<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
November 30, 2004
------------------------
Date of Reporting Period
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
November 30, 2004
------------------------
Date of Reporting Period
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
November 30, 2004
------------------------
Date of Reporting Period
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 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
November 30, 2004
-----------------
Date of Reporting Period
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
November 30, 2004
------------------------
Date of Reporting Period
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
November 30, 2004
------------------------
Date of Reporting Period
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
November 30, 2004
------------------------
Date of Reporting Period
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 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
November 30, 2004
-----------------
Date of Reporting Period
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
[EV LOGO]
[GRAPHIC IMAGE]
ANNUAL REPORT NOVEMBER 30, 2004
[GRAPHIC IMAGE]
EATON VANCE MUNICIPAL INCOME TRUSTS
CLOSED-END FUNDS:
CALIFORNIA
FLORIDA
MASSACHUSETTS
MICHIGAN
NEW JERSEY
NEW YORK
OHIO
PENNSYLVANIA
[GRAPHIC IMAGE]
<Page>
PRIVACY NOTICE
The Eaton Vance organization is committed to ensuring your financial privacy.
Each of the financial institutions identified below has in effect the following
policy ("Privacy 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. This may include information such as name, address, social
security, tax status, account balances and transactions.
- 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). In the normal course of servicing a
customer's account, Eaton Vance may share information with unaffiliated third
parties that perform various required services such as transfer agents,
custodians and broker/dealers.
- Policies and procedures (including physical, electronic and procedural
safeguards) are in place that are designed to protect the confidentiality of
such information.
- We reserve the right to change our Privacy Policy at any time upon proper
notification to you. Customers may want to review our Policy periodically for
changes by accessing the link on our homepage: www.eatonvance.com.
Our pledge of privacy applies to the following entities within the Eaton Vance
organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton
Vance Investment Counsel, Boston Management and Research, and Eaton Vance
Distributors, Inc.
In addition, our Privacy Policy only applies to those Eaton Vance customers who
are individuals and who have a direct relationship with us. If a customer's
account (i.e., fund shares) is held in the name of a third-party financial
adviser/broker-dealer, it is likely that only such adviser's privacy policies
apply to the customer. This notice supersedes all previously issued privacy
disclosures.
For more information about Eaton Vance's Privacy Policy, please
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.
Each Fund will file a schedule of its portfolio holdings on Form N-Q with the
Securities and Exchange Commission (the "SEC") for the first and third quarters
of each fiscal year. The Fund's Form N-Q will be available on the Eaton Vance
website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the
EDGAR database on the SEC's website at www.sec.gov. Form N-Q may also be
reviewed and copied at the SEC's public reference room in Washington, D.C. (call
1-800-732-0330 for information on the operation of the public reference room).
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 and information on how the Fund or Portfolio voted proxies relating
to portfolio securities during the 12 month period ended June 30 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 November 30, 2004
LETTER TO SHAREHOLDERS
[PHOTO OF THOMAS J. FETTER]
Thomas J. Fetter
President
The municipal bond market is a center of capital formation for states,
municipalities and, in some cases, private economic initiatives. In this
edition of our continuing educational series, we will discuss industrial
development revenue (IDR) bonds. IDR bonds have long been used as a financing
mechanism by local governments to provide assistance to local employers and
encourage job retention and creation within their communities.
IDR BONDS FINANCE PRIVATE ACTIVITIES THAT BENEFIT THE PUBLIC...
IDR bonds are issued by municipal authorities to finance projects and facilities
used by private corporations. Historically, IDR bonds have represented a
partnership between the private and public sectors - a source of dedicated
funding for companies and a source of job creation in projects beneficial to
local communities. The "Private-Activities" provision of the Tax Reform Act of
1986 permits issuance of tax-exempt bonds for specific activities, including
pollution control; gas and electric service; water distribution; wastewater
systems; solid waste disposal; airports and selected transportation projects;
and other industrial projects.
The Act also placed a cap on the dollar amount that may be raised for IDR bonds
in each state, limiting the amount to $50 per person/per state/per year, with a
$150 million maximum. These limitations provide protection against potential
abuse and ensure that tax-exempt IDR bonds will indeed be issued for projects
that will benefit the public.
IDR BONDS FINANCE UTILITY-RELATED PROJECTS AND OTHER INDUSTRIAL INITIATIVES...
Typically, IDR bond projects provide financing for manufacturing, processing or
utility facilities. Historically, about one-half of these bonds have been issued
to finance pollution control facilities for manufacturers and electric
utilities. As many utilities and manufacturers have been ordered to comply with
stricter environmental and fuel standards, pollution control bonds have helped
finance the retrofits of existing plants. Other IDR bonds have served as
inducements from state and local issuers to locate plants or build new
facilities, in the hope that such construction might generate further economic
growth for a community.
IDR BONDS ARE SECURED BY CORPORATE REVENUES - NOT THOSE OF STATE OR LOCAL
GOVERNMENTS...
IDR bond issues are secured by the credit of the underlying corporation. The
municipal issuing authority acts solely as a conduit to permit tax-exempt
financing. The corporation pledges to make payments sufficient to meet all debt
service obligations. Unlike some revenue issues, IDR bonds are backed by
revenues of the entire corporation, not solely by those of the project being
financed.
Because IDR bonds are backed by corporate revenues and not by the taxing
authority of a state or local jurisdiction, they have historically provided
coupon premiums above those of general obligations and other more traditional
revenue bonds. Bonds may be either collateralized or unsecured. Collateralized
bonds have a lien against the company's assets, which may provide bond holders
enhanced bargaining power in the event of a bankruptcy. Unsecured bonds have
no such lien.
WHILE PROVIDING NEW OPPORTUNITIES, IDR BONDS REQUIRE RIGOROUS ANALYSIS...
While IDR bonds may provide unusual investment opportunities, they also may
entail increased risk, and therefore, demand especially intensive analysis. At
Eaton Vance, we have credit analysts and resources dedicated to IDR bond
research.
IDR bonds represent a key segment of the municipal bond market and should
remain an important source of capital formation. In our view, the experience
and resources needed to evaluate these issues further demonstrates the value of
professional management. We will continue to look for opportunities in this
sector of the municipal market.
Sincerely,
/s/ Thomas J. Fetter
Thomas J. Fetter
President
January 12, 2005
SHARES OF THE TRUSTS ARE NOT INSURED BY THE FDIC AND ARE NOT DEPOSITS OR OTHER
OBLIGATIONS OF, OR GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE
SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL INVESTED.
YIELDS WILL VARY.
2
<Page>
MARKET RECAP
The expansion of the U.S. economy continued throughout the year ended
November 30, 2004, bolstered by the strengthening employment data that emerged
at the end of the fiscal year. One key economic factor during the period was the
surge in gasoline and energy prices, which raised fears that inflation could
re-emerge. Amid those concerns, bond market performance was less robust in the
second half of the year than in the first half.
IN AN UNEVEN ECONOMY, SOME SECTORS GENERATED GROWTH...
The nation's Gross Domestic Product grew by 4.0% in the third quarter of 2004, a
stronger showing than previously estimated, following a 3.3% rise in the second
quarter. Economic activity was uneven, with some segments slowing and others
growing at varying rates. For example, auto sales were impacted by higher gas
prices, with buyers opting for fuel-efficient smaller vehicles over SUVs and
trucks.
Interestingly, manufacturing activity grew stronger, driven by rising demand for
durable goods and capital equipment. Demand for aerospace equipment, steel
products, industrial machinery, and information technology products was
especially strong. Non-durable goods manufacturing, tied more closely to
consumer spending, weakened significantly. The construction sector followed
recent patterns, with residential building on the rise, while commercial
activity lagged.
MEANWHILE, JOB GROWTH HAS GAINED SOME STRENGTH...
The employment picture continued to puzzle many economists throughout the year.
Despite having made significant productivity improvements during the recent
economic downturn, many businesses were slow to return to previous employment
levels. As a result, job gains during the summer and early fall fell short of
expectations. However, reports released in December 2004 brought news of a
surge in new employment, with the number of new jobs rising and the number of
Americans filing initial jobless claims falling. The nation's unemployment rate
fell to 5.4% in November 2004, down from 5.9% a year earlier. A resurgence in
hiring in 2004 would allow for continued consumer spending in the new year, the
key driver in an economy potentially on pace for its strongest rate of growth in
several years.
[CHART]
Municipal bond yields were 94% of Treasury yields
<Table>
30-Year AAA-rated General Obligation (GO) Bonds* 4.71%
Taxable equivalent yield in 35.0% tax bracket 7.25%
30-Year Treasury bond 4.99%
</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
November 30, 2004.
Past performance is no guarantee of future results.
Source: Bloomberg, L.P.
THE FEDERAL RESERVE PUSHED SHORT-TERM INTEREST RATES HIGHER IN 2004...
Amid soaring oil prices and a weaker U.S. dollar - each a potential inflation
threat - the Federal Reserve continued its tighter monetary policy, emphasizing
that it would fight any signs of inflation. After maintaining a stable
interest rate policy for more than a year, the Fed raised its benchmark
Federal Funds rate 5 times since June of 2004, with the fifth increase on
December 15, 2004, pushing the key interest rate to 2.25%.
Following a strong rally in the first half of the year, the municipal bond
market lost some momentum in the second half, as inflation remained a concern
for fixed-income investors. For the year ended November 30, 2004, the Lehman
Brothers Municipal Bond Index had a total return of 4.07%.*
*It is not possible to invest directly in an Index. The Index's total return
does not reflect commissions or expenses that would have been incurred if an
investor individually purchased or sold the securities represented in the
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 THE INVESTMENT ADVISER DISCLAIMS ANY
RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE VIEWS MAY NOT BE RELIED ON AS
INVESTMENT ADVICE AND, BECAUSE INVESTMENT DECISIONS FOR A 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 November 30, 2004
INVESTMENT UPDATE
THE TRUST
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 8.60% for the year ended November 30, 2004. That return was
the result of an increase in share price from $14.95 on November 30, 2003 to
$15.16 on November 30, 2004 and the reinvestment of $1.023 in regular monthly
dividends.(1)
- - Based on net asset value, the Trust had a total return of 5.34% for the year
ended November 30, 2004. That return was the result of a decrease in net
asset value per share from $15.32 on November 30, 2003 to $15.07 on
November 30, 2004, and the reinvestment of all distributions.(1)
- - In comparison, the Lehman Brothers Municipal Bond Index had a total return of
4.07% during the year ended November 30, 2004.(2)
- - Based on the last dividend of the fiscal year and a share price of $15.16,
the Trust had a market yield of 6.75% at November 30, 2004.(3) The Trust's
market yield is equivalent to a taxable yield of 11.45%.(4) The dividend
declared on December 31, 2004, reflects a reduction of the monthly dividend
of $0.005 per share.
[CHART]
RATING DISTRIBUTION(5)
By total investments
<Table>
AAA 58.1%
AA 3.6%
A 15.9%
BBB 7.2%
Non-Rated 15.2%
</Table>
* Private insurance does not decrease the risk of loss of principal associated
with this investment.
[PHOTO OF CYNTHIA J. CLEMSON]
Cynthia J. Clemson
Portfolio Manager
MANAGEMENT UPDATE
- - Although California is no longer losing jobs, job growth continued to lag the
nation. The technology sector showed some signs of improvement, while energy,
construction, business services and new business creation remained strong.
The state's jobless rate was 5.7% in November 2004, down from 6.6% a year
ago.
- - Insured* general obligations bonds (GOs) were the Trust's largest sector
weighting at November 30, 2004. The Trust's investments focused primarily on
local school district bonds. Given the slow recovery of the California
economy, insured* GOs provided an added measure of security.
- - Special tax revenue bonds were significant investments. These bonds helped
finance infrastructure and improvements that benefited local property owners.
The bonds are backed by revenues from special assessments on these
California communities.
- - Hospital bonds were prominent holdings in the Trust. Given stricter Medicare
reimbursements and intense industry competition, management focused on
institutions we believe have sound financial structures and good management
and are well-positioned in their local markets.
- - At November 30, 2004, the Trust had leverage in the amount of approximately
35.3% of the Trust's total assets. The Trust is leveraged through the
issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special
risks (including the likelihood of greater volatility of net asset value
and market price of common shares).
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN NET ASSET VALUE OR SHARE
PRICE (AS APPLICABLE) WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND
PRINCIPAL VALUE 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.
TRUST INFORMATION
as of November 30, 2004
PERFORMANCE(6)
<Table>
Average Annual Total Return (by share price, American Stock Exchange)
One Year 8.60%
Five Years 12.80
Life of Trust (1/29/99) 6.54
Average Annual Total Return (by net asset value)
One Year 5.34%
Five Years 12.29
Life of Trust (1/29/99) 6.44
</Table>
(1) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL INCOME TAX AND/OR
ALTERNATIVE MINIMUM TAX AND STATE INCOME TAX.
(2) IT IS NOT POSSIBLE TO INVEST DIRECTLY IN AN INDEX. THE INDEX'S TOTAL RETURN
DOES NOT REFLECT THE COMMISSIONS OR EXPENSES THAT WOULD HAVE BEEN INCURRED
IF AN INVESTOR INDIVIDUALLY PURCHASED OR SOLD THE SECURITIES REPRESENTED IN
THE INDEX.
(3) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND
PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE
RESULT.
(4) TAXABLE-EQUIVALENT YIELD ASSUMES A MAXIMUM 41.05% COMBINED FEDERAL AND
STATE INCOME TAX RATE. A LOWER TAX RATE WOULD RESULT IN A LOWER
TAX-EQUIVALENT FIGURE.
(5) RATING DISTRIBUTION MAY NOT BE REPRESENTATIVE OF THE TRUST'S CURRENT OR
FUTURE INVESTMENTS AND IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF
THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(6) RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE
CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS
REINVESTED. PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING
FROM THE TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
4
<Page>
EATON VANCE FLORIDA MUNICIPAL INCOME TRUST as of November 30, 2004
INVESTMENT UPDATE
THE TRUST
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 5.76% for the year ended November 30, 2004. That return was
the result of a decrease in share price from $15.455 on November 30, 2003 to
$15.25 on November 30, 2004 and the reinvestment of $1.035 in regular monthly
dividends.(1)
- - Based on net asset value, the Trust had a total return of 3.80% for the year
ended November 30, 2004. That return was the result of a decrease in net
asset value per share from $15.53 on November 30, 2003 to $15.04 on
November 30, 2004, and the reinvestment of all distributions.(1)
- - In comparison, the Lehman Brothers Municipal Bond Index had a total return of
4.07% during the year ended November 30, 2004.(2)
- - Based on the last dividend of the fiscal year and a share price of $15.25,
the Trust had a market yield of 6.79% at November 30, 2004.(3) The Trust's
market yield is equivalent to a taxable yield of 10.45%.(4) The dividend
declared on December 31, 2004, reflects a reduction of the monthly dividend
of $0.004 per share.
[CHART]
RATING DISTRIBUTION(5)
By total investments
<Table>
AAA 66.3%
AA 8.5%
A 5.5%
BBB 3.5%
CCC 0.5%
Non-Rated 15.7%
</Table>
* Private insurance does not decrease the risk of loss of principal associated
with this investment.
[PHOTO OF CYNTHIA J. CLEMSON]
Cynthia J. Clemson
Portfolio Manager
MANAGEMENT UPDATE
- - Florida's economic rebound has been among the strongest in the nation.
Rebuilding from this year's difficult hurricane season has generated
additional momentum in the construction industry. State tourism continued its
recovery, with visitor levels up from a year earlier. The state's November
2004 jobless rate was 4.3%, down from 4.9% a year ago.
- - Insured* transportation bonds constituted the Trust's largest sector
weighting at November 30, 2004. These issues have financed key projects
within Florida's air, seaport and highway matrix. The Trust's holdings
included issues that financed a five-year improvement program intended to
ease Miami's traffic congestion.
- - Insured* water and sewer issuers remained a focus for the Trust.
Historically, water and sewer bonds have offered a stable revenue stream in
any economic climate. These issues provided funding for Florida communities
that were upgrading their water facilities.
- - Insured* special tax revenue bonds constituted a major investment. These
bonds are secured by the levy of special assessments by local governments and
helped defray the costs on improvements and infrastructure for Florida
communities.
- - At November 30, 2004, the Trust had leverage in the amount of approximately
35.7% of the Trust's total assets. The Trust is leveraged through the
issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special
risks (including the likelihood of greater volatility of net asset value and
market price of common shares).
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN NET ASSET VALUE OR SHARE
PRICE (AS APPLICABLE) WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND
PRINCIPAL VALUE 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.
TRUST INFORMATION
as of November 30, 2004
PERFORMANCE(6)
<Table>
Average Annual Total Return (by share price, American Stock Exchange)
One Year 5.76%
Five Years 15.10
Life of Trust (1/29/99) 6.72
Average Annual Total Return (by net asset value)
One Year 3.80%
Five Years 12.06
Life of Trust (1/29/99) 6.47
</Table>
(1) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL INCOME TAX AND/OR
ALTERNATIVE MINIMUM TAX; INCOME MAY BE SUBJECT TO STATE INTANGIBLES TAX.
(2) IT IS NOT POSSIBLE TO INVEST DIRECTLY IN AN INDEX. THE INDEX'S TOTAL
RETURN DOES NOT REFLECT THE COMMISSIONS OR EXPENSES THAT WOULD HAVE BEEN
INCURRED IF AN INVESTOR INDIVIDUALLY PURCHASED OR SOLD THE SECURITIES
REPRESENTED IN THE INDEX.
(3) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND
PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE
RESULT.
(4) TAXABLE-EQUIVALENT YIELD ASSUMES A MAXIMUM 35.00% COMBINED FEDERAL AND
STATE INTANGIBLES TAX RATE. A LOWER TAX RATE WOULD RESULT IN A LOWER
TAX-EQUIVALENT FIGURE.
(5) RATING DISTRIBUTION MAY NOT BE REPRESENTATIVE OF THE TRUST'S CURRENT OR
FUTURE INVESTMENTS AND IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF
THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(6) RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE
CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED.
PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
5
<Page>
EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST as of November 30, 2004
INVESTMENT UPDATE
THE TRUST
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 16.71% for the year ended November 30, 2004. That return was
the result of an increase in share price from $15.40 on November 30, 2003 to
$16.81 on November 30, 2004 and the reinvestment of $1.023 in regular monthly
dividends.(1)
- - Based on net asset value, the Trust had a total return of 4.90% for the year
ended November 30, 2004. That return was the result of a decrease in net
asset value per share from $15.38 on November 30, 2003 to $15.09 on
November 30, 2004, and the reinvestment of all distributions.(1)
- - In comparison, the Lehman Brothers Municipal Bond Index had a total return of
4.07% during the year ended November 30, 2004.(2)
- - Based on the last dividend of the fiscal year and a share price of $16.81,
the Trust had a market yield of 6.09% at November 30, 2004.(3) The Trust's
market yield is equivalent to a taxable yield of 9.89%.(4) The dividend
declared on December 31, 2004, reflects a reduction of the monthly dividend
of $0.005667 per share.
[CHART]
RATING DISTRIBUTION(5)
By total investments
<Table>
AAA 52.4%
AA 7.5%
A 18.9%
BBB 12.7%
BB 1.1%
Non-Rated 7.4%
</Table>
* Private insurance does not decrease the risk of loss of principal associated
with this investment.
[PHOTO OF ROBERT B. MACINTOSH]
Robert B. MacIntosh
Portfolio Manager
MANAGEMENT UPDATE
- - The Massachusetts economy continued to improve in 2004, although job creation
lagged the national rate. A continuing strong residential real estate market
boosted the construction sector, and the state's key financial sector
reflected stronger financial markets. The state's November 2004 jobless rate
was 4.6%, down from 5.7% a year ago and below the national rate.
- - Insured* and uninsured education bonds were the Trust's largest sector
weightings at November 30, 2004. Investments included some of the Common-
wealth's most acclaimed universities and secondary schools. Historically,
these institutions have enjoyed strong applicant demand and stable-to-rising
tuition income.
- - Hospital bonds were significant investments, representing a geographically
diverse range of institutions, Management emphasized hospitals with sound
cost structures, good market share and in-demand health care specialities.
- - Management continued its efforts to upgrade, where possible, the credit
quality of the Trust's investments. Another key strategy was trading bonds
with nearing call dates in favor of non-callable bonds and bonds with
longer-dated calls. This shift could improve the Trust's appreciation
potential in the event of a market rally.
- - At November 30, 2004, the Trust had leverage in the amount of approximately
34.6% of the Trust's total assets. The Trust is leveraged through the
issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special
risks (including the likelihood of greater volatility of net asset value and
market price of common shares).
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN NET ASSET VALUE OR SHARE
PRICE (AS APPLICABLE) WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND
PRINCIPAL VALUE 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.
TRUST INFORMATION
as of November 30, 2004
PERFORMANCE(6)
<Table>
Average Annual Total Return (by share price, American Stock Exchange)
One Year 16.71%
Five Years 15.04
Life of Trust (1/29/99) 8.35
Average Annual Total Return (by net asset value)
One Year 4.90%
Five Years 12.51
Life of Trust (1/29/99) 6.37
</Table>
(1) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL INCOME TAX AND/OR
ALTERNATIVE MINIMUM TAX AND STATE INCOME TAX.
(2) IT IS NOT POSSIBLE TO INVEST DIRECTLY IN AN INDEX. THE INDEX'S TOTAL RETURN
DOES NOT REFLECT THE COMMISSIONS OR EXPENSES THAT WOULD HAVE BEEN INCURRED
IF AN INVESTOR INDIVIDUALLY PURCHASED OR SOLD THE SECURITIES REPRESENTED IN
THE INDEX.
(3) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT
DIVIDEND PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND
ANNUALIZING THE RESULT.
(4) TAXABLE-EQUIVALENT YIELD ASSUMES A MAXIMUM 38.45% COMBINED FEDERAL AND
STATE INCOME TAX RATE. A LOWER TAX RATE WOULD RESULT IN A LOWER
TAX-EQUIVALENT FIGURE.
(5) RATING DISTRIBUTION MAY NOT BE REPRESENTATIVE OF THE TRUST'S CURRENT OR
FUTURE INVESTMENTS AND IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF
THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(6) RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE
CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED.
PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
6
<Page>
EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST as of November 30, 2004
INVESTMENT UPDATE
THE TRUST
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 13.63% for the year ended November 30, 2004. That return was
the result of an increase in share price from $15.64 on November 30, 2003 to
$16.60 on November 30, 2004 and the reinvestment of $1.032 in regular monthly
dividends.(1)
- - Based on net asset value, the Trust had a total return of 4.36% for the year
ended November 30, 2004. That return was the result of a decrease in net
asset value per share from $15.24 on November 30, 2003 to $14.86 on
November 30, 2004, and the reinvestment of all distributions.(1)
- - In comparison, the Lehman Brothers Municipal Bond Index had a total return of
4.07% during the year ended November 30, 2004.(2)
- - Based on the last dividend of the fiscal year and a share price of $16.60,
the Trust had a market yield of 6.22% at November 30, 2004.(3) The Trust's
market yield is equivalent to a taxable yield of 9.96%.(4) The dividend
declared on December 31, 2004, reflects a reduction of the monthly dividend
of $0.0075 per share.
[CHART]
RATING DISTRIBUTION(5)
By total investments
<Table>
AAA 47.3%
AA 13.0%
A 20.3%
BBB 9.8%
CCC 0.9%
Non-Rated 8.7%
</Table>
* Private insurance does not decrease the risk of loss of principal associated
with this investment.
[PHOTO OF WILLIAM H. AHEARN]
William H. Ahearn
Portfolio Manager
MANAGEMENT UPDATE
- - Michigan's recovery has been among the weakest of the states. The
manufacturing sector has been especially hard-hit, but government jobs -
pressured by budgetary restraints - have also declined. The construction and
furniture industries fared well. The state's November 2004 jobless rate was
7.0%, down from 7.6% a year ago.
- - Hospital bonds constituted the Trust's largest sector weighting at
November 30, 2004. The Trust's investments were diversified geographically
throughout the state and included some of the state's finest acute care
facilities. These hospitals offer a wide variety of specialized medical care,
including cardiac and pediatric care.
- - Insured* and uninsured general obligations (GOs) were a significant focus for
the Trust. Secured by local property taxes, they are deemed very high quality
debt. The Trust's investments included industry-based communities, as well as
agricultural and tourism-based communities in central and northern Michigan.
- - The Trust took advantage of its ability to add Puerto Rico bonds, which
provided more issuer diversification and a more varied coupon mix. Puerto
Rico investments included industrial development revenue bonds, general
obligations, insured* transportation issues, electric utilities, special tax
revenue bonds and lease revenue bonds.
- - At November 30, 2004, the Trust had leverage in the amount of approximately
36.0% of the Trust's total assets. The Trust is leveraged through the
issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special
risks (including the likelihood of greater volatility of net asset value and
market price of common shares).
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN NET ASSET VALUE OR SHARE
PRICE (AS APPLICABLE) WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND
PRINCIPAL VALUE 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.
TRUST INFORMATION
as of November 30, 2004
PERFORMANCE(6)
<Table>
Average Annual Total Return (by share price, American Stock Exchange)
One Year 13.63%
Five Years 16.04
Life of Trust (1/29/99) 8.21
Average Annual Total Return (by net asset value)
One Year 4.36%
Five Years 11.59
Life of Trust (1/29/99) 6.18
</Table>
(1) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL INCOME TAX AND/OR
ALTERNATIVE MINIMUM TAX AND STATE INCOME TAX.
(2) IT IS NOT POSSIBLE TO INVEST DIRECTLY IN AN INDEX. THE INDEX'S TOTAL RETURN
DOES NOT REFLECT THE COMMISSIONS OR EXPENSES THAT WOULD HAVE BEEN INCURRED
IF AN INVESTOR INDIVIDUALLY PURCHASED OR SOLD THE SECURITIES REPRESENTED IN
THE INDEX.
(3) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND
PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE
RESULT.
(4) TAXABLE-EQUIVALENT YIELD ASSUMES A MAXIMUM 37.54% COMBINED FEDERAL AND
STATE INCOME TAX RATE. A LOWER TAX RATE WOULD RESULT IN A LOWER
TAX-EQUIVALENT FIGURE.
(5) RATING DISTRIBUTION MAY NOT BE REPRESENTATIVE OF THE TRUST'S CURRENT OR
FUTURE INVESTMENTS AND IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF
THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(6) RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE
CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REIN-
VESTED. PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM
THE TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
7
<Page>
EATON VANCE NEW JERSEY MUNICIPAL INCOME TRUST as of November 30, 2004
INVESTMENT UPDATE
THE TRUST
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 8.31% for the year ended November 30, 2004. That return was
the result of an increase in share price from $15.415 on November 30, 2003 to
$15.54 on November 30, 2004 and the reinvestment of $1.068 in regular monthly
dividends.(1)
- - Based on net asset value, the Trust had a total return of 4.76% for the year
ended November 30, 2004. That return was the result of a decrease in net
asset value per share from $15.19 on November 30, 2003 to $14.81 on
November 30, 2004, and the reinvestment of all distributions.(1)
- - In comparison, the Lehman Brothers Municipal Bond Index had a total return of
4.07% during the year ended November 30, 2004.(2)
- - Based on the last dividend of the fiscal year and a share price of $15.54,
the Trust had a market yield of 6.87% at November 30, 2004.(3) The Trust's
market yield is equivalent to a taxable yield of 11.61%.(4) The dividend
declared on December 31, 2004, reflects a reduction of the monthly dividend
of $0.008833 per share.
[CHART]
RATING DISTRIBUTION(5)
By total investments
<Table>
AAA 37.5%
AA 5.6%
A 18.7%
BBB 24.3%
B 1.3%
Non-Rated 12.6%
</Table>
* Private insurance does not decrease the risk of loss of principal associated
with this investment.
[PHOTO OF ROBERT B. MACINTOSH]
Robert B. MacIntosh
Portfolio Manager
MANAGEMENT UPDATE
- - The New Jersey economy continued to expand in 2004, with job creation seen
across many industries. Job growth exceeded the national rate, with the
strongest areas in construction, health care, state and local government and
business services. The state's November 2004 jobless rate was 4.4%, down from
5.5% a year ago and below the national rate.
- - Insured* transportation bonds represented the Trust's largest sector
weighting at November 30, 2004. Investments included bonds for port
authorities, turn-pike authorities and other toll-backed facilities - all key
segments of New Jersey's economic infrastructure.
- - The Trust was selective within the hospital sector, given the industry's
competitive and operating pressures. Management focused on issues of
well-managed facilities with sound underlying fundamentals and good cost
controls.
- - Special tax revenue bonds were an emerging theme for the Trust. Investments
included an issue backed by a state tax levied on the sale of cigarettes.
Another such issue was a motor vehicle surcharge revenue bond, backed by
"bad-driver" penalties.
- - At November 30, 2004, the Trust had leverage in the amount of approximately
35.7% of the Trust's total assets. The Trust is leveraged through the
issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special
risks (including the likelihood of greater volatility of net asset value and
market price of common shares).
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN NET ASSET VALUE OR SHARE
PRICE (AS APPLICABLE) WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND
PRINCIPAL VALUE 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.
TRUST INFORMATION
as of November 30, 2004
PERFORMANCE(6)
<Table>
Average Annual Total Return (by share price, American Stock Exchange)
One Year 8.31%
Five Years 14.73
Life of Trust (1/29/99) 7.17
Average Annual Total Return (by net asset value)
One Year 4.76%
Five Years 11.95
Life of Trust (1/29/99) 6.29
</Table>
(1) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL INCOME TAX AND/OR
ALTERNATIVE MINIMUM TAX AND STATE INCOME TAX.
(2) IT IS NOT POSSIBLE TO INVEST DIRECTLY IN AN INDEX. THE INDEX'S TOTAL RETURN
DOES NOT REFLECT THE COMMISSIONS OR EXPENSES THAT WOULD HAVE BEEN INCURRED
IF AN INVESTOR INDIVIDUALLY PURCHASED OR SOLD THE SECURITIES REPRESENTED IN
THE INDEX.
(3) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND
PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE
RESULT.
(4) TAXABLE-EQUIVALENT YIELD ASSUMES A MAXIMUM 40.83% COMBINED FEDERAL AND
STATE INCOME TAX RATE. A LOWER TAX RATE WOULD RESULT IN A LOWER
TAX-EQUIVALENT FIGURE.
(5) RATING DISTRIBUTION MAY NOT BE REPRESENTATIVE OF THE TRUST'S CURRENT OR
FUTURE INVESTMENTS AND IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF
THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(6) RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE
CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED.
PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
8
<Page>
EATON VANCE NEW YORK MUNICIPAL INCOME TRUST as of November 30, 2004
INVESTMENT UPDATE
THE TRUST
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 6.46% for the year ended November 30, 2004. That return was
the result of a decrease in share price from $15.46 on November 30, 2003 to
$15.37 on November 30, 2004 and the reinvestment of $1.040 in regular monthly
dividends.(1)
- - Based on net asset value, the Trust had a total return of 4.91% for the year
ended November 30, 2004. That return was the result of a decrease in net
asset value per share from $15.81 on November 30, 2003 to $15.49 on
November 30, 2004, and the reinvestment of all distributions.(1)
- - In comparison, the Lehman Brothers Municipal Bond Index had a total return of
4.07% during the year ended November 30, 2004.(2)
- - Based on the last dividend of the fiscal year and a share price of $15.37,
the Trust had a market yield of 6.77% at November 30, 2004.(3) The Trust's
market yield is equivalent to a taxable yield of 11.29%.(4)
[CHART]
RATING DISTRIBUTION(5),(6)
By total investments
<Table>
AAA 31.1%
AA 10.3%
A 39.9%
BBB 6.4%
CCC 1.4%
Non-Rated 10.9%
</Table>
* Private insurance does not decrease the risk of loss of principal associated
with this investment.
[PHOTO OF THOMAS J. FETTER]
Thomas J. Fetter
Portfolio Manager
MANAGEMENT UPDATE
- - In 2004, the New York economy achieved its best employment growth since the
2001 recession. Boosted by the service, construction and financial sectors,
job creation in the New York City suburbs outpaced the upstate manufacturing
areas. The state's November 2004 jobless rate was 4.9%, down from 6.3% a year
ago.
- - Electric utility bonds were the Trust's largest sector weighting at
November 30, 2004. As essential services, utilities tend to enjoy a
relatively stable revenue stream. The Trust's investments included the
state's largest power authority - which has 17 power-generating facilities
throughout the state - as well as local authorities serving Long Island.
- - Education bonds were a significant focus of the Trust. Investments included
local development bonds for facilities, as well as state dormitory issues
that financed the construction and expansion of dorms, classrooms and lab
facilities.
- - The Trust remained very selective with respect to the hospital sector. The
Trust focused its investments on a geographically diverse mix of acute care
institutions across the state with sound finances, good cost controls and
experienced management.
- - At November 30, 2004, the Trust had leverage in the amount of approximately
34.9% of the Trust's total assets. The Trust is leveraged through the
issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special
risks (including the likelihood of greater volatility of net asset value and
market price of common shares).
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN NET ASSET VALUE OR SHARE
PRICE (AS APPLICABLE) WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND
PRINCIPAL VALUE 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.
TRUST INFORMATION
as of November 30, 2004
PERFORMANCE(6)
<Table>
Average Annual Total Return (by share price, American Stock Exchange)
One Year 6.46%
Five Years 14.48
Life of Trust (1/29/99) 6.88
Average Annual Total Return (by net asset value)
One Year 4.91%
Five Years 12.67
Life of Trust (1/29/99) 7.02
</Table>
(1) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL INCOME TAX AND/OR
ALTERNATIVE MINIMUM TAX AND STATE INCOME TAX.
(2) IT IS NOT POSSIBLE TO INVEST DIRECTLY IN AN INDEX. THE INDEX'S TOTAL RETURN
DOES NOT REFLECT THE COMMISSIONS OR EXPENSES THAT WOULD HAVE BEEN INCURRED
IF AN INVESTOR INDIVIDUALLY PURCHASED OR SOLD THE SECURITIES REPRESENTED IN
THE INDEX.
(3) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND
PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE
RESULT.
(4) TAXABLE-EQUIVALENT YIELD ASSUMES A MAXIMUM 40.01% COMBINED FEDERAL AND
STATE INCOME TAX RATE. A LOWER TAX RATE WOULD RESULT IN A LOWER
TAX-EQUIVALENT FIGURE.
(5) RATING DISTRIBUTION MAY NOT BE REPRESENTATIVE OF THE TRUST'S CURRENT OR
FUTURE INVESTMENTS AND IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF
THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(6) RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE
CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED.
PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
9
<Page>
EATON VANCE OHIO MUNICIPAL INCOME TRUST as of November 30, 2004
INVESTMENT UPDATE
THE TRUST
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 13.96% for the year ended November 30, 2004. That return was
the result of an increase in share price from $15.715 on November 30, 2003 to
$16.75 on November 30, 2004 and the reinvestment of $1.009 in regular monthly
dividends.(1)
- - Based on net asset value, the Trust had a total return of 6.71% for the year
ended November 30, 2004. That return was the result of a decrease in net
asset value per share from $15.07 on November 30, 2003 to $15.04 on
November 30, 2004, and the reinvestment of all distributions.(1)
- - In comparison, the Lehman Brothers Municipal Bond Index had a total return of
4.07% during the year ended November 30, 2004.(2)
- - Based on the last dividend of the fiscal year and a share price of $16.75,
the Trust had a market yield of 6.02% at November 30, 2004.(3) The Trust's
market yield is equivalent to a taxable yield of 10.01%.(4) The dividend
declared on December 31, 2004, reflects a reduction of the monthly dividend
of $0.001 per share.
[CHART]
RATING DISTRIBUTION(5)
By total investments
<Table>
AAA 49.1%
AA 15.0%
A 17.7%
BBB 6.4%
BB 2.1%
CCC 1.5%
Non-Rated 8.2%
</Table>
* Private insurance does not decrease the risk of loss of principal associated
with this investment.
[PHOTO OF THOMAS J. FETTER]
Thomas J. Fetter
Portfolio Manager
MANAGEMENT UPDATE
- - Ohio's economy continued to stabilize in 2004, as the pace of job loss eased.
While the long-troubled manufacturing sector contracted further, the health
care and educational sectors remained a strong source of new job creation.
The state's November 2004 jobless rate was 6.5%, up from 6.1% a year ago.
- - Hospital bonds were the Trust's largest weighting at November 30, 2004. The
hospital industry has been under pressure to contain costs in response to
competition and strict reimbursement policies. The Trust focused on
institutions with strong fundamentals and in-demand health care specialties.
- - Insured* general obligations (GOs) were a significant focus of the Trust.
Investments included school district GOs, which are valued by investors in an
economy in which there are lingering uncertainties about some industrial
issuers.
- - Industrial development revenue bonds (IDRs) constituted a large investment
of the Trust. Management remained selective, focusing on one of the
better-per-forming airlines, a large national brewer and beverage producer
and the nation's largest auto manufacturer.
- - At November 30, 2004, the Trust had leverage in the amount of approximately
35.6% of the Trust's total assets. The Trust is leveraged through the
issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special
risks (including the likelihood of greater volatility of net asset value and
market price of common shares).
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN NET ASSET VALUE OR SHARE
PRICE (AS APPLICABLE) WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND
PRINCIPAL VALUE 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.
TRUST INFORMATION
as of November 30, 2004
PERFORMANCE(6)
<Table>
Average Annual Total Return (by share price, American Stock Exchange)
One Year 13.96%
Five Years 15.37
Life of Trust (1/29/99) 8.30
Average Annual Total Return (by net asset value)
One Year 6.71%
Five Years 11.63
Life of Trust (1/29/99) 6.32
</Table>
(1) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL INCOME TAX AND/OR
ALTERNATIVE MINIMUM TAX AND STATE INCOME TAX.
(2) IT IS NOT POSSIBLE TO INVEST DIRECTLY IN AN INDEX. THE INDEX'S TOTAL RETURN
DOES NOT REFLECT THE COMMISSIONS OR EXPENSES THAT WOULD HAVE BEEN INCURRED
IF AN INVESTOR INDIVIDUALLY PURCHASED OR SOLD THE SECURITIES REPRESENTED IN
THE INDEX.
(3) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND
PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE
RESULT.
(4) TAXABLE-EQUIVALENT YIELD ASSUMES A MAXIMUM 39.88% COMBINED FEDERAL AND
STATE INCOME TAX RATE. A LOWER TAX RATE WOULD RESULT IN A LOWER
TAX-EQUIVALENT FIGURE.
(5) RATING DISTRIBUTION MAY NOT BE REPRESENTATIVE OF THE TRUST'S CURRENT OR
FUTURE INVESTMENTS AND IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF
THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(6) RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE
CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED.
PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
10
<Page>
EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST as of November 30, 2004
INVESTMENT UPDATE
THE TRUST
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of 4.07% for the year ended November 30, 2004. That return was
the result of a decrease in share price from $15.98 on November 30, 2003 to
$15.54 on November 30, 2004 and the reinvestment of $1.003 in regular monthly
dividends.(1)
- - Based on net asset value, the Trust had a total return of 4.77% for the year
ended November 30, 2004. That return was the result of a decrease in net
asset value per share from $15.21 on November 30, 2003 to $14.89 on November
30, 2004, and the reinvestment of all distributions.(1)
- - In comparison, the Lehman Brothers Municipal Bond Index had a total return of
4.07% during the year ended November 30, 2004.(2)
- - Based on the last dividend of the fiscal year and a share price of $15.54,
the Trust had a market yield of 6.45% at November 30, 2004.(3) The Trust's
market yield is equivalent to a taxable yield of 10.24%.(4)
[CHART]
RATING DISTRIBUTION(5)
By total investments
<Table>
AAA 65.0%
AA 1.7%
A 14.3%
BBB 8.0%
BB 2.1%
CCC 1.8%
Non-Rated 7.1%
</Table>
* Private insurance does not decrease the risk of loss of principal associated
with this investment.
[PHOTO OF CYNTHIA J. CLEMSON]
Cynthia J. Clemson
Portfolio Manager
MANAGEMENT UPDATE
- - Pennsylvania's job situation improved in 2004, following three years of job
losses. Employment gains were spread across a range of industries, including
retail, business services, education, health care, leisure and tourism. The
state's November 2004 jobless rate was 5.4%, up slightly from 5.2% a year
ago.
- - Insured* education bonds were the Trust's largest sector weighting at
November 30, 2004. These issuers have enjoyed stable revenues despite the
recent economic fluctuations and included issues from the Commonwealth's
higher education system as well as some of its esteemed private universities.
- - Insured* hospital bonds were prominent investments of the Trust. Holdings
represented a geographically diverse mix and focused on institutions with
good cost controls, experienced management and an attractive range of health
care offerings.
- - Insured* general obligations (GOs) were significant holdings for the Trust.
With a slow recovery constraining tax revenue growth, the Trust focused on
communities and school districts that management believed can maintain
property values and stable revenues.
- - At November 30, 2004, the Trust had leverage in the amount of approximately
36.0% of the Trust's total assets. The Trust is leveraged through the
issuance of preferred shares. Use of financial leverage creates an
opportunity for increased income, but, at the same time, creates special
risks (including the likelihood of greater volatility of net asset value and
market price of common shares).
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND
ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN NET ASSET VALUE OR SHARE
PRICE (AS APPLICABLE) WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND
PRINCIPAL VALUE 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.
TRUST INFORMATION
as of November 30, 2004
PERFORMANCE(6)
<Table>
Average Annual Total Return (by share price, American Stock Exchange)
One Year 4.07%
Five Years 14.66
Life of Trust (1/29/99) 6.90
Average Annual Total Return (by net asset value)
One Year 4.77%
Five Years 11.50
Life of Trust (1/29/99) 6.12
</Table>
(1) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL INCOME TAX AND/OR
ALTERNATIVE MINIMUM TAX AND STATE INCOME TAX.
(2) IT IS NOT POSSIBLE TO INVEST DIRECTLY IN AN INDEX. THE INDEX'S TOTAL RETURN
DOES NOT REFLECT THE COMMISSIONS OR EXPENSES THAT WOULD HAVE BEEN INCURRED
IF AN INVESTOR INDIVIDUALLY PURCHASED OR SOLD THE SECURITIES REPRESENTED IN
THE INDEX.
(3) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND
PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE
RESULT.
(4) TAXABLE-EQUIVALENT YIELD ASSUMES A MAXIMUM 37.00% COMBINED FEDERAL AND
STATE INCOME TAX RATE. A LOWER TAX RATE WOULD RESULT IN A LOWER
TAX-EQUIVALENT FIGURE.
(5) RATING DISTRIBUTION MAY NOT BE REPRESENTATIVE OF THE TRUST'S CURRENT OR
FUTURE INVESTMENTS AND IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF
THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST.
(6) RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE
CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED.
PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE
TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES.
11
<Page>
CALIFORNIA MUNICIPAL INCOME TRUST as of November 30, 2004
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 151.3%
<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 $ 1,031,620
2,770 California Educational Facilities Authority,
(Lutheran University), 5.00%, 10/1/29 2,729,115
500 California Educational Facilities Authority,
(Pepperdine University), 5.00%, 11/1/29 503,030
1,850 California Educational Facilities Authority,
(Santa Clara University), 5.00%, 9/1/23 1,972,266
4,000 California Educational Facilities Authority,
(Stanford University), 5.125%, 1/1/31 4,060,120
- -----------------------------------------------------------------------------------------------------------------------
$ 10,296,151
- -----------------------------------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 1.1%
$ 2,425 Foothill/Eastern Transportation Corridor Agency,
Escrowed to Maturity, 0.00%, 1/1/20 $ 1,202,315
- -----------------------------------------------------------------------------------------------------------------------
$ 1,202,315
- -----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 6.6%
$ 2,200 California, 5.00%, 2/1/21 $ 2,281,224
1,100 California, 5.25%, 4/1/30 1,125,113
3,500 California, 5.50%, 11/1/33 3,687,600
- -----------------------------------------------------------------------------------------------------------------------
$ 7,093,937
- -----------------------------------------------------------------------------------------------------------------------
HOSPITAL -- 15.4%
$ 2,000 California Health Facilities Financing Authority,
(Cedars-Sinai Medical Center), 6.25%, 12/1/34 $ 2,140,080
750 California Infrastructure and Economic Development,
(Kaiser Hospital), 5.50%, 8/1/31 767,062
1,650 California Statewide Communities Development Authority,
(Kaiser Permanente), 5.50%, 11/1/32 1,684,947
1,750 California Statewide Communities Development Authority,
(Sonoma County Indian Health), 6.40%, 9/1/29 1,783,040
1,500 California Statewide Communities Development Authority,
(Sutter Health), 5.50%, 8/15/28 1,553,670
1,500 Duarte, COP, (City of Hope), 5.25%, 4/1/24 1,487,835
1,000 Stockton Health Facilities Authority, (Dameron Hospital),
5.70%, 12/1/14 1,049,350
2,000 Tahoe Forest Hospital District,
5.85%, 7/1/22 2,045,100
2,000 Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31 2,060,040
2,000 Washington Township, Health Care District,
5.25%, 7/1/29 2,022,640
- -----------------------------------------------------------------------------------------------------------------------
$ 16,593,764
- -----------------------------------------------------------------------------------------------------------------------
HOUSING -- 2.4%
$ 1,000 California Statewide Communities Development Authority,
(Corporate Fund for Housing), 6.50%, 12/1/29 $ 993,280
500 California Statewide Communities Development Authority,
(Corporate Fund for Housing), 7.25%, 12/1/34 493,680
773 Commerce, (Hermitage III Senior Apartments),
6.50%, 12/1/29 708,854
441 Commerce, (Hermitage III Senior Apartments),
6.85%, 12/1/29 402,166
- -----------------------------------------------------------------------------------------------------------------------
$ 2,597,980
- -----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 1.2%
$ 1,250 California Pollution Control Financing Authority,
(Mobil Oil Corp.), (AMT), 5.50%, 12/1/29 $ 1,304,550
- -----------------------------------------------------------------------------------------------------------------------
$ 1,304,550
- -----------------------------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 5.9%
$ 3,270 California Educational Facilities Authority,
(Pooled College and University), (MBIA), 5.10%, 4/1/23 $ 3,381,245
3,000 California University, (AMBAC), 5.00%, 11/1/33 3,030,150
- -----------------------------------------------------------------------------------------------------------------------
$ 6,411,395
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 11.0%
$ 3,250 California Pollution Control Financing Authority, (Southern
California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31 $ 3,377,172
2,500 California Pollution Control Financing Authority, PCR,
(Pacific Gas and Electric), (MBIA),
(AMT), 5.35%, 12/1/16 2,677,600
4,000 Puerto Rico Electric Power Authority, (FSA), Variable Rate,
8.39%, 7/1/29(1)(2) 4,336,480
665 Puerto Rico Electric Power Authority, (FSA), Variable Rate,
11.892%, 7/1/29(2)(3) 748,910
500 Puerto Rico Electric Power Authority, (MBIA), Variable
Rate, 12.295%, 7/1/16(2)(3) 722,720
- -----------------------------------------------------------------------------------------------------------------------
$ 11,862,882
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 1.6%
$ 5,130 Foothill/Eastern Transportation Corridor Agency, (FSA),
Escrowed to Maturity, 0.00%, 1/1/26 $ 1,743,225
- -----------------------------------------------------------------------------------------------------------------------
$ 1,743,225
- -----------------------------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 29.5%
$ 3,650 Burbank Unified School District, (FGIC),
0.00%, 8/1/18 $ 1,909,826
1,650 California RITES, (AMBAC), Variable Rate,
14.158%, 5/1/26(2)(3) 2,086,062
</Table>
See notes to financial statements
12
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS (CONTINUED)
$ 1,600 California, (AMBAC), 5.00%, 2/1/28 $ 1,667,440
6,425 Foothill-De Anza Community College District, (MBIA),
0.00%, 8/1/20 2,993,536
3,000 Foothill-De Anza Community College District, (MBIA),
0.00%, 8/1/21 1,312,350
3,750 Los Angeles Unified School District, (FGIC),
5.375%, 7/1/25 3,993,150
5,000 Murrieta Valley Unified School District, (FGIC),
0.00%, 9/1/20 2,319,800
2,500 Puerto Rico, (FSA), Variable Rate, 12.446%,
7/1/27(2)(3) 3,125,875
1,600 San Diego Unified School District, (MBIA), Variable Rate,
12.675%, 7/1/24(2)(3) 2,277,904
9,635 San Ramon Valley Unified School District, (FGIC),
0.00%, 7/1/18(4) 5,061,362
3,000 Simi Valley Unified School District, (MBIA),
5.00%, 8/1/28 3,056,250
4,500 Ukiah Unified School District, (FGIC),
0.00%, 8/1/20 2,096,325
- -----------------------------------------------------------------------------------------------------------------------
$ 31,899,880
- -----------------------------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 4.5%
$ 3,200 California Statewide Communities Development Authority,
(Children's Hospital Los Angeles), (MBIA),
5.25%, 8/15/29 $ 3,315,232
1,245 California Statewide Communities Development Authority,
(Sutter Health), Residual Certificates, (FSA), Variable Rate,
13.433%, 8/15/27(2)(3) 1,593,612
- -----------------------------------------------------------------------------------------------------------------------
$ 4,908,844
- -----------------------------------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF
PARTICIPATION -- 6.2%
$ 6,500 Anaheim Public Financing Authority, (Public Improvements),
(FSA), 0.00%, 9/1/17 $ 3,565,315
11,500 Anaheim Public Financing Authority, (Public Improvements),
(FSA), 0.00%, 9/1/28 3,136,740
- -----------------------------------------------------------------------------------------------------------------------
$ 6,702,055
- -----------------------------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 1.2%
$ 250 Puerto Rico Infrastructure Financing Authority, (AMBAC),
Variable Rate, 8.111%, 7/1/28(1)(2) $ 260,190
945 Puerto Rico Infrastructure Financing Authority, (AMBAC),
Variable Rate, 10.286%, 7/1/28(2)(3) 1,002,777
- -----------------------------------------------------------------------------------------------------------------------
$ 1,262,967
- -----------------------------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 12.4%
$ 2,500 Los Angeles County Metropolitan Transportation Authority,
(FGIC), 5.25%, 7/1/30 $ 2,592,475
2,515 Puerto Rico Highway and Transportation Authority, (AMBAC),
Variable Rate, 11.238%, 7/1/28(2)(3) 2,669,371
1,750 Puerto Rico Highway and Transportation Authority, (FSA),
4.75%, 7/1/38 1,754,288
6,000 San Francisco, (Bay Area Rapid Transportation District),
(FGIC), 5.50%, 7/1/34 6,407,640
- -----------------------------------------------------------------------------------------------------------------------
$ 13,423,774
- -----------------------------------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 12.2%
$ 5,000 Contra Costa County, Water District, (MBIA),
5.00%, 10/1/24 $ 5,044,600
6,250 East Bay Municipal Utilities District Water System, (MBIA),
5.00%, 6/1/38 6,290,313
4,850 Santa Rosa Wastewater, (AMBAC), 0.00%, 9/1/23 1,860,557
- -----------------------------------------------------------------------------------------------------------------------
$ 13,195,470
- -----------------------------------------------------------------------------------------------------------------------
LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 6.4%
$ 4,000 Sacramento Financing Authority, 5.40%, 11/1/20 $ 4,382,920
2,500 San Diego County, Certificates of Participation,
5.375%, 10/1/41 2,545,575
- -----------------------------------------------------------------------------------------------------------------------
$ 6,928,495
- -----------------------------------------------------------------------------------------------------------------------
OTHER REVENUE -- 1.4%
$ 1,500 California Statewide Communities Development Authority,
(East Valley Tourist Development Authority),
8.25%, 10/1/14 $ 1,529,535
- -----------------------------------------------------------------------------------------------------------------------
$ 1,529,535
- -----------------------------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 21.8%
$ 1,500 Bonita Canyon Public Facilities Financing Authority,
5.375%, 9/1/28 $ 1,502,355
1,600 Brentwood Infrastructure Financing Authority,
6.375%, 9/2/33 1,648,400
1,750 Capistrano Unified School District, 5.75%, 9/1/29 1,768,830
1,665 Corona, Public Financing Authority, 5.80%, 9/1/20 1,667,281
1,000 Corona-Norco Unified School District Public Financing
Authority, 6.125%, 9/1/31 1,020,070
1,590 Fontana Redevelopment Agency, (Jurupa Hills),
5.60%, 10/1/27 1,648,130
1,360 Lincoln Public Financing Authority, Improvement
Bond Act of 1915 (Twelve Bridges), 6.20%, 9/2/25 1,430,897
420 Moreno Valley Unified School District, (Community
School District No. 2003-2), 5.75%, 9/1/24 426,170
</Table>
See notes to financial statements
13
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE
$ 750 Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29 $ 758,025
750 Murrieta Valley Unified School District, 6.20%, 9/1/35 774,225
2,465 Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 2,603,163
995 Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 1,042,621
700 Rancho Cucamonga Public Financing Authority,
6.00%, 9/2/20 734,538
1,245 Roseville Special Tax, 6.30%, 9/1/25 1,323,522
1,325 San Pablo Redevelopment Agency, 5.65%, 12/1/23 1,376,066
1,500 Santa Margarita Water District, 6.20%, 9/1/20 1,575,555
250 Santaluz Community Facilities District No. 2,
6.10%, 9/1/21 255,723
500 Santaluz Community Facilities District No. 2,
6.20%, 9/1/30 508,255
500 Turlock Public Financing Authority, 5.45%, 9/1/24 508,850
1,000 Whittier Public Financing Authority,
(Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 1,030,670
- -----------------------------------------------------------------------------------------------------------------------
$ 23,603,346
- -----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
$ 1,170 Port Redwood City, (AMT), 5.125%, 6/1/30 $ 1,110,985
- -----------------------------------------------------------------------------------------------------------------------
$ 1,110,985
- -----------------------------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 151.3%
(IDENTIFIED COST $154,481,787) $ 163,671,550
- -----------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 3.3% $ 3,532,015
- -----------------------------------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (54.6)% $ (59,010,992)
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES -- 100.0% $ 108,192,573
- -----------------------------------------------------------------------------------------------------------------------
</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 November 30, 2004, 55.8% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by an
individual financial institution ranged from 7.7% to 21.0% of total investments.
(1) Security has been issued as an inverse floater bond. The stated interest
rate represents the rate in effect at November 30, 2004.
(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 November 30,
2004, the aggregate value of the securities is $18,823,901 or 17.4% of the
Trust's net assets.
(3) Security has been issued as a leveraged inverse floater bond. The stated
interest rate represents the rate in effect at November 30, 2004.
(4) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements
14
<Page>
FLORIDA MUNICIPAL INCOME TRUST as of November 30, 2004
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 152.4%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
EDUCATION -- 1.6%
$ 1,000 Volusia County Educational Facilities Authority,
(Embry Riddle Aeronautical), 5.75%, 10/15/29 $ 1,000,660
- -----------------------------------------------------------------------------------------------------------------------
$ 1,000,660
- -----------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 3.2%
$ 2,000 Jacksonville Electric Authority, Variable Rate,
8.20%, 10/1/32(1)(2) $ 2,032,680
- -----------------------------------------------------------------------------------------------------------------------
$ 2,032,680
- -----------------------------------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 4.2%
$ 2,500 Escambia County, Health Facilities Authority,
(Charity Obligation Group), Prerefunded to 11/1/10,
5.00%, 11/1/28 $ 2,684,150
- -----------------------------------------------------------------------------------------------------------------------
$ 2,684,150
- -----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 2.8%
$ 350 Florida Board of Education, 4.75%, 6/1/28 $ 344,687
1,250 Florida, Variable Rate, 8.01%, 7/1/27(1)(2) 1,439,750
- -----------------------------------------------------------------------------------------------------------------------
$ 1,784,437
- -----------------------------------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 0.3%
$ 166 Osceola County IDA Community Provider Pooled Loan,
7.75%, 7/1/17 $ 166,807
- -----------------------------------------------------------------------------------------------------------------------
$ 166,807
- -----------------------------------------------------------------------------------------------------------------------
HOSPITAL -- 12.0%
$ 1,250 Jacksonville, EDA, (Mayo Clinic), 5.50%, 11/15/36 $ 1,300,487
1,750 Lakeland Hospital System, (Lakeland Regional Health System),
5.50%, 11/15/32 1,808,187
2,000 Orange County Health Facilities Authority,
(Adventist Health System), 5.625%, 11/15/32 2,100,880
1,000 South Miami Health Facility Authority, (Baptist Health),
5.25%, 11/15/33 1,014,850
1,400 West Orange Health Care District, 5.80%, 2/1/31 1,452,080
- -----------------------------------------------------------------------------------------------------------------------
$ 7,676,484
- -----------------------------------------------------------------------------------------------------------------------
HOUSING -- 2.6%
$ 1,095 Escambia County Housing Finance Authority, SFM,
(Multi-County Program), (AMT), 5.50%, 10/1/31 $ 1,114,305
500 Florida Capital Projects Finance Authority, Student Housing
Revenue, (Florida University), 7.75%, 8/15/20 507,005
$ 45 Florida Capital Projects Finance Authority, Student Housing
Revenue, (Florida University), 9.50%, 8/15/05 $ 45,424
- -----------------------------------------------------------------------------------------------------------------------
$ 1,666,734
- -----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 3.5%
$ 882 Broward County IDR, (Lynxs Cargoport), (AMT),
6.75%, 6/1/19 $ 806,950
1,000 Capital Trust Agency, (Fort Lauderdale Project), (AMT),
5.75%, 1/1/32 945,750
650 Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26 456,189
- -----------------------------------------------------------------------------------------------------------------------
$ 2,208,889
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 9.9%
$ 1,600 Burke County Development Authority (Georgia Power Co.),
(MBIA), (AMT), 5.45%, 5/1/34 $ 1,612,160
1,100 Guam Power Authority, (MBIA), 5.125%, 10/1/29 1,138,016
2,750 Jupiter Island, Utility System, (South Martin Regional Utility),
(MBIA), 5.00%, 10/1/28 2,777,252
750 Puerto Rico Electric Power Authority, (FSA), Variable Rate,
8.39%, 7/1/29(1)(2) 813,090
- -----------------------------------------------------------------------------------------------------------------------
$ 6,340,518
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 3.3%
$ 650 Dade County, Professional Sports Franchise Facility, (MBIA),
Escrowed to Maturity, 5.25%, 10/1/30 $ 698,535
1,250 Tampa Bay Water Utility System, (FGIC),
Prerefunded to 10/1/11, 5.75%, 10/1/29 1,435,575
- -----------------------------------------------------------------------------------------------------------------------
$ 2,134,110
- -----------------------------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 2.9%
$ 1,500 Puerto Rico, (FSA), Variable Rate, 12.446%, 7/1/27(2)(3) $ 1,875,525
- -----------------------------------------------------------------------------------------------------------------------
$ 1,875,525
- -----------------------------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 7.4%
$ 1,000 Coral Gables Health Facilities Authority, (Baptist Health
System of South Florida), (FSA), 5.00%, 8/15/29 $ 1,010,270
1,000 Maricopa County IDA, (Mayo Clinic Hospital), (AMBAC),
5.25%, 11/15/37 1,023,480
1,350 Miami Dade County Health Facilities Authority,
(Miami Children's Hospital), (AMBAC), 5.125%, 8/15/26 1,382,697
1,250 South Miami Health Facility Authority, (Baptist Health),
(AMBAC), 5.25%, 11/15/33 1,288,837
- -----------------------------------------------------------------------------------------------------------------------
$ 4,705,284
- -----------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
15
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
INSURED-HOUSING -- 1.7%
$ 1,100 Broward County Housing Finance Authority, Multifamily
Housing, (Venice Homes Apartments), (FSA), (AMT),
5.70%, 1/1/32 $ 1,111,902
- -----------------------------------------------------------------------------------------------------------------------
$ 1,111,902
- -----------------------------------------------------------------------------------------------------------------------
INSURED-MISCELLANEOUS -- 11.7%
$ 4,000 Miami-Dade County, (Professional Sport Franchise), (MBIA),
4.75%, 10/1/30 $ 3,920,960
3,500 Orange County Tourist Development, (AMBAC),
5.125%, 10/1/30 3,574,830
- -----------------------------------------------------------------------------------------------------------------------
$ 7,495,790
- -----------------------------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 12.5%
$ 1,500 Dade County Convention Center Special Tax, (AMBAC),
5.00%, 10/1/35 $ 1,506,960
970 Dade County, Special Obligation Residual Certificates,
(AMBAC), Variable Rate, 12.255%, 10/1/35(2)(3) 983,502
2,250 Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30 2,269,935
1,470 Miami Beach Resort Tax, (AMBAC), 6.25%, 10/1/22 1,806,674
1,395 Miami-Dade County, Special Obligation, (MBIA),
5.00%, 10/1/37 1,398,920
- -----------------------------------------------------------------------------------------------------------------------
$ 7,965,991
- -----------------------------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 25.2%
$ 2,250 Florida Ports Financing Commission, (FGIC), (AMT),
5.50%, 10/1/29 $ 2,329,852
3,700 Florida Turnpike Authority, (Department of Transportation),
(FGIC) , 4.50%, 7/1/27(4) 3,558,697
1,500 Greater Orlando Aviation Authority, (FGIC), (AMT),
Variable Rate, 11.811%, 10/1/18(2)(3) 1,688,850
500 Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25 534,685
650 Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29 701,019
1,000 Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), 5.00%, 1/1/37 1,003,070
1,500 Miami-Dade County Expressway Authority, (FGIC),
5.00%, 7/1/33 1,521,045
1,000 Miami-Dade County Expressway Authority, (FGIC),
5.125%, 7/1/29 1,023,930
1,000 Orlando and Orange County Expressway Authority, (FGIC),
5.00%, 7/1/28 1,010,140
1,250 Puerto Rico Highway and Transportation Authority, (MBIA),
5.50%, 7/1/36 1,357,850
1,165 Puerto Rico Highway and Transportation Authority, (MBIA),
Variable Rate, 12.738%, 7/1/26(2)(3) 1,397,511
- -----------------------------------------------------------------------------------------------------------------------
$ 16,126,649
- -----------------------------------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 25.1%
$ 3,000 Marco Island Utility System, (MBIA), 5.00%, 10/1/33 $ 3,039,360
1,500 Miami Beach Storm Water, (FGIC), 5.375%, 9/1/30 1,573,725
1,000 Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25 1,018,930
1,250 Saint Petersburg Public Utilities, (FSA), 5.00%, 10/1/28 1,262,388
4,000 Sunrise Utility Systems, (AMBAC), 5.00%, 10/1/28 4,099,480
1,500 Tampa Bay Water Utility System, (FGIC), Variable Rate,
7.51%, 10/1/27(1)(2) 1,475,865
3,650 Winter Haven Utilities System, (MBIA),
4.75%, 10/1/28 3,597,002
- -----------------------------------------------------------------------------------------------------------------------
$ 16,066,750
- -----------------------------------------------------------------------------------------------------------------------
NURSING HOME -- 2.5%
$ 850 Okaloosa County Retirement Rental Housing, (Encore
Retirement Partners), 6.125%, 2/1/14 $ 764,023
265 Orange County Health Facilities Authority, (Westminster
Community Care), 6.60%, 4/1/24 232,050
735 Orange County Health Facilities Authority, (Westminster
Community Care), 6.75%, 4/1/34 634,481
- -----------------------------------------------------------------------------------------------------------------------
$ 1,630,554
- -----------------------------------------------------------------------------------------------------------------------
OTHER REVENUE -- 2.4%
$ 500 Capital Trust Agency, (Seminole Tribe Convention),
8.95%, 10/1/33 $ 585,165
750 Capital Trust Agency, (Seminole Tribe Convention),
10.00%, 10/1/33 919,515
- -----------------------------------------------------------------------------------------------------------------------
$ 1,504,680
- -----------------------------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 2.3%
$ 1,500 Lee County IDA, (Shell Point Village),
5.50%, 11/15/29 $ 1,457,355
- -----------------------------------------------------------------------------------------------------------------------
$ 1,457,355
- -----------------------------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 12.0%
$ 25 Fleming Island Plantation Community Development District,
6.30%, 2/1/05 $ 25,014
325 Heritage Harbour South Community Development District,
6.20%, 5/1/35 331,854
470 Heritage Harbour South Community Development District,
(Capital Improvements), 5.40%, 11/1/08 474,066
845 Heritage Springs Community Development District,
6.75%, 5/1/21 871,499
875 Longleaf Community Development District,
6.65%, 5/1/20 803,521
</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 $ 754,805
1,000 Northern Palm Beach County Improvement District,
(Water Control and Improvement), 6.00%, 8/1/25 1,019,840
600 Sterling Hill Community Development District,
6.20%, 5/1/35 612,180
500 Stoneybrook West Community Development District,
7.00%, 5/1/32 533,960
890 University Square Community Development District,
6.75%, 5/1/20 935,942
465 Vista Lakes Community Development District,
7.20%, 5/1/32 498,843
745 Waterlefe Community Development District, 6.95%, 5/1/31 790,721
- -----------------------------------------------------------------------------------------------------------------------
$ 7,652,245
- -----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER -- 3.3%
$ 2,000 Seminole County, Water and Sewer, 5.375%, 10/1/22 $ 2,113,180
- -----------------------------------------------------------------------------------------------------------------------
$ 2,113,180
- -----------------------------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 152.4%
(IDENTIFIED COST $92,788,361) $ 97,401,374
- -----------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 3.2% $ 2,014,278
- -----------------------------------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (55.6)% $ (35,504,864)
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES -- 100.0% $ 63,910,788
- -----------------------------------------------------------------------------------------------------------------------
</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 November
30, 2004, 65.5% of the securities in the portfolio of investments are backed by
bond insurance of various financial institutions and financial guaranty
assurance agencies. The aggregate percentage insured by an individual financial
institution ranged from 8.5% to 22.5% of total investments.
(1) Security has been issued as an inverse floater bond. The stated interest
rate represents the rate in effect at November 30, 2004.
(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 November 30,
2004, the aggregate value of the securities is $11,706,773 or 18.3% of the
Trust's net assets.
(3) Security has been issued as a leveraged inverse floater bond. The stated
interest rate represents the rate in effect at November 30, 2004.
(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 November 30, 2004
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 149.2%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
EDUCATION -- 28.7%
$ 500 Massachusetts Development Finance Agency,
(Belmont Hill School), 5.00%, 9/1/31 $ 502,780
2,000 Massachusetts Development Finance Agency,
(Boston University), 5.45%, 5/15/59 2,070,900
500 Massachusetts Development Finance Agency,
(Massachusetts College of Pharmacy), 5.75%, 7/1/33 516,070
600 Massachusetts Development Finance Agency,
(Middlesex School), 5.00%, 9/1/33 602,490
500 Massachusetts Development Finance Agency,
(Mount Holyoke College), 5.25%, 7/1/31 516,400
1,000 Massachusetts Development Finance Agency,
(Suffolk University), 5.85%, 7/1/29 1,028,230
400 Massachusetts Development Finance Agency,
(Western New England College), 6.125%, 12/1/32 418,864
1,500 Massachusetts Development Finance Agency,
(Wheeler School), 6.50%, 12/1/29 1,570,740
1,000 Massachusetts Development Finance Agency,
(Xaverian Brothers High School), 5.65%, 7/1/29 1,022,540
1,000 Massachusetts HEFA, (Boston College), 5.125%, 6/1/33 1,018,280
1,500 Massachusetts HEFA, (Massachusetts
Institute of Technology), 4.75%, 1/1/28 1,496,805
500 Massachusetts IFA, (Babson College), 5.25%, 10/1/27 510,115
400 Massachusetts IFA, (Belmont Hill School), 5.25%, 9/1/28 405,412
- -----------------------------------------------------------------------------------------------------------------------
$ 11,679,626
- -----------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 2.6%
$ 1,000 Massachusetts IFA, (Devens Electric System),
6.00%, 12/1/30 $ 1,048,350
- -----------------------------------------------------------------------------------------------------------------------
$ 1,048,350
- -----------------------------------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 5.9%
$ 1,000 Massachusetts HEFA, (Winchester Hospital),
Prerefunded to 7/1/10, 6.75%, 7/1/30 $ 1,163,730
535 Massachusetts Water Pollution Abatement Trust,
Prerefunded to 8/1/09, 5.375%, 8/1/27 597,964
1,450 Rail Connections, Inc., (Route 128 Parking), (ACA),
Prerefunded to 7/1/09, 0.00%, 7/1/20 628,067
- -----------------------------------------------------------------------------------------------------------------------
$ 2,389,761
- -----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 0.7%
$ 250 Massachusetts, 5.25%, 8/1/28 $ 266,380
- -----------------------------------------------------------------------------------------------------------------------
$ 266,380
- -----------------------------------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 2.8%
$ 510 Massachusetts Development Finance Agency,
(MCHSP Human Services), 6.60%, 8/15/29 $ 460,229
700 Massachusetts HEFA, (Learning Center for Deaf Children),
6.125%, 7/1/29 679,553
- -----------------------------------------------------------------------------------------------------------------------
$ 1,139,782
- -----------------------------------------------------------------------------------------------------------------------
HOSPITAL -- 18.0%
$ 1,000 Massachusetts Development Finance Agency,
(Biomedical Research Corp.), 6.25%, 8/1/20 $ 1,088,810
1,000 Massachusetts HEFA, (Baystate Medical Center),
5.75%, 7/1/33 1,040,100
400 Massachusetts HEFA, (Berkshire Health System),
6.25%, 10/1/31 416,036
175 Massachusetts HEFA, (Central New England Health Systems),
6.30%, 8/1/18 175,117
1,100 Massachusetts HEFA, (Covenant Health), 6.00%, 7/1/31 1,158,190
1,375 Massachusetts HEFA, (Partners Healthcare System),
5.25%, 7/1/29 1,399,434
2,000 Massachusetts HEFA, (South Shore Hospital), 5.75%, 7/1/29 2,061,320
- -----------------------------------------------------------------------------------------------------------------------
$ 7,339,007
- -----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 1.9%
$ 750 Massachusetts IFA, (American Hingham Water Co.), (AMT),
6.60%, 12/1/15 $ 794,910
- -----------------------------------------------------------------------------------------------------------------------
$ 794,910
- -----------------------------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 15.7%
$ 1,000 Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39(1) $ 1,107,140
1,800 Massachusetts Development Finance Agency,
(Franklin W. Olin College), (XLCA), 5.25%, 7/1/33 1,857,006
850 Massachusetts HEFA, (Berklee College of Music), (MBIA),
Variable Rate, 8.30%, 10/1/27(2)(3) 885,054
1,000 Massachusetts HEFA, (Northeastern University), (MBIA),
5.00%, 10/1/29 1,009,440
500 Massachusetts HEFA, (UMass-Worcester Campus), (FGIC),
5.25%, 10/1/31 520,425
1,000 Massachusetts IFA, (Merrimack College), (MBIA),
5.00%, 7/1/27 1,010,970
- -----------------------------------------------------------------------------------------------------------------------
$ 6,390,035
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 1.9%
$ 750 Puerto Rico Electric Power Authority, (FSA),
5.25%, 7/1/29 $ 781,553
- -----------------------------------------------------------------------------------------------------------------------
$ 781,553
- -----------------------------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 7.5%
$ 1,000 Massachusetts, (AMBAC), Variable Rate,
12.675%, 8/1/30(3)(4) $ 1,372,380
</Table>
See notes to financial statements
18
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS (CONTINUED)
$ 500 Plymouth, (MBIA), 5.25%, 10/15/20 $ 545,120
900 Puerto Rico, (FSA), Variable Rate, 12.446%, 7/1/27(3)(4) 1,125,315
- -----------------------------------------------------------------------------------------------------------------------
$ 3,042,815
- -----------------------------------------------------------------------------------------------------------------------
INSURED-MISCELLANEOUS -- 12.8%
$ 2,000 Boston Convention Center, (AMBAC), 5.00%, 5/1/27 $ 2,034,880
2,750 Massachusetts Development Finance Agency, (WGBH),
(AMBAC), 5.75%, 1/1/42 3,155,515
- -----------------------------------------------------------------------------------------------------------------------
$ 5,190,395
- -----------------------------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 10.2%
$ 1,500 Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32 $ 1,517,610
2,500 Massachusetts State Special Obligation - Convention Center,
(FGIC), 5.25%, 1/1/29 2,612,850
- -----------------------------------------------------------------------------------------------------------------------
$ 4,130,460
- -----------------------------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 11.1%
$ 1,020 Massachusetts Turnpike Authority, Metropolitan
Highway System, (MBIA), 0.00%, 1/1/29 $ 285,967
2,000 Massachusetts Turnpike Authority, Metropolitan
Highway System, (MBIA), 5.25%, 1/1/29 2,076,720
1,100 Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), Variable Rate, 11.257%, 1/1/37(3)(4) 1,110,131
1,000 Puerto Rico Highway and Transportation Authority,
(AMBAC), Variable Rate, 11.238%, 7/1/28(3)(4) 1,061,380
- -----------------------------------------------------------------------------------------------------------------------
$ 4,534,198
- -----------------------------------------------------------------------------------------------------------------------
NURSING HOME -- 3.9%
$ 500 Boston, IDA (Alzheimers Center), (FHA), 6.00%, 2/1/37 $ 537,275
490 Massachusetts Development Finance Agency,
(Odd Fellows Home of Massachusetts), 6.25%, 1/1/15 456,322
600 Massachusetts HEFA, (Christopher House), 6.875%, 1/1/29 583,062
- -----------------------------------------------------------------------------------------------------------------------
$ 1,576,659
- -----------------------------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 3.5%
$ 1,500 Massachusetts Development Finance Agency,
(Berkshire Retirement), 5.625%, 7/1/29 $ 1,414,305
- -----------------------------------------------------------------------------------------------------------------------
$ 1,414,305
- -----------------------------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 3.6%
$ 1,350 Massachusetts Bay Transportation Authority,
(Sales Tax Revenue), 5.25%, 7/1/30 $ 1,452,438
- -----------------------------------------------------------------------------------------------------------------------
$ 1,452,438
- -----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 5.8%
$ 1,350 Massachusetts Bay Transportation Authority, Variable Rate,
8.05%, 3/1/27(2)(3) $ 1,377,905
$ 1,000 Puerto Rico Highway and Transportation Authority,
5.00%, 7/1/36 $ 1,001,700
- -----------------------------------------------------------------------------------------------------------------------
$ 2,379,605
- -----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER -- 12.6%
$ 2,000 Massachusetts Water Pollution Abatement Trust,
5.00%, 8/1/32 $ 2,012,400
2,000 Massachusetts Water Pollution Abatement Trust,
5.25%, 8/1/33 2,076,740
965 Massachusetts Water Pollution Abatement Trust,
5.375%, 8/1/27 1,018,577
- -----------------------------------------------------------------------------------------------------------------------
$ 5,107,717
- -----------------------------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 149.2%
(IDENTIFIED COST $57,612,663) $ 60,657,996
- -----------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 3.7% $ 1,504,084
- -----------------------------------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (52.9)% $ (21,500,534)
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES -- 100.0% $ 40,661,546
- -----------------------------------------------------------------------------------------------------------------------
</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 November 30, 2004, 39.7% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by an
individual financial institution ranged from 3.1% to 15.1% 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. The stated interest
rate represents the rate in effect at November 30, 2004.
(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 November 30,
2004, the aggregate value of the securities is $6,932,165 or 17.0% of the
Trust's net assets.
(4) Security has been issued as a leveraged inverse floater bond. The stated
interest rate represents the rate in effect at November 30, 2004.
See notes to financial statements
19
<Page>
MICHIGAN MUNICIPAL INCOME TRUST as of November 30, 2004
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 152.9%
<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 $ 1,271,262
- -----------------------------------------------------------------------------------------------------------------------
$ 1,271,262
- -----------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 7.4%
$ 1,250 Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29 $ 1,284,462
1,000 Puerto Rico Electric Power Authority, 5.25%, 7/1/31 1,031,320
- -----------------------------------------------------------------------------------------------------------------------
$ 2,315,782
- -----------------------------------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 2.8%
$ 750 Michigan Hospital Finance Authority, (Ascension Health Care),
Prerefunded to 11/15/09, 6.125%, 11/15/26 $ 864,255
- -----------------------------------------------------------------------------------------------------------------------
$ 864,255
- -----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 19.3%
$ 500 East Grand Rapids Public Schools, 5.00%, 5/1/25 $ 510,015
500 Garden City School District, 5.00%, 5/1/26 508,070
5,335 Grand Rapids and Kent County Joint Building Authority,
0.00%, 12/1/29 1,414,682
1,000 Manistee Area Public Schools, 5.00%, 5/1/24 1,027,290
750 Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29 776,820
1,000 White Cloud Public Schools, 5.125%, 5/1/31 1,015,520
800 Woodhaven Brownstown School District, 5.125%, 5/1/32 813,888
- -----------------------------------------------------------------------------------------------------------------------
$ 6,066,285
- -----------------------------------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 1.2%
$ 385 Pittsfield Township EDC, (Arbor Hospice), 7.875%, 8/15/27 $ 370,790
- -----------------------------------------------------------------------------------------------------------------------
$ 370,790
- -----------------------------------------------------------------------------------------------------------------------
HOSPITAL -- 35.1%
$ 500 Allegan Hospital Finance Authority, (Allegan General Hospital),
7.00%, 11/15/21 $ 518,000
125 Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.20%, 1/1/25 121,445
125 Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.50%, 1/1/37 121,532
500 Kent Hospital Finance Authority, (Spectrum Health),
5.50%, 1/15/31 518,060
500 Mecosta County, (Michigan General Hospital),
6.00%, 5/15/18 490,275
750 Michigan Health Facilities Authority, (Henry Ford Health),
5.25%, 11/15/25 754,807
$ 1,000 Michigan Hospital Finance Authority, (Central Michigan
Community Hospital), 6.25%, 10/1/27 $ 1,012,000
1,000 Michigan Hospital Finance Authority, (Henry Ford Health),
5.25%, 11/15/20 1,015,910
2,275 Michigan Hospital Finance Authority, (McLaren Obligated
Group), 4.50%, 10/15/21 2,187,640
750 Michigan Hospital Finance Authority, (Memorial Healthcare
Center), 5.875%, 11/15/21 766,275
750 Michigan Hospital Finance Authority, (Sparrow Obligation
Group), 5.625%, 11/15/36 768,817
1,000 Michigan Hospital Finance Authority, (Trinity Health),
6.00%, 12/1/27 1,086,620
750 Royal Oak Hospital Finance Authority, (William Beaumount
Hospital), 5.25%, 1/1/20 775,500
800 Saginaw Hospital Finance Authority, (Covenant Medical
Center), 6.50%, 7/1/30 878,224
- -----------------------------------------------------------------------------------------------------------------------
$ 11,015,105
- -----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 10.7%
$ 500 Delta County EDC, (Mead Westvaco-Escanaba),
6.25%, 4/15/27 $ 530,905
1,000 Detroit Local Development Finance Authority,
(Chrysler Corp.), 5.375%, 5/1/21 1,017,240
800 Dickinson County Economic Development Corp.,
(International Paper Co.), 5.75%, 6/1/16 860,184
475 Michigan Strategic Fund, (S.D. Warren), (AMT),
7.375%, 1/15/22 494,361
625 Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26 438,644
- -----------------------------------------------------------------------------------------------------------------------
$ 3,341,334
- -----------------------------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 1.6%
$ 500 Central Michigan University, (FGIC), 5.00%, 10/1/27 $ 505,075
- -----------------------------------------------------------------------------------------------------------------------
$ 505,075
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 5.0%
$ 1,000 Michigan Strategic Fund Resource Recovery,
(Detroit Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29 $ 1,038,770
500 Michigan Strategic Fund Resource Recovery,
(Detroit Edison Co.), (XLCA), 5.25%, 12/15/32 513,845
- -----------------------------------------------------------------------------------------------------------------------
$ 1,552,615
- -----------------------------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 22.4%
$ 1,000 Central Montcalm Public Schools,(MBIA), 6.00%, 5/1/29 $ 1,101,940
650 Detroit School District, (FGIC), 4.75%, 5/1/28 643,539
200 Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25 200,428
</Table>
See notes to financial statements
20
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS (CONTINUED)
$ 2,000 Fenton Area Public Schools,(FGIC), 5.00%, 5/1/24 $ 2,051,360
2,000 Novi Building Authority, (FSA), 5.50%, 10/1/25 2,163,040
700 Puerto Rico, (FSA), Variable Rate, 12.446%, 7/1/27(1)(2) 875,245
- -----------------------------------------------------------------------------------------------------------------------
$ 7,035,552
- -----------------------------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 6.6%
$ 1,000 Royal Oak Hospital Finance Authority,
(William Beaumont Hospital), (MBIA), 5.25%, 11/15/35 $ 1,023,950
1,000 Saginaw Hospital Finance Authority, (Covenant Medical
Center), (MBIA), 5.50%, 7/1/24 1,057,650
- -----------------------------------------------------------------------------------------------------------------------
$ 2,081,600
- -----------------------------------------------------------------------------------------------------------------------
INSURED-SEWER REVENUE -- 3.2%
$ 1,000 Detroit Sewer Disposal, (FGIC), 5.125%, 7/1/31 $ 1,018,120
- -----------------------------------------------------------------------------------------------------------------------
$ 1,018,120
- -----------------------------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 10.8%
$ 600 Puerto Rico Infrastructure Financing Authority, (AMBAC),
Variable Rate, 8.111%, 7/1/28(2)(3) $ 624,456
455 Puerto Rico Infrastructure Financing Authority, (AMBAC),
Variable Rate, 10.286%, 7/1/28(1)(2) 482,819
2,250 Wayne Charter County, (Airport Hotel-Detroit Metroplitan
Airport), (MBIA), 5.00%, 12/1/30 2,274,390
- -----------------------------------------------------------------------------------------------------------------------
$ 3,381,665
- -----------------------------------------------------------------------------------------------------------------------
INSURED-STUDENT LOAN -- 3.3%
$ 1,000 Michigan Higher Education Student Loan Authority Revenue,
(AMBAC), (AMT), 5.50%, 6/1/25(4) $ 1,029,310
- -----------------------------------------------------------------------------------------------------------------------
$ 1,029,310
- -----------------------------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 10.9%
$ 670 Puerto Rico Highway and Transportation Authority, (AMBAC),
Variable Rate, 11.238%, 7/1/28(1)(2) $ 711,125
600 Puerto Rico Highway and Transportation Authority, (MBIA),
Variable Rate, 12.738%, 7/1/26(1)(2) 719,748
2,000 Wayne Charter County Airport, Residual Certificates, (MBIA),
(AMT), Variable Rate, 8.01%, 12/1/28(2)(3) 1,998,280
- -----------------------------------------------------------------------------------------------------------------------
$ 3,429,153
- -----------------------------------------------------------------------------------------------------------------------
INSURED-WATER REVENUE -- 5.3%
$ 1,650 Detroit Water Supply System, (FGIC), 5.00%, 7/1/30 $ 1,661,435
- -----------------------------------------------------------------------------------------------------------------------
$ 1,661,435
- -----------------------------------------------------------------------------------------------------------------------
LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 0.8%
$ 250 Puerto Rico, (Guaynabo Municipal Government Center Lease),
5.625%, 7/1/22 $ 258,373
- -----------------------------------------------------------------------------------------------------------------------
$ 258,373
- -----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.4%
$ 750 Kent County Airport Facility, Variable Rate,
8.01%, 1/1/25(2)(3) $ 767,385
- -----------------------------------------------------------------------------------------------------------------------
$ 767,385
- -----------------------------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 152.9%
(IDENTIFIED COST $44,738,401) $ 47,965,096
- -----------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 2.9% $ 902,146
- -----------------------------------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (55.8)% $ (17,504,078)
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES -- 100.0% $ 31,363,164
- -----------------------------------------------------------------------------------------------------------------------
</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 November 30, 2004, 45.2% 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 1.1% to 19.6% of total investments.
(1) Security has been issued as a leveraged inverse floater bond. The stated
interest rate represents the rate in effect at November 30, 2004.
(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 November 30,
2004, the aggregate value of the securities is $6,179,058 or 19.7% of the
Trust's net assets.
(3) Security has been issued as an inverse floater bond. The stated interest
rate represents the rate in effect at November 30, 2004.
(4) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
See notes to financial statements
21
<Page>
NEW JERSEY MUNICIPAL INCOME TRUSt as of November 30, 2004
PORTFOLIO OF INVESTMENTS
Tax-Exempt Investments -- 151.6%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
COGENERATION -- 1.3%
$ 845 Port Authority of New York and New Jersey, (KIAC),
(AMT), 6.75%, 10/1/19 $ 872,902
- -----------------------------------------------------------------------------------------------------------------------
$ 872,902
- -----------------------------------------------------------------------------------------------------------------------
EDUCATION -- 13.1%
$ 1,445 New Jersey Educational Facilities Authority,
(Bloomfield College), 6.85%, 7/1/30 $ 1,477,556
3,935 New Jersey Educational Facilities Authority,
(Princeton University), 5.00%, 7/1/20 4,153,078
3,250 New Jersey Educational Facilities Authority,
(Stevens Institute of Technology), 5.25%, 7/1/32 3,293,550
- -----------------------------------------------------------------------------------------------------------------------
$ 8,924,184
- -----------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 9.8%
$ 5,000 Puerto Rico Electric Power Authority, 5.125%, 7/1/29 $ 5,106,000
1,500 Salem County Pollution Control Financing Authority,
(Public Service Enterprise Group, Inc.), (AMT),
5.75%, 4/1/31 1,596,390
- -----------------------------------------------------------------------------------------------------------------------
$ 6,702,390
- -----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 5.3%
$ 3,500 Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29 $ 3,625,160
- -----------------------------------------------------------------------------------------------------------------------
$ 3,625,160
- -----------------------------------------------------------------------------------------------------------------------
HOSPITAL -- 24.0%
$ 2,000 Camden County, Improvements Authority, (Cooper Health),
5.75%, 2/15/34 $ 2,062,080
1,035 New Jersey Health Care Facilities Financing Authority,
(Atlantic City Medical Center), 5.75%, 7/1/25 1,100,578
2,140 New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.25%, 7/1/27 2,151,149
1,765 New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.375%, 7/1/33 1,797,088
2,000 New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), 6.00%, 1/1/34 2,094,660
750 New Jersey Health Care Facilities Financing Authority,
(Palisades Medical Center), 6.50%, 7/1/21 815,272
2,000 New Jersey Health Care Facilities Financing Authority,
(Robert Wood Johnson University Hospital), 5.75%, 7/1/31 2,128,780
1,450 New Jersey Health Care Facilities Financing Authority,
(Saint Peters University Hospital), 6.875%, 7/1/20 1,627,480
1,900 New Jersey Health Care Facilities Financing Authority,
(St. Elizabeth's Hospital), 6.00%, 7/1/20 1,972,580
$ 600 New Jersey Health Care Facilities Financing Authority,
(Trinitas Hospital), 7.50%, 7/1/30 $ 672,486
- -----------------------------------------------------------------------------------------------------------------------
$ 16,422,153
- -----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 15.6%
$ 1,000 Gloucester County, Improvements Authority,
(Waste Management, Inc.), (AMT), 7.00%, 12/1/29 $ 1,133,840
3,000 Middlesex County Pollution Control Authority,
(Amerada Hess Corp.), 6.05%, 9/15/34 3,106,110
1,000 New Jersey EDA, (Anheuser-Busch), (AMT), 5.85%, 12/1/30 1,024,210
750 New Jersey EDA, (Continental Airlines), (AMT),
6.25%, 9/15/29 577,500
750 New Jersey EDA, (Continental Airlines), (AMT),
9.00%, 6/1/33 741,652
3,700 New Jersey EDA, (The Seeing Eye, Inc.), 6.20%, 12/1/24 4,080,804
- -----------------------------------------------------------------------------------------------------------------------
$ 10,664,116
- -----------------------------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 2.4%
$ 1,600 Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental, Residual Certificates, (MBIA),
Variable Rate, 10.856%, 7/1/33(1)(2) $ 1,655,728
- -----------------------------------------------------------------------------------------------------------------------
$ 1,655,728
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 1.9%
$ 1,250 Vineland, (Electric Utility), (MBIA), (AMT),
5.25%, 5/15/26 $ 1,290,350
- -----------------------------------------------------------------------------------------------------------------------
$ 1,290,350
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 3.0%
$ 1,580 New Jersey EDA, (FSA), Prerefunded to 5/1/09,
Variable Rate, 11.948%, 5/1/17(1)(2) $ 2,048,723
- -----------------------------------------------------------------------------------------------------------------------
$ 2,048,723
- -----------------------------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 7.2%
$ 1,555 Colts Neck Township Board of Education, (FSA),
5.00%, 2/1/26 $ 1,631,553
3,500 Irvington Township, (FSA), 0.00%, 7/15/24 1,311,450
5,500 Irvington Township, (FSA), 0.00%, 7/15/25 1,944,580
- -----------------------------------------------------------------------------------------------------------------------
$ 4,887,583
- -----------------------------------------------------------------------------------------------------------------------
INSURED-HOUSING -- 0.4%
$ 230 New Jersey Housing and Mortgage Finance Agency,
Multifamily Housing, (FSA), 5.75%, 5/1/25 $ 240,368
- -----------------------------------------------------------------------------------------------------------------------
$ 240,368
- -----------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
22
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 8.9%
$ 8,500 Garden Preservation Trust and Open Space and Farmland,
(FSA), 0.00%, 11/1/27 $ 2,653,190
6,000 Garden Preservation Trust and Open Space and Farmland,
(FSA), 0.00%, 11/1/25 2,098,680
1,250 New Jersey EDA, (Motor Vehicle Surcharges), (MBIA),
5.25%, 7/1/26 1,352,337
- -----------------------------------------------------------------------------------------------------------------------
$ 6,104,207
- -----------------------------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 24.1%
$ 4,000 Delaware River and Bay Authority, (AMBAC),
5.75%, 1/1/29(3) $ 4,397,160
1,000 Delaware River Port Authority, (FSA), 5.625%, 1/1/26 1,087,020
3,250 Delaware River Port Authority, (FSA), 5.75%, 1/1/26 3,567,265
1,500 New Jersey Turnpike Authority, RITES, (MBIA),
Variable Rate, 12.698%, 1/1/30(1)(2) 1,816,935
50 Newark Housing Authority, (Newark Marine Terminal),
(MBIA), 5.00%, 1/1/37 50,588
1,250 Newark Housing Authority, (Newark Marine Terminal),
(MBIA), Variable Rate, 11.134%, 1/1/37(1)(2) 1,294,100
4,000 Port Authority of New York and New Jersey, (JFK International
Terminal), (MBIA), (AMT), 5.75%, 12/1/25 4,250,320
- -----------------------------------------------------------------------------------------------------------------------
$ 16,463,388
- -----------------------------------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 6.4%
$ 2,800 Bayonne Municipal Utilities Authority, Water and Sewer
Revenue, (XLCA), 4.75%, 4/1/33 $ 2,754,808
1,500 Bordentown Sewer Authority, (FGIC), 5.375%, 12/1/20 1,640,895
- -----------------------------------------------------------------------------------------------------------------------
$ 4,395,703
- -----------------------------------------------------------------------------------------------------------------------
NURSING HOME -- 3.0%
$ 1,000 New Jersey EDA, (Masonic Charity Foundation),
5.50%, 6/1/31 $ 1,043,790
975 New Jersey EDA, (Victoria Health), 5.20%, 12/20/36 1,007,282
- -----------------------------------------------------------------------------------------------------------------------
$ 2,051,072
- -----------------------------------------------------------------------------------------------------------------------
OTHER REVENUE -- 1.8%
$ 1,250 Tobacco Settlement Financing Corp., Variable Rate,
12.022%, 6/1/39(2)(4) $ 1,247,475
- -----------------------------------------------------------------------------------------------------------------------
$ 1,247,475
- -----------------------------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 2.4%
$ 1,700 New Jersey EDA, (Fellowship Village), 5.50%, 1/1/25 $ 1,670,522
- -----------------------------------------------------------------------------------------------------------------------
$ 1,670,522
- -----------------------------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 4.9%
$ 750 New Jersey EDA, (Cigarette Tax), 5.50%, 6/15/31 $ 753,128
$ 1,000 New Jersey EDA, (Cigarette Tax), 5.75%, 6/15/29 $ 1,022,440
1,500 New Jersey EDA, (Cigarette Tax), Variable Rate,
9.10%, 6/15/34(2)(4) 1,564,620
- -----------------------------------------------------------------------------------------------------------------------
$ 3,340,188
- -----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 16.1%
$ 5,660 Port Authority of New York and New Jersey,
5.25%, 7/15/34 $ 5,812,424
1,600 Port Authority of New York and New Jersey, Variable Rate,
13.24%, 3/1/28(1) 1,988,736
2,000 Puerto Rico Highway and Transportation Authority,
5.00%, 7/1/42 1,979,820
1,175 South Jersey Port Authority, (Marine Terminal),
5.10%, 1/1/33 1,190,322
- -----------------------------------------------------------------------------------------------------------------------
$ 10,971,302
- -----------------------------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 151.6%
(IDENTIFIED COST $97,062,394) $ 103,577,514
- -----------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 4.0% $ 2,724,372
- -----------------------------------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (55.6)% $ (38,003,539)
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES -- 100.0% $ 68,298,347
- -----------------------------------------------------------------------------------------------------------------------
</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 November 30, 2004, 35.8% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by an
individual financial institution ranged from 1.6% to 16.0% of total investments.
(1) Security has been issued as a leveraged inverse floater bond. The stated
interest rate represents the rate in effect at November 30, 2004.
(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 November 30,
2004, the aggregate value of the securities is $9,627,581 or 14.1% 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 an inverse floater bond. The stated interest
rate represents the rate in effect at November 30, 2004.
See notes to financial statements
23
<Page>
NEW YORK MUNICIPAL INCOME TRUST as of November 30, 2004
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 150.7%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
COGENERATION -- 2.4%
$ 845 Port Authority of New York and New Jersey, (KIAC),
(AMT), 6.75%, 10/1/19 $ 872,902
1,150 Suffolk County IDA, (Nissequogue Cogeneration
Partners Facility), (AMT), 5.50%, 1/1/23 1,093,075
- -----------------------------------------------------------------------------------------------------------------------
$ 1,965,977
- -----------------------------------------------------------------------------------------------------------------------
EDUCATION -- 15.6%
$ 1,000 Dutchess County IDA, (Marist College),
5.00%, 7/1/20 $ 1,028,430
6,000 Hempstead IDA, (Hofstra University Civic Facilities),
5.00%, 7/1/33 6,005,940
2,010 New York City IDA, (St. Francis College),
4.50%, 10/1/24 1,927,067
50 New York Dormitory Authority, (City University),
5.25%, 7/1/31 51,156
4,025 New York Dormitory Authority, (Rockefeller University),
4.75%, 7/1/37 3,978,753
- -----------------------------------------------------------------------------------------------------------------------
$ 12,991,346
- -----------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 17.7%
$ 2,000 Long Island Power Authority, 5.50%, 12/1/23 $ 2,075,660
1,655 Long Island Power Authority, Electric System Revenue,
5.25%, 12/1/26 1,687,835
1,000 Long Island Power Authority, Electric System Revenue,
5.375%, 9/1/25 1,041,230
4,100 New York Power Authority, 5.25%, 11/15/40 4,184,542
1,500 Puerto Rico Electric Power Authority, 5.125%, 7/1/29 1,531,800
2,000 Puerto Rico Electric Power Authority, 5.25%, 7/1/31 2,062,640
2,100 Suffolk County IDA, (Keyspan-Port Jefferson), (AMT),
5.25%, 6/1/27 2,125,998
- -----------------------------------------------------------------------------------------------------------------------
$ 14,709,705
- -----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 10.6%
$ 6,000 New York City, 5.25%, 9/15/33 $ 6,180,480
2,500 Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29 2,589,400
- -----------------------------------------------------------------------------------------------------------------------
$ 8,769,880
- -----------------------------------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 6.4%
$ 1,250 New York City IDA, (A Very Special Place, Inc.),
5.75%, 1/1/29 $ 1,025,625
1,500 New York City IDA, (Ohel Children's Home),
6.00%, 3/15/23 1,343,280
$ 140 Suffolk County IDA, Civic Facility Revenue, (Alliance of LI),
7.50%, 9/1/15 $ 152,074
180 Suffolk County IDA, Civic Facility Revenue, (Alliance of LI),
7.50%, 9/1/15 195,523
2,600 Westchester County IDA, (Children's Village),
5.375%, 3/15/19 2,607,332
- -----------------------------------------------------------------------------------------------------------------------
$ 5,323,834
- -----------------------------------------------------------------------------------------------------------------------
HOSPITAL -- 15.5%
$ 230 Chautauqua County IDA, (Womans Christian Association),
6.35%, 11/15/17 $ 215,901
485 Chautauqua County IDA, (Womans Christian Association),
6.40%, 11/15/29 457,947
1,250 Fulton County IDA, (Nathan Littauer Hospital),
6.00%, 11/1/18 1,204,300
400 Nassau County IDA, Civic Facility Revenue, (North Shore
Health System), 6.25%, 11/1/21 436,860
3,200 New York City Health and Hospital Corp., 5.25%, 2/15/17 3,310,720
300 New York City Health and Hospital Corp., (Health System),
5.375%, 2/15/26 308,892
1,500 New York Dormitory Authority Revenue, (Lenox Hill Hospital),
5.50%, 7/1/30 1,510,545
2,000 New York Dormitory Authority, (Methodist Hospital),
5.25%, 7/1/33 2,032,280
1,250 Oneida County IDA, (St. Elizabeth Hospital),
5.75%, 12/1/19 1,164,400
2,105 Suffolk County IDA, Civic Facility, (Huntington Hospital),
6.00%, 11/1/22 2,230,584
- -----------------------------------------------------------------------------------------------------------------------
$ 12,872,429
- -----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 6.3%
$ 1,500 New York City IDA, (American Airlines, Inc.-JFK International
Airport), (AMT), 8.00%, 8/1/12 $ 1,232,190
775 Onandaga County IDA, Aero Syracuse Cargo, (AMT),
6.125%, 1/1/32 782,812
2,500 Onondaga County IDA, (Anheuser-Busch), (AMT),
6.25%, 12/1/34 2,673,850
550 Port Authority of New York and New Jersey,
(Continental Airlines), (AMT), 9.125%, 12/1/15 556,655
- -----------------------------------------------------------------------------------------------------------------------
$ 5,245,507
- -----------------------------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 6.6%
$ 1,000 Madison County IDA, (Colgate University), (MBIA),
5.00%, 7/1/39 $ 1,007,530
1,500 New York Dormitory Authority, (Barnard College), (AMBAC),
4.75%, 7/1/35 1,464,465
1,200 New York Dormitory Authority, (Cooper Union), (MBIA),
6.25%, 7/1/29 1,361,724
</Table>
See notes to financial statements
24
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
INSURED-EDUCATION (CONTINUED)
$ 900 New York Dormitory Authority, New York University, (MBIA),
Variable Rate, 23.275%, 7/1/27(1)(2) $ 1,629,018
- -----------------------------------------------------------------------------------------------------------------------
$ 5,462,737
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 6.2%
$ 1,500 Metropolitan Transportation Authority of New York,
Escrowed to Maturity, (FGIC), 4.75%, 7/1/26 $ 1,493,670
1,400 Metropolitan Transportation Authority of New York,
Escrowed to Maturity, (FGIC), 4.75%, 7/1/26 1,394,092
1,000 Metropolitan Transportation Authority of New York,
Escrowed to Maturity, (FGIC), 4.875%, 7/1/18 1,050,670
1,000 New York City, Trust for Cultural Resources, (Museum of
History), Prerefunded to 7/1/09, (AMBAC),
Variable Rate, 13.329%, 7/1/29(1)(2) 1,242,310
- -----------------------------------------------------------------------------------------------------------------------
$ 5,180,742
- -----------------------------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 2.6%
$ 1,750 Puerto Rico, (FSA), Variable Rate,
12.446%, 7/1/27(1)(2) $ 2,188,112
- -----------------------------------------------------------------------------------------------------------------------
$ 2,188,112
- -----------------------------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 9.2%
$ 5,000 New York Dormitory Authority, (Memorial Sloan
Kettering Cancer Center), (MBIA), 5.50%, 7/1/23(3) $ 5,669,150
2,000 New York Dormitory Authority, (Municipal Health Facilities
Improvement), (FSA), 4.75%, 1/15/29 1,964,660
- -----------------------------------------------------------------------------------------------------------------------
$ 7,633,810
- -----------------------------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 3.0%
$ 1,175 Puerto Rico Infrastructure Financing Authority, (AMBAC),
Variable Rate, 8.111%, 7/1/28(2)(4) $ 1,222,893
1,190 Puerto Rico Infrastructure Financing Authority, (AMBAC),
Variable Rate, 10.286%, 7/1/28(1)(2) 1,262,757
- -----------------------------------------------------------------------------------------------------------------------
$ 2,485,650
- -----------------------------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 11.4%
$ 2,325 Monroe County Airport Authority, (MBIA), (AMT),
Variable Rate, 9.707%, 1/1/17(2)(4) $ 2,969,257
2,735 Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT), 5.625%, 4/1/29 2,831,628
1,750 Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT),
Variable Rate, 9.215%, 4/1/29(2)(4) 1,873,637
1,750 Triborough Bridge and Tunnel Authority, (MBIA),
5.00%, 1/1/32 1,768,130
- -----------------------------------------------------------------------------------------------------------------------
$ 9,442,652
- -----------------------------------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 2.6%
$ 2,000 New York City Municipal Water Finance Authority,
(FGIC), 5.50%, 6/15/32 $ 2,137,900
- -----------------------------------------------------------------------------------------------------------------------
$ 2,137,900
- -----------------------------------------------------------------------------------------------------------------------
LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 5.7%
$ 4,385 New York Dormitory Authority, (Court Facility),
6.00%, 5/15/39 $ 4,740,010
- -----------------------------------------------------------------------------------------------------------------------
$ 4,740,010
- -----------------------------------------------------------------------------------------------------------------------
OTHER REVENUE -- 3.5%
$ 1,285 Albany Industrial Development Agency Civic Facility,
(Charitable Leadership), 5.75%, 7/1/26 $ 1,313,296
1,250 Puerto Rico Infrastructure Financing Authority, Variable Rate,
12.834%, 10/1/23(1)(2) 1,552,463
- -----------------------------------------------------------------------------------------------------------------------
$ 2,865,759
- -----------------------------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 3.0%
$ 1,450 Mount Vernon IDA, (Wartburg Senior Housing,
Inc.-Meadowview), 6.20%, 6/1/29 $ 1,457,221
1,000 Suffolk County IDA, (Jeffersons Ferry), 7.20%, 11/1/19 1,042,960
- -----------------------------------------------------------------------------------------------------------------------
$ 2,500,181
- -----------------------------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 1.3%
$ 1,040 New York State Local Government Assistance Corp.,
5.00%, 4/1/21 $ 1,112,727
- -----------------------------------------------------------------------------------------------------------------------
$ 1,112,727
- -----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 14.6%
$ 6,000 Metropolitan Transportation Authority of New York,
5.25%, 11/15/32 $ 6,161,580
1,000 Port Authority of New York and New Jersey,
5.25%, 7/15/34 1,026,930
1,300 Port Authority of New York and New Jersey, (AMT),
Variable Rate, 8.046%, 6/15/33(2)(4) 1,177,059
1,800 Port Authority of New York and New Jersey, Variable Rate,
13.24%, 3/1/28(1) 2,237,328
1,550 Puerto Rico Highway and Transportation Authority,
5.00%, 7/1/42 1,534,361
- -----------------------------------------------------------------------------------------------------------------------
$ 12,137,258
- -----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER -- 6.5%
$ 1,500 New York City Municipal Water Finance Authority,
5.25%, 6/15/29 $ 1,549,305
</Table>
See notes to financial statements
25
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (CONTINUED)
$ 3,500 New York City Municipal Water Finance Authority,
5.75%, 6/15/29 $ 3,830,260
- -----------------------------------------------------------------------------------------------------------------------
$ 5,379,565
TOTAL TAX-EXEMPT INVESTMENTS -- 150.7%
(IDENTIFIED COST $119,035,497) $ 125,145,781
- -----------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 2.9% $ 2,407,395
- -----------------------------------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (53.6)% $ (44,509,201)
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES -- 100.0% $ 83,043,975
- -----------------------------------------------------------------------------------------------------------------------
</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 November 30, 2004, 27.6% 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 3.3% to 15.3% of total investments.
(1) Security has been issued as a leveraged inverse floater bond. The stated
interest rate represents the rate in effect at November 30, 2004.
(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 November 30,
2004, the aggregate value of the securities is $15,117,506 or 18.2% 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 an inverse floater bond. The stated interest
rate represents the rate in effect at November 30, 2004.
See notes to financial statements
26
<Page>
OHIO MUNICIPAL INCOME TRUST as of November 30, 2004
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 151.5%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
COGENERATION -- 1.4%
$ 385 Ohio Water Development Authority, Solid Waste Disposal,
(Bay Shore Power), (AMT), 5.875%, 9/1/20 $ 381,335
200 Ohio Water Development Authority, Solid Waste Disposal,
(Bay Shore Power), (AMT), 6.625%, 9/1/20 205,502
- -----------------------------------------------------------------------------------------------------------------------
$ 586,837
- -----------------------------------------------------------------------------------------------------------------------
EDUCATION -- 3.6%
$ 1,500 Ohio Higher Educational Facilities Authority,
(Oberlin College), Variable Rate, 8.02%, 10/1/29(1)(2) $ 1,524,720
- -----------------------------------------------------------------------------------------------------------------------
$ 1,524,720
- -----------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 3.7%
$ 500 Clyde Electric System Revenue, (AMT), 6.00%, 11/15/14 $ 524,820
1,000 Puerto Rico Electric Power Authority, 5.25%, 7/1/31 1,031,320
- -----------------------------------------------------------------------------------------------------------------------
$ 1,556,140
- -----------------------------------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 2.7%
$ 1,000 Delaware County, Prerefunded to 12/1/10,
6.00%, 12/1/25 $ 1,163,360
- -----------------------------------------------------------------------------------------------------------------------
$ 1,163,360
- -----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 4.0%
$ 1,530 Hamilton City School District, 5.625%, 12/1/24 $ 1,682,235
- -----------------------------------------------------------------------------------------------------------------------
$ 1,682,235
- -----------------------------------------------------------------------------------------------------------------------
HOSPITAL -- 22.0%
$ 550 Cuyahoga County, (Cleveland Clinic Health System),
5.50%, 1/1/29 $ 571,120
1,500 Erie County Hospital Facilities, (Firelands Regional
Medical Center), 5.625%, 8/15/32 1,538,670
2,000 Franklin County, (Childrens Hospital), 5.20%, 5/1/29 2,026,580
610 Highland County, (Joint Township Hospital District),
6.75%, 12/1/29 599,880
400 Mahoning County Hospital Facility, (Forum Health
Obligation Group), 6.00%, 11/15/32 422,264
1,250 Parma Community General Hospital Association,
5.35%, 11/1/18 1,300,025
1,750 Parma Community General Hospital Association,
5.375%, 11/1/29 1,778,717
1,000 Richland County Hospital Facilities, (Medcentral Health
Systems), 6.375%, 11/15/22 1,079,930
- -----------------------------------------------------------------------------------------------------------------------
$ 9,317,186
- -----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 18.0%
$ 1,250 Cleveland Airport, (Continental Airlines), (AMT),
5.70%, 12/1/19 $ 945,500
1,300 Dayton Special Facilities Revenue, (Emery Air Freight),
5.625%, 2/1/18 1,332,175
3,000 Moraine Solid Waste Disposal, (General Motors Corp.),
(AMT), 5.65%, 7/1/24 3,021,090
2,250 Ohio Water Development Authority, (Anheuser-Busch),
(AMT), 6.00%, 8/1/38 2,356,313
- -----------------------------------------------------------------------------------------------------------------------
$ 7,655,078
- -----------------------------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 10.1%
$ 1,000 Ohio Higher Educational Facilities, (University of Dayton),
(AMBAC), 5.50%, 12/1/30 $ 1,070,370
1,500 University of Akron, (FGIC), Variable Rate,
9.52%, 1/1/29(1)(2) 1,906,860
1,250 University of Cincinnati, (FGIC), 5.25%, 6/1/24 1,321,775
- -----------------------------------------------------------------------------------------------------------------------
$ 4,299,005
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 4.0%
$ 2,000 Ohio Municipal Electric Generation Agency, (MBIA),
0.00%, 2/15/25 $ 714,220
3,000 Ohio Municipal Electric Generation Agency, (MBIA),
0.00%, 2/15/26 1,003,680
- -----------------------------------------------------------------------------------------------------------------------
$ 1,717,900
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 0.6%
$ 245 Cuyahoga County Hospital, (MBIA), Escrowed to Maturity,
5.125%, 1/1/29(3) $ 248,371
- -----------------------------------------------------------------------------------------------------------------------
$ 248,371
- -----------------------------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 17.9%
$ 1,000 Cincinnati City School District, (Classroom Facilities
Construction & Improvement), (FSA), 5.00%, 12/1/31 $ 1,016,310
1,000 Lima City School District, (AMBAC), 5.50%, 12/1/22 1,118,360
500 Lima City School District, (AMBAC), 6.00%, 12/1/22 579,405
1,000 Puerto Rico, (FSA), Variable Rate, 12.446%, 7/1/27(2)(4) 1,250,350
400 Puerto Rico, (MBIA), Variable Rate, 12.675%, 7/1/20(2)(4) 586,776
2,860 Springfield City School District Clark County, (FGIC),
5.20%, 12/1/23 3,041,696
- -----------------------------------------------------------------------------------------------------------------------
$ 7,592,897
- -----------------------------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 6.6%
$ 255 Cuyahoga County, (Cleveland Clinic), (MBIA),
5.125%, 1/1/29(3) $ 258,509
</Table>
See notes to financial statements
27
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
INSURED-HOSPITAL (CONTINUED)
$ 1,000 Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
5.00%, 5/15/32 $ 1,009,740
1,500 Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
5.125%, 5/15/28 1,542,195
- -----------------------------------------------------------------------------------------------------------------------
$ 2,810,444
- -----------------------------------------------------------------------------------------------------------------------
INSURED-LEASE REVENUE / CERTIFICATES OF
PARTICIPATION -- 8.0%
$ 1,500 Cleveland, Certificates of Participation, (Cleveland Stadium),
(AMBAC), 5.25%, 11/15/22 $ 1,607,730
600 Puerto Rico Public Finance Corp., (AMBAC), Variable Rate,
12.857%, 6/1/24(2)(4) 756,078
1,000 Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33 1,009,700
- -----------------------------------------------------------------------------------------------------------------------
$ 3,373,508
- -----------------------------------------------------------------------------------------------------------------------
INSURED-SOLID WASTE -- 2.4%
$ 1,000 Central Ohio Solid Waste Authority, (AMBAC),
5.00%, 12/1/25 $ 1,023,320
- -----------------------------------------------------------------------------------------------------------------------
$ 1,023,320
- -----------------------------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 12.3%
$ 2,500 Delaware County, Sewer District, (MBIA),
4.75%, 12/1/24 $ 2,518,825
2,000 Hamiliton County Sales Tax Revenue, (AMBAC),
5.25%, 12/1/32 2,070,900
2,235 Hamilton County Sales Tax Revenue, (AMBAC),
0.00%, 12/1/28 636,483
- -----------------------------------------------------------------------------------------------------------------------
$ 5,226,208
- -----------------------------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 9.6%
$ 750 Cleveland Airport System Revenue, (FSA),
5.00%, 1/1/31 $ 756,030
1,000 Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/24 1,131,090
1,000 Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/26 1,123,190
1,000 Puerto Rico Highway and Transportation Authority, (AMBAC),
Variable Rate, 11.238%, 7/1/28(2)(4) 1,061,380
- -----------------------------------------------------------------------------------------------------------------------
$ 4,071,690
- -----------------------------------------------------------------------------------------------------------------------
LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 3.2%
$ 1,300 Union County, (Pleasant Valley Joint Fire District),
6.125%, 12/1/19 $ 1,376,076
- -----------------------------------------------------------------------------------------------------------------------
$ 1,376,076
- -----------------------------------------------------------------------------------------------------------------------
NURSING HOME -- 1.2%
$ 610 Ohio HFA, Retirement Rental Housing,
(Encore Retirement Partners), 6.75%, 3/1/19 $ 528,522
- -----------------------------------------------------------------------------------------------------------------------
$ 528,522
- -----------------------------------------------------------------------------------------------------------------------
OTHER REVENUE -- 2.9%
$ 1,000 Puerto Rico Infrastructure Financing Authority,
Variable Rate, 12.834%, 10/1/23(2)(4) $ 1,241,970
- -----------------------------------------------------------------------------------------------------------------------
$ 1,241,970
- -----------------------------------------------------------------------------------------------------------------------
POOLED LOANS -- 7.5%
$ 1,020 Ohio Economic Development, (Ohio Enterprise Bond Fund),
(AMT), 5.85%, 12/1/22 $ 1,058,546
1,000 Rickenbacker Port Authority, Oasbo Expanded Asset
Pooled Loan, 5.375%, 1/1/32 1,024,490
1,100 Toledo-Lucas County Port Authority, 5.40%, 5/15/19 1,099,527
- -----------------------------------------------------------------------------------------------------------------------
$ 3,182,563
- -----------------------------------------------------------------------------------------------------------------------
SPECIAL TAX REVENUE -- 5.3%
$ 600 Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18 $ 625,386
1,415 Cuyahoga County, Economic Development, (Shaker Square),
6.75%, 12/1/30 1,621,052
- -----------------------------------------------------------------------------------------------------------------------
$ 2,246,438
- -----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.1%
$ 875 Puerto Rico Highway and Transportation Authority,
5.00%, 7/1/34 $ 877,275
- -----------------------------------------------------------------------------------------------------------------------
$ 877,275
- -----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER -- 2.4%
$ 1,000 Ohio Water Development Authority, (Fresh Water
Improvement), 5.00%, 12/1/28 $ 1,019,020
- -----------------------------------------------------------------------------------------------------------------------
$ 1,019,020
- -----------------------------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 151.5%
(IDENTIFIED COST $60,607,891) $ 64,320,763
- -----------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 3.8% $ 1,622,786
- -----------------------------------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (55.3)% $ (23,500,000)
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES -- 100.0% $ 42,443,549
- -----------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
28
<Page>
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 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 November
30, 2004, 47.2% 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 4.7% to 17.2% of total investments.
(1) Security has been issued as an inverse floater bond. The stated interest
rate represents the rate in effect at November 30, 2004.
(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 November 30,
2004, the aggregate value of the securities is $8,328,134 or 19.6% 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. The stated
interest rate represents the rate in effect at November 30, 2004
See notes to financial statements
29
<Page>
PENNSYLVANIA MUNICIPAL INCOME TRUST as of November 30, 2004
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 150.5%
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
COGENERATION -- 3.8%
$ 470 Carbon County IDA, (Panther Creek Partners), (AMT),
6.65%, 5/1/10 $ 507,271
500 Pennsylvania EDA, (Northampton Generating), (AMT),
6.50%, 1/1/13 505,830
500 Pennsylvania EDA, (Resource Recovery-Colver), (AMT),
7.05%, 12/1/10 511,635
- -----------------------------------------------------------------------------------------------------------------------
$ 1,524,736
- -----------------------------------------------------------------------------------------------------------------------
EDUCATION -- 5.5%
$ 1,500 Pennsylvania HEFA, (Drexel University), 6.00%, 5/1/29 $ 1,586,985
600 Philadelphia HEFA, (Chestnut Hill College),
6.00%, 10/1/29 597,258
- -----------------------------------------------------------------------------------------------------------------------
$ 2,184,243
- -----------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 1.5%
$ 600 York County IDA, Pollution Control, (Public Service Enterprise
Group, Inc.), 5.50%, 9/1/20 $ 620,250
- -----------------------------------------------------------------------------------------------------------------------
$ 620,250
- -----------------------------------------------------------------------------------------------------------------------
ESCROWED / PREREFUNDED -- 1.1%
$ 400 Delaware IDA, (Glen Riddle), (AMT),
Prerefunded to 9/1/05 @ 103, 8.625%, 9/1/25 $ 430,028
- -----------------------------------------------------------------------------------------------------------------------
$ 430,028
- -----------------------------------------------------------------------------------------------------------------------
HEALTH CARE-MISCELLANEOUS -- 5.5%
$ 600 Allegheny County IDA, (Residential Resources, Inc.),
6.50%, 9/1/21 $ 633,054
1,500 Chester County HEFA, (Devereux Foundation),
6.00%, 11/1/29 1,560,780
- -----------------------------------------------------------------------------------------------------------------------
$ 2,193,834
- -----------------------------------------------------------------------------------------------------------------------
HOSPITAL -- 9.9%
$ 750 Lancaster County Hospital Authority, 5.50%, 3/15/26 $ 767,940
1,250 Lehigh County, General Purpose Authority,
(Lehigh Valley Health Network), 5.25%, 7/1/32 1,262,075
500 Monroe County Hospital Authority, (Pocono Medical Center),
6.00%, 1/1/43 514,240
850 Pennsylvania HEFA, (UPMC Health System),
6.00%, 1/15/31 904,527
500 Washington County Hospital Authority,
(Monongahela Hospital), 5.50%, 6/1/17 532,525
- -----------------------------------------------------------------------------------------------------------------------
$ 3,981,307
- -----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL DEVELOPMENT REVENUE -- 6.5%
$ 500 New Morgan IDA, (New Morgan Landfill), (AMT),
6.50%, 4/1/19 $ 486,560
1,000 Pennsylvania EDA, (Proctor & Gamble Paper Products Co.),
(AMT), 5.375%, 3/1/31 1,039,910
1,550 Puerto Rico Port Authority, (American Airlines), (AMT),
6.30%, 6/1/23 1,087,774
- -----------------------------------------------------------------------------------------------------------------------
$ 2,614,244
- -----------------------------------------------------------------------------------------------------------------------
INSURED-EDUCATION -- 25.7%
$ 1,900 Lycoming County Authority, (Pennsylvania College of
Technology), (AMBAC), 5.25%, 5/1/32 $ 1,975,734
1,000 Northampton County HEFA, (Lafayette College), (MBIA),
5.00%, 11/1/27 1,010,150
1,000 Pennsylvania HEFA, (Bryn Mawr College), (AMBAC),
5.125%, 12/1/29 1,021,640
2,000 Pennsylvania HEFA, (State System Higher Education), (FSA),
5.00%, 6/15/24 2,051,940
2,000 Pennsylvania HEFA, (Temple University), (MBIA),
5.00%, 4/1/29(1) 2,020,380
600 Puerto Rico Industrial, Tourist, Educational, Medical
and Environmental, Residual Certificates, (MBIA),
Variable Rate, 10.856%, 7/1/33(2)(3) 620,898
1,500 University of Pittsburgh, (MBIA), 5.00%, 6/1/21 1,573,125
- -----------------------------------------------------------------------------------------------------------------------
$ 10,273,867
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ELECTRIC UTILITIES -- 4.0%
$ 600 Puerto Rico Electric Power Authority, (FSA), Variable Rate,
11.892%, 7/1/29(2)(3) $ 675,708
835 Puerto Rico Electric Power Authority, DRIVERS, (FSA),
Variable Rate, 12.924%, 7/1/29(2)(3) 940,360
- -----------------------------------------------------------------------------------------------------------------------
$ 1,616,068
- -----------------------------------------------------------------------------------------------------------------------
INSURED-ESCROWED / PREREFUNDED -- 12.3%
$ 650 Berks County Municipal Authority, (Reading Hospital and
Medical Center), (FSA), Prerefunded to 11/1/09 @ 102,
6.00%, 11/1/29 $ 752,863
265 McKeesport Area School District, (FGIC),
Escrowed to Maturity, 0.00%, 10/1/31 62,975
3,100 Pennsylvania Turnpike Commision, Oil Franchise Tax,
(AMBAC), Escrowed to Maturity, 4.75%, 12/1/27 3,113,454
2,000 Westmoreland County Municipal Authority, (FGIC),
Escrowed to Maturity, 0.00%, 8/15/19 999,800
- -----------------------------------------------------------------------------------------------------------------------
$ 4,929,092
- -----------------------------------------------------------------------------------------------------------------------
INSURED-GAS UTILITIES -- 3.4%
$ 1,325 Philadelphia Natural Gas Works, (FSA), Variable Rate,
8.01%, 7/1/28(4) $ 1,348,612
- -----------------------------------------------------------------------------------------------------------------------
$ 1,348,612
- -----------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
30
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
INSURED-GENERAL OBLIGATIONS -- 15.0%
$ 1,825 Hopewell School District, (FSA), 0.00%, 9/1/25 $ 626,358
735 McKeesport Area School District, (FGIC), 0.00%, 10/1/31 177,752
1,200 Philadelphia School District, (FGIC), 5.125%, 6/1/34 1,229,568
2,000 Philadelphia, (FSA), 5.00%, 3/15/28 2,027,540
580 Puerto Rico, (FSA), 5.125%, 7/1/30 596,049
1,000 Puerto Rico, (FSA), Variable Rate, 12.446%, 7/1/27(2)(3) 1,250,350
250 Southeast Delco Area School District, (MBIA),
0.00%, 2/1/24 93,620
- -----------------------------------------------------------------------------------------------------------------------
$ 6,001,237
- -----------------------------------------------------------------------------------------------------------------------
INSURED-HOSPITAL -- 15.3%
$ 1,000 Dauphin County General Authority, (Pinnacle Health System),
(MBIA), 5.50%, 5/15/27 $ 1,050,830
500 Delaware County Authority, (Catholic Health East), (AMBAC),
4.875%, 11/15/26 501,400
1,500 Lehigh County General Purpose Authority, (Lehigh Valley
Health Network), (MBIA), 5.25%, 7/1/29 1,536,945
3,000 Montgomery County HEFA, (Abington Memorial Hospital),
(AMBAC), 5.00%, 6/1/28 3,020,790
- -----------------------------------------------------------------------------------------------------------------------
$ 6,109,965
- -----------------------------------------------------------------------------------------------------------------------
INSURED-SPECIAL TAX REVENUE -- 4.1%
$ 1,000 Pittsburgh and Allegheny County Public Auditorium Authority,
(AMBAC), 5.00%, 2/1/24 $ 1,025,820
595 Puerto Rico Infrastructure Financing Authority, (AMBAC),
Variable Rate, 10.286%, 7/1/28(2)(3) 631,378
- -----------------------------------------------------------------------------------------------------------------------
$ 1,657,198
- -----------------------------------------------------------------------------------------------------------------------
INSURED-TRANSPORTATION -- 7.5%
$ 1,000 Allegheny County Port Authority, (FGIC), 5.00%, 3/1/29 $ 1,012,360
1,005 Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29 1,029,502
800 Puerto Rico Highway and Transportation Authority, (MBIA),
Variable Rate, 12.738%, 7/1/26(2)(3) 959,664
- -----------------------------------------------------------------------------------------------------------------------
$ 3,001,526
- -----------------------------------------------------------------------------------------------------------------------
INSURED-WATER AND SEWER -- 13.0%
$ 500 Allegheny County Sanitation and Sewer Authority, (MBIA),
5.00%, 12/1/19 $ 528,880
1,000 Allegheny County Sanitation and Sewer Authority, (MBIA),
5.50%, 12/1/24 1,085,060
500 Delaware County IDA, (Water Facilities), (FGIC), (AMT),
6.00%, 6/1/29 542,455
1,000 Philadelphia Water and Wastewater, (FGIC),
5.00%, 11/1/31 1,011,370
$ 2,000 Pittsburgh Water and Sewer Authority, (AMBAC),
5.125%, 12/1/31 $ 2,045,600
- -----------------------------------------------------------------------------------------------------------------------
$ 5,213,365
- -----------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS -- 1.5%
$ 600 Philadelphia IDA, (Franklin Institute), 5.20%, 6/15/26 $ 592,410
- -----------------------------------------------------------------------------------------------------------------------
$ 592,410
- -----------------------------------------------------------------------------------------------------------------------
NURSING HOME -- 1.8%
$ 375 Clarion County IDA, (Beverly Enterprises, Inc.),
5.875%, 5/1/07 $ 369,806
335 Cumberland County IDA, (Beverly Enterprises, Inc.),
5.50%, 10/1/08 334,595
- -----------------------------------------------------------------------------------------------------------------------
$ 704,401
- -----------------------------------------------------------------------------------------------------------------------
SENIOR LIVING / LIFE CARE -- 7.5%
$ 600 Bucks County IDA, (Pennswood), 6.00%, 10/1/27 $ 624,042
490 Cliff House Trust (AMT), 6.625%, 6/1/27 371,866
500 Crawford County Hospital Authority, (Wesbury United
Methodist Community), 6.25%, 8/15/29 511,160
500 Lancaster County Hospital Authority, (Health Center),
5.875%, 6/1/31 520,045
925 Montgomery County HEFA, (Faulkeways at Gwynedd),
6.75%, 11/15/30 969,890
- -----------------------------------------------------------------------------------------------------------------------
$ 2,997,003
- -----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 5.6%
$ 1,200 Delaware River Joint Toll Bridge Commission,
5.00%, 7/1/28 $ 1,209,948
280 Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09 289,775
500 Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/16 501,160
250 Pennsylvania EDA, (Amtrak), (AMT), 6.25%, 11/1/31 258,745
- -----------------------------------------------------------------------------------------------------------------------
$ 2,259,628
- -----------------------------------------------------------------------------------------------------------------------
TOTAL TAX-EXEMPT INVESTMENTS -- 150.5%
(IDENTIFIED COST $57,276,057) $ 60,253,014
- -----------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 5.7% $ 2,270,896
- -----------------------------------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (56.2)% $ (22,501,047)
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
COMMON SHARES -- 100.0% $ 40,022,863
- -----------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
31
<Page>
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 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 November 30, 2004, 66.6% 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 8.4% to 23.8% 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. The stated
interest rate represents the rate in effect at November 30, 2004.
(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 November 30,
2004, the aggregate value of the securities is $5,078,358 or 12.7% of the
Trust's net assets.
(4) Security has been issued as an inverse floater bond. The stated interest
rate represents the rate in effect at November30, 2004.
See notes to financial statements
32
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS as of November 30, 2004
FINANCIAL STATEMENTS
STATEMENTS OF ASSETS AND LIABILITIES
AS OF NOVEMBER 30, 2004
<Table>
<Caption>
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments --
Identified cost $ 154,481,787 $ 92,788,361 $ 57,612,663 $ 44,738,401
Unrealized appreciation 9,189,763 4,613,013 3,045,333 3,226,695
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $ 163,671,550 $ 97,401,374 $ 60,657,996 $ 47,965,096
- ------------------------------------------------------------------------------------------------------------------------------------
Cash $ 915,586 $ 797,202 $ 268,571 $ 154,939
Receivable for investments sold 7,500 -- -- --
Interest receivable 2,535,241 1,193,703 1,218,690 767,634
Receivable for daily variation margin on open financial
futures contracts 137,437 80,630 67,262 33,026
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 167,267,314 $ 99,472,909 $ 62,212,519 $ 48,920,695
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable to affiliate for Trustees' fees $ 1,199 $ 935 $ 220 $ 267
Accrued expenses 62,550 56,322 50,219 53,186
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 63,749 $ 57,257 $ 50,439 $ 53,453
- ------------------------------------------------------------------------------------------------------------------------------------
Auction preferred shares at liquidation value plus
cumulative unpaid dividends 59,010,992 35,504,864 21,500,534 17,504,078
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES $ 108,192,573 $ 63,910,788 $ 40,661,546 $ 31,363,164
- ------------------------------------------------------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Common Shares, $0.01 par value, unlimited number of
shares authorized $ 71,815 $ 42,502 $ 26,945 $ 21,105
Additional paid-in capital 106,462,788 63,144,849 39,886,312 31,360,888
Accumulated net realized loss (computed on the basis of
identified cost) (8,689,675) (4,590,877) (2,774,493) (3,560,645)
Accumulated undistributed net investment income 1,182,913 715,986 468,712 312,526
Net unrealized appreciation (computed on the basis of
identified cost) 9,164,732 4,598,328 3,054,070 3,229,290
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES $ 108,192,573 $ 63,910,788 $ 40,661,546 $ 31,363,164
- ------------------------------------------------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES ISSUED AND OUTSTANDING
(LIQUIDATION PREFERENCE OF $25,000 PER SHARE)
2,360 1,420 860 700
- ------------------------------------------------------------------------------------------------------------------------------------
COMMON SHARES OUTSTANDING
7,181,488 4,250,223 2,694,545 2,110,515
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER COMMON SHARE
NET ASSETS APPLICABLE TO COMMON SHARES DIVIDED BY
COMMON SHARES ISSUED AND OUTSTANDING $ 15.07 $ 15.04 $ 15.09 $ 14.86
- ------------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
33
<Page>
<Table>
<Caption>
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments --
Identified cost $ 97,062,394 $ 119,035,497 $ 60,607,891 $ 57,276,057
Unrealized appreciation 6,515,120 6,110,284 3,712,872 2,976,957
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $ 103,577,514 $ 125,145,781 $ 64,320,763 $ 60,253,014
- -----------------------------------------------------------------------------------------------------------------------------------
Cash $ 552,474 $ -- $ 354,958 $ 59,595
Receivable for investments sold 5,000 -- 10,000 1,020,000
Interest receivable 2,113,542 2,410,041 1,275,339 1,198,162
Receivable for daily variation margin on open
financial futures contracts 110,035 76,965 32,985 47,645
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 106,358,565 $ 127,632,787 $ 65,994,045 $ 62,578,416
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Due to bank $ -- $ 9,226 $ -- $ --
Payable to affiliate for Trustees' fees 935 935 220 267
Accrued expenses 55,744 69,450 50,276 54,239
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 56,679 $ 79,611 $ 50,496 $ 54,506
- -----------------------------------------------------------------------------------------------------------------------------------
Auction preferred shares at liquidation value plus
cumulative unpaid dividends 38,003,539 44,509,201 23,500,000 22,501,047
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES $ 68,298,347 $ 83,043,975 $ 42,443,549 $ 40,022,863
- -----------------------------------------------------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Common Shares, $0.01 par value, unlimited number of
shares authorized $ 46,118 $ 53,603 $ 28,222 $ 26,885
Additional paid-in capital 68,452,386 79,543,024 41,922,551 39,945,406
Accumulated net realized loss (computed on the basis
of identified cost) (7,355,747) (3,802,712) (3,738,520) (3,532,715)
Accumulated undistributed net investment income 625,325 1,120,981 510,369 615,007
Net unrealized appreciation (computed on the basis of
identified cost) 6,530,265 6,129,079 3,720,927 2,968,280
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES $ 68,298,347 $ 83,043,975 $ 42,443,549 $ 40,022,863
- -----------------------------------------------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES ISSUED AND OUTSTANDING
(LIQUIDATION PREFERENCE OF $25,000 PER SHARE)
1,520 1,780 940 900
- -----------------------------------------------------------------------------------------------------------------------------------
COMMON SHARES OUTSTANDING
4,611,790 5,360,320 2,822,184 2,688,521
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER COMMON SHARE
NET ASSETS APPLICABLE TO COMMON SHARES DIVIDED BY
COMMON SHARES ISSUED AND OUTSTANDING $ 14.81 $ 15.49 $ 15.04 $ 14.89
- -----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
34
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS as of November 30, 2004
FINANCIAL STATEMENTS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 2004
<Table>
<Caption>
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest $ 9,679,137 $ 5,778,560 $ 3,581,006 $ 2,872,144
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 9,679,137 $ 5,778,560 $ 3,581,006 $ 2,872,144
- -----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 1,176,810 $ 701,988 $ 434,546 $ 343,169
Administration fee 336,231 200,568 124,156 98,048
Trustees fees and expenses 7,703 5,958 1,455 1,446
Legal and accounting services 40,199 34,862 32,280 27,396
Printing and postage 16,366 12,489 9,430 7,355
Custodian fee 82,061 51,465 36,514 33,367
Transfer and dividend disbursing agent 108,318 68,547 42,474 40,055
Preferred shares remarketing agent fee 147,904 88,993 53,897 43,869
Miscellaneous 24,050 25,764 23,143 24,160
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 1,939,642 $ 1,190,634 $ 757,895 $ 618,865
- -----------------------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 6,863 $ 5,329 $ 3,401 $ 2,088
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 6,863 $ 5,329 $ 3,401 $ 2,088
- -----------------------------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 1,932,779 $ 1,185,305 $ 754,494 $ 616,777
- -----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 7,746,358 $ 4,593,255 $ 2,826,512 $ 2,255,367
- -----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 1,563,209 $ 91,623 $ 1,048,057 $ 74,668
Financial futures contracts (2,141,268) (1,344,999) (598,602) (676,136)
- -----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ (578,059) $ (1,253,376) $ 449,455 $ (601,468)
- -----------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ (692,985) $ (424,400) $ (945,697) $ (1,603)
Financial futures contracts (426,553) (241,632) (183,268) (100,563)
- -----------------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $ (1,119,538) $ (666,032) $ (1,128,965) $ (102,166)
- -----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $ (1,697,597) $ (1,919,408) $ (679,510) $ (703,634)
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income $ (568,421) $ (371,078) $ (188,013) $ (181,468)
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 5,480,340 $ 2,302,769 $ 1,958,989 $ 1,370,265
- -----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
35
<Page>
<Table>
<Caption>
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Interest $ 6,225,950 $ 7,518,216 $ 3,844,152 $ 3,653,269
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 6,225,950 $ 7,518,216 $ 3,844,152 $ 3,653,269
- -----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 742,684 $ 896,211 $ 459,280 $ 438,866
Administration fee 212,196 256,060 131,223 125,390
Trustees fees and expenses 5,958 5,958 1,454 1,446
Legal and accounting services 36,971 30,066 33,468 27,396
Printing and postage 13,917 10,016 10,548 8,456
Custodian fee 59,666 64,166 38,703 37,376
Transfer and dividend disbursing agent 71,027 89,416 47,425 47,656
Preferred shares remarketing agent fee 95,259 111,553 58,751 56,404
Miscellaneous 24,920 26,651 23,370 26,160
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 1,262,598 $ 1,490,097 $ 804,222 $ 769,150
- -----------------------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 4,606 $ 5,508 $ 3,201 $ 2,618
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 4,606 $ 5,508 $ 3,201 $ 2,618
- -----------------------------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 1,257,992 $ 1,484,589 $ 801,021 $ 766,532
- -----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 4,967,958 $ 6,033,627 $ 3,043,131 $ 2,886,737
- -----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 2,009,684 $ 3,399,958 $ (225,636) $ 379,582
Financial futures contracts (1,214,821) (1,197,855) (432,605) (725,604)
- -----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 794,863 $ 2,202,103 $ (658,241) $ (346,022)
- -----------------------------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ (1,989,871) $ (3,822,519) $ 742,357 $ (309,259)
Financial futures contracts (264,135) (142,401) (107,085) (157,066)
- -----------------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $ (2,254,006) $ (3,964,920) $ 635,272 $ (466,325)
- -----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $ (1,459,143) $ (1,762,817) $ (22,969) $ (812,347)
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income $ (373,643) $ (396,309) $ (255,482) $ (245,569)
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 3,135,172 $ 3,874,501 $ 2,764,680 $ 1,828,821
- -----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
36
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED NOVEMBER 30, 2004
<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
- -----------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 7,746,358 $ 4,593,255 $ 2,826,512 $ 2,255,367
Net realized gain (loss) on investment
transactions and financial futures contracts (578,059) (1,253,376) 449,455 (601,468)
Net change in unrealized appreciation
(depreciation) on investments and financial
futures contracts (1,119,538) (666,032) (1,128,965) (102,166)
Distributions to preferred shareholders
From net investment income (568,421) (371,078) (188,013) (181,468)
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 5,480,340 $ 2,302,769 $ 1,958,989 $ 1,370,265
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareholders --
From net investment income $ (7,342,534) $ (4,394,421) $ (2,741,889) $ (2,170,802)
- -----------------------------------------------------------------------------------------------------------------------------------
Capital share transactions --
Reinvestment of distributions to common
shareholders $ 63,513 $ 100,028 $ 409,239 $ 200,473
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE
TRANSACTIONS $ 63,513 $ 100,028 $ 409,239 $ 200,473
- -----------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (1,798,681) $ (1,991,624) $ (373,661) $ (600,064)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES
At beginning of year $ 109,991,254 $ 65,902,412 $ 41,035,207 $ 31,963,228
- -----------------------------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 108,192,573 $ 63,910,788 $ 40,661,546 $ 31,363,164
- -----------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME INCLUDED IN
NET ASSETS APPLICABLE TO COMMON SHARES
AT END OF YEAR $ 1,182,913 $ 715,986 $ 468,712 $ 312,526
- -----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
37
<Page>
<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
- -----------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 4,967,958 $ 6,033,627 $ 3,043,131 $ 2,886,737
Net realized gain (loss) on investment
transactions and financial futures contracts 794,863 2,202,103 (658,241) (346,022)
Net change in unrealized appreciation
(depreciation) on investments and financial
futures contracts (2,254,006) (3,964,920) 635,272 (466,325)
Distributions to preferred shareholders
From net investment income (373,643) (396,309) (255,482) (245,569)
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 3,135,172 $ 3,874,501 $ 2,764,680 $ 1,828,821
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to common shareholders --
From net investment income $ (4,902,864) $ (5,574,755) $ (2,839,891) $ (2,689,270)
- -----------------------------------------------------------------------------------------------------------------------------------
Capital share transactions --
Reinvestment of distributions to common
shareholders $ 565,589 $ -- $ 215,222 $ 213,411
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE
TRANSACTIONS $ 565,589 $ -- $ 215,222 $ 213,411
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ (1,202,103) $ (1,700,254) $ 140,011 $ (647,038)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES
At beginning of year $ 69,500,450 $ 84,744,229 $ 42,303,538 $ 40,669,901
- -----------------------------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 68,298,347 $ 83,043,975 $ 42,443,549 $ 40,022,863
- -----------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME INCLUDED IN
NET ASSETS APPLICABLE TO COMMON SHARES
AT END OF YEAR $ 625,325 $ 1,120,981 $ 510,369 $ 615,007
- -----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
38
<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
39
<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
40
<Page>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
<Table>
<Caption>
CALIFORNIA TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of year (Common shares) $ 15.320 $ 14.590 $ 14.410 $ 13.210 $ 11.630
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 1.079 $ 1.079 $ 1.069 $ 1.035 $ 1.008
Net realized and unrealized gain (loss) (0.227) 0.682 0.155 1.120 1.576
Distributions to preferred shareholders from net investment income (0.079) (0.068) (0.110) (0.222) (0.279)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 0.773 $ 1.693 $ 1.114 $ 1.933 $ 2.305
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (1.023) $ (0.963) $ (0.934) $ (0.733) $ (0.725)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (1.023) $ (0.963) $ (0.934) $ (0.733) $ (0.725)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $ 15.070 $ 15.320 $ 14.590 $ 14.410 $ 13.210
- ----------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF YEAR (COMMON SHARES) $ 15.160 $ 14.950 $ 13.660 $ 14.320 $ 11.688
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 8.60% 17.06% 1.84% 29.65% 8.79%
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
41
<Page>
<Table>
<Caption>
CALIFORNIA TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA+
Net assets applicable to common shares, end of year
(000's omitted) $ 108,193 $ 109,991 $ 104,703 $ 102,664 $ 94,049
Ratios (As a percentage of average net assets applicable to
common shares):
Expenses(4) 1.78% 1.78% 1.82% 1.83% 1.99%
Expenses after custodian fee reduction(4) 1.77% 1.78% 1.80% 1.76% 1.92%
Net investment income(4) 7.10% 7.17% 7.44% 7.32% 8.43%
Portfolio Turnover 17% 9% 11% 47% 29%
- ----------------------------------------------------------------------------------------------------------------------------------
+ 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):
Expenses 1.15% 1.15% 1.16% 1.15% 1.17%
Expenses after custodian fee reduction 1.15% 1.15% 1.15% 1.11% 1.13%
Net investment income 4.61% 4.64% 4.73% 4.62% 4.97%
- ----------------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares outstanding 2,360 2,360 2,360 2,360 2,360
Asset coverage per preferred share(5) $ 70,849 $ 71,608 $ 69,366 $ 68,507 $ 64,862
Involuntary liquidation preference per preferred share(6) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Approximate market value per preferred share(6) $ 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) 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.
(4) 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.
(5) 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.
(6) Plus accumulated and unpaid dividends.
See notes to financial statements
42
<Page>
<Table>
<Caption>
FLORIDA TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of year (Common shares) $ 15.530 $ 14.730 $ 14.340 $ 13.070 $ 11.770
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 1.082 $ 1.096 $ 1.103 $ 1.056 $ 1.028
Net realized and unrealized gain (loss) (0.450) 0.775 0.358 1.162 1.318
Distributions to preferred shareholders from net investment income (0.087) (0.076) (0.118) (0.243) (0.338)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 0.545 $ 1.795 $ 1.343 $ 1.975 $ 2.008
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (1.035) $ (0.995) $ (0.953) $ (0.705) $ (0.708)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (1.035) $ (0.995) $ (0.953) $ (0.705) $ (0.708)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $ 15.040 $ 15.530 $ 14.730 $ 14.340 $ 13.070
- ----------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF YEAR (COMMON SHARES) $ 15.250 $ 15.455 $ 14.400 $ 13.380 $ 10.500
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 5.76% 14.67% 15.18% 34.91% 7.20%
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
43
<Page>
<Table>
<Caption>
FLORIDA TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA+ ++
Net assets applicable to common shares, end of year (000's
omitted) $ 63,911 $ 65,902 $ 62,302 $ 60,646 $ 55,296
Ratios (As a percentage of average net assets applicable to common
shares):
Net expenses(4) 1.84% 1.83% 1.87% 1.90% 1.99%
Net expenses after custodian fee reduction(4) 1.83% 1.82% 1.86% 1.82% 1.91%
Net investment income(4) 7.09% 7.20% 7.61% 7.46% 8.59%
Portfolio Turnover 4% 15% 14% 24% 20%
- ----------------------------------------------------------------------------------------------------------------------------------
+ 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(4) 2.07%
Expenses after custodian fee reduction(4) 1.99%
Net investment income(4) 8.51%
Net investment income per share $ 1.018
- ----------------------------------------------------------------------------------------------------------------------------------
++ 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% 1.18% 1.18% 1.19% 1.16%
Net expenses after custodian fee reduction 1.18% 1.18% 1.18% 1.14% 1.12%
Net investment income 4.58% 4.64% 4.82% 4.68% 5.05%
+ 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%
Expenses after custodian fee reduction 1.16%
Net investment income 5.01%
- ----------------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares outstanding 1,420 1,420 1,420 1,420 1,420
Asset coverage per preferred share(5) $ 70,011 $ 71,412 $ 68,878 $ 67,695 $ 63,944
Involuntary liquidation preference per preferred share(6) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Approximate market value per preferred share(6) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Computed using average common shares outstanding.
(2) The Trust has adopted the provisions of the revised AICPA AUDIT AND
ACCOUNTING GUIDE FOR INVESTMENT COMPANIES and began using the interest
method to amortize premiums on fixed-income securities. The effect of this
change for the year ended November 30, 2002 was to increase net investment
income per share by $0.002, decrease net realized and unrealized gains per
share by $0.002, increase the ratio of net investment income to average net
assets applicable to common shares from 7.60% to 7.61%, and increase the
ratio of net investment income to average total net assets from 4.81% to
4.82%. Per share data and ratios for the period prior to December 1, 2001
have not been restated to reflect this change in presentation.
(3) 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.
(4) 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.
(5) 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.
(6) Plus accumulated and unpaid dividends.
See notes to financial statements
44
<Page>
<Table>
<Caption>
MASSACHUSETTS TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of year (Common shares) $ 15.380 $ 14.350 $ 14.110 $ 12.530 $ 11.470
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 1.054 $ 1.091 $ 1.065 $ 1.044 $ 1.008
Net realized and unrealized gain (loss) (0.251) 0.982 0.218 1.486 1.058
Distributions to preferred shareholders from net investment income (0.070) (0.070) (0.106) (0.227) (0.286)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 0.733 $ 2.003 $ 1.177 $ 2.303 $ 1.780
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (1.023) $ (0.973) $ (0.937) $ (0.723) $ (0.720)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (1.023) $ (0.973) $ (0.937) $ (0.723) $ (0.720)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $ 15.090 $ 15.380 $ 14.350 $ 14.110 $ 12.530
- ----------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF YEAR (COMMON SHARES) $ 16.810 $ 15.400 $ 15.510 $ 14.370 $ 10.813
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 16.71% 5.91% 15.16% 40.54% 0.69%
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
45
<Page>
<Table>
<Caption>
MASSACHUSETTS TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA++
Net assets applicable to common shares, end of year (000's
omitted) $ 40,662 $ 41,035 $ 37,795 $ 36,634 $ 32,501
Ratios (As a percentage of average net assets applicable to
common shares):
Expenses(4) 1.87% 1.86% 1.97% 1.97% 2.17%
Expenses after custodian fee reduction(4) 1.86% 1.86% 1.94% 1.88% 2.09%
Net investment income(4) 6.97% 7.27% 7.55% 7.60% 8.80%
Portfolio Turnover 39% 26% 7% 13% 32%
- ----------------------------------------------------------------------------------------------------------------------------------
++ 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):
Expenses 1.22% 1.21% 1.24% 1.23% 1.26%
Expenses after custodian fee reduction 1.22% 1.21% 1.22% 1.17% 1.21%
Net investment income 4.55% 4.72% 4.77% 4.74% 5.10%
Ratios (As a percentage of average total net assets):
Expenses
- ----------------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares outstanding 860 860 860 860 860
Asset coverage per preferred share(5) $ 72,281 $ 72,719 $ 68,951 $ 67,602 $ 62,797
Involuntary liquidation preference per preferred share(6) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Approximate market value per preferred share(6) $ 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) 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.
(4) 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.
(5) 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.
(6) Plus accumulated and unpaid dividends.
See notes to financial statements
46
<Page>
<Table>
<Caption>
MICHIGAN TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of year (Common shares) $ 15.240 $ 14.400 $ 14.490 $ 13.060 $ 11.840
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 1.072 $ 1.092 $ 1.085 $ 1.045 $ 0.996
Net realized and unrealized gain (loss) (0.334) 0.802 (0.109) 1.317 1.250
Distributions to preferred shareholders from net investment income (0.086) (0.072) (0.113) (0.242) (0.321)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 0.652 $ 1.822 $ 0.863 $ 2.120 $ 1.925
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (1.032) $ (0.982) $ (0.953) $ (0.690) $ (0.705)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (1.032) $ (0.982) $ (0.953) $ (0.690) $ (0.705)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $ 14.860 $ 15.240 $ 14.400 $ 14.490 $ 13.060
- ----------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF YEAR (COMMON SHARES) $ 16.600 $ 15.635 $ 13.940 $ 13.000 $ 10.438
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 13.63% 19.82% 14.72% 31.69% 2.30%
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
47
<Page>
<Table>
<Caption>
MICHIGAN TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA+ ++
Net assets applicable to common shares, end of year (000's
omitted) $ 31,363 $ 31,963 $ 30,064 $ 30,213 $ 27,233
Ratios (As a percentage of average net assets applicable to
common shares):
Net expenses(4) 1.96% 1.97% 2.00% 1.99% 2.18%
Net expenses after custodian fee reduction(4) 1.96% 1.97% 1.99% 1.90% 2.09%
Net investment income(4) 7.16% 7.31% 7.54% 7.36% 8.34%
Portfolio Turnover 5% 8% 13% 33% 18%
- ----------------------------------------------------------------------------------------------------------------------------------
+ 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(4) 2.21%
Expenses after custodian fee reduction(4) 2.12%
Net investment income(4) 8.31%
Net investment income per share $ 0.992
- ----------------------------------------------------------------------------------------------------------------------------------
++ The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as
follows:
Ratios (As a percentage of average total net assets):
Net expenses 1.26% 1.26% 1.27% 1.25% 1.27%
Net expenses after custodian fee reduction 1.26% 1.26% 1.26% 1.19% 1.22%
Net investment income 4.60% 4.69% 4.76% 4.63% 4.90%
+ 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%
Expenses after custodian fee reduction 1.24%
Net investment income 4.88%
- ----------------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares outstanding 700 700 700 700 700
Asset coverage per preferred share(5) $ 69,810 $ 70,664 $ 67,952 $ 68,163 $ 63,906
Involuntary liquidation preference per preferred share(6) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Approximate market value per preferred share(6) $ 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) 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.
(4) 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.
(5) 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.
(6) Plus accumulated and unpaid dividends.
See notes to financial statements
48
<Page>
<Table>
<Caption>
NEW JERSEY TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of year (Common shares) $ 15.190 $ 14.060 $ 13.880 $ 12.680 $ 11.720
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 1.082 $ 1.120 $ 1.098 $ 1.057 $ 1.012
Net realized and unrealized gain (loss) (0.313) 1.099 0.163 1.089 0.977
Distributions to preferred shareholders from net investment income (0.081) (0.071) (0.105) (0.234) (0.324)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 0.688 $ 2.148 $ 1.156 $ 1.912 $ 1.665
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (1.068) $ (1.018) $ (0.976) $ (0.712) $ (0.705)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (1.068) $ (1.018) $ (0.976) $ (0.712) $ (0.705)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $ 14.810 $ 15.190 $ 14.060 $ 13.880 $ 12.680
- ----------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF YEAR (COMMON SHARES) $ 15.540 $ 15.415 $ 14.400 $ 13.340 $ 10.750
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 8.31% 14.75% 15.70% 31.34% 5.28%
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
49
<Page>
<Table>
<Caption>
NEW JERSEY TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA+
Net assets applicable to common shares, end of year (000's
omitted) $ 68,298 $ 69,500 $ 63,803 $ 62,237 $ 56,883
Ratios (As a percentage of average net assets applicable to
common shares):
Expenses(4) 1.85% 1.84% 1.89% 1.95% 2.08%
Expenses after custodian fee reduction(4) 1.84% 1.84% 1.88% 1.90% 2.00%
Net investment income(4) 7.28% 7.64% 7.80% 7.64% 8.64%
Portfolio Turnover 52% 28% 25% 35% 54%
- ----------------------------------------------------------------------------------------------------------------------------------
+ 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):
Expenses 1.19% 1.18% 1.19% 1.21% 1.21%
Expenses after custodian fee reduction 1.18% 1.18% 1.18% 1.18% 1.16%
Net investment income 4.68% 4.87% 4.88% 4.74% 5.01%
- ----------------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares outstanding 1,520 1,520 1,520 1,520 1,520
Asset coverage per preferred share(5) $ 69,935 $ 70,724 $ 66,976 $ 65,951 $ 62,434
Involuntary liquidation preference per preferred share(6) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Approximate market value per preferred share(6) $ 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) 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.
(4) 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.
(5) 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.
(6) Plus accumulated and unpaid dividends.
See notes to financial statements
50
<Page>
<Table>
<Caption>
NEW YORK TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of year (Common shares) $ 15.810 $ 14.860 $ 14.280 $ 13.020 $ 11.800
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 1.126 $ 1.108 $ 1.114 $ 1.057 $ 1.002
Net realized and unrealized gain (loss) (0.332) 0.936 0.553 1.150 1.239
Distributions to preferred shareholders from net investment income (0.074) (0.068) (0.103) (0.220) (0.301)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 0.720 $ 1.976 $ 1.564 $ 1.987 $ 1.940
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (1.040) $ (1.026) $ (0.984) $ (0.727) $ (0.720)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (1.040) $ (1.026) $ (0.984) $ (0.727) $ (0.720)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $ 15.490 $ 15.810 $ 14.860 $ 14.280 $ 13.020
- ----------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF YEAR (COMMON SHARES) $ 15.370 $ 15.460 $ 13.990 $ 14.050 $ 10.750
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 6.46% 18.34% 6.56% 38.30% 5.90%
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
51
<Page>
<Table>
<Caption>
NEW YORK TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA + ++
Net assets applicable to common shares, end of $ 83,044 $ 84,744 $ 79,589 $ 75,658 $ 69,023
year (000's omitted)
Ratios (As a percentage of average net assets
applicable to common shares):
Expenses(4) 1.78% 1.77% 1.86% 1.88% 2.03%
Expenses after custodian fee reduction(4) 1.78% 1.77% 1.86% 1.86% 1.95%
Net investment income(4) 7.23% 7.21% 7.64% 7.45% 8.33%
Portfolio Turnover 31% 19% 8% 21% 36%
- ----------------------------------------------------------------------------------------------------------------------------------
++ 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):
Expenses 1.16% 1.15% 1.18% 1.19% 1.20%
Expenses after custodian fee reduction 1.16% 1.15% 1.18% 1.17% 1.15%
Net investment income 4.71% 4.68% 4.84% 4.68% 4.91%
- ----------------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares outstanding 1,780 1,780 1,780 1,780 1,780
Asset coverage per preferred share(5) $ 71,659 $ 72,603 $ 69,714 $ 67,506 $ 63,777
Involuntary liquidation preference per preferred
share(6) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Approximate market value per preferred share(6) $ 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) 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.
(4) 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.
(5) 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.
(6) Plus accumulated and unpaid dividends.
See notes to financial statements
52
<Page>
<Table>
<Caption>
OHIO TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of year (Common shares) $ 15.070 $ 14.150 $ 14.070 $ 12.820 $ 11.910
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 1.081 $ 1.083 $ 1.107 $ 1.068 $ 1.028
Net realized and unrealized gain (loss) (0.011) 0.913 0.036 1.134 0.930
Distributions to preferred shareholders
from net investment incom (0.091) (0.077) (0.109) (0.242) (0.335)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 0.979 $ 1.919 $ 1.034 $ 1.960 $ 1.623
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (1.009) $ (0.999) $ (0.954) $ (0.710) $ (0.713)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (1.009) $ (0.999) $ (0.954) $ (0.710) $ (0.713)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $ 15.040 $ 15.070 $ 14.150 $ 14.070 $ 12.820
- ----------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF YEAR (COMMON SHARES) $ 16.750 $ 15.715 $ 14.730 $ 13.620 $ 11.375
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 13.96% 14.12% 15.59% 26.39% 7.55%
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
53
<Page>
<Table>
<Caption>
OHIO TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA+ ++
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to common shares, end of
year (000's omitted) $ 42,444 $ 42,304 $ 39,507 $ 39,072 $ 35,613
Ratios (As a percentage of average net assets
applicable to common shares):
Net expenses(4) 1.91% 1.90% 1.96% 1.99% 2.08%
Net expenses after custodian fee reduction(4) 1.90% 1.88% 1.87% 1.90% 2.01%
Net investment income(4) 7.23% 7.37% 7.84% 7.69% 8.56%
Portfolio Turnover 12% 23% 8% 26% 26%
+ 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(4) 2.16%
Expenses after custodian fee reduction(4) 2.09%
Net investment income(4) 8.48%
Net investment income per share $ 1.018
- ----------------------------------------------------------------------------------------------------------------------------------
++ The ratios reported above are based on net assets
applicable solely to common shares. The ratios
based on net assets, including amounts related to
preferred shares, are as follows:
Ratios (As a percentage of average total net assets):
Net expenses 1.23% 1.21% 1.23% 1.24% 1.22%
Net expenses after custodian fee reduction 1.22% 1.20% 1.17% 1.18% 1.18%
Net investment income 4.64% 4.69% 4.91% 4.78% 5.02%
+ 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%
Expenses after custodian fee reduction 1.22%
Net investment income 4.98%
- ----------------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares outstanding 940 940 940 940 940
Asset coverage per preferred share(5) $ 70,153 $ 70,007 $ 67,032 $ 66,569 $ 62,895
Involuntary liquidation preference per
preferred share(6) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Approximate market value per preferred share(6) $ 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) 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.
(4) 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.
(5) 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.
(6) Plus accumulated and unpaid dividends.
See notes to financial statements
54
<Page>
<Table>
<Caption>
PENNSYLVANIA TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of year (Common shares) $ 15.210 $ 14.260 $ 14.160 $ 12.960 $ 11.840
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 1.076 $ 1.089 $ 1.059 $ 1.015 $ 1.013
Net realized and unrealized gain (loss) (0.301) 0.884 0.039 1.107 1.147
Distributions to preferred shareholders
from net investment income (0.092) (0.080) (0.111) (0.244) (0.332)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 0.683 $ 1.893 $ 0.987 $ 1.878 $ 1.828
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (1.003) $ (0.943) $ (0.887) $ (0.678) $ (0.708)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (1.003) $ (0.943) $ (0.887) $ (0.678) $ (0.708)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $ 14.890 $ 15.210 $ 14.260 $ 14.160 $ 12.960
- ----------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF YEAR (COMMON SHARES) $ 15.540 $ 15.980 $ 13.960 $ 12.750 $ 10.625
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 4.07% 22.05% 16.77% 26.88% 5.29%
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
55
<Page>
<Table>
<Caption>
PENNSYLVANIA TRUST
--------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------------
2004(1) 2003(1) 2002(1)(2) 2001(1) 2000(1)
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA+ ++
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to common shares, end of year
(000's omitted) $ 40,023 $ 40,670 $ 38,027 $ 37,723 $ 34,514
Ratios (As a percentage of average net assets
applicable to common shares):
Net expenses(4) 1.91% 1.92% 1.95% 1.97% 1.95%
Net expenses after custodian fee reduction(4) 1.91% 1.92% 1.95% 1.94% 1.86%
Net investment income(4) 7.18% 7.35% 7.48% 7.26% 8.46%
Portfolio Turnover 8% 6% 20% 34% 19%
+ 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(4) 2.14%
Expenses after custodian fee reduction(4) 2.05%
Net investment income(4) 8.27%
Net investment income per share $ 0.990
- ----------------------------------------------------------------------------------------------------------------------------------
++ The ratios reported above are based on net assets
applicable solely to common shares. The ratios
based on net assets, including amounts related to
preferred shares, are as follows:
Ratios (As a percentage of average total net assets):
Net expenses 1.23% 1.23% 1.22% 1.23% 1.14%
Net expenses after custodian fee reduction 1.22% 1.23% 1.22% 1.20% 1.09%
Net investment income 4.61% 4.69% 4.68% 4.53% 4.96%
+ 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%
Expenses after custodian fee reduction 1.20%
Net investment income 4.85%
- ----------------------------------------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares outstanding 900 900 900 900 900
Asset coverage per preferred share(5) $ 69,471 $ 70,193 $ 67,257 $ 66,920 $ 63,357
Involuntary liquidation preference per
preferred share(6) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
Approximate market value per preferred share(6) $ 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) 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.
(4) 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.
(5) 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.
(6) Plus accumulated and unpaid dividends.
56
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS as of November 30, 2004
NOTESTO FINANCIAL STATEMENTS
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, 2004, 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 $ 5,832,093 November 30, 2007
2,239,451 November 30, 2008
995,999 November 30, 2012
Florida 1,207,714 November 30, 2007
1,777,536 November 30, 2008
160,909 November 30, 2009
1,495,013 November 30, 2012
Massachusetts 650,717 November 30, 2007
1,739,252 November 30, 2008
39,627 November 30, 2009
343,176 November 30, 2010
Michigan 1,193,621 November 30, 2007
624,509 November 30, 2008
165,469 November 30, 2009
475,985 November 30, 2010
443,883 November 30, 2011
697,198 November 30, 2012
New Jersey 3,733,314 November 30, 2007
3,178,038 November 30, 2008
262,308 November 30, 2009
177,350 November 30, 2011
</Table>
57
<Page>
<Table>
<Caption>
FUND AMOUNT EXPIRES
- ---------------------------------------------------------------------
New York $ 1,820,387 November 30, 2008
1,920,646 November 30, 2009
70,059 November 30, 2010
Ohio 1,531,618 November 30, 2007
643,577 November 30, 2008
850,745 November 30, 2009
764,355 November 30, 2012
Pennsylvania 1,395,577 November 30, 2007
807,118 November 30, 2008
844,973 November 30, 2009
41,331 November 30, 2010
502,868 November 30, 2012
</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 credit balances used to reduce the
Trusts' custodian fees, if any, are reported as a reduction of total expenses in
the Statement of Operations.
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 November 30, 2004 and
dividend rate ranges for the year ended November 30, 2004 are as indicated
below:
<Table>
<Caption>
PREFERRED SHARES DIVIDENDS RATE
TRUST ISSUED AND OUTSTANDING RANGES
- --------------------------------------------------------------------------------
California 2,360 0.40% - 1.70%
Florida 1,420 0.45% - 1.55%
Massachusetts 860 0.36% - 1.51%
Michigan 700 0.60% - 1.70%
</Table>
58
<Page>
<Table>
<Caption>
PREFERRED SHARES DIVIDENDS RATE
TRUST ISSUED AND OUTSTANDING RANGES
- --------------------------------------------------------------------------------
New Jersey 1,520 0.40% - 1.70%
New York 1,780 0.40% - 1.55%
Ohio 940 0.45% - 1.55%
Pennsylvania 900 0.45% - 1.70%
</Table>
The APS are redeemable at the option of each Trust at a redemption price equal
to $25,000 per share, plus accumulated and unpaid dividends on any dividend
payment date. The APS are also subject to mandatory redemption at a redemption
price equal to $25,000 per share, plus accumulated and unpaid dividends, if any
Trust is in default for an extended period on its asset maintenance requirements
with respect to the APS. If the dividends on the APS shall remain unpaid in an
amount equal to two full years' dividends, the holders of the APS as a class
have the right to elect a majority of the Board of Trustees. In general, the
holders of the APS and the Common Shares have equal voting rights of one vote
per share, except that the holders of the APS, as a separate 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 November 30, 2004 are listed below. For the year ended November 30,
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 AVERAGE
SHAREHOLDERS FROM APS
APS NET INVESTMENT DIVIDEND
DIVIDEND RATES INCOME FOR RATES FOR
AS OF THE YEAR ENDED THE YEAR ENDED
NOVEMBER 30, NOVEMBER 30, NOVEMBER 30,
TRUST 2004 2004 2004
- --------------------------------------------------------------------------------
California 1.70% $ 568,421 0.97%
Florida 1.00% 371,078 1.04%
Massachusetts 0.90% 188,013 0.87%
Michigan 1.70% 181,468 1.04%
New Jersey 1.70% 373,643 0.99%
New York 1.30% 396,309 0.88%
Ohio 1.54% 255,482 1.08%
Pennsylvania 1.70% 245,569 1.10%
</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.
The tax character of distributions paid for the years ended November 30, 2004
and November 30, 2003 was as follows:
<Table>
<Caption>
YEAR ENDED
11/30/04 CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
- ----------------------------------------------------------------------------------------
Distributions
declared from:
Tax-exempt income $ 7,910,955 $ 4,765,499 $ 2,929,902 $ 2,352,270
Ordinary income -- -- -- --
<Caption>
YEAR ENDED
11/30/03
- ----------------------------------------------------------------------------------------
Distributions
declared from:
Tax-exempt income $ 7,402,547 $ 4,537,468 $ 2,766,152 $ 2,204,369
Ordinary income -- -- -- --
</Table>
59
<Page>
<Table>
<Caption>
YEAR ENDED
11/30/04 NEW JERSEY NEW YORK OHIO PENNSYLVANIA
- ----------------------------------------------------------------------------------------
Distributions
declared from:
Tax-exempt income $ 5,276,507 $ 5,971,064 $ 3,094,707 $ 2,934,839
Ordinary income -- -- $ 666 --
<Caption>
YEAR ENDED
11/30/03
- ----------------------------------------------------------------------------------------
Distributions
declared from:
Tax-exempt income $ 4,961,707 $ 5,858,354 $ 3,008,299 $ 2,731,730
Ordinary income -- -- $ 3,754 --
</Table>
During the year ended November 30, 2004, the following amounts were reclassified
due to differences between book and tax accounting for amortization and
accretion on debt securities, market discount on disposal of securities, and
capital losses:
<Table>
<Caption>
CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
- ----------------------------------------------------------------------------------------
Increase (decrease):
Paid in capital -- -- -- $ (1)
Accumulated
net realized
gain/(loss)
on investments $ 85,535 $ 8,067 $ 10,903 $ 11,720
Accumulated
undistributed
income $ (85,535) $ (8,067) $ (10,903) $ (11,719)
<Caption>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
- ----------------------------------------------------------------------------------------
Increase (decrease):
Paid in capital -- -- $ (10) $ 1
Accumulated
net realized
gain/(loss)
on investments $ 10,268 $ 8,267 $ 17,327 $ 10,666
Accumulated
undistributed
income $ (10,268) $ (8,267) $ (17,317) $ (10,667)
</Table>
These changes had no effect on the net assets or net asset value per share of
the Trusts.
As of November 30, 2004, the components of distributable earnings (accumulated
losses) on a tax basis were as follows:
<Table>
<Caption>
CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN
- ----------------------------------------------------------------------------------------
Undistributed
Income $ 1,193,905 $ 720,850 $ 469,246 $ 316,604
Capital loss
carryforward $ (9,067,543) $ (4,641,172) $ (2,772,772) $ (3,600,665)
Unrealized
gain/(loss) $ 9,542,600 $ 4,648,623 $ 3,052,349 $ 3,269,310
Other temporary
differences $ (10,992) $ (4,864) $ (534) $ (4,078)
<Caption>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
- -----------------------------------------------------------------------------------------
Undistributed
income $ 628,864 $ 1,130,182 $ 510,369 $ 616,054
Capital loss
carryforward $ (7,351,010) $ (3,811,092) $ (3,790,295) $ (3,591,867)
Unrealized
gain/(loss) $ 6,525,528 $ 6,137,459 $ 3,772,702 $ 3,027,432
Other temporary
differences $ (3,539) $ (9,201) -- $ (1,047)
</Table>
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 year ended November 30, 2004, the fee was
equivalent to 0.70% of each Trust's average weekly gross assets and amounted to
$1,176,810, $701,988, $434,546, $343,169, $742,684, $896,211, $459,280 and
$438,866, 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 year ended November 30, 2004, the administrative fee
amounted to $336,231, $200,568, $124,156, $98,048, $212,196, $256,060, $131,223
and $125,390, for California Trust, Florida Trust, Massachusetts Trust, Michigan
Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust,
respectively.
60
<Page>
During the year ended November 30, 2004, the Massachusetts Trust and the New
Jersey Trust engaged in purchase and sale transactions with other Funds that
also utilize EVM or Boston Management and Research, a wholly-owned subsidiary of
EVM, as an investment adviser. The purchase and sale transactions complied with
Rule 17a-7 under the Investment Company Act of 1940 and amounted to:
<Table>
<Caption>
TRUSTS PURCHASES SALES
- ---------------------------------------------------------
Massachusetts $ 205,320 $ 1,012,950
New Jersey $ 596,640 --
</Table>
Certain officers and one Trustee of each Trust are officers of the above
organization.
5 INVESTMENTS
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations for the year ended November 30, 2004 were as follows:
<Table>
CALIFORNIA TRUST
Purchases $ 27,746,726
Sales 31,434,311
FLORIDA TRUST
Purchases $ 3,540,070
Sales 5,316,116
MASSACHUSETTS TRUST
Purchases $ 23,738,161
Sales 24,505,520
MICHIGAN TRUST
Purchases $ 2,257,121
Sales 3,122,401
NEW JERSEY TRUST
Purchases $ 54,473,259
Sales 57,558,298
NEW YORK TRUST
Purchases $ 39,810,500
Sales 43,226,110
OHIO TRUST
Purchases $ 8,006,336
Sales 8,571,908
PENNSYLVANIA TRUST
Purchases $ 4,778,657
Sales 6,533,626
</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 November 30, 2004, as computed for Federal income tax
purposes, were as follows:
<Table>
CALIFORNIA TRUST
AGGREGATE COST $ 154,128,950
- --------------------------------------------------------------------------------
Gross unrealized appreciation $ 9,716,836
Gross unrealized depreciation (174,236)
- --------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION $ 9,542,600
- --------------------------------------------------------------------------------
FLORIDA TRUST
AGGREGATE COST $ 92,752,751
- --------------------------------------------------------------------------------
Gross unrealized appreciation $ 5,240,041
Gross unrealized depreciation (591,418)
- --------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION $ 4,648,623
- --------------------------------------------------------------------------------
MASSACHUSETTS TRUST
AGGREGATE COST $ 57,605,647
- --------------------------------------------------------------------------------
Gross unrealized appreciation $ 3,420,170
Gross unrealized depreciation (367,821)
- --------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION $ 3,052,349
- --------------------------------------------------------------------------------
MICHIGAN TRUST
AGGREGATE COST $ 44,695,786
- --------------------------------------------------------------------------------
Gross unrealized appreciation $ 3,457,861
Gross unrealized depreciation (188,551)
- --------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION $ 3,269,310
- --------------------------------------------------------------------------------
</Table>
61
<Page>
<Table>
NEW JERSEY TRUST
AGGREGATE COST $ 97,051,986
- --------------------------------------------------------------------------------
Gross unrealized appreciation $ 6,697,441
Gross unrealized depreciation (171,913)
- --------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION $ 6,525,528
- --------------------------------------------------------------------------------
NEW YORK TRUST
AGGREGATE COST $ 119,008,322
- --------------------------------------------------------------------------------
Gross unrealized appreciation $ 7,171,686
Gross unrealized depreciation (1,034,227)
- --------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION $ 6,137,459
- --------------------------------------------------------------------------------
OHIO TRUST
AGGREGATE COST $ 60,548,061
- --------------------------------------------------------------------------------
Gross unrealized appreciation $ 4,157,974
Gross unrealized depreciation (385,272)
- --------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION $ 3,772,702
- --------------------------------------------------------------------------------
PENNSYLVANIA TRUST
AGGREGATE COST $ 57,225,582
- --------------------------------------------------------------------------------
Gross unrealized appreciation $ 3,673,069
Gross unrealized depreciation (645,637)
- --------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION $ 3,027,432
- --------------------------------------------------------------------------------
</Table>
7 SHARES OF BENEFICIAL INTEREST
Each Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional $0.01 par value common shares. Transactions in common shares
were as follows:
<Table>
<Caption>
CALIFORNIA TRUST
-------------------------------
YEAR ENDED NOVEMBER 30,
-------------------------------
2004 2003
- ------------------------------------------------------------------------
Shares issued pursuant to the
Trust's dividend reinvestment plan 4,201 --
- ------------------------------------------------------------------------
NET INCREASE 4,201 --
- ------------------------------------------------------------------------
<Caption>
FLORIDA TRUST
-------------------------------
YEAR ENDED NOVEMBER 30,
-------------------------------
2004 2003
- ------------------------------------------------------------------------
Shares issued pursuant to the
Trust's dividend reinvestment plan 6,514 13,428
- ------------------------------------------------------------------------
NET INCREASE 6,514 13,428
- ------------------------------------------------------------------------
<Caption>
MASSACHUSETTS TRUST
-------------------------------
YEAR ENDED NOVEMBER 30,
-------------------------------
2004 2003
- ------------------------------------------------------------------------
Shares issued pursuant to the
Trust's dividend reinvestment plan 26,699 33,291
- ------------------------------------------------------------------------
NET INCREASE 26,699 33,291
- ------------------------------------------------------------------------
<Caption>
MICHIGAN TRUST
-------------------------------
YEAR ENDED NOVEMBER 30,
--------------------------------
2004 2003
- ------------------------------------------------------------------------
Shares issued pursuant to the
Trust's dividend reinvestment plan 13,221 9,339
- ------------------------------------------------------------------------
NET INCREASE 13,221 9,339
- ------------------------------------------------------------------------
<Caption>
NEW JERSEY TRUST
-------------------------------
YEAR ENDED NOVEMBER 30,
-------------------------------
2004 2003
- ------------------------------------------------------------------------
Shares issued pursuant to the
Trust's dividend reinvestment plan 37,840 36,133
- ------------------------------------------------------------------------
NET INCREASE 37,840 36,133
- ------------------------------------------------------------------------
<Caption>
NEW YORK TRUST
-------------------------------
YEAR ENDED NOVEMBER 30,
-------------------------------
2004 2003
- ------------------------------------------------------------------------
Shares issued pursuant to the
Trust's dividend reinvestment plan -- 5,262
- ------------------------------------------------------------------------
NET INCREASE -- 5,262
- ------------------------------------------------------------------------
<Caption>
OHIO TRUST
-------------------------------
YEAR ENDED NOVEMBER 30,
-------------------------------
2004 2003
- ------------------------------------------------------------------------
Shares issued pursuant to the
Trust's dividend reinvestment plan 14,182 15,227
- ------------------------------------------------------------------------
NET INCREASE 14,182 15,227
- ------------------------------------------------------------------------
</Table>
62
<Page>
<Table>
<Caption>
PENNSYLVANIA TRUST
-------------------------------
YEAR ENDED NOVEMBER 30,
-------------------------------
2004 2003
- ------------------------------------------------------------------------
Shares issued pursuant to the
Trust's dividend reinvestment plan 13,939 7,289
- ------------------------------------------------------------------------
NET INCREASE 13,939 7,289
- ------------------------------------------------------------------------
</Table>
8 FINANCIAL INSTRUMENTS
Each Trust regularly trades in financial instruments with off-balance sheet risk
in the normal course of its investing activities to assist in managing exposure
to various market risks. These financial instruments include futures contracts
and may involve, to a varying degree, elements of risk in excess of the amounts
recognized for financial statement purposes. The notional or contractual amounts
of these instruments represent the investment a Trust has in particular classes
of financial instruments and does not necessarily represent the amounts
potentially subject to risk. The measurement of the risks associated with these
instruments is meaningful only when all related and offsetting transactions are
considered.
A summary of obligations under these financial instruments at November 30, 2004
is as follows:
FUTURES CONTRACTS
<Table>
<Caption>
NET UNREALIZED
EXPIRATION AGGREGATE APPRECIATION
TRUST DATE(S) CONTRACTS POSITION COST VALUE (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------
California 3/05 375 U.S. Treasury Bond Short $ (41,271,844) $ (41,296,875) $ (25,031)
Florida 3/05 220 U.S. Treasury Bond Short $ (24,212,815) $ (24,227,500) $ (14,685)
Massachusetts 3/05 150 U.S. Treasury Bond Short $ (16,527,487) $ (16,518,750) $ 8,737
Michigan 3/05 91 U.S. Treasury Bond Short $ (10,012,583) $ (10,021,375) $ (8,792)
3/05 12 U.S. Treasury Note Short $ (1,340,387) $ (1,329,000) $ 11,387
New Jersey 3/05 260 U.S. Treasury Bond Short $ (28,632,500) $ (28,617,355) $ 15,145
New York 3/05 210 U.S. Treasury Bond Short $ (23,145,045) $ (23,126,250) $ 18,795
Ohio 3/05 90 U.S. Treasury Bond Short $ (9,919,305) $ (9,911,250) $ 8,055
Pennsylvania 3/05 130 U.S. Treasury Bond Short $ (14,307,573) $ (14,316,250) $ (8,677)
</Table>
At November 30, 2004, each Trust had sufficient cash and/or securities to
cover margin requirements on open future contracts.
9 OVERDRAFT ADVANCES
Pursuant to the custodian agreement between the Trusts and Investors Bank &
Trust (IBT), IBT may in its discretion advance funds to the Trusts to make
properly authorized payments. When such payments result in an overdraft by the
Trusts, the Trusts are obligated to repay the IBT at the current rate of
interest charged by IBT for secured loans (currently, a rate above the federal
funds rate). This obligation is payable on demand to IBT. At November 30, 2004,
New York Trust had payments due to IBT pursuant to the foregoing arrangement of
$9,226.
63
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS as of November 30, 2004
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees of Eaton Vance Municipal Income
Trusts and Shareholders of Eaton Vance California
Municipal Income Trust, Eaton Vance Florida
Municipal Income Trust, Eaton Vance Massachusetts
Municipal Income Trust, Eaton Vance Michigan
Municipal Income Trust, Eaton Vance New Jersey
Municipal Income Trust, Eaton Vance New York
Municipal Income Trust, Eaton Vance Ohio
Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust:
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Eaton Vance California Municipal Income Trust,
Eaton Vance Florida Municipal Income Trust, Eaton Vance Massachusetts Municipal
Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New
Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust,
Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal
Income Trust (the Trusts) (constituting the Eaton Vance Municipal Income Trusts)
as of November 30, 2004, and the related statements of operations for the year
then ended, the statements of changes in net assets for each of the two years in
the period then ended, and the financial highlights for each of the five years
in the period then ended. These financial statements and financial highlights
are the responsibility of the Trusts' management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. Our
procedures included confirmation of securities held as of November 30, 2004 by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Eaton
Vance California Municipal Income Trust, Eaton Vance Florida Municipal Income
Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan
Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton
Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust,
and Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2004, the
results of their operations, the changes in their net assets and their financial
highlights for the respective stated periods, in conformity with accounting
principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 18, 2005
64
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS as of November 30, 2004
FEDERAL TAX INFORMATION (Unaudited)
The Form 1099-DIV you receive in January 2005 will show the tax status of all
distributions paid to your account in calendar 2004. Shareholders are advised to
consult their own tax adviser with respect to the tax consequences of their
investment in the Trust. As required by the Internal Revenue Code regulations,
shareholders must be notified within 60 days of the Trust's fiscal year end
regarding exempt-interest dividends.
EXEMPT-INTEREST DIVIDENDS -- The Trusts designate the following amounts of
dividends from net investment income as an exempt-interest dividend.
<Table>
California Trust 100.00%
Florida Trust 100.00%
Massachusetts Trust 100.00%
Michigan Trust 100.00%
New Jersey Trust 100.00%
New York Trust 100.00%
Ohio Trust 100.00%
Pennsylvania Trust 100.00%
</Table>
65
<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.
66
<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 November 30, 2004 our records indicate that there are 64, 48, 59, 33, 77,
64, 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>
67
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS
MANAGEMENT AND ORGANIZATION
FUND MANAGEMENT. The Trustees of Eaton Vance California Municipal Income Trust
(CEV), Eaton Vance Florida Municipal Income Trust (FEV), Eaton Vance
Massachusetts Municipal Income Trust (MMV), Eaton Vance Michigan Municipal
Income Trust (EMI), Eaton Vance New Jersey Municipal Income Trust (EVJ), Eaton
Vance New York Municipal Income Trust (EVY), Eaton Vance Ohio Municipal Income
Trust (EVO), and Eaton Vance Pennsylvania Municipal Income Trust (EVP)
(collectively, the Trusts) are responsible for the overall management and
supervision of the Trusts' affairs. The Trustees and officers of the Trusts are
listed below. Except as indicated, each individual has held the office shown or
other offices in the same company for the last five years. The "noninterested
Trustees" consist of those Trustees who are not "interested persons" of the
Trust, as that term is defined under the 1940 Act. The business address of each
Trustee and officer is The Eaton Vance Building, 255 State Street, Boston,
Massachusetts 02109. As used below, "EVC" refers to Eaton Vance Corp., "EV"
refers to Eaton Vance, Inc., "EVM" refers to Eaton Vance Management, "BMR"
refers to Boston Management and Research and "EVD" refers to Eaton Vance
Distributors, Inc. EVC and EV are the corporate parent and trustee,
respectively, of EVM and BMR. EVD is the Trusts' principal underwriter and a
wholly-owned subsidiary of EVM.
<Table>
<Caption>
NUMBER OF
TERM OF PORTFOLIOS
POSITION(S) OFFICE AND IN FUND COMPLEX
NAME AND WITH THE LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY
DATE OF BIRTH TRUSTS SERVICE DURING PAST FIVE YEARS TRUSTEE(1) OTHER DIRECTORSHIPS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE
James B. Hawkes Vice President Until 2007. 3 years. Chairman, President and 193 Director of EVC
11/9/41 and Trustee Trustee since 1998. Chief Executive Officer of
BMR, EVC, EVM and EV;
Director of EV; Vice
President and Director of
EVD. Trustee and/or officer
of 193 registered investment
companies in the Eaton Vance
Fund Complex. Mr. Hawkes is
an interested person because
of his positions with BMR,
EVM, EVC and EV, which are
affiliates of the Trusts.
NONINTERESTED TRUSTEE(S)
Samuel L. Hayes, III Trustee Until 2007. 3 years. Jacob H. Schiff Professor of 193 Director of Tiffany &
2/23/35 Trustee since 1998. Investment Banking Emeritus, Co. (specialty retailer)
Harvard University Graduate and Telect, Inc.
School of Business (telecommunication
Administration. services company)
William H. Park Trustee Until 2005. Trustee President and Chief 193 None
9/19/47 since 2003. Executive Officer, Prizm
Capital Management, LLC
(investment management firm)
(since 2002). Executive Vice
President and Chief
Financial Officer, United
Asset Management Corporation
(a holding company owning
institutional investment
management firms)
(1982-2001).
Ronald A. Pearlman Trustee Until 2006. Trustee Professor of Law, Georgetown 193 None
7/10/40 since 2003. University Law Center (since
1999). Tax Partner Covington
& Burling, Washington, DC
(1991-2000).
Norton H. Reamer Trustee Until 2005. 3 years. President, Chief Executive 193 None
9/21/35 Trustee since 1998. Officer and a Director of
Asset Management Finance
Corp. (a specialty finance
company serving the
investment management
industry) (since October
2003). President, Unicorn
Corporation (an investment
and financial advisory
services company) (since
September 2000). Formerly,
Chairman, Hellman, Jordan
Management Co., Inc. (an
investment management
company) (2000-2003).
Formerly, Advisory Director
of Berkshire Capital
Corporation (investment
banking firm) (2002-2003).
Formerly Chairman of the
Board, United Asset
Management Corporation (a
holding company owning
institutional investment
management firms) and
Chairman, President and
Director, UAM Funds (mutual
funds) (1980-2000).
</Table>
68
<Page>
<Table>
<Caption>
NUMBER OF
TERM OF PORTFOLIOS
POSITION(S) OFFICE AND IN FUND COMPLEX
NAME AND WITH THE LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY
DATE OF BIRTH TRUSTS SERVICE DURING PAST FIVE YEARS TRUSTEE(1) OTHER DIRECTORSHIPS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
NONINTERESTED TRUSTEE(S) (CONTINUED)
Lynn A. Stout Trustee Until 2005. 3 years. Professor of Law, University 193 None
9/14/57 Trustee since 1998. of California at Los Angeles
School of Law (since July
2001). Formerly, Professor
of Law, Georgetown
University Law Center.
<Caption>
TERM OF
POSITION(S) OFFICE AND
NAME AND WITH THE LENGTH OF PRINCIPAL OCCUPATION(S)
DATE OF BIRTH TRUSTS SERVICE DURING PAST FIVE YEARS
- ------------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES
Thomas J. Fetter President Since 1998 Vice President of EVM and BMR. Officer of 124
8/20/43 registered investment companies managed by EVM or BMR.
William H. Ahern, Jr. Vice President of EMI Since 2000 Vice President of EVM and BMR. Officer of 78
7/28/59 registered investment companies managed by EVM or BMR.
Cynthia J. Clemson Vice President Since 1998 for CEV and Vice President of EVM and BMR. Officer of 84
3/2/63 FEV; Since 2000 for registered investment companies managed by EVM or BMR.
EVP; Since 2004 for
MMV, EMI, EVJ, EVY and
EVO
Robert B. MacIntosh Vice President Since 1998 Vice President of EVM and BMR. Officer of 124
1/22/57 registered investment companies managed by EVM or BMR.
Alan R. Dynner Secretary Since 1998 Vice President, Secretary and Chief Legal Officer of
10/10/40 BMR, EVM, EVD, EV and EVC. Officer of 193 registered
investment companies managed by EVM or BMR.
James L. O'Connor Treasurer Since 1998 Vice President of BMR, EVM and EVD. Officer of 115
4/1/45 registered investment companies managed by EVM or BMR.
Paul M. O'Neil Chief Compliance Since 2004 Vice President of EVM and BMR. Officer of 193
7/11/53 Officer registered investment companies managed by EVM or BMR.
</Table>
(1) Includes both master and feeder funds in a master-feeder structure.
69
<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
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
DELOITTE & TOUCHE LLP
200 BERKELEY STREET
BOSTON, MA 02116-5022
EATON VANCE MUNICIPAL INCOME TRUSTS
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
<Page>
147-1/05 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
(a) -(d)
The following table presents the aggregate fees billed to the registrant for the
registrant's fiscal years ended November 30, 2003 and November 30, 2004 by the
registrant's principal accountant for professional services rendered for the
audit of the registrant's annual financial statements and fees billed for other
services rendered by the principal accountant during such period.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
------------------------------------------------------------
Audit Fees $ 20,909 $ 28,263
Audit-Related Fees(1) 14,000 3,600
Tax Fees(2) 5,800 6,100
All Other Fees(3) 0 0
-----------------------
Total $ 40,709 $ 37,963
=======================
</Table>
(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the
audit of financial statements and are not reported under the category of
audit fees and specifically include fees for the performance of certain
agreed-upon procedures relating to the registrant's auction preferred
shares.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax
advice, and tax planning.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the principal accountant other than audit,
audit-related, and tax services.
(e)(1) The registrant's audit committee has adopted policies and procedures
relating to the pre-approval of services provided by the registrant's principal
accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a
framework intended to assist the audit committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies
(i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate
specific procedures governing the mechanics of the pre-approval process,
including the approval and monitoring of audit and non-audit service fees.
Unless a service is
<Page>
specifically pre-approved under the Pre-Approval Policies, it must be separately
pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services
pre-approved therein must be reviewed and ratified by the registrant's audit
committee at least annually. The registrant's audit committee maintains full
responsibility for the appointment, compensation, and oversight of the work of
the registrant's principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant's audit committee pursuant to the "de minimis exception" set forth in
Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees
for audit-related, tax, and other services) billed for services rendered to the
registrant by its principal accountant for the registrant's last two fiscal
years; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax,
and other services) billed for services rendered to the Eaton Vance organization
for the registrant's last two fiscal years.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------------
REGISTRANT $ 19,800 $ 9,700
EATON VANCE(1) $ 479,858.37 $ 350,713.16
</Table>
(1) Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the
registrant's investment adviser and administrator.
(h) The registrant's audit committee has considered whether the provision by the
registrant's principal accountant of non-audit services to the registrant's
investment adviser and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
The registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of
1934, as amended. Norton H. Reamer (Chair), Samuel L. Hayes, III, William H.
Park and Lynn A. Stout are the members of the registrant's audit committee.
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 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 Applicable.
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: January 18, 2005
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: January 18, 2005
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: January 18, 2005
<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
(a) -(d)
The following table presents the aggregate fees billed to the registrant for the
registrant's fiscal years ended November 30, 2003 and November 30, 2004 by the
registrant's principal accountant for professional services rendered for the
audit of the registrant's annual financial statements and fees billed for other
services rendered by the principal accountant during such period.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------
Audit Fees $ 16,583 $ 23,216
Audit-Related Fees(1) 14,000 3,600
Tax Fees(2) 5,800 6,100
All Other Fees(3) 0 0
-------------------------
Total $ 36,383 $ 32,916
=========================
</Table>
(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the
audit of financial statements and are not reported under the category of
audit fees and specifically include fees for the performance of certain
agreed-upon procedures relating to the registrant's auction preferred
shares.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax
advice, and tax planning.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the principal accountant other than audit,
audit-related, and tax services.
(e)(1) The registrant's audit committee has adopted policies and procedures
relating to the pre-approval of services provided by the registrant's principal
accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a
framework intended to assist the audit committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies
(i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate
specific procedures governing the mechanics of the pre-approval process,
including the approval and monitoring of audit and non-audit service fees.
Unless a service is
<Page>
specifically pre-approved under the Pre-Approval Policies, it must be separately
pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services
pre-approved therein must be reviewed and ratified by the registrant's audit
committee at least annually. The registrant's audit committee maintains full
responsibility for the appointment, compensation, and oversight of the work of
the registrant's principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant's audit committee pursuant to the "de minimis exception" set forth in
Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees
for audit-related, tax, and other services) billed for services rendered to the
registrant by its principal accountant for the registrant's last two fiscal
years; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax,
and other services) billed for services rendered to the Eaton Vance organization
for the registrant's last two fiscal years.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------------
REGISTRANT $ 19,800 $ 9,700
EATON VANCE(1) $ 479,858.37 $ 350,713.16
</Table>
(1) Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the
registrant's investment adviser and administrator.
(h) The registrant's audit committee has considered whether the provision by the
registrant's principal accountant of non-audit services to the registrant's
investment adviser and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
The registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of
1934, as amended. Norton H. Reamer (Chair), Samuel L. Hayes, III, William H.
Park and Lynn A. Stout are the members of the registrant's audit committee.
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 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 Applicable.
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: January 18, 2005
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: January 18, 2005
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: January 18, 2005
<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
(a) -(d)
The following table presents the aggregate fees billed to the registrant for the
registrant's fiscal years ended November 30, 2003 and November 30, 2004 by the
registrant's principal accountant for professional services rendered for the
audit of the registrant's annual financial statements and fees billed for other
services rendered by the principal accountant during such period.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------
Audit Fees $ 15,759 $ 20,435
Audit-Related Fees(1) 14,000 3,600
Tax Fees(2) 5,800 6,100
All Other Fees(3) 0 0
-------------------------
Total $ 35,559 $ 30,135
=========================
</Table>
(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the
audit of financial statements and are not reported under the category of
audit fees and specifically include fees for the performance of certain
agreed-upon procedures relating to the registrant's auction preferred
shares.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax
advice, and tax planning.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the principal accountant other than audit,
audit-related, and tax services.
(e)(1) The registrant's audit committee has adopted policies and procedures
relating to the pre-approval of services provided by the registrant's principal
accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a
framework intended to assist the audit committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies
(i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate
specific procedures governing the mechanics of the pre-approval process,
including the approval and monitoring of audit and non-audit service fees.
Unless a service is
<Page>
specifically pre-approved under the Pre-Approval Policies, it must be separately
pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services
pre-approved therein must be reviewed and ratified by the registrant's audit
committee at least annually. The registrant's audit committee maintains full
responsibility for the appointment, compensation, and oversight of the work of
the registrant's principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant's audit committee pursuant to the "de minimis exception" set forth in
Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees
for audit-related, tax, and other services) billed for services rendered to the
registrant by its principal accountant for the registrant's last two fiscal
years; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax,
and other services) billed for services rendered to the Eaton Vance organization
for the registrant's last two fiscal years.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------------
REGISTRANT $ 19,800 $ 9,700
EATON VANCE(1) $ 479,858.37 $ 350,713.16
</Table>
(1) Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the
registrant's investment adviser and administrator.
(h) The registrant's audit committee has considered whether the provision by the
registrant's principal accountant of non-audit services to the registrant's
investment adviser and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
The registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of
1934, as amended. Norton H. Reamer (Chair), Samuel L. Hayes, III, William H.
Park and Lynn A. Stout are the members of the registrant's audit committee.
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 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 Applicable.
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: January 18, 2005
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: January 18, 2005
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: January 18, 2005
<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
The following table presents the aggregate fees billed to the registrant for the
registrant's fiscal years ended November 30, 2003 and November 30, 2004 by the
registrant's principal accountant for professional services rendered for the
audit of the registrant's annual financial statements and fees billed for other
services rendered by the principal accountant during such period.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------
Audit Fees $ 15,759 $ 20,435
Audit-Related Fees(1) 14,000 3,600
Tax Fees(2) 5,800 6,100
All Other Fees(3) 0 0
-------------------------
Total $ 35,559 $ 30,135
=========================
</Table>
(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the
audit of financial statements and are not reported under the category of
audit fees and specifically include fees for the performance of certain
agreed-upon procedures relating to the registrant's auction preferred
shares.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax
advice, and tax planning.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the principal accountant other than audit,
audit-related, and tax services.
(e)(1) The registrant's audit committee has adopted policies and procedures
relating to the pre-approval of services provided by the registrant's principal
accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a
framework intended to assist the audit committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies
(i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate
specific procedures governing the mechanics of the pre-approval process,
including the approval and monitoring of audit and non-audit service fees.
Unless a service is specifically pre-approved under the Pre-Approval Policies,
it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services
pre-approved therein must be reviewed and ratified by the registrant's audit
committee at least annually. The registrant's audit committee maintains full
responsibility for the appointment, compensation, and oversight of the work of
the registrant's principal accountant.
<Page>
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant's audit committee pursuant to the "de minimis exception" set forth in
Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees
for audit-related, tax, and other services) billed for services rendered to the
registrant by its principal accountant for the registrant's last two fiscal
years; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax,
and other services) billed for services rendered to the Eaton Vance organization
for the registrant's last two fiscal years.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------------
REGISTRANT $ 19,800 $ 9,700
EATON VANCE(1) $ 479,858 $ 350,713
</Table>
(1) Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the
registrant's investment adviser and administrator.
(h) The registrant's audit committee has considered whether the provision by the
registrant's principal accountant of non-audit services to the registrant's
investment adviser and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
The registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of
1934, as amended. Norton H. Reamer (Chair), Samuel L. Hayes, III, William H.
Park and Lynn A. Stout are the members of the registrant's audit committee.
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.
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.
<Page>
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.
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
<Page>
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 TRUST
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: January 18, 2005
----------------
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: January 18, 2005
----------------
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: January 18, 2005
-----------------
<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
(a) -(d)
The following table presents the aggregate fees billed to the registrant for the
registrant's fiscal years ended November 30, 2003 and November 30, 2004 by the
registrant's principal accountant for professional services rendered for the
audit of the registrant's annual financial statements and fees billed for other
services rendered by the principal accountant during such period.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------
Audit Fees $ 16,583 $ 23,216
Audit-Related Fees(1) 14,000 3,600
Tax Fees(2) 5,800 6,100
All Other Fees(3) 0 0
-------------------------
Total $ 36,383 $ 32,916
=========================
</Table>
(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the
audit of financial statements and are not reported under the category of
audit fees and specifically include fees for the performance of certain
agreed-upon procedures relating to the registrant's auction preferred
shares.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax
advice, and tax planning.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the principal accountant other than audit,
audit-related, and tax services.
(e)(1) The registrant's audit committee has adopted policies and procedures
relating to the pre-approval of services provided by the registrant's principal
accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a
framework intended to assist the audit committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies
(i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate
specific procedures governing the mechanics of the pre-approval process,
including the approval and monitoring of audit and non-audit service fees.
Unless a service is
<Page>
specifically pre-approved under the Pre-Approval Policies, it must be separately
pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services
pre-approved therein must be reviewed and ratified by the registrant's audit
committee at least annually. The registrant's audit committee maintains full
responsibility for the appointment, compensation, and oversight of the work of
the registrant's principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant's audit committee pursuant to the "de minimis exception" set forth in
Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees
for audit-related, tax, and other services) billed for services rendered to the
registrant by its principal accountant for the registrant's last two fiscal
years; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax,
and other services) billed for services rendered to the Eaton Vance organization
for the registrant's last two fiscal years.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------------
REGISTRANT $ 19,800 $ 9,700
EATON VANCE(1) $ 479,858.37 $ 350,713.16
</Table>
(1) Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the
registrant's investment adviser and administrator.
(h) The registrant's audit committee has considered whether the provision by the
registrant's principal accountant of non-audit services to the registrant's
investment adviser and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
The registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of
1934, as amended. Norton H. Reamer (Chair), Samuel L. Hayes, III, William H.
Park and Lynn A. Stout are the members of the registrant's audit committee.
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 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 Applicable.
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: January 18, 2005
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: January 18, 2005
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: January 18, 2005
<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
(a) -(d)
The following table presents the aggregate fees billed to the registrant for the
registrant's fiscal years ended November 30, 2003 and November 30, 2004 by the
registrant's principal accountant for professional services rendered for the
audit of the registrant's annual financial statements and fees billed for other
services rendered by the principal accountant during such period.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------
Audit Fees $ 16,583 $ 25,379
Audit-Related Fees(1) 14,000 3,600
Tax Fees(2) 5,800 6,100
All Other Fees(3) 0 0
-------------------------
Total $ 36,383 $ 35,079
=========================
</Table>
(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the
audit of financial statements and are not reported under the category of
audit fees and specifically include fees for the performance of certain
agreed-upon procedures relating to the registrant's auction preferred
shares.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax
advice, and tax planning.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the principal accountant other than audit,
audit-related, and tax services.
(e)(1) The registrant's audit committee has adopted policies and procedures
relating to the pre-approval of services provided by the registrant's principal
accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a
framework intended to assist the audit committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies
(i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate
specific procedures governing the mechanics of the pre-approval process,
<Page>
including the approval and monitoring of audit and non-audit service fees.
Unless a service is specifically pre-approved under the Pre-Approval Policies,
it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services
pre-approved therein must be reviewed and ratified by the registrant's audit
committee at least annually. The registrant's audit committee maintains full
responsibility for the appointment, compensation, and oversight of the work of
the registrant's principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant's audit committee pursuant to the "de minimis exception" set forth in
Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees
for audit-related, tax, and other services) billed for services rendered to the
registrant by its principal accountant for the registrant's last two fiscal
years; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax,
and other services) billed for services rendered to the Eaton Vance organization
for the registrant's last two fiscal years.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------------
REGISTRANT $ 19,800 $ 9,700
EATON VANCE(1) $ 479,858.37 $ 350,713.16
</Table>
(1) Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the
registrant's investment adviser and administrator.
(h) The registrant's audit committee has considered whether the provision by the
registrant's principal accountant of non-audit services to the registrant's
investment adviser and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
The registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of
1934, as amended. Norton H. Reamer (Chair), Samuel L. Hayes, III, William H.
Park and Lynn A. Stout are the members of the registrant's audit committee.
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 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.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
<Page>
Not Applicable.
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: January 18, 2005
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: January 18, 2005
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: January 18, 2005
<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
(a) -(d)
The following table presents the aggregate fees billed to the registrant for the
registrant's fiscal years ended November 30, 2003 and November 30, 2004 by the
registrant's principal accountant for professional services rendered for the
audit of the registrant's annual financial statements and fees billed for other
services rendered by the principal accountant during such period.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------
Audit Fees $ 15,759 $ 20,435
Audit-Related Fees(1) 14,000 3,600
Tax Fees(2) 5,800 6,100
All Other Fees(3) 0 0
-------------------------
Total $ 35,559 $ 30,135
=========================
</Table>
(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the
audit of financial statements and are not reported under the category of
audit fees and specifically include fees for the performance of certain
agreed-upon procedures relating to the registrant's auction preferred
shares.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax
advice, and tax planning.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the principal accountant other than audit,
audit-related, and tax services.
(e)(1) The registrant's audit committee has adopted policies and procedures
relating to the pre-approval of services provided by the registrant's principal
accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a
framework intended to assist the audit committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies
(i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate
specific procedures governing the mechanics of the pre-approval process,
including the approval and monitoring of audit and non-audit service fees.
Unless a service is
<Page>
specifically pre-approved under the Pre-Approval Policies, it must be separately
pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services
pre-approved therein must be reviewed and ratified by the registrant's audit
committee at least annually. The registrant's audit committee maintains full
responsibility for the appointment, compensation, and oversight of the work of
the registrant's principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant's audit committee pursuant to the "de minimis exception" set forth in
Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees
for audit-related, tax, and other services) billed for services rendered to the
registrant by its principal accountant for the registrant's last two fiscal
years; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax,
and other services) billed for services rendered to the Eaton Vance organization
for the registrant's last two fiscal years.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------------
REGISTRANT $ 19,800 $ 9,700
EATON VANCE(1) $ 479,858.37 $ 350,713.16
</Table>
(1) Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the
registrant's investment adviser and administrator.
(h) The registrant's audit committee has considered whether the provision by the
registrant's principal accountant of non-audit services to the registrant's
investment adviser and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
The registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of
1934, as amended. Norton H. Reamer (Chair), Samuel L. Hayes, III, William H.
Park and Lynn A. Stout are the members of the registrant's audit committee.
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 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 Applicable.
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: January 18, 2005
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: January 18, 2005
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: January 18, 2005
<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
The following table presents the aggregate fees billed to the registrant for the
registrant's fiscal years ended November 30, 2003 and November 30, 2004 by the
registrant's principal accountant for professional services rendered for the
audit of the registrant's annual financial statements and fees billed for other
services rendered by the principal accountant during such period.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------
Audit Fees $ 15,759 $ 20,435
Audit-Related Fees(1) 14,000 3,600
Tax Fees(2) 5,800 6,100
All Other Fees(3) 0 0
-------------------------
Total $ 35,559 $ 30,135
=========================
</Table>
(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the
audit of financial statements and are not reported under the category of
audit fees and specifically include fees for the performance of certain
agreed-upon procedures relating to the registrant's auction preferred
shares.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax
advice, and tax planning.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the principal accountant other than audit,
audit-related, and tax services.
(e)(1) The registrant's audit committee has adopted policies and procedures
relating to the pre-approval of services provided by the registrant's principal
accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a
framework intended to assist the audit committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies
(i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit
<Page>
committee; and (ii) delineate specific procedures governing the mechanics of the
pre-approval process, including the approval and monitoring of audit and
non-audit service fees. Unless a service is specifically pre-approved under the
Pre-Approval Policies, it must be separately pre-approved by the audit
committee.
The Pre-Approval Policies and the types of audit and non-audit services
pre-approved therein must be reviewed and ratified by the registrant's audit
committee at least annually. The registrant's audit committee maintains full
responsibility for the appointment, compensation, and oversight of the work of
the registrant's principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant's audit committee pursuant to the "de minimis exception" set forth in
Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees
for audit-related, tax, and other services) billed for services rendered to the
registrant by its principal accountant for the registrant's last two fiscal
years; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax,
and other services) billed for services rendered to the Eaton Vance organization
for the registrant's last two fiscal years.
<Table>
<Caption>
FISCAL YEAR ENDED 11/30/03 11/30/04
--------------------------------------------------------------------
REGISTRANT $ 19,800 $ 9,700
EATON VANCE(1) $ 479,858 $ 350,713
</Table>
(1) Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the
registrant's investment adviser and administrator.
(h) The registrant's audit committee has considered whether the provision by the
registrant's principal accountant of non-audit services to the registrant's
investment adviser and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
The registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of
1934, as amended. Norton H. Reamer (Chair), Samuel L. Hayes, III, William H.
Park and Lynn A. Stout are the members of the registrant's audit committee.
<Page>
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.
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,
<Page>
by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission's
website at http://www.sec.gov.
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 TRUST
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: January 18, 2005
----------------
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: January 18, 2005
----------------
By: /s/ Thomas J. Fetter
--------------------
Thomas J. Fetter
President
Date: January 18, 2005
----------------