680 $ 11.720
- -------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD (COMMON
SHARES) $ 14.240 $ 15.415 $ 14.400 $ 13.340 $ 10.750 $ 10.875
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) (4.30)% 14.75% 15.70% 31.34% 5.28% (24.64)%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
51
<Page>
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, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(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) $ 65,415 $ 69,500 $ 63,803 $ 62,237 $ 56,883 $ 52,490
Ratios (As a percentage of average net
assets applicable to common shares):
Net expenses(5) 1.83%(6) 1.84% 1.89% 1.95% 2.08% 1.67%(6)
Net expenses after custodian fee
reduction(5) 1.83%(6) 1.84% 1.88% 1.90% 2.00% 1.61%(6)
Net investment income(5) 7.19%(6) 7.64% 7.80% 7.64% 8.64% 6.83%(6)
Portfolio Turnover 17% 28% 25% 35% 54% 114%
+ The expenses of the Trust may reflect a voluntary 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 to
preferred shares are as follows:
Ratios (As a percentage of average total
net assets):
Net expenses 1.18%(6) 1.18% 1.19% 1.21% 1.21% 1.07%(6)
Net expenses after custodian fee
reduction 1.18%(6) 1.18% 1.18% 1.18% 1.16% 1.03%(6)
Net investment income 4.64%(6) 4.87% 4.88% 4.74% 5.01% 4.35%(6)
+ The expenses of the Trust may reflect a voluntary reduction of the investment
adviser fee. Had such action not been taken, the rations 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 1,520
Asset coverage per preferred share(7) $ 68,036 $ 70,724 $ 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 $ 25,000
Approximate market value per preferred
share(8) $ 25,000 $ 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 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 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
52
<Page>
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, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period
(Common shares) $ 15.810 $ 14.860 $ 14.280 $ 13.020 $ 11.800 $ 15.000
- -------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.562 $ 1.108 $ 1.114 $ 1.057 $ 1.002 $ 0.781
Net realized and unrealized gain (loss) (0.891) 0.936 0.553 1.150 1.239 (3.153)
Distributions to preferred shareholders
from net investment income (0.031) (0.068) (0.103) (0.220) (0.301) (0.191)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.360) $ 1.976 $ 1.564 $ 1.987 $ 1.940 $ (2.563)
- -------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (0.520) $ (1.026) $ (0.984) $ (0.727) $ (0.720) $ (0.510)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.520) $ (1.026) $ (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) $ 14.930 $ 15.810 $ 14.860 $ 14.280 $ 13.020 $ 11.800
- -------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD (COMMON
SHARES) $ 14.000 $ 15.460 $ 13.990 $ 14.050 $ 10.750 $ 10.813
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) (6.31)% 18.34% 6.56% 38.30% 5.90% (25.00)%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
53
<Page>
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, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(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) $ 80,003 $ 84,744 $ 79,589 $ 75,658 $ 69,023 $ 62,327
Ratios (As a percentage of average net
assets applicable to common shares):
Net expenses(5) 1.76%(6) 1.77% 1.86% 1.88% 2.03% 1.65%(6)
Net expenses after custodian fee
reduction(5) 1.76%(6) 1.77% 1.86% 1.86% 1.95% 1.59%(6)
Net investment income(5) 7.13%(6) 7.21% 7.64% 7.45% 8.33% 6.86%(6)
Portfolio Turnover 21% 19% 8% 21% 36% 139%
+ The expenses of the Trust may reflect a voluntary 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 1.16%(6) 1.15% 1.18% 1.19% 1.20% 1.05%(6)
Net expenses after custodian fee
reduction 1.16%(6) 1.15% 1.18% 1.17% 1.15% 1.01%(6)
Net investment income 4.67%(6) 4.68% 4.84% 4.68% 4.91% 4.38%(6)
+ The expenses of the Trust may reflect a voluntary 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 1,780
Asset coverage per preferred share(7) $ 69,949 $ 72,603 $ 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 $ 25,000
Approximate market value per preferred
share(8) $ 25,000 $ 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
54
<Page>
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
OHIO TRUST
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period
(Common shares) $ 15.070 $ 14.150 $ 14.070 $ 12.820 $ 11.910 $ 15.000
- -------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.545 $ 1.083 $ 1.107 $ 1.068 $ 1.028 $ 0.772
Net realized and unrealized gain (loss) (0.691) 0.913 0.036 1.134 0.930 (3.035)
Distributions to preferred shareholders
from net investment income (0.039) (0.077) (0.109) (0.242) (0.335) (0.197)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.185) $ 1.919 $ 1.034 $ 1.960 $ 1.623 $ (2.460)
- -------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (0.505) $ (0.999) $ (0.954) $ (0.710) $ (0.713) $ (0.502)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.505) $ (0.999) $ (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) $ 14.380 $ 15.070 $ 14.150 $ 14.070 $ 12.820 $ 11.910
- -------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD (COMMON
SHARES) $ 14.370 $ 15.715 $ 14.730 $ 13.620 $ 11.375 $ 11.250
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) (5.46)% 14.12% 15.59% 26.39% 7.55% (22.06)%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
55
<Page>
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
OHIO TRUST
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(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) $ 40,474 $ 42,304 $ 39,507 $ 39,072 $ 35,613 $ 33,049
Ratios (As a percentage of average net
assets applicable to common shares):
Net expenses(5) 1.90%(6) 1.90% 1.96% 1.99% 2.08% 1.84%(6)
Net expenses after custodian fee
reduction(5) 1.90%(6) 1.88% 1.87% 1.90% 2.01% 1.77%(6)
Net investment income(5) 7.23%(6) 7.37% 7.84% 7.69% 8.56% 6.74%(6)
Portfolio Turnover 3% 23% 8% 26% 26% 136%
+ The expenses of the Trust may reflect a voluntary 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 1.22%(6) 1.21% 1.23% 1.24% 1.22% 1.17%(6)
Net expenses after custodian fee
reduction 1.22%(6) 1.20% 1.17% 1.18% 1.18% 1.13%(6)
Net investment income 4.65%(6) 4.69% 4.91% 4.78% 5.02% 4.31%(6)
+ The expenses of the Trust may reflect a voluntary reduction of the investment
advisor 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 940 940 940 940 940 940
Asset coverage per preferred share(7) $ 68,062 $ 70,007 $ 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 $ 25,000
Approximate market value per preferred
share(8) $ 25,000 $ 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
56
<Page>
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
PENNSYLVANIA TRUST
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period
(Common shares) $ 15.210 $ 14.260 $ 14.160 $ 12.960 $ 11.840 $ 15.000
- -------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.537 $ 1.089 $ 1.059 $ 1.015 $ 1.013 $ 0.780
Net realized and unrealized gain (loss) (0.677) 0.884 0.039 1.107 1.147 (3.108)
Distributions to preferred shareholders
from net investment income (0.039) (0.080) (0.111) (0.244) (0.332) (0.201)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.179) $ 1.893 $ 0.987 $ 1.878 $ 1.828 $ (2.529)
- -------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (0.501) $ (0.943) $ (0.887) $ (0.678) $ (0.708) $ (0.502)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.501) $ (0.943) $ (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) $ 14.530 $ 15.210 $ 14.260 $ 14.160 $ 12.960 $ 11.840
- -------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD (COMMON
SHARES) $ 14.000 $ 15.980 $ 13.960 $ 12.750 $ 10.625 $ 10.750
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) (9.41)% 22.05% 16.77% 26.88% 5.29% (25.50)%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
57
<Page>
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
PENNSYLVANIA TRUST
---------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED NOVEMBER 30,
MAY 31, 2004 -----------------------------------------------------------
(UNAUDITED)(1) 2003(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) $ 38,957 $ 40,670 $ 38,027 $ 37,723 $ 34,514 $ 31,543
Ratios (As a percentage of average net
assets applicable to common shares):
Net expenses(5) 1.93%(6) 1.92% 1.95% 1.97% 1.95% 1.77%(6)
Net expenses after custodian fee
reduction(5) 1.93%(6) 1.92% 1.95% 1.94% 1.86% 1.70%(6)
Net investment income(5) 7.09%(6) 7.35% 7.48% 7.26% 8.46% 6.85%(6)
Portfolio Turnover 1% 6% 20% 34% 19% 79%
+ The expenses of the Trust may reflect a voluntary 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 1.24%(6) 1.23% 1.22% 1.23% 1.14% 1.13%(6)
Net expenses after custodian fee
reduction 1.24%(6) 1.23% 1.22% 1.20% 1.09% 1.08%(6)
Net investment income 4.56%(6) 4.69% 4.68% 4.53% 4.96% 4.37%(6)
+ The expenses of the Trust may reflect a voluntary 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 900 900 900 900 900 900
Asset coverage per preferred share(7) $ 68,285 $ 70,193 $ 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 $ 25,000
Approximate market value per preferred
share(8) $ 25,000 $ 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
58
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS as of May 31, 2004
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 provide
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. Taxable obligations, if any, for
which price quotations are readily available are normally valued at the mean
between the latest bid and asked prices. Futures contracts and options on
futures contracts listed on commodity exchanges are valued at closing
settlement prices. Over-the-counter options on futures contracts are normally
valued at the mean between the latest bid and asked prices. Short-term
obligations, maturing in sixty days or less, are valued at amortized cost,
which approximates value. Investments for which valuations or market
quotations are not readily available 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, 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,
2003, 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 $ 2,239,451 November 30, 2008
5,832,093 November 30, 2007
Florida 160,909 November 30, 2009
1,777,536 November 30, 2008
1,207,714 November 30, 2007
Massachusetts 343,176 November 30, 2010
39,627 November 30, 2009
1,739,252 November 30, 2008
950,140 November 30, 2007
Michigan 443,883 November 30, 2011
475,985 November 30, 2010
165,469 November 30, 2009
624,509 November 30, 2008
1,193,621 November 30, 2007
New Jersey 177,350 November 30, 2011
262,308 November 30, 2009
3,178,038 November 30, 2008
4,271,328 November 30, 2007
New York 70,059 November 30, 2009
1,920,646 November 30, 2008
3,885,856 November 30, 2007
Ohio 850,745 November 30, 2009
643,577 November 30, 2008
1,531,618 November 30, 2007
</Table>
59
<Page>
<Table>
<Caption>
TRUST AMOUNT EXPIRES
--------------------------------------------------------
Pennsylvania $ 41,331 November 30, 2010
844,973 November 30, 2009
807,118 November 30, 2008
1,395,577 November 30, 2007
</Table>
In addition, each Trust intends to satisfy conditions which will enable it to
designate distributions from the interest 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 INDEMNIFICATIONS -- Under each Trust's organizational documents, its
officers and Trustees may be indemnified against certain liabilities and
expenses arising out of the performance of their duties to each Trust and
shareholders are indemnified against personal liability for the obligations
of each Trust. Additionally, in the normal course of business, each Trust
enters into agreements with service providers that may contain
indemnification clauses. Each Trust's maximum exposure under these
arrangements is unknown as this would involve future claims that may be made
against each Trust that have not yet occurred.
I 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.
J INTERIM FINANCIAL STATEMENTS -- The interim financial statements relating
to May 31, 2004 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, 2004 and
dividend rate ranges for the six months ended May 31, 2004 are as indicated
below:
<Table>
<Caption>
PREFERRED SHARES DIVIDENDS RATE
TRUST ISSUED AND OUTSTANDING RANGES
------------------------------------------------------------
California 2,360 0.40% - 1.40%
Florida 1,420 0.45% - 1.20%
Massachusetts 860 0.36% - 1.05%
Michigan 700 0.60% - 1.25%
New Jersey 1,520 0.40% - 1.10%
New York 1,780 0.40% - 1.20%
Ohio 940 0.45% - 1.20%
Pennsylvania 900 0.45% - 1.28%
</Table>
60
<Page>
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 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 of any
realized capital gains, if any, are made at least annually. 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 Auction
Preferred Shares on May 31, 2004 are listed below. For the six months ended
May 31, 2004, 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
PREFERRED SHAREHOLDERS AVERAGE APS
APS FROM NET INVESTMENT DIVIDEND RATES
DIVIDEND RATES INCOME FOR THE FOR THE
AS OF SIX MONTHS ENDED SIX MONTHS ENDED
TRUST MAY 31, 2004 MAY 31, 2004 MAY 31, 2004
--------------------------------------------------------------------------------
California 0.976% $ 259,172 0.88%
Florida 1.15% 161,968 0.92%
Massachusetts 0.36% 74,872 0.70%
Michigan 1.15% 81,396 0.93%
New Jersey 1.05% 152,988 0.81%
New York 1.15% 163,962 0.74%
Ohio 1.05% 110,225 0.94%
Pennsylvania 1.10% 103,285 0.92%
</Table>
The Trusts 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, 2004, the fee was equivalent to 0.70% (annualized) of each Trust's
average weekly gross assets and amounted to $592,171, $354,279, $218,235,
$172,776, $375,279, $451,800, $230,603, and $221,001, 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, 2004, the administrative fee amounted to $169,192, $101,
222, $62,353 $49,365, $107,223, $129,086, $65,887, and $63,143, for
California Trust, Florida Trust, Massachusetts Trust, Michigan Trust,
New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust,
respectively.
Certain officers and one Trustee of each Trust are officers of the above
organization.
During the six months ended May 31, 2004, New Jersey Trust engaged in a
purchase transaction in the amount of $596,640 with a Portfolio which
utilizes Boston Management and Research, a wholly-owned subsidiary of EVM, as
an investment adviser. This purchase transaction complied with Rule 17a-7
under the Investment Company Act of 1940.
61
<Page>
5 INVESTMENTS
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations for the six months ended May 31, 2004 were as follows:
<Table>
CALIFORNIA TRUST
Purchases $ 4,632,375
Sales 3,087,240
FLORIDA TRUST
Purchases $ 1,021,040
Sales 1,776,575
MASSACHUSETTS TRUST
Purchases $ 14,368,994
Sales 14,154,638
MICHIGAN TRUST
Purchases $ 1,013,151
Sales 833,313
NEW JERSEY TRUST
Purchases $ 19,781,102
Sales 17,552,118
NEW YORK TRUST
Purchases $ 29,621,291
Sales 27,069,472
OHIO
Purchases $ 2,546,006
Sales 1,713,404
PENNSYLVANIA TRUST
Purchases $ 1,005,100
Sales 547,261
</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, 2004, as computed for Federal
income tax purposes, were as follows:
<Table>
CALIFORNIA TRUST
AGGREGATE COST $ 157,196,050
----------------------------------------------------------
Gross unrealized appreciation $ 5,977,047
Gross unrealized depreciation (605,409)
----------------------------------------------------------
NET UNREALIZED APPRECIATION $ 5,371,638
----------------------------------------------------------
FLORIDA TRUST
AGGREGATE COST $ 93,715,431
----------------------------------------------------------
Gross unrealized appreciation $ 3,069,883
Gross unrealized depreciation (979,975)
----------------------------------------------------------
NET UNREALIZED APPRECIATION $ 2,089,908
----------------------------------------------------------
MASSACHUSETTS TRUST
AGGREGATE COST $ 58,287,549
----------------------------------------------------------
Gross unrealized appreciation $ 2,191,711
Gross unrealized depreciation (1,093,726)
----------------------------------------------------------
NET UNREALIZED APPRECIATION $ 1,097,985
----------------------------------------------------------
MICHIGAN TRUST
AGGREGATE COST $ 45,642,673
----------------------------------------------------------
Gross unrealized appreciation $ 2,173,303
Gross unrealized depreciation (343,368)
----------------------------------------------------------
NET UNREALIZED APPRECIATION $ 1,829,935
----------------------------------------------------------
NEW JERSEY TRUST
AGGREGATE COST $ 101,452,779
----------------------------------------------------------
Gross unrealized appreciation $ 4,213,901
Gross unrealized depreciation (1,333,437)
----------------------------------------------------------
NET UNREALIZED APPRECIATION $ 2,880,464
----------------------------------------------------------
</Table>
62
<Page>
<Table>
NEW YORK TRUST
AGGREGATE COST $ 124,415,068
----------------------------------------------------------
Gross unrealized appreciation $ 4,489,688
Gross unrealized depreciation (2,219,792)
----------------------------------------------------------
NET UNREALIZED APPRECIATION $ 2,269,896
----------------------------------------------------------
OHIO
AGGREGATE COST $ 62,067,754
----------------------------------------------------------
Gross unrealized appreciation $ 2,467,257
Gross unrealized depreciation (1,375,137)
----------------------------------------------------------
NET UNREALIZED APPRECIATION $ 1,092,120
----------------------------------------------------------
PENNSYLVANIA TRUST
AGGREGATE COST $ 59,095,576
----------------------------------------------------------
Gross unrealized appreciation $ 2,275,272
Gross unrealized depreciation (895,143)
----------------------------------------------------------
NET UNREALIZED APPRECIATION $ 1,380,129
----------------------------------------------------------
</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>
FLORIDA TRUST
-----------------------------------
SIX MONTHS ENDED
MAY 31, 2004 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2003
-------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan 2,313 13,428
-------------------------------------------------------------------------------
NET INCREASE 2,313 13,428
-------------------------------------------------------------------------------
<Caption>
MASSACHUSETTS TRUST
-----------------------------------
SIX MONTHS ENDED
MAY 31, 2004 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2003
-------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan 12,566 33,291
-------------------------------------------------------------------------------
NET INCREASE 12,566 33,291
-------------------------------------------------------------------------------
<Caption>
MICHIGAN TRUST
-----------------------------------
SIX MONTHS ENDED
MAY 31, 2004 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2003
-------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan 6,793 9,339
-------------------------------------------------------------------------------
NET INCREASE 6,793 9,339
-------------------------------------------------------------------------------
<Caption>
NEW JERSEY TRUST
-----------------------------------
SIX MONTHS ENDED
MAY 31, 2004 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2003
-------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan 15,149 36,133
-------------------------------------------------------------------------------
NET INCREASE 15,149 36,133
-------------------------------------------------------------------------------
<Caption>
NEW YORK TRUST
-----------------------------------
SIX MONTHS ENDED
MAY 31, 2004 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2003
-------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan -- 5,262
-------------------------------------------------------------------------------
NET INCREASE -- 5,262
-------------------------------------------------------------------------------
<Caption>
OHIO
-----------------------------------
SIX MONTHS ENDED
MAY 31, 2004 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2003
-------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan 6,440 15,227
-------------------------------------------------------------------------------
NET INCREASE 6,440 15,227
-------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA TRUST
-----------------------------------
SIX MONTHS ENDED
MAY 31, 2004 YEAR ENDED
(UNAUDITED) NOVEMBER 30, 2003
-------------------------------------------------------------------------------
Shares issued pursuant to the Trust's
dividend reinvestment plan 7,358 7,289
-------------------------------------------------------------------------------
NET INCREASE 7,358 7,289
-------------------------------------------------------------------------------
</Table>
63
<Page>
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.
A summary of obligations under these financial instruments at May 31, 2004 is
as follows:
<Table>
<Caption>
EXPIRATION NET UNREALIZED
TRUST DATE CONTRACTS POSITION APPRECIATION
---------------------------------------------------------------------------------------
California 6/04 305 U.S. Treasury Bond Short $ 1,369,641
Florida 6/04 185 U.S. Treasury Bond Short 763,589
Massachusetts 9/04 140 U.S Treasury Bond Short 43,155
Michigan 6/04 108 U.S. Treasury Bond Short 91,086
New Jersey 9/04 240 U.S Treasury Bond Short 73,980
New York 6/04 210 U.S. Treasury Bond Short 252,004
Ohio 6/04 90 U.S. Treasury Bond Short 467,196
Pennsylvania 6/04 120 U.S. Treasury Bond Short 503,162
</Table>
At May 31, 2004, each 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 19, 2004. The
following action was taken by the shareholders of each Trust:
ITEM 1: The election of James B. Hawkes and Samuel L. Hayes, III as Class II
Trustees of the Trust for a three-year term expiring in 2007. Mr. Hayes was
designated the Nominee to be elected solely by APS shareholders:
<Table>
<Caption>
NOMINEE FOR CLASS II NOMINEE FOR CLASS II
TRUSTEE ELECTED BY TRUSTEE ELECTED BY
APS SHAREHOLDERS: ALL SHAREHOLDERS:
TRUST SAMUEL L. HAYES, III JAMES B. HAWKES
----------------------------------------------------------------------------
California Trust
For 2,323 6,813,939
Withheld 2 113,910
Florida Trust
For 1,386 3,950,805
Withheld 1 40,903
Massachusetts Trust
For 704 2,430,446
Withheld 39 16,607
Michigan Trust
For 673 1,985,764
Withheld 0 22,039
New Jersey Trust
For 1,366 4,436,504
Withheld 16 42,326
New York Trust
For 1,773 5,013,318
Withheld 4 38,598
Ohio Trust
For 801 2,368,421
Withheld 18 25,605
Pennsylvania Trust
For 778 2,566,363
Withheld 1 19,137
</Table>
64
<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.
65
<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.
--------------------------------------------------
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.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH 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
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, 2004 our records indicate that there are 67, 49, 64, 34, 72, 61,
59 and 68 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, 2,100,
1,400, 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>
EATON VANCE MUNICIPAL INCOME TRUSTS
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
Robert B. MacIntosh
Vice President and Portfolio
Manager of Massachusetts
and New Jersey Municipal
Income Trusts
Cynthia J. Clemson
Vice President and Portfolio
Manager of California, Florida
and Pennsylvania Municipal
Income Trusts
William H. Ahern, Jr.
Vice President and Portfolio
Manager of Michigan Municipal
Income Trust
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
TRUSTEES
Samuel L. Hayes, III
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
67
<Page>
THIS PAGE INTENTIONALLY LEFT BLANK
<Page>
THIS PAGE INTENTIONALLY LEFT BLANK
<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 MUNICIPAL INCOME TRUSTS
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
<Page>
147-7/04 CE-MUNISRC
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (investment management
firm). Previously, he served as Executive Vice President and Chief Financial
Officer of United Asset Management Corporation ("UAM") (a holding company owning
institutional investment management firms). Mr. Hayes is the Jacob H. Schiff
Professor of Investment Banking Emeritus of the Harvard University Graduate
School of Business Administration. Mr. Reamer is the President, Chief Executive
Officer and a Director of Asset Management Finance Corp. (a specialty finance
company serving the investment management industry) and is President of Unicorn
Corporation (an investment and financial advisory services company). Formerly,
Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment
management company) and Advisory Director of Berkshire Capital Corporation (an
investment banking firm), Chairman of the Board of UAM and Chairman, President
and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Please see schedule of investments contained in the Report to Stockholders
included under Item 1 of this Form N-CSR.
<Page>
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
The Board of Trustees of the Trust has adopted a proxy voting policy and
procedure (the "Fund Policy"), pursuant to which the Trustees have delegated
proxy voting responsibility to the Fund's investment adviser and adopted the
investment adviser's proxy voting policies and procedures (the "Policies") which
are described below. The Trustees will review the Fund's proxy voting records
from time to time and will annually consider approving the Policies for the
upcoming year. In the event that a conflict of interest arises between the
Fund's shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund, the investment adviser will
generally refrain from voting the proxies related to the companies giving rise
to such conflict until it consults with the Board of the Fund except as
contemplated under the Fund Policy. The Board's Special Committee will instruct
the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company's management to
its shareholders and to align the interests of management with those
shareholders. The investment adviser will generally support company management
on proposals relating to environmental and social policy issues and on matters
regarding the state of organization of the company. On all other matters, the
investment adviser will take management's proposals under advisement but will
consider each matter in light of the guidelines set forth in the Policies.
Except in the instance of routine matters related to corporate administration
which are not expected to have a significant economic impact on the company or
its shareholders (on which the investment adviser will routinely vote with
management), the investment adviser will review each matter on a case-by-case
basis and reserves the right to deviate from the Policies guidelines when it
believes the situation warrants such a deviation. The Policy includes voting
guidelines for matters relating to, among other things, the election of
directors, approval of independent auditors, executive compensation, corporate
structure and anti-takeover defenses. The investment adviser may abstain from
voting from time to time where it determines that the costs associated with
voting a proxy outweighs the benefits derived from exercising the right to vote.
In addition, the investment adviser will monitor situations that may result in a
conflict of interest between the Fund's shareholders and the investment adviser,
the administrator, or any of their affiliates or any affiliate of the Fund by
maintaining a list of significant existing and prospective corporate clients.
The investment adviser's personnel responsible for reviewing and voting proxies
on behalf of the Fund will report any proxy received or expected to be received
from a company included on that list to the investment adviser's general counsel
or chief equity investment officer. The general counsel or chief equity
investment officer will determine if a conflict exists. If a conflict does
exist, the proxy will either be voted strictly in accordance with the Policy or
the investment adviser will seek instruction on how to vote from the Board.
Effective August 31, 2004, information on how the Fund voted proxies relating to
portfolio securities during the 12 month period ended June 30, 2004 [is/will be]
available (1) without charge, upon request, by calling 1-800-262-1122, and (2)
on the Securities and Exchange Commission's website at http://www.sec.gov.
<Page>
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not required in this filing.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Effective February 9, 2004, the Governance Committee of the Board of Trustees
formalized the procedures by which a Fund's shareholders may recommend nominees
to the registrant's Board of Trustees. The Governance Committee shall, when
identifying candidates for the position of Independent Trustee, consider any
such candidate recommended by a shareholder of a Fund if such recommendation
contains sufficient background information concerning the candidate, and is
received in a sufficiently timely manner (and in any event no later than the
date specified for receipt of shareholder proposals in any applicable proxy
statement with respect to a Fund). Shareholders shall be directed to address any
such recommendations to the attention of the Governance Committee, c/o the
Secretary of the Fund.
ITEM 10. 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 changes in the registrant's internal controls over
financial reporting during the period that has materially affected, or is
reasonably likely to materially affect the registrant's internal control over
financial reporting.
ITEM 11. 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 20, 2004
-------------
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 20, 2004
-------------
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 20, 2004
-------------
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (investment management
firm). Previously, he served as Executive Vice President and Chief Financial
Officer of United Asset Management Corporation ("UAM") (a holding company owning
institutional investment management firms). Mr. Hayes is the Jacob H. Schiff
Professor of Investment Banking Emeritus of the Harvard University Graduate
School of Business Administration. Mr. Reamer is the President, Chief Executive
Officer and a Director of Asset Management Finance Corp. (a specialty finance
company serving the investment management industry) and is President of Unicorn
Corporation (an investment and financial advisory services company). Formerly,
Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment
management company) and Advisory Director of Berkshire Capital Corporation (an
investment banking firm), Chairman of the Board of UAM and Chairman, President
and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Please see schedule of investments contained in the Report to Stockholders
included under Item 1 of this Form N-CSR.
<Page>
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
The Board of Trustees of the Trust has adopted a proxy voting policy and
procedure (the "Fund Policy"), pursuant to which the Trustees have delegated
proxy voting responsibility to the Fund's investment adviser and adopted the
investment adviser's proxy voting policies and procedures (the "Policies") which
are described below. The Trustees will review the Fund's proxy voting records
from time to time and will annually consider approving the Policies for the
upcoming year. In the event that a conflict of interest arises between the
Fund's shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund, the investment adviser will
generally refrain from voting the proxies related to the companies giving rise
to such conflict until it consults with the Board of the Fund except as
contemplated under the Fund Policy. The Board's Special Committee will instruct
the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company's management to
its shareholders and to align the interests of management with those
shareholders. The investment adviser will generally support company management
on proposals relating to environmental and social policy issues and on matters
regarding the state of organization of the company. On all other matters, the
investment adviser will take management's proposals under advisement but will
consider each matter in light of the guidelines set forth in the Policies.
Except in the instance of routine matters related to corporate administration
which are not expected to have a significant economic impact on the company or
its shareholders (on which the investment adviser will routinely vote with
management), the investment adviser will review each matter on a case-by-case
basis and reserves the right to deviate from the Policies guidelines when it
believes the situation warrants such a deviation. The Policy includes voting
guidelines for matters relating to, among other things, the election of
directors, approval of independent auditors, executive compensation, corporate
structure and anti-takeover defenses. The investment adviser may abstain from
voting from time to time where it determines that the costs associated with
voting a proxy outweighs the benefits derived from exercising the right to vote.
In addition, the investment adviser will monitor situations that may result in a
conflict of interest between the Fund's shareholders and the investment adviser,
the administrator, or any of their affiliates or any affiliate of the Fund by
maintaining a list of significant existing and prospective corporate clients.
The investment adviser's personnel responsible for reviewing and voting proxies
on behalf of the Fund will report any proxy received or expected to be received
from a company included on that list to the investment adviser's general counsel
or chief equity investment officer. The general counsel or chief equity
investment officer will determine if a conflict exists. If a conflict does
exist, the proxy will either be voted strictly in accordance with the Policy or
the investment adviser will seek instruction on how to vote from the Board.
Effective August 31, 2004, information on how the Fund voted proxies relating to
portfolio securities during the 12 month period ended June 30, 2004 [is/will be]
available (1) without charge, upon request, by calling 1-800-262-1122, and (2)
on the Securities and Exchange Commission's website at http://www.sec.gov.
<Page>
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not required in this filing.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Effective February 9, 2004, the Governance Committee of the Board of Trustees
formalized the procedures by which a Fund's shareholders may recommend nominees
to the registrant's Board of Trustees. The Governance Committee shall, when
identifying candidates for the position of Independent Trustee, consider any
such candidate recommended by a shareholder of a Fund if such recommendation
contains sufficient background information concerning the candidate, and is
received in a sufficiently timely manner (and in any event no later than the
date specified for receipt of shareholder proposals in any applicable proxy
statement with respect to a Fund). Shareholders shall be directed to address any
such recommendations to the attention of the Governance Committee, c/o the
Secretary of the Fund.
ITEM 10. 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 changes in the registrant's internal controls over
financial reporting during the period that has materially affected, or is
reasonably likely to materially affect the registrant's internal control over
financial reporting.
ITEM 11. 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 20, 2004
-------------
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 20, 2004
-------------
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 20, 2004
-------------
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (investment management
firm). Previously, he served as Executive Vice President and Chief Financial
Officer of United Asset Management Corporation ("UAM") (a holding company owning
institutional investment management firms). Mr. Hayes is the Jacob H. Schiff
Professor of Investment Banking Emeritus of the Harvard University Graduate
School of Business Administration. Mr. Reamer is the President, Chief Executive
Officer and a Director of Asset Management Finance Corp. (a specialty finance
company serving the investment management industry) and is President of Unicorn
Corporation (an investment and financial advisory services company). Formerly,
Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment
management company) and Advisory Director of Berkshire Capital Corporation (an
investment banking firm), Chairman of the Board of UAM and Chairman, President
and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Please see schedule of investments contained in the Report to Stockholders
included under Item 1 of this Form N-CSR.
<Page>
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
The Board of Trustees of the Trust has adopted a proxy voting policy and
procedure (the "Fund Policy"), pursuant to which the Trustees have delegated
proxy voting responsibility to the Fund's investment adviser and adopted the
investment adviser's proxy voting policies and procedures (the "Policies") which
are described below. The Trustees will review the Fund's proxy voting records
from time to time and will annually consider approving the Policies for the
upcoming year. In the event that a conflict of interest arises between the
Fund's shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund, the investment adviser will
generally refrain from voting the proxies related to the companies giving rise
to such conflict until it consults with the Board of the Fund except as
contemplated under the Fund Policy. The Board's Special Committee will instruct
the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company's management to
its shareholders and to align the interests of management with those
shareholders. The investment adviser will generally support company management
on proposals relating to environmental and social policy issues and on matters
regarding the state of organization of the company. On all other matters, the
investment adviser will take management's proposals under advisement but will
consider each matter in light of the guidelines set forth in the Policies.
Except in the instance of routine matters related to corporate administration
which are not expected to have a significant economic impact on the company or
its shareholders (on which the investment adviser will routinely vote with
management), the investment adviser will review each matter on a case-by-case
basis and reserves the right to deviate from the Policies guidelines when it
believes the situation warrants such a deviation. The Policy includes voting
guidelines for matters relating to, among other things, the election of
directors, approval of independent auditors, executive compensation, corporate
structure and anti-takeover defenses. The investment adviser may abstain from
voting from time to time where it determines that the costs associated with
voting a proxy outweighs the benefits derived from exercising the right to vote.
In addition, the investment adviser will monitor situations that may result in a
conflict of interest between the Fund's shareholders and the investment adviser,
the administrator, or any of their affiliates or any affiliate of the Fund by
maintaining a list of significant existing and prospective corporate clients.
The investment adviser's personnel responsible for reviewing and voting proxies
on behalf of the Fund will report any proxy received or expected to be received
from a company included on that list to the investment adviser's general counsel
or chief equity investment officer. The general counsel or chief equity
investment officer will determine if a conflict exists. If a conflict does
exist, the proxy will either be voted strictly in accordance with the Policy or
the investment adviser will seek instruction on how to vote from the Board.
Effective August 31, 2004, information on how the Fund voted proxies relating to
portfolio securities during the 12 month period ended June 30, 2004 [is/will be]
available (1) without charge, upon request, by calling 1-800-262-1122, and (2)
on the Securities and Exchange Commission's website at http://www.sec.gov.
<Page>
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not required in this filing.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Effective February 9, 2004, the Governance Committee of the Board of Trustees
formalized the procedures by which a Fund's shareholders may recommend nominees
to the registrant's Board of Trustees. The Governance Committee shall, when
identifying candidates for the position of Independent Trustee, consider any
such candidate recommended by a shareholder of a Fund if such recommendation
contains sufficient background information concerning the candidate, and is
received in a sufficiently timely manner (and in any event no later than the
date specified for receipt of shareholder proposals in any applicable proxy
statement with respect to a Fund). Shareholders shall be directed to address any
such recommendations to the attention of the Governance Committee, c/o the
Secretary of the Fund.
ITEM 10. 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 changes in the registrant's internal controls over
financial reporting during the period that has materially affected, or is
reasonably likely to materially affect the registrant's internal control over
financial reporting.
ITEM 11. 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 20, 2004
-------------
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 20, 2004
-------------
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 20, 2004
-------------
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (investment management
firm). Previously, he served as Executive Vice President and Chief Financial
Officer of United Asset Management Corporation ("UAM") (a holding company owning
institutional investment management firms). Mr. Hayes is the Jacob H. Schiff
Professor of Investment Banking Emeritus of the Harvard University Graduate
School of Business Administration. Mr. Reamer is the President, Chief Executive
Officer and a Director of Asset Management Finance Corp. (a specialty finance
company serving the investment management industry) and is President of Unicorn
Corporation (an investment and financial advisory services company). Formerly,
Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment
management company) and Advisory Director of Berkshire Capital Corporation (an
investment banking firm), Chairman of the Board of UAM and Chairman, President
and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Please see schedule of investments contained in the Report to Stockholders
included under Item 1 of this Form N-CSR.
<Page>
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
The Board of Trustees of the Trust has adopted a proxy voting policy and
procedure (the "Fund Policy"), pursuant to which the Trustees have delegated
proxy voting responsibility to the Fund's investment adviser and adopted the
investment adviser's proxy voting policies and procedures (the "Policies") which
are described below. The Trustees will review the Fund's proxy voting records
from time to time and will annually consider approving the Policies for the
upcoming year. In the event that a conflict of interest arises between the
Fund's shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund, the investment adviser will
generally refrain from voting the proxies related to the companies giving rise
to such conflict until it consults with the Board of the Fund except as
contemplated under the Fund Policy. The Board's Special Committee will instruct
the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company's management to
its shareholders and to align the interests of management with those
shareholders. The investment adviser will generally support company management
on proposals relating to environmental and social policy issues and on matters
regarding the state of organization of the company. On all other matters, the
investment adviser will take management's proposals under advisement but will
consider each matter in light of the guidelines set forth in the Policies.
Except in the instance of routine matters related to corporate administration
which are not expected to have a significant economic impact on the company or
its shareholders (on which the investment adviser will routinely vote with
management), the investment adviser will review each matter on a case-by-case
basis and reserves the right to deviate from the Policies guidelines when it
believes the situation warrants such a deviation. The Policy includes voting
guidelines for matters relating to, among other things, the election of
directors, approval of independent auditors, executive compensation, corporate
structure and anti-takeover defenses. The investment adviser may abstain from
voting from time to time where it determines that the costs associated with
voting a proxy outweighs the benefits derived from exercising the right to vote.
In addition, the investment adviser will monitor situations that may result in a
conflict of interest between the Fund's shareholders and the investment adviser,
the administrator, or any of their affiliates or any affiliate of the Fund by
maintaining a list of significant existing and prospective corporate clients.
The investment adviser's personnel responsible for reviewing and voting proxies
on behalf of the Fund will report any proxy received or expected to be received
from a company included on that list to the investment adviser's general counsel
or chief equity investment officer. The general counsel or chief equity
investment officer will determine if a conflict exists. If a conflict does
exist, the proxy will either be voted strictly in accordance with the Policy or
the investment adviser will seek instruction on how to vote from the Board.
Effective August 31, 2004, information on how the Fund voted proxies relating to
portfolio securities during the 12 month period ended June 30, 2004 [is/will be]
available (1) without charge, upon request, by calling 1-800-262-1122, and (2)
on the Securities and Exchange Commission's website at http://www.sec.gov.
<Page>
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not required in this filing.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Effective February 9, 2004, the Governance Committee of the Board of Trustees
formalized the procedures by which a Fund's shareholders may recommend nominees
to the registrant's Board of Trustees. The Governance Committee shall, when
identifying candidates for the position of Independent Trustee, consider any
such candidate recommended by a shareholder of a Fund if such recommendation
contains sufficient background information concerning the candidate, and is
received in a sufficiently timely manner (and in any event no later than the
date specified for receipt of shareholder proposals in any applicable proxy
statement with respect to a Fund). Shareholders shall be directed to address any
such recommendations to the attention of the Governance Committee, c/o the
Secretary of the Fund.
ITEM 10. 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 changes in the registrant's internal controls over
financial reporting during the period that has materially affected, or is
reasonably likely to materially affect the registrant's internal control over
financial reporting.
ITEM 11. 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 TRUST
By: /S/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 20, 2004
-------------
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 20, 2004
-------------
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 20, 2004
-------------
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (investment management
firm). Previously, he served as Executive Vice President and Chief Financial
Officer of United Asset Management Corporation ("UAM") (a holding company owning
institutional investment management firms). Mr. Hayes is the Jacob H. Schiff
Professor of Investment Banking Emeritus of the Harvard University Graduate
School of Business Administration. Mr. Reamer is the President, Chief Executive
Officer and a Director of Asset Management Finance Corp. (a specialty finance
company serving the investment management industry) and is President of Unicorn
Corporation (an investment and financial advisory services company). Formerly,
Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment
management company) and Advisory Director of Berkshire Capital Corporation (an
investment banking firm), Chairman of the Board of UAM and Chairman, President
and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Please see schedule of investments contained in the Report to Stockholders
included under Item 1 of this Form N-CSR.
<Page>
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
The Board of Trustees of the Trust has adopted a proxy voting policy and
procedure (the "Fund Policy"), pursuant to which the Trustees have delegated
proxy voting responsibility to the Fund's investment adviser and adopted the
investment adviser's proxy voting policies and procedures (the "Policies") which
are described below. The Trustees will review the Fund's proxy voting records
from time to time and will annually consider approving the Policies for the
upcoming year. In the event that a conflict of interest arises between the
Fund's shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund, the investment adviser will
generally refrain from voting the proxies related to the companies giving rise
to such conflict until it consults with the Board of the Fund except as
contemplated under the Fund Policy. The Board's Special Committee will instruct
the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company's management to
its shareholders and to align the interests of management with those
shareholders. The investment adviser will generally support company management
on proposals relating to environmental and social policy issues and on matters
regarding the state of organization of the company. On all other matters, the
investment adviser will take management's proposals under advisement but will
consider each matter in light of the guidelines set forth in the Policies.
Except in the instance of routine matters related to corporate administration
which are not expected to have a significant economic impact on the company or
its shareholders (on which the investment adviser will routinely vote with
management), the investment adviser will review each matter on a case-by-case
basis and reserves the right to deviate from the Policies guidelines when it
believes the situation warrants such a deviation. The Policy includes voting
guidelines for matters relating to, among other things, the election of
directors, approval of independent auditors, executive compensation, corporate
structure and anti-takeover defenses. The investment adviser may abstain from
voting from time to time where it determines that the costs associated with
voting a proxy outweighs the benefits derived from exercising the right to vote.
In addition, the investment adviser will monitor situations that may result in a
conflict of interest between the Fund's shareholders and the investment adviser,
the administrator, or any of their affiliates or any affiliate of the Fund by
maintaining a list of significant existing and prospective corporate clients.
The investment adviser's personnel responsible for reviewing and voting proxies
on behalf of the Fund will report any proxy received or expected to be received
from a company included on that list to the investment adviser's general counsel
or chief equity investment officer. The general counsel or chief equity
investment officer will determine if a conflict exists. If a conflict does
exist, the proxy will either be voted strictly in accordance with the Policy or
the investment adviser will seek instruction on how to vote from the Board.
Effective August 31, 2004, information on how the Fund voted proxies relating to
portfolio securities during the 12 month period ended June 30, 2004 [is/will be]
available (1) without charge, upon request, by calling 1-800-262-1122, and (2)
on the Securities and Exchange Commission's website at http://www.sec.gov.
<Page>
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not required in this filing.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Effective February 9, 2004, the Governance Committee of the Board of Trustees
formalized the procedures by which a Fund's shareholders may recommend nominees
to the registrant's Board of Trustees. The Governance Committee shall, when
identifying candidates for the position of Independent Trustee, consider any
such candidate recommended by a shareholder of a Fund if such recommendation
contains sufficient background information concerning the candidate, and is
received in a sufficiently timely manner (and in any event no later than the
date specified for receipt of shareholder proposals in any applicable proxy
statement with respect to a Fund). Shareholders shall be directed to address any
such recommendations to the attention of the Governance Committee, c/o the
Secretary of the Fund.
ITEM 10. 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 changes in the registrant's internal controls over
financial reporting during the period that has materially affected, or is
reasonably likely to materially affect the registrant's internal control over
financial reporting.
ITEM 11. 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 20, 2004
-------------
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 20, 2004
-------------
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 20, 2004
-------------
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (investment management
firm). Previously, he served as Executive Vice President and Chief Financial
Officer of United Asset Management Corporation ("UAM") (a holding company owning
institutional investment management firms). Mr. Hayes is the Jacob H. Schiff
Professor of Investment Banking Emeritus of the Harvard University Graduate
School of Business Administration. Mr. Reamer is the President, Chief Executive
Officer and a Director of Asset Management Finance Corp. (a specialty finance
company serving the investment management industry) and is President of Unicorn
Corporation (an investment and financial advisory services company). Formerly,
Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment
management company) and Advisory Director of Berkshire Capital Corporation (an
investment banking firm), Chairman of the Board of UAM and Chairman, President
and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Please see schedule of investments contained in the Report to Stockholders
included under Item 1 of this Form N-CSR.
<Page>
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
The Board of Trustees of the Trust has adopted a proxy voting policy and
procedure (the "Fund Policy"), pursuant to which the Trustees have delegated
proxy voting responsibility to the Fund's investment adviser and adopted the
investment adviser's proxy voting policies and procedures (the "Policies") which
are described below. The Trustees will review the Fund's proxy voting records
from time to time and will annually consider approving the Policies for the
upcoming year. In the event that a conflict of interest arises between the
Fund's shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund, the investment adviser will
generally refrain from voting the proxies related to the companies giving rise
to such conflict until it consults with the Board of the Fund except as
contemplated under the Fund Policy. The Board's Special Committee will instruct
the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company's management to
its shareholders and to align the interests of management with those
shareholders. The investment adviser will generally support company management
on proposals relating to environmental and social policy issues and on matters
regarding the state of organization of the company. On all other matters, the
investment adviser will take management's proposals under advisement but will
consider each matter in light of the guidelines set forth in the Policies.
Except in the instance of routine matters related to corporate administration
which are not expected to have a significant economic impact on the company or
its shareholders (on which the investment adviser will routinely vote with
management), the investment adviser will review each matter on a case-by-case
basis and reserves the right to deviate from the Policies guidelines when it
believes the situation warrants such a deviation. The Policy includes voting
guidelines for matters relating to, among other things, the election of
directors, approval of independent auditors, executive compensation, corporate
structure and anti-takeover defenses. The investment adviser may abstain from
voting from time to time where it determines that the costs associated with
voting a proxy outweighs the benefits derived from exercising the right to vote.
In addition, the investment adviser will monitor situations that may result in a
conflict of interest between the Fund's shareholders and the investment adviser,
the administrator, or any of their affiliates or any affiliate of the Fund by
maintaining a list of significant existing and prospective corporate clients.
The investment adviser's personnel responsible for reviewing and voting proxies
on behalf of the Fund will report any proxy received or expected to be received
from a company included on that list to the investment adviser's general counsel
or chief equity investment officer. The general counsel or chief equity
investment officer will determine if a conflict exists. If a conflict does
exist, the proxy will either be voted strictly in accordance with the Policy or
the investment adviser will seek instruction on how to vote from the Board.
Effective August 31, 2004, information on how the Fund voted proxies relating to
portfolio securities during the 12 month period ended June 30, 2004 [is/will be]
available (1) without charge, upon request, by calling 1-800-262-1122, and (2)
on the Securities and Exchange Commission's website at http://www.sec.gov.
<Page>
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not required in this filing.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Effective February 9, 2004, the Governance Committee of the Board of Trustees
formalized the procedures by which a Fund's shareholders may recommend nominees
to the registrant's Board of Trustees. The Governance Committee shall, when
identifying candidates for the position of Independent Trustee, consider any
such candidate recommended by a shareholder of a Fund if such recommendation
contains sufficient background information concerning the candidate, and is
received in a sufficiently timely manner (and in any event no later than the
date specified for receipt of shareholder proposals in any applicable proxy
statement with respect to a Fund). Shareholders shall be directed to address any
such recommendations to the attention of the Governance Committee, c/o the
Secretary of the Fund.
ITEM 10. 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 changes in the registrant's internal controls over
financial reporting during the period that has materially affected, or is
reasonably likely to materially affect the registrant's internal control over
financial reporting.
ITEM 11. 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 20, 2004
-------------
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 20, 2004
-------------
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 20, 2004
-------------
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (investment management
firm). Previously, he served as Executive Vice President and Chief Financial
Officer of United Asset Management Corporation ("UAM") (a holding company owning
institutional investment management firms). Mr. Hayes is the Jacob H. Schiff
Professor of Investment Banking Emeritus of the Harvard University Graduate
School of Business Administration. Mr. Reamer is the President, Chief Executive
Officer and a Director of Asset Management Finance Corp. (a specialty finance
company serving the investment management industry) and is President of Unicorn
Corporation (an investment and financial advisory services company). Formerly,
Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment
management company) and Advisory Director of Berkshire Capital Corporation (an
investment banking firm), Chairman of the Board of UAM and Chairman, President
and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Please see schedule of investments contained in the Report to Stockholders
included under Item 1 of this Form N-CSR.
<Page>
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
The Board of Trustees of the Trust has adopted a proxy voting policy and
procedure (the "Fund Policy"), pursuant to which the Trustees have delegated
proxy voting responsibility to the Fund's investment adviser and adopted the
investment adviser's proxy voting policies and procedures (the "Policies") which
are described below. The Trustees will review the Fund's proxy voting records
from time to time and will annually consider approving the Policies for the
upcoming year. In the event that a conflict of interest arises between the
Fund's shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund, the investment adviser will
generally refrain from voting the proxies related to the companies giving rise
to such conflict until it consults with the Board of the Fund except as
contemplated under the Fund Policy. The Board's Special Committee will instruct
the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company's management to
its shareholders and to align the interests of management with those
shareholders. The investment adviser will generally support company management
on proposals relating to environmental and social policy issues and on matters
regarding the state of organization of the company. On all other matters, the
investment adviser will take management's proposals under advisement but will
consider each matter in light of the guidelines set forth in the Policies.
Except in the instance of routine matters related to corporate administration
which are not expected to have a significant economic impact on the company or
its shareholders (on which the investment adviser will routinely vote with
management), the investment adviser will review each matter on a case-by-case
basis and reserves the right to deviate from the Policies guidelines when it
believes the situation warrants such a deviation. The Policy includes voting
guidelines for matters relating to, among other things, the election of
directors, approval of independent auditors, executive compensation, corporate
structure and anti-takeover defenses. The investment adviser may abstain from
voting from time to time where it determines that the costs associated with
voting a proxy outweighs the benefits derived from exercising the right to vote.
In addition, the investment adviser will monitor situations that may result in a
conflict of interest between the Fund's shareholders and the investment adviser,
the administrator, or any of their affiliates or any affiliate of the Fund by
maintaining a list of significant existing and prospective corporate clients.
The investment adviser's personnel responsible for reviewing and voting proxies
on behalf of the Fund will report any proxy received or expected to be received
from a company included on that list to the investment adviser's general counsel
or chief equity investment officer. The general counsel or chief equity
investment officer will determine if a conflict exists. If a conflict does
exist, the proxy will either be voted strictly in accordance with the Policy or
the investment adviser will seek instruction on how to vote from the Board.
Effective August 31, 2004, information on how the Fund voted proxies relating to
portfolio securities during the 12 month period ended June 30, 2004 [is/will be]
available (1) without charge, upon request, by calling 1-800-262-1122, and (2)
on the Securities and Exchange Commission's website at http://www.sec.gov.
<Page>
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not required in this filing.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Effective February 9, 2004, the Governance Committee of the Board of Trustees
formalized the procedures by which a Fund's shareholders may recommend nominees
to the registrant's Board of Trustees. The Governance Committee shall, when
identifying candidates for the position of Independent Trustee, consider any
such candidate recommended by a shareholder of a Fund if such recommendation
contains sufficient background information concerning the candidate, and is
received in a sufficiently timely manner (and in any event no later than the
date specified for receipt of shareholder proposals in any applicable proxy
statement with respect to a Fund). Shareholders shall be directed to address any
such recommendations to the attention of the Governance Committee, c/o the
Secretary of the Fund.
ITEM 10. 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 changes in the registrant's internal controls over
financial reporting during the period that has materially affected, or is
reasonably likely to materially affect the registrant's internal control over
financial reporting.
ITEM 11. 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 20, 2004
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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 20, 2004
-------------
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 20, 2004
-------------
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (investment management
firm). Previously, he served as Executive Vice President and Chief Financial
Officer of United Asset Management Corporation ("UAM") (a holding company owning
institutional investment management firms). Mr. Hayes is the Jacob H. Schiff
Professor of Investment Banking Emeritus of the Harvard University Graduate
School of Business Administration. Mr. Reamer is the President, Chief Executive
Officer and a Director of Asset Management Finance Corp. (a specialty finance
company serving the investment management industry) and is President of Unicorn
Corporation (an investment and financial advisory services company). Formerly,
Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment
management company) and Advisory Director of Berkshire Capital Corporation (an
investment banking firm), Chairman of the Board of UAM and Chairman, President
and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Please see schedule of investments contained in the Report to Stockholders
included under Item 1 of this Form N-CSR.
<Page>
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
The Board of Trustees of the Trust has adopted a proxy voting policy and
procedure (the "Fund Policy"), pursuant to which the Trustees have delegated
proxy voting responsibility to the Fund's investment adviser and adopted the
investment adviser's proxy voting policies and procedures (the "Policies") which
are described below. The Trustees will review the Fund's proxy voting records
from time to time and will annually consider approving the Policies for the
upcoming year. In the event that a conflict of interest arises between the
Fund's shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund, the investment adviser will
generally refrain from voting the proxies related to the companies giving rise
to such conflict until it consults with the Board of the Fund except as
contemplated under the Fund Policy. The Board's Special Committee will instruct
the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company's management to
its shareholders and to align the interests of management with those
shareholders. The investment adviser will generally support company management
on proposals relating to environmental and social policy issues and on matters
regarding the state of organization of the company. On all other matters, the
investment adviser will take management's proposals under advisement but will
consider each matter in light of the guidelines set forth in the Policies.
Except in the instance of routine matters related to corporate administration
which are not expected to have a significant economic impact on the company or
its shareholders (on which the investment adviser will routinely vote with
management), the investment adviser will review each matter on a case-by-case
basis and reserves the right to deviate from the Policies guidelines when it
believes the situation warrants such a deviation. The Policy includes voting
guidelines for matters relating to, among other things, the election of
directors, approval of independent auditors, executive compensation, corporate
structure and anti-takeover defenses. The investment adviser may abstain from
voting from time to time where it determines that the costs associated with
voting a proxy outweighs the benefits derived from exercising the right to vote.
In addition, the investment adviser will monitor situations that may result in a
conflict of interest between the Fund's shareholders and the investment adviser,
the administrator, or any of their affiliates or any affiliate of the Fund by
maintaining a list of significant existing and prospective corporate clients.
The investment adviser's personnel responsible for reviewing and voting proxies
on behalf of the Fund will report any proxy received or expected to be received
from a company included on that list to the investment adviser's general counsel
or chief equity investment officer. The general counsel or chief equity
investment officer will determine if a conflict exists. If a conflict does
exist, the proxy will either be voted strictly in accordance with the Policy or
the investment adviser will seek instruction on how to vote from the Board.
Effective August 31, 2004, information on how the Fund voted proxies relating to
portfolio securities during the 12 month period ended June 30, 2004 [is/will be]
available (1) without charge, upon request, by calling 1-800-262-1122, and (2)
on the Securities and Exchange Commission's website at http://www.sec.gov.
<Page>
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not required in this filing.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Effective February 9, 2004, the Governance Committee of the Board of Trustees
formalized the procedures by which a Fund's shareholders may recommend nominees
to the registrant's Board of Trustees. The Governance Committee shall, when
identifying candidates for the position of Independent Trustee, consider any
such candidate recommended by a shareholder of a Fund if such recommendation
contains sufficient background information concerning the candidate, and is
received in a sufficiently timely manner (and in any event no later than the
date specified for receipt of shareholder proposals in any applicable proxy
statement with respect to a Fund). Shareholders shall be directed to address any
such recommendations to the attention of the Governance Committee, c/o the
Secretary of the Fund.
ITEM 10. 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 changes in the registrant's internal controls over
financial reporting during the period that has materially affected, or is
reasonably likely to materially affect the registrant's internal control over
financial reporting.
ITEM 11. 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 PENNSYLVANIA MUNICIPAL INCOME TRUST
By: /S/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 20, 2004
-------------
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 20, 2004
-------------
By: /S/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: July 20, 2004
-------------