<PAGE>
[EATON VANCE LOGO]
ANNUAL REPORT NOVEMBER 30, 1999
EATON VANCE
MUNICIPAL
INCOME TRUSTS
GLOBAL MANAGEMENT-GLOBAL DISTRIBUTION
[Picture of a bridge]
EDUCATION
California
Florida
Massachusetts
Michigan
New Jersey
New York
Ohio
Pennsylvania
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30,1999
LETTER TO SHAREHOLDERS
[Picture of Thomas J. Fetter, President]
1999 has proven a very challenging year for investors, as a continuing
strong economy has led to higher interest rates and a difficult environment
for fixed-income vehicles. Amid a continuing robust economy, the Federal
Reserve has maintained a watchful eye for any sign of inflation. On three
occasions during the year, the Fed raised its Federal Funds rate - a key
barometer of short-term interest rates - in an attempt to reduce the
potential for inflation. The Fed actions kept the bond markets - including
the municipal market on the defensive for much of the year.
In the wake of this year's market decline, municipal yields nearly equal
Treasury yields...
The rising interest rate environment that characterized this fiscal period
produced negative total returns for municipal bonds - including Eaton Vance
Municipal Income Trusts. In last year's flight to quality, the ratio of
Treasury yields to municipal yields reached historically high levels, with
municipal yields actually equalling Treasury yields at one point. By November
30, 1999, those ratios had narrowed, but only slightly. Municipal yields
still equalled around 96% of Treasury yields at November 30, 1999,
representing exceptional value in a tax-exempt investment. At November 30,
the Trusts offered market yields that were well above the average tax-exempt
bond yields.
A growing budget surplus suggests a favorable long-term outlook for municipal
bonds...
A strong economy combined with low inflation has resulted in the first budget
surpluses in a generation and created an excellent long-term scenario for
bonds. In addition, the forward calendar of new municipal issuance is
significantly lighter than in recent years. That will be a positive factor
for municipal bonds because the market should be less impacted by supply
pressures. As a result, municipal bonds should remain an attractive income
alternative for tax-conscious investors.
Municipal bonds yield 96% of Treasury yields
30-Year AAA-rated General Obligation (GO) Bonds
Taxable equivalent yield in 36% tax bracket
30-Year Treasury bond
Principal and interest payments of Treasury securities are guaranteed by the
U.S. government.
*GO yields are a compilation of a reprasentative variety of general
obligation and are not necessarily represantative of the Funds' yield.
Statistics as of Novemmber 30, 1999.
Past performance no guarantee of future results.
Source Bloomberg LP.
Eaton Vance Municipal
Income Trusts offer tax-exempt income, flexibility, and liquidity...
Municipal bonds are among the few tax-advantaged vehicles remaining for
investors. Eaton Vance Municipal Income Trusts are designed to deliver
tax-exempt income together with the flexibility of a closed-end fund and the
liquidity afforded by trading on the American Stock Exchange. We believe that
the Trusts will continue to provide promising opportunities for their
tax-conscious shareholders.
Sincerely,
/s/ Thomas J. Fetter
THOMAS J. FETTER
PRESIDENT
JANUARY 12, 2000
2
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EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
MANAGEMENT DISCUSSION
[Picture of Cynthia J. Clemson, Portfolio Manager]
INVESTMENT
- -------------------------------------------------------------------------------
- - The California economy maintained its momentum in 1999, adding around 350,000
new jobs in the past 12 months, fueled primarily by the services sector,
technology, business services, biotechnology, multimedia, electronics and
entertainment. The state's November 1999 unemployment rate declined to 4.8%
from 5.9% a year ago.
- - California's construction sector remained in a fast-growth mode. More than
88,000 construction jobs have been created in the past year, an 8.3% increase.
Specialty trades such as plumbing, painting, flooring and electrical workers
led the way.
- - The strong economic news was tempered somewhat in the manufacturing sector,
which registered a job decline. Cutbacks in the aerospace sector have been
especially severe, impacting suppliers such as metals manufacturers.
THE TRUST
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PERFORMANCE FOR THE PAST YEAR
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of -20.70% for the period from its inception on January 29, 1999
through November 30, 1999. That return was the result of a decline in share
price from $15.00 on January 29, 1999 to $11.438 on November 30, 1999, and the
reinvestment of $0.510 in regular monthly
dividends.
- - Based on net asset value, the Trust had a total return of -19.37% for the
period ended November 30, 1999. That return was the result of a decline in net
asset value from $15.00 on January 29, 1999 to $11.63 on November 30, 1999,
and the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $11.438 the Trust had a
market yield of 6.69% at November 30, 1999.(1)
MANAGEMENT DISCUSSION
- - Reflecting the increasing pace of development in California,
infrastructure-related bonds played a major role in the Trust. Water and sewer
issues, transportation bonds and special assessment issues have been in ample
supply, as communities struggle to meet the demands imposed by rapid growth.
- - Hospital bonds have also provided an attractive opportunitiy for the Trust.
With changing Medicare reimbursement rules and an increased focus on cost
containment, the Trust's hospital investments have focused on those
institutions that are well-positioned for the newly competitive environment.
- - Management continued to focus on bonds that have superior call protection.
Over the long-term, management believes that providing consistent call
protection is an increasingly important strategic consideration.
Rating Distribution(2)
- -------------------------------------------------------------------------------
By total investments
[pie chart]
AAA 48.7%
AA 5.6%
A 18.1%
BBB 10.5%
Non-Rated 17.1%
- -------------------------------------------------------------------------------
Shares of the Trust 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.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
TRUST INFORMATION
as of November 30, 1999
Performance(3)
- -------------------------------------------------------------------------------
Cumulative Total Return (by market value, American Stock Exchange)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -20.70%
Cumulative Total Return (at net asset value)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -19.37%
Sector Weightings(2)
Insured - Transportation* 12.1%
Special Tax Revenue 11.3%
Insured - Water & Sewer* 10.1%
Hospital 9.1%
Education 8.3%
(1) 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.
(2) Rating Distribution is determined by dividing the total market value of
the holdings by the total investments of the Trust. Rating Distribution
and Sector Weightings are subject to change.
(3) Returns are historical and are calculated by determining the
percentage change in share price or net asset value with all
distributions reinvested.
(*) Private insurance does not remove the risk of loss of principal
associated with insured investments due to changes in market conditions.
Past performance is no guarantee of future results. Investment return and
market price will fluctuate so that shares, when sold, may be worth more
or less than their original cost.
3
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EATON VANCE FLORIDA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
MANAGEMENT DISCUSSION
[Picture of Cynthia J. Clemson, Portfolio Manager]
INVESTMENT ENVIRONMENT
- -------------------------------------------------------------------------------
- - The Florida economy expanded further in 1999, with the fast-growing service
sector leading the way. Propelled by tourism and retirement services, Florida
has added 300,000 employees to its service sector payrolls in the past three
years alone. The November 1999 jobless rate was just 4.0%, down from 4.2% a
year earlier.
- - Tourism remained a prime economic force, with theme park and convention
business posting strong gains. In addition to the opening of new parks, the
cruise business registered further growth. Every major cruise line in the
state has ordered at least one new cruise ship.
- - Florida's manufacturing sector has weakened in 1999 in response to slower
foreign demand. Exports, which slowed to a 5% growth rate in 1998, have
suffered from continued weak demand from Asia. Melbourne's aerospace industry
was a notable exception, recording exceptionally strong order growth during
the year.
THE TRUST
- -------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of -27.62% for the period from its inception on January 29, 1999
through November 30, 1999. That return was the result of a decline in share
price from $15.00 on January 29, 1999 to $10.438 on November 30, 1999, and the
reinvestment of $0.502 in regular monthly
dividends.
- - Based on net asset value, the Trust had a total return of -18.39% for the
period ended November 30, 1999. That return was the result of a decline in net
asset value from $15.00 on January 29, 1999 to $11.77 on November 30, 1999,
and the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $10.438 the Trust had a
market yield of 7.21% at November 30, 1999.(1)
MANAGEMENT DISCUSSION
- - While issuance within Florida was strong, the insured* sector continued to
dominate the market. As a result, insured* bonds made up a significant portion
of the Trust's net assets, 45.1% at November 30, 1999. Insured* water and
sewer, special tax issues and transportation bonds were among the Trust's
largest weightings.
- - The Trust took advantage of the recent rise in interest rates by establishing
tax losses that can be used to offset future capital gains. The proceeds of
those sales were used to buy bonds with more attractive yields, as they became
available.
- - Management continued to focus on bonds that have superior call protection.
Over the long-term, management believes that providing consistent call
protection is an increasingly important strategic consideration.
Rating Distribution(2)
- -------------------------------------------------------------------------------
By total investments
[Pie chart]
AAA 47.7%
AA 20.1%
A 11.5%
BBB 5.5%
BB 1.1%
Non-Rated 14.1%
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Shares of the Trust 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.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
TRUST INFORMATION
as of November 30, 1999
Performance(3)
- -------------------------------------------------------------------------------
Cumulative Total Return (by market value, American Stock Exchange)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -27.62%
Cumulative Total Return (at net asset value)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -18.39%
Sector Weightings(2)
Insured - Special Tax Revenue 15.4%
Hospital 13.5%
Insured - Water & Sewer 12.3%
General Obligation 7.9%
Water & Sewer 7.6%
(1) 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.
(2) Rating Distribution is determined by dividing the total market value of
the holdings by the total investments of the Trust. Rating Distribution
and Sector Weightings are subject to change.
(3) Returns are historical and are calculated by determining the
percentage change in share price or net asset value with all
distributions reinvested.
(*) Private insurance does not remove the risk of loss of principal
associated with insured investments due to changes in market conditions.
Past performance is no guarantee of future results. Investment return and
market price will fluctuate so that shares, when sold, may be worth more
or less than their original cost.
4
<PAGE>
EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
MANAGEMENT DISCUSSION
[Picture of Robert B. MacIntosh, Portfolio Manager]
INVESTMENT ENVIRONMENT
- -------------------------------------------------------------------------------
- - The Massachusetts economy continued to advance in 1999. Personal income growth
in Massachusetts was third highest in the nation, 24% higher than the national
average. The November 1999 unemployment rate was 3.2%, well below the national
rate. Financial services, retail trade, health services and technology were
again among the largest sources of new jobs.
- - The construction sector added significantly to employment in the Commonwealth.
Residential and commercial building have been aided by a strong housing market
and large commercial projects like Boston's Central Artery and Seaport
projects.
- - Massachusetts tax revenues continued to mirror the robust state economy in
1999. Tax revenues rose, reflecting a sharp increase in individual income tax
collections and capital gains taxes from a rising stock market.
THE TRUST
- -------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of -20.68% for the period from its inception on January 29, 1999
through November 30, 1999. That return was the result of a decline in share
price from $15.00 on January 29, 1999 to $11.438 on November 30, 1999, and the
reinvestment of $0.510 in regular monthly
dividends.
- - Based on net asset value, the Trust had a total return of -20.46% for the
period ended November 30, 1999. That return was the result of a decline in net
asset value from $15.00 on January 29, 1999 to $11.47 on November 30, 1999,
and the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $11.438 the Trust had a
market yield of 6.69% at November 30, 1999.(1)
MANAGEMENT DISCUSSION
- - Education bonds remained the Trust's largest sector concentration at November
30, 1999. The bonds provided competitive yields in well-regarded issuers.
Among the Trust's education holdings were bonds for Brandeis University,
Wellesley College, Tufts Univer-sity and Boston University.
- - In a difficult climate for bonds, the Trust's large weighting of insured*
issues represented a very high quality investment. These bonds also provided
excellent liquidity while management searched for opportunities among
non-rated and lower-rated, investment grade bonds.
- - The Trust took advantage of the rising rate environment to establish tax
losses, which can be used to offset future capital gains. The proceeds of
these sales were used to purchase selected non-rated bonds.
Rating Distribution(2)
- -------------------------------------------------------------------------------
By total investments
[Pie chart]
AAA 47.1%
AA 12.9%
A 15.6%
BBB 16.1%
BB 1.3%
Non-Rated+ 7.0%
- -------------------------------------------------------------------------------
Shares of the Trust 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.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
TRUST INFORMATION
as of November 30, 1999
Performance(3)
- -------------------------------------------------------------------------------
Cumulative Total Return (by market value, American Stock Exchange)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -20.68%
Cumulative Total Return (at net asset value)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -20.46%
Sector Weightings(2)
Education 24.0%
Insured - Education* 15.1%
Hospital 12.5%
Insured - Hospital* 9.0%
Insured - Transportation* 7.6%
(1) 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.
(2) Rating Distribution is determined by dividing the total market value of
the holdings by the total investments of the Trust. Rating Distribution
and Sector Weightings are subject to change.
(3) Returns are historical and are calculated by determining the percentage
change in share price or net asset value with all distributions reinvested.
(*) Private insurance does not remove the risk of loss of principal
associated with insured investments due to changes in market conditions.
(+) In the opinion of management, 1.3% of the 7.0% non-rated portion of the
Trust represents bonds that, if rated, would warrant an investment-grade
rating.
Past performance is no guarantee of future results. Investment return and
market price will fluctuate so that shares, when sold, may be worth more
or less than their original cost.
5
<PAGE>
EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
MANAGEMENT DISCUSSION
[Picture of William H. Ahern, Jr. Portfolio Manager]
INVESTMENT ENVIRONMENT
- -------------------------------------------------------------------------------
- - Michigan's economy continued to generate new jobs in 1999. The state's
November 1999 jobless rate declined to 3.7%, slightly below the 3.8% level of
a year ago. Job growth in non-manufacturing areas offset weaker export demand
from Asia. Meanwhile, Michigan's total work force expanded by nearly 70,000
workers through the third quarter of 1999.
- - Auto industry employment now constitutes roughly 6% of the state's work force,
down from 10% in 1980. Nonetheless, the auto sector contributes mightily to
the Michigan economy, generating around 13% of the state's total income.
- - Michigan's tax-advantaged Renaissance Zones have proven to be among the most
innovative economic incentives in the country. Assistance in site development
and tax credits for new job creation have contributed to a rising number of
start-up businesses and expansions of older industries.
THE TRUST
- -------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of -24.66% for the period from its inception on January 29, 1999
through November 30, 1999. That return was the result of a decline in share
price from $15.00 on January 29, 1999 to $10.875 on November 30, 1999, and the
reinvestment of $0.500 in regular monthly
dividends.
- - Based on net asset value, the Trust had a total return of -17.98% for the
period ended November 30, 1999. That return was the result of a decline in net
asset value from $15.00 on January 29, 1999 to $11.84 on November 30, 1999,
and the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $10.875 the Trust had a
market yield of 6.89% at November 30, 1999.(1)
MANAGEMENT DISCUSSION
- - In a difficult market environment, the Trust's
holdings were very well-diversified, dominated by insured* bonds which are of
high quality and provide excellent liquidity. The Trust has consistently
maintained its yield objective and should be well-positioned in the event of a
decline in interest rates.
- - General obligations constituted the Trust's largest
sector weighting at November 30, 1999, with an emphasis on insured* local
school district bonds. The Trust remained very selective in the hospital
sector, focusing on institutions able to operate effectively in an
increasingly competitive climate.
- - As the municipal market has settled in recent months, the Trust has pared its
insured holdings in favor of selected non-rated and lower-rated bonds. These
issues afforded the Trust attractive yields as well as the possibility of
future rating upgrades.
- - William H. Ahern, Jr. is now the portfolio manager of the Trust. Mr. Ahern
is a vice president of Eaton Vance Management and manages other Eaton Vance
municipal portfolios.
Rating Distribution(2)
- -------------------------------------------------------------------------------
By total investments
[Pie chart]
AAA 71.6%
AA 10.1%
A 4.2%
BB 5.2%
Non-Rated 8.9%
- -------------------------------------------------------------------------------
Shares of the Trust 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.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
TRUST INFORMATION
as of November 30, 1999
Performance(3)
- -------------------------------------------------------------------------------
Cumulative Total Return (by market value, American Stock Exchange)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -24.66%
Cumulative Total Return (at net asset value)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -17.98%
Sector Weightings(2)
Insured - General Obligation* 46.6%
Hospital 18.7%
Insured - Hospital* 8.9%
Transportation 5.4%
Insured - Education* 4.6%
(1) 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.
(2) Rating Distribution is determined by dividing the total market value of
the holdings by the total investments of the Trust. Rating Distribution
and Sector Weightings are subject to change.
(3) Returns are historical and are calculated by determining the percentage
change in share price or net asset value with all distributions reinvested.
(*) Private insurance does not remove the risk of loss of principal
associated with insured investments due to changes in market conditions.
Past performance is no guarantee of future results. Investment return and
market price will fluctuate so that shares, when sold, may be worth more
or less than their original cost.
6
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EATON VANCE NEW JERSEY MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
MANAGEMENT DISCUSSION
[Picture of Robert B. MacIntosh Portfolio Manager]
INVESTMENT ENVIRONMENT
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- - The New Jersey economy continued to expand in 1999. The service sector,
especially retailing, personnel supply services, and computer programming,
again generated the lion's share of new jobs, while manufacturing fared less
well. The state's November 1999 unemployment rate was 4.3%, down from 4.5% a
year ago.
- - Construction activity in New Jersey remained brisk, benefiting from continued
low interest rates and strong consumer confidence. Residential building
permits rose 19% in the first half of 1999 compared to the same period a year
ago.
- - New Jersey continued to benefit from its proximity to New York's financial
markets. Financial services giant Merrill Lynch began construction this year
on a 450-acre office complex in Hopewell Township. When completed in late
2000, the facility is expected to employ 1,500 workers.
THE TRUST
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PERFORMANCE FOR THE PAST YEAR
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of -24.64% for the period from its inception on January 29, 1999
through November 30, 1999. That return was the result of a decline in share
price from $15.00 on January 29, 1999 to $10.875 on November 30, 1999, and the
reinvestment of $0.500 in regular monthly dividends.
- - Based on net asset value, the Trust had a total return of -18.78% for the
period ended November 30, 1999. That return was the result of a decline in net
asset value from $15.00 on January 29, 1999 to $11.72 on November 30, 1999,
and the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $10.875 the Trust had a
market yield of 6.90% at November 30, 1999.(1)
MANAGEMENT DISCUSSION
- - Insured* education bonds constituted the Trust's largest sector weighting at
November 30, 1999. The bonds provided excellent liquidity in well-regarded
credits, including issues for Rutgers University and the Educational Testing
Service in Princeton.
- - In a robust economy, transportation issues have played a major role in the
Trust. Entities such as the Port Authority of New York & New Jersey and the
New Jersey Transportation Authority have been prominent in the efforts to meet
the state's rising transportation needs.
- - The health care market in New Jersey has become increasingly competitive,
especially among continuing care retirement communities (CCRC). As competing
CCRCs have saturated some communities, the Trust has avoided additional
investments in this segment of the New Jersey market.
Rating Distribution(2)
- -------------------------------------------------------------------------------
By total investments
[Pie chart]
AAA 66.7%
AA 7.9%
A 2.7%
BBB 8.3%
BB 2.9%
Non-Rated+ 11.5%
- -------------------------------------------------------------------------------
Shares of the Trust 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.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
TRUST INFORMATION
as of November 30, 1999
Performance(3)
- -------------------------------------------------------------------------------
Cumulative Total Return (by market value, American Stock Exchange)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -24.64%
Cumulative Total Return (at net asset value)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -18.78%
Sector Weightings(2)
Insured - Education* 12.1%
Insured - Transportation* 10.8%
Hospital 7.8%
Transportation 7.3%
Insured - Special Tax Revenue* 6.8%
(1) 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.
(2) Rating Distribution is determined by dividing the total market value of
the holdings by the total investments of the Trust. Rating Distribution
and Sector Weightings are subject to change.
(3) Returns are historical and are calculated by determining the percentage
change in share price or net asset value with all distributions reinvested.
(*) Private insurance does not remove the risk of loss of principal
associated with insured investments due to changes in market conditions.
(+) In the opinion of management, 5.3% of the 11.5% non-rated portion of the
Trust represents bonds that, if rated, would warrant an investment-grade
rating.
Past performance is no guarantee of future results. Investment return and
market price will fluctuate so that shares, when sold, may be worth more
or less than their original cost.
7
<PAGE>
EATON VANCE NEW YORK MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
MANAGEMENT DISCUSSION
[Picture of Thomas J. Fetter Portfolio Manager]
INVESTMENT ENVIRONMENT
- -------------------------------------------------------------------------------
- - New York state's economy made further gains in 1999, although subject to
significant regional disparities. Finance continued to generate strong job
growth in the New York City area, while upstate New York showed new signs of
momentum. The state's November 1999 jobless rate was 5.0%, an improvement from
the 5.5% level of a year ago.
- - Wall Street continued to play a major role in the New York City economy. The
securities industry accounted for around 20% of city residents' total
earnings. Wall Street has also been a prime driver of job creation, with 9% of
all jobs tied to the securities industry.
- - Manufacturing remained a sore spot for the state, with continuing losses in
the auto and electronics industries. However, computer manufacturing again
proved an exception. Since 1992, 43,000 new jobs have been created in the
computer industry.
THE TRUST
- -------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of -25.00% for the period from its inception on January 29, 1999
through November 30, 1999. That return was the result of a decline in share
price from $15.00 on January 29, 1999 to $10.8125 on November 30, 1999, and
the reinvestment of $0.510 in regular monthly dividends.
- - Based on net asset value, the Trust had a total return of -18.15% for the
period ended November 30, 1999. That return was the result of a decline in net
asset value from $15.00 on January 29, 1999 to $11.80 on November 30, 1999,
and the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $10.81 the Trust had a
market yield of 7.08% at November 30, 1999.(1)
MANAGEMENT DISCUSSION
- - Insured* education bonds were among the Trust's largest sector weightings at
November 30, 1999. The New York State Dormitory Authority, which provides
funding for a wide range of New York's institutional housing needs, has long
been an active and well-regarded state issuer.
- - The Trust limited its exposure to the hospital sector. As in many other
states, the New York hospital market has been characterized by increasing
competition and uncertainty due to changing Medicare reimbursement policies.
- - Management continued to improve the Fund's call protection. With the decline
of interest rates from their highs earlier in the decade, many bonds are now
approaching call dates, thereby making call protection an increasingly
important strategic consideration.
Rating Distribution(2)
- -------------------------------------------------------------------------------
By total investments
[Pie chart]
AAA 46.6%
AA 5.6%
A 29.2%
BBB 5.1%
Non-Rated+ 13.5%
- -------------------------------------------------------------------------------
Shares of the Trust 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.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
TRUST INFORMATION
as of November 30, 1999
Performance(3)
- -------------------------------------------------------------------------------
Cumulative Total Return (by market value, American Stock Exchange)
- -------------------------------------------------------------------------------
Life of Trust (1/29/9) -25.00%
Cumulative Total Return (at net asset value)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -18.15%
Sector Weightings(2)
Hospital 10.9%
Education 10.2%
Insured - Transportation* 8.9%
Insured - Education* 6.7%
General Obligations 6.5%
(1) 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.
(2) Rating Distribution is determined by dividing the total market value of
the holdings by the total investments of the Trust. Rating Distribution
and Sector Weightings are subject to change.
(3) Returns are historical and are calculated by determining the percentage
change in share price or net asset value with all distributions reinvested.
(*) Private insurance does not remove the risk of loss of principal
associated with this investment due to changes in market conditions.
(+) In the opinion of management, 4.0% of the 13.5% non-rated portion of the
Trust represents bonds that, if rated, would warrant an investment-grade
rating.
Past performance is no guarantee of future results. Investment return and
market price will fluctuate so that shares, when sold, may be worth more
or less than their original cost.
8
<PAGE>
EATON VANCE OHIO MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
MANAGEMENT DISCUSSION
[Picture of Thomas J. Fetter Portfolio Manager]
INVESTMENT ENVIRONMENT
- -------------------------------------------------------------------------------
- - The Ohio economy remained strong in 1999 and continued to generate impressive
job growth, despite a labor dispute in the steel industry. Over the past year,
the number of employed Ohioans reached 5.6 million. The state's November 1999
jobless rate was 4.0%, slightly below the 4.1% rate of a year ago.
- - Ohio's manufacturing sector posted impressive gains, amid strong domestic
demand for durable goods and an improving trade picture with the U.S.
neighboring trade partners.
- - The Greater Cincinnati area remains an increasingly important, regional
financial services center. In the most recent expansion, Fifth Third Bancorp
unveiled plans to build a new operations center in Madisonville. The new
facility will house 2,000 employees and will be backed, in part, by state and
city tax abatements.
THE TRUST
- -------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of -22.06% for the period from its inception on January 29, 1999
through November 30, 1999. That return was the result of a decline in share
price from $15.00 on January 29, 1999 to $11.25 on November 30, 1999, and the
reinvestment of $0.502 in regular monthly dividends.
- - Based on net asset value, the Trust had a total return of -17.49% for the
period ended November 30, 1999. That return was the result of a decline in net
asset value from $15.00 on January 29, 1999 to $11.91 on November 30, 1999,
and the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $11.25 the Trust had a
market yield of 6.69% at November 30, 1999.(1)
MANAGEMENT DISCUSSION
- - Hospital and insured* hospital bonds were among the Trust's largest
weightings at November 30, 1999. The Trust emphasized institutions, such as
Franklin County's Children's Hospital, that have strong market niches. This
teaching facility provides pediatrics, surgery and basic health care for
300,000 children annually.
- - Industrial development bonds (IDB) played a prominent role in the Trust's
investments. The Trust's IDB holdings offered attractive yields from issuers
that included General Motors Corp., Ford Motor Co. and Anheuser-Busch.
- - The Trust took advantage of the recent rise in interest rates by establishing
tax losses that can be used to offset future capital gains. The proceeds of
those sales were used to buy bonds with more attractive yields, as they became
available.
Rating Distribution(2)
- -------------------------------------------------------------------------------
By total investments
[Pie chart]
AAA 39.3%
AA 15.8%
A 20.5%
BBB 7.8%
BB 3.3%
Non-Rated+ 13.3%
- -------------------------------------------------------------------------------
Shares of the Trust 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.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
TRUST INFORMATION
as of November 30, 1999
Performance(3)
- -------------------------------------------------------------------------------
Cumulative Total Return (by market value, American Stock Exchange)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -22.06%
Cumulative Total Return (at net asset value)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -17.49%
Sector Weightings(2)
Industrial Development Revenue 22.2%
Hospital 18.1%
Insured - Hospital* 12.7%
General Obligations 7.8%
Insured - General Obligations* 6.2%
(1) 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.
(2) Rating Distribution is determined by dividing the total market value of
the holdings by the total investments of the Trust. Rating Distribution
and Sector Weightings are subject to change.
(3) Returns are historical and are calculated by determining the
percentage change in share price or net asset value with all
distributions reinvested.
(*) Private insurance does not remove the risk of loss of principal
associated with insured investments due to changes in market conditions.
(+) In the opinion of management, 5.6% of the 13.3% non-rated portion of the
Trust represents bonds that, if rated, would warrant an investment-grade
rating.
Past performance is no guarantee of future results. Investment return and
market price will fluctuate so that shares, when sold, may be worth more
or less than their original cost.
9
<PAGE>
EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
MANAGEMENT DISCUSSION
[Picture of Cynthia J. Clemson Portfolio Manager]
INVESTMENT ENVIRONMENT
- - The Pennsylvania economy posted strong growth in the past year, generating
around 20,000 new jobs. The service sector was the main driver of job
creation, with business services, financial services and entertainment
leading the way. The jobless rate was 4.3% in November 1999, down from the
4.5% rate of a year ago.
- - Pittsburgh is in the middle of a construction boom, with office building
projects under way for companies such as PNCBank and Mellon Bank. By 2001, the
expansion of the city's Lawrence Convention Center should be completed, as
will new stadiums for the Pittsburgh Pirates and Pittsburgh Steelers.
- - The manufacturing sector again shed jobs over the past year due to weakness in
exports to crisis-plagued Asia. Electronics, machinery and transportation
equipment displayed weakness, while furniture and lumber production remained
stable.
THE TRUST
- -------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR
- - Based on share price (traded on the American Stock Exchange), the Trust had a
total return of -25.50% for the period from its inception on January 29, 1999
through November 30, 1999. That return was the result of a decline in share
price from $15.00 on January 29, 1999 to $10.75 on November 30, 1999, and the
reinvestment of $0.502 in regular monthly dividends.
- - Based on net asset value, the Trust had a total return of -17.94% for the
period ended November 30, 1999. That return was the result of a decline in net
asset value from $15.00 on January 29, 1999 to $11.84 on November 30, 1999,
and the reinvestment of all distributions.
- - Based on the most recent dividend and a share price of $10.75 the Trust had a
market yield of 7.00% at November 30, 1999.1
MANAGEMENT DISCUSSION
- - Insured* hospital bonds were among the Trust's largest sector weightings at
November 30, 1999. The Trust focused on well-situated institutions like
Abington Memorial Hospital, a teaching hospital with specialities in cardiac
care, psychiatry, cancer treatment, rehabilitation, women's health and
pediatrics.
- - Education bonds were prominent Trust holdings. The Pennsylvania Higher
Education Authority provides funding for projects within the Commonwealth's
public college system as well as for private institutions such as Temple
University.
- - Call protection has been an important investment criterion for the Trust,
providing a measure of protection against untimely calls and helping to
maintain dividend levels. Call protection has become especially important in
the past year as the pace of bond calls has quickened.
- - Cynthia J. Clemson is now the portfolio manager of the Trust. Ms. Clemson
is a vice president of Eaton Vance Management and manages other Eaton Vance
municipal portfolios.
Rating Distribution(2)
- -------------------------------------------------------------------------------
By total investments
[Pie chart]
AAA 71.2%
AA 4.5%
A 5.4%
BB 11.8%
Non-Rated 7.1%
- -------------------------------------------------------------------------------
Shares of the Trust 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.
- -------------------------------------------------------------------------------
TRUST INFORMATION
as of November 30, 1999
Performance(3)
- -------------------------------------------------------------------------------
Cumulative Total Return (by market value, American Stock Exchange)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -25.50%
Cumulative Total Return (at net asset value)
- -------------------------------------------------------------------------------
Life of Trust (1/29/99) -17.94%
Sector Weightings(2)
Insured - Hospital* 24.4%
Insured - Education* 18.4%
Insured - General Obligation* 8.4%
Education 8.1%
Industrial Development Revenue 7.7%
(1) 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.
(2) Rating Distribution is determined by dividing the total market value of
the holdings by the total investments of the Trust. Rating Distribution
and Sector Weightings are subject to change.
(3) Returns are historical and are calculated by determining the
percentage change in share price or net asset value with all
distributions reinvested.
(*) Private insurance does not remove the risk of loss of principal
associated with insured investments due to changes in market conditions.
Past performance is no guarantee of future results. Investment return and
market price will fluctuate so that shares, when sold, may be worth more
or less than their original cost.
10
<PAGE>
CALIFORNIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 97.9%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- -----------------------------------------------------------------------------
Education -- 8.3%
- -----------------------------------------------------------------------------
$ 2,500 California Educational Facilities
Authority, (Pepperdine University),
5.00%, 11/1/29 $ 2,158,900
3,770 California Educational Facilities
Authority, (Pooled College and
University), 5.10%, 4/1/23 3,288,910
4,350 California Educational Facilities
Authority, (Santa Clara University),
5.00%, 9/1/23 3,855,318
2,500 California Educational Facilities
Authority, (University of Southern
California), 5.50%, 10/1/27 2,365,500
- -----------------------------------------------------------------------------
$ 11,668,628
- -----------------------------------------------------------------------------
Electric Utilities -- 1.8%
- -----------------------------------------------------------------------------
$ 2,975 Guam Power Authority, 5.125%, 10/1/29 $ 2,529,910
- -----------------------------------------------------------------------------
$ 2,529,910
- -----------------------------------------------------------------------------
General Obligations -- 6.3%
- -----------------------------------------------------------------------------
$ 4,500 California, 5.00%, 10/1/27 $ 3,907,935
2,000 Capistrano Unified School District,
5.75%, 9/1/29 1,785,440
600 Manteca Unified School District,
5.80%, 9/1/24 543,468
3,625 Puerto Rico, Variable Rate, 7/1/27(1)(2) 2,743,762
- -----------------------------------------------------------------------------
$ 8,980,605
- -----------------------------------------------------------------------------
Hospital -- 9.1%
- -----------------------------------------------------------------------------
$ 2,000 California Health Facilities Financing
Authority, (Cedars-Sinai Medical
Center), 6.25%, 12/1/34 $ 1,992,380
5,000 California Statewide Communities
Development Authority, (Children's
Hospital of Los Angeles),
5.25%, 8/15/29 4,242,250
1,750 California Statewide Communities
Development Authority, (Sonoma County
Indian Health), 6.40%, 9/1/29 1,591,870
1,000 Stockton Health Facilities Authority,
(Dameron Hospital), 5.70%, 12/1/14 923,610
2,000 Tahoe Forest Hospital District,
5.85%, 7/1/22 1,787,440
2,750 Washington Township, Health Care
District, 5.25%, 7/1/29 2,376,137
- -----------------------------------------------------------------------------
$ 12,913,687
- -----------------------------------------------------------------------------
Housing -- 5.9%
- -----------------------------------------------------------------------------
$ 1,750 California Statewide Communities
Development Authority, (Chesapeake Bay
Apartments), 6.00%, 6/1/32 $ 1,624,000
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- -----------------------------------------------------------------------------
Housing (continued)
- -----------------------------------------------------------------------------
$ 1,750 California Statewide Communities
Development Authority, (Nantucket Bay
Apartments), 6.00%, 6/1/32 $ 1,624,000
1,700 California Statewide Communities
Development Authority, (Oaks at Sunset
Apartments), 6.00%, 6/1/36 1,573,690
800 Commerce, (Hermitage III Senior
Apartments), 6.50%, 12/1/29 795,816
450 Commerce, (Hermitage III Senior
Apartments), 6.85%, 12/1/29 447,727
2,765 Monterey County Housing Authority,
Multifamily, (Parkside Manor
Apartments), 5.00%, 1/1/29 2,317,070
- -----------------------------------------------------------------------------
$ 8,382,303
- -----------------------------------------------------------------------------
Insured-Education -- 2.5%
- -----------------------------------------------------------------------------
$ 3,730 California Public Works Board,
(California Community Colleges), (MBIA),
5.25%, 9/1/19 $ 3,496,539
- -----------------------------------------------------------------------------
$ 3,496,539
- -----------------------------------------------------------------------------
Insured-Electric Utilities -- 3.2%
- -----------------------------------------------------------------------------
$ 750 California Pollution Control Financing
Authority, (Southern California Edison
Co.), (MBIA), 5.45%, 9/1/29 $ 705,360
3,250 California Pollution Control Financing
Authority, (Southern California Edison
Co.), (MBIA), (AMT), 5.55%, 9/1/31 3,052,823
750 Los Angeles Department of Water and
Power, (FSA), 5.50%, 6/15/29 709,755
- -----------------------------------------------------------------------------
$ 4,467,938
- -----------------------------------------------------------------------------
Insured-General Obligations -- 0.9%
- -----------------------------------------------------------------------------
$ 3,650 Burbank Unified School District, (FGIC),
0.00%, 8/1/18 $ 1,213,808
- -----------------------------------------------------------------------------
$ 1,213,808
- -----------------------------------------------------------------------------
Insured-Hospital -- 5.0%
- -----------------------------------------------------------------------------
$ 7,500 California Health Facilities Authority,
(Little Company of Mary Health
Services), (AMBAC), 4.50%, 10/1/28 $ 5,926,725
1,245 California Statewide Communities
Development Authority, (Sutter Health)
(Residual Certificates), (FSA), Variable
Rate, 8/15/27(2)(3) 1,136,424
- -----------------------------------------------------------------------------
$ 7,063,149
- -----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE>
CALIFORNIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- -----------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 6.0%
- -----------------------------------------------------------------------------
$11,500 Anaheim Public Financing Authority,
(Public Improvements), (FSA),
0.00%, 9/1/28 $ 2,018,020
4,400 San Diego (Convention Center Expansion
Financing), (AMBAC), 4.75%, 4/1/28 3,657,280
3,750 San Mateo County Joint Powers Financing
Authority, (FSA), Variable Rate,
7/15/29(1)(2) 2,776,875
- -----------------------------------------------------------------------------
$ 8,452,175
- -----------------------------------------------------------------------------
Insured-Special Tax Revenue -- 3.5%
- -----------------------------------------------------------------------------
$ 5,000 Pasadena, (Community Facilities District
North 1), (FSA), 5.25%, 12/1/25 $ 4,567,500
525 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(3) 329,858
- -----------------------------------------------------------------------------
$ 4,897,358
- -----------------------------------------------------------------------------
Insured-Transportation -- 12.1%
- -----------------------------------------------------------------------------
$ 3,500 Alameda Corridor Transportation
Authority, (MBIA), 4.75%, 1/1/25 $ 2,930,865
5,130 Foothills/Eastern Transportation
Corridor Agency, (FSA), 0.00%, 1/1/26 1,079,506
2,300 Port Oakland, (MBIA), (AMT),
5.375%, 11/1/25 2,096,611
2,000 Puerto Rico Highway and Transportation
Authority, (FSA), 4.75%, 7/1/38 1,632,140
500 Puerto Rico Highway and Transportation
Authority, (MBIA), 5.50%, 7/1/26 478,785
4,000 San Francisco City and County Airports
Commission, (International Airport),
(FSA), 4.75%, 5/1/29 3,315,240
6,000 San Francisco, (Bay Area Rapid
Transportation District), (FGIC),
5.50%, 7/1/34 5,633,940
- -----------------------------------------------------------------------------
$ 17,167,087
- -----------------------------------------------------------------------------
Insured-Water and Sewer -- 10.1%
- -----------------------------------------------------------------------------
$ 5,000 Contra Costa County, Water District,
(MBIA), 5.00%, 10/1/24 $ 4,396,200
4,000 East Bay Municipal Utilities District,
Wastewater Treatment System, (FGIC),
5.00%, 6/1/26 3,503,560
5,500 Metropolitan Water District, (Southern
California Waterworks), (MBIA),
4.75%, 7/1/21 4,694,415
2,000 San Diego County Water Authority,
(FGIC), 4.75%, 5/1/28 1,662,060
- -----------------------------------------------------------------------------
$ 14,256,235
- -----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- -----------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 5.3%
- -----------------------------------------------------------------------------
$ 4,000 Duarte, COPS, 5.25%, 4/1/24 $ 3,347,800
4,000 Sacramento City Financing Authority,
5.40%, 11/1/20 3,775,000
500 Turlock Public Financing Authority,
5.45%, 9/1/24 440,040
- -----------------------------------------------------------------------------
$ 7,562,840
- -----------------------------------------------------------------------------
Special Tax Revenue -- 11.3%
- -----------------------------------------------------------------------------
$ 1,500 Bonita Canyon Public Facilities
Financing Authority, 5.375%, 9/1/28 $ 1,268,685
895 Brentwood Infrastructure Financing
Authority, 5.625%, 9/2/29 784,450
1,000 Brentwood Infrastructure Financing
Authority, 6.00%, 9/1/29 925,180
2,000 Corona Public Financing Authority,
5.80%, 9/1/20 1,850,260
1,590 Fontana Redevelopment Agency, (Jurupa
Hills), 5.60%, 10/1/27 1,413,303
750 Irvine, (Improvement Bond Act of 1915),
5.50%, 9/2/22 671,663
1,000 Irvine, (Improvement Bond Act of 1915),
6.00%, 9/2/23 942,670
1,750 Lincoln Public Financing Authority,
(Twelve Bridges), 6.20%, 9/2/25 1,668,835
2,465 Oakland Joint Powers Financing
Authority, 5.40%, 9/2/18 2,303,543
1,000 Oakland Joint Powers Financing
Authority, 5.50%, 9/2/24 921,970
250 Puerto Rico Infrastructure Financing
Authority, Variable Rate, 7/1/28(1)(2) 188,050
700 Rancho Cucamonga Public Financing
Authority, 6.00%, 9/2/20 663,775
1,250 Roseville Special Tax, 6.30%, 9/1/25 1,207,450
1,325 San Pablo Redevelopment Agency,
5.65%, 12/1/23 1,186,100
- -----------------------------------------------------------------------------
$ 15,995,934
- -----------------------------------------------------------------------------
Transportation -- 4.5%
- -----------------------------------------------------------------------------
$ 3,750 Los Angeles County Metropolitan
Transportation Authority, Variable Rate,
7/1/28(1)(2) $ 2,479,875
1,170 Port Redwood City, (AMT),
5.125%, 6/1/30 967,660
2,515 Puerto Rico Highway and Transportation
Authority, Variable Rate, 7/1/28(2)(3) 1,580,175
1,495 Puerto Rico Highway and Transportation
Authority, Variable Rate, 7/1/26(2)(3) 1,293,040
- -----------------------------------------------------------------------------
$ 6,320,750
- -----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
CALIFORNIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- -----------------------------------------------------------------------------
Water and Sewer -- 2.1%
- -----------------------------------------------------------------------------
$ 2,500 Metropolitan Water District, (Southern
California Waterworks), Variable Rate,
7/1/27(2)(3) $ 1,535,125
1,500 Santa Margarita Water District,
6.20%, 9/1/20 1,453,080
- -----------------------------------------------------------------------------
$ 2,988,205
- -----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 97.9%
(identified cost $155,289,304) $138,357,151
- -----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.1% $ 2,988,733
- -----------------------------------------------------------------------------
Net Assets -- 100.0% $141,345,884
- -----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Trust invests primarily in debt securities issued by California
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at November 30, 1999, 44.1% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 7.2% to 15.8% of total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(3) Security has been issued as a leveraged inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
FLORIDA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 98.6%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Education -- 1.1%
- ----------------------------------------------------------------------------
$1,000 Volusia County Educational Facilities
Authority, (Embry Riddle Aeronautical),
5.75%, 10/15/29 $ 921,900
- ----------------------------------------------------------------------------
$ 921,900
- ----------------------------------------------------------------------------
Electric Utilities -- 4.5%
- ----------------------------------------------------------------------------
$1,600 Burke County, GA, (Georgia Power Co.),
(AMT), 5.45%, 5/1/34 $ 1,416,464
1,100 Guam Power Authority, 5.125%, 10/1/29 935,429
2,000 Jacksonville Electric Authority,
Variable Rate, 10/1/32(1)(2) 1,464,360
- ----------------------------------------------------------------------------
$ 3,816,253
- ----------------------------------------------------------------------------
General Obligations -- 7.9%
- ----------------------------------------------------------------------------
$1,250 Florida, Variable Rate, 7/1/27(1)(2) $ 925,350
3,000 Florida Board of Education,
4.75%, 6/1/28 2,461,020
2,000 New York State, 5.00%, 3/15/29 1,685,700
2,250 Puerto Rico, Variable Rate, 7/1/27(1)(2) 1,703,025
- ----------------------------------------------------------------------------
$ 6,775,095
- ----------------------------------------------------------------------------
Hospital -- 13.5%
- ----------------------------------------------------------------------------
$2,500 Escambia County Health Facilities
Authority, (Charity Obligation Group),
5.00%, 11/1/28 $ 2,469,900
500 Halifax Hospital Medical Center,
7.25%, 10/1/29 483,385
3,000 Highlands County Health Facilities
Authority, (Adventist Health System),
5.25%, 11/15/28 2,455,770
2,500 Jacksonville Health Facilities
Authority, (Charity Obligation Group),
5.375%, 8/15/23 2,322,825
2,000 Maricopa County, AZ, IDA, (Mayo Clinic),
5.25%, 11/15/37 1,740,800
2,000 Marion County Hospital District,
5.50%, 10/1/29 1,772,340
265 Orange County Health Facilities
Authority, (Westminster Community Care),
6.60%, 4/1/24 246,832
- ----------------------------------------------------------------------------
$11,491,852
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 4.0%
- ----------------------------------------------------------------------------
$1,000 Broward County IDR, (Lynxs Cargoport),
(AMT), 6.75%, 6/1/19 $ 945,840
1,000 New Jersey EDA, (Continental Airlines),
(AMT), 6.25%, 9/15/29 939,090
1,500 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.25%, 6/1/26 1,505,775
- ----------------------------------------------------------------------------
$ 3,390,705
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Electric Utilities -- 4.1%
- ----------------------------------------------------------------------------
$4,000 Sunrise Utilities Systems, (AMBAC),
5.00%, 10/1/28 $ 3,506,120
- ----------------------------------------------------------------------------
$ 3,506,120
- ----------------------------------------------------------------------------
Insured-General Obligations -- 2.3%
- ----------------------------------------------------------------------------
$2,500 Florida Board of Education, (Capital
Outlay), (MBIA), 4.50%, 6/1/28 $ 1,972,400
- ----------------------------------------------------------------------------
$ 1,972,400
- ----------------------------------------------------------------------------
Insured-Hospital -- 2.4%
- ----------------------------------------------------------------------------
$2,500 Tampa, (Catholic Health System), (MBIA),
4.75%, 11/15/28 $ 2,042,300
- ----------------------------------------------------------------------------
$ 2,042,300
- ----------------------------------------------------------------------------
Insured-Special Tax Revenue -- 15.4%
- ----------------------------------------------------------------------------
$2,200 Dade County Special Obligation, (AMBAC),
Variable Rate, 10/1/35(1) $ 1,580,744
4,000 Jacksonville Capital Improvement
Revenue, (Stadium), (AMBAC),
4.75%, 10/1/25 3,335,840
1,470 Miami Beach Resort Tax, (AMBAC),
6.25%, 10/1/22 1,559,743
4,000 Miami-Dade County, (Professional Sport
Franchise), (MBIA), 4.75%, 10/1/30 3,279,360
1,395 Miami-Dade County, Special Obligation,
(MBIA), 5.00%, 10/1/37 1,186,489
440 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(3) 276,452
2,250 Village Center Community Development
District, (MBIA), 4.75%, 11/1/22 1,881,202
- ----------------------------------------------------------------------------
$13,099,830
- ----------------------------------------------------------------------------
Insured-Transportation -- 5.8%
- ----------------------------------------------------------------------------
$4,500 Florida Turnpike Authority, (Department
of Transportation), (FGIC),
4.50%, 7/1/27 $ 3,572,100
1,000 Orlando and Orange County Expressway
Authority, (FGIC), 5.00%, 7/1/28 870,770
500 Puerto Rico Highway and Transportation
Authority, (MBIA), 5.50%, 7/1/26 478,785
- ----------------------------------------------------------------------------
$ 4,921,655
- ----------------------------------------------------------------------------
Insured-Utilities -- 2.8%
- ----------------------------------------------------------------------------
$2,750 Jupiter Island, Utility System, (South
Martin Regional Utility), (MBIA),
5.00%, 10/1/28 $ 2,393,352
- ----------------------------------------------------------------------------
$ 2,393,352
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
FLORIDA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Water and Sewer -- 12.3%
- ----------------------------------------------------------------------------
$2,000 Cocoa, Water and Sewer, (FGIC),
4.50%, 10/1/22 $ 1,628,400
2,000 Englewood Water District Utility, (FSA),
4.75%, 10/1/23 1,686,100
1,000 Okeechobee Utility Authority, (FSA),
5.00%, 10/1/25 875,950
1,250 Tampa Bay Water Utility System, (FGIC),
5.75%, 10/1/29 1,226,288
2,000 Tampa Bay Water Utility System, (FGIC),
Variable Rate, 10/1/27(1)(2) 1,315,400
4,500 Winter Haven Utilities System, (MBIA),
4.75%, 10/1/28 3,719,295
- ----------------------------------------------------------------------------
$10,451,433
- ----------------------------------------------------------------------------
Miscellaneous -- 1.1%
- ----------------------------------------------------------------------------
$1,000 Muni Mae Tax Revenue Exempt Bond, (AMT),
Variable Rate, 6/30/09 $ 989,500
- ----------------------------------------------------------------------------
$ 989,500
- ----------------------------------------------------------------------------
Nursing Home -- 3.3%
- ----------------------------------------------------------------------------
$ 900 Alachua County Health Facilities
Authority, (Beverly Enterprises Inc.),
6.75%, 4/1/10 $ 874,531
1,500 Lee County IDA, (Shell Point Village),
5.50%, 11/15/29 1,246,095
735 Orange County Health Facilities
Authority, (Westminster Community Care),
6.75%, 4/1/34 677,795
- ----------------------------------------------------------------------------
$ 2,798,421
- ----------------------------------------------------------------------------
Pooled Loans -- 0.6%
- ----------------------------------------------------------------------------
$ 500 Osceola County IDA Community Provider
Pooled Loan, 7.75%, 7/1/17 $ 517,980
- ----------------------------------------------------------------------------
$ 517,980
- ----------------------------------------------------------------------------
Senior Living / Life Care -- 1.6%
- ----------------------------------------------------------------------------
$ 850 Okaloosa County Retirement Rental
Housing, (Encore Retirement Partners),
6.125%, 2/1/14 $ 734,638
750 Plantation Health Facilities Authority,
(Covenant Village of Florida),
5.125%, 12/1/22 632,888
- ----------------------------------------------------------------------------
$ 1,367,526
- ----------------------------------------------------------------------------
Special Tax Revenue -- 4.0%
- ----------------------------------------------------------------------------
$ 900 Heritage Springs Community Development
District, 6.75%, 5/1/21 $ 902,502
1,000 Longleaf Community, Development
District, 6.65%, 5/1/20 932,980
600 North Springs Improvement District,
(Heron Bay), 7.00%, 5/1/19 610,044
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Special Tax Revenue (continued)
- ----------------------------------------------------------------------------
$1,000 University Square Community Development
District, 6.75%, 5/1/20 $ 992,810
- ----------------------------------------------------------------------------
$ 3,438,336
- ----------------------------------------------------------------------------
Transportation -- 4.3%
- ----------------------------------------------------------------------------
$1,500 Greater Orlando Aviation Authority,
(AMT), Variable Rate, 10/1/18 $ 1,143,285
2,000 Puerto Rico Highway and Transportation
Authority, 5.00%, 7/1/36 1,683,320
1,000 Puerto Rico Highway and Transportation
Authority, Variable Rate, 7/1/26(2)(3) 864,910
- ----------------------------------------------------------------------------
$ 3,691,515
- ----------------------------------------------------------------------------
Water and Sewer -- 7.6%
- ----------------------------------------------------------------------------
$2,000 Jacksonville, (Water and Sewer),
5.375%, 10/1/29 $ 1,841,460
1,500 Metropolitan Water District, (Southern
California Waterworks), Variable Rate,
7/1/27(2)(3) 921,075
1,000 Northern Palm Beach County Improvement
District, (Water Control and
Improvement), 6.00%, 8/1/25 923,260
3,000 Seminole County, (Water and Sewer),
5.375%, 10/1/22 2,787,570
- ----------------------------------------------------------------------------
$ 6,473,365
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.6%
(identified cost $95,347,291) $84,059,538
- ----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.4% $ 1,173,792
- ----------------------------------------------------------------------------
Net Assets -- 100.0% $85,233,330
- ----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Trust invests primarily in debt securities issued by Florida
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at November 30, 1999, 45.7% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 3.0% to 20.2% of total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(3) Security has been issued as a leveraged inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
MASSACHUSETTS MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 97.2%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Education -- 24.0%
- ----------------------------------------------------------------------------
$2,750 Massachusetts Development Finance
Agency, (Boston University),
5.45%, 5/15/59 $ 2,344,842
1,000 Massachusetts Development Finance
Agency, (Clark University),
5.00%, 7/1/28 838,440
1,250 Massachusetts Development Finance
Agency, (Eastern Nazarene College),
5.625%, 4/1/29 1,103,375
1,000 Massachusetts Development Finance
Agency, (Suffolk University),
5.85%, 7/1/29 930,440
1,250 Massachusetts Development Finance
Agency, (Xaverian Brothers High School),
5.65%, 7/1/29 1,135,962
2,500 Massachusetts HEFA, (Massachusetts
Institute of Technology), 4.75%, 1/1/28 2,075,100
2,500 Massachusetts HEFA, (Wellesley College),
5.125%, 7/1/39 2,139,275
1,500 Massachusetts IFA, (Babson College),
5.25%, 10/1/27 1,319,400
400 Massachusetts IFA, (Belmont Hill
School), 5.25%, 9/1/28 348,540
- ----------------------------------------------------------------------------
$12,235,374
- ----------------------------------------------------------------------------
Electric Utilities -- 1.2%
- ----------------------------------------------------------------------------
$ 720 Guam Power Authority, 5.125%, 10/1/29 $ 612,281
- ----------------------------------------------------------------------------
$ 612,281
- ----------------------------------------------------------------------------
Escrowed / Prerefunded -- 0.2%
- ----------------------------------------------------------------------------
$ 100 Massachusetts Turnpike Authority,
(MBIA), Escrowed to Maturity,
5.00%, 1/1/20 $ 90,411
- ----------------------------------------------------------------------------
$ 90,411
- ----------------------------------------------------------------------------
General Obligations -- 1.9%
- ----------------------------------------------------------------------------
$1,250 Puerto Rico, Variable Rate, 7/1/27(1)(2) $ 946,125
- ----------------------------------------------------------------------------
$ 946,125
- ----------------------------------------------------------------------------
Health Care-Miscellaneous -- 3.5%
- ----------------------------------------------------------------------------
$ 700 Massachusetts Development Finance
Agency, (Biomedical Research Corp.),
5.75%, 2/1/29 $ 605,234
600 Massachusetts Development Finance
Agency, (Massachusetts Commonwealth
Human Services), 6.60%, 8/15/29 556,032
700 Massachusetts HEFA, (Learning Center for
Deaf Children), 6.125%, 7/1/29 625,464
- ----------------------------------------------------------------------------
$ 1,786,730
- ----------------------------------------------------------------------------
Hospital -- 12.5%
- ----------------------------------------------------------------------------
$1,400 Massachusetts HEFA, (Caritas Christi
Obligated Group), 5.625%, 7/1/20 $ 1,214,892
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Hospital (continued)
- ----------------------------------------------------------------------------
$ 175 Massachusetts HEFA, (Central New England
Health Systems), 6.30%, 8/1/18 $ 166,512
1,000 Massachusetts HEFA,
(Milford-Whitinsville Hospital),
5.25%, 7/15/18 839,900
125 Massachusetts HEFA,
(Milford-Whitinsville Hospital),
5.375%, 7/15/28 101,921
2,800 Massachusetts HEFA, (Partners Healthcare
System), 5.25%, 7/1/29 2,412,648
1,800 Massachusetts HEFA, (South Shore
Hospital), 5.75%, 7/1/29 1,646,532
- ----------------------------------------------------------------------------
$ 6,382,405
- ----------------------------------------------------------------------------
Insured-Education -- 15.1%
- ----------------------------------------------------------------------------
$2,500 Massachusetts HEFA, (Brandeis
University), (MBIA), 4.75%, 10/1/28 $ 2,046,100
1,000 Massachusetts HEFA, (Northeastern
University), (MBIA), 5.00%, 10/1/29 856,290
850 Massachusetts HEFA, Residual
Certificates, (Berklee College of
Music), (MBIA), Variable Rate,
10/1/27(1)(2) 635,987
1,000 Massachusetts IFA, (Merrimack College),
(MBIA), 5.00%, 7/1/27 861,470
3,000 Massachusetts IFA, (Tufts University),
(MBIA), 4.75%, 2/15/28 2,460,810
1,000 Massachusetts IFA, (WGBH), (AMBAC),
5.00%, 3/1/28 852,480
- ----------------------------------------------------------------------------
$ 7,713,137
- ----------------------------------------------------------------------------
Insured-Hospital -- 9.0%
- ----------------------------------------------------------------------------
$1,250 Massachusetts HEFA, (Catholic Health
East), (AMBAC), 5.00%, 11/15/28 $ 1,057,563
1,000 Massachusetts HEFA, (Harvard Pilgrim),
(FSA), 5.00%, 7/1/28 847,000
2,250 Massachusetts HEFA, (Southcoast Health
System), (MBIA), 4.75%, 7/1/27 1,814,513
1,000 Massachusetts HEFA, (UMass Memorial),
(AMBAC), 5.00%, 7/1/28 847,000
- ----------------------------------------------------------------------------
$ 4,566,076
- ----------------------------------------------------------------------------
Insured-Industrial Development Revenue -- 1.9%
- ----------------------------------------------------------------------------
$1,000 Massachusetts Port Authority, (US
Airways), (MBIA), (AMT), 6.00%, 9/1/21 $ 995,680
- ----------------------------------------------------------------------------
$ 995,680
- ----------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 4.2%
- ----------------------------------------------------------------------------
$2,450 Plymouth Country, (Plymouth County
Correctional Facility), (AMBAC),
5.00%, 4/1/22 $ 2,127,458
- ----------------------------------------------------------------------------
$ 2,127,458
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
MASSACHUSETTS MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Senior Living / Life Care -- 1.0%
- ----------------------------------------------------------------------------
$ 500 Massachusetts IDA, (Alzheimers Center),
(FHA), 6.00%, 2/1/37 $ 490,040
- ----------------------------------------------------------------------------
$ 490,040
- ----------------------------------------------------------------------------
Insured-Special Tax Revenue -- 0.9%
- ----------------------------------------------------------------------------
$ 735 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(3) $ 461,801
- ----------------------------------------------------------------------------
$ 461,801
- ----------------------------------------------------------------------------
Insured-Transportation -- 7.6%
- ----------------------------------------------------------------------------
$1,000 Massachusetts Port Authority, (FGIC),
(AMT), 5.00%, 7/1/28 $ 845,820
2,000 Massachusetts Turnpike Authority,
(MBIA), 5.25%, 1/1/29 1,790,900
1,450 Rail Connections, Inc., (Route 128
Parking), (ACA), 0.00%, 7/1/20 381,292
3,720 Rail Connections, Inc., (Route 128
Parking), (ACA), 0.00%, 7/1/22 847,974
- ----------------------------------------------------------------------------
$ 3,865,986
- ----------------------------------------------------------------------------
Insured-Water and Sewer -- 2.4%
- ----------------------------------------------------------------------------
$1,500 Massachusetts Water Pollution Abatement
Trust, (FGIC), 4.75%, 2/1/26 $ 1,239,345
- ----------------------------------------------------------------------------
$ 1,239,345
- ----------------------------------------------------------------------------
Nursing Home -- 2.2%
- ----------------------------------------------------------------------------
$ 600 Massachusetts Development Finance
Agency, (Odd Fellows Home of
Massachusetts), 6.25%, 1/1/15 $ 561,558
600 Massachusetts HEFA, (Christopher House),
6.875%, 1/1/29 568,320
- ----------------------------------------------------------------------------
$ 1,129,878
- ----------------------------------------------------------------------------
Senior Living / Life Care -- 2.5%
- ----------------------------------------------------------------------------
$1,500 Massachusetts Development Finance
Agency, (Berkshire Retirement),
5.625%, 7/1/29 $ 1,279,905
- ----------------------------------------------------------------------------
$ 1,279,905
- ----------------------------------------------------------------------------
Special Tax Revenue -- 1.2%
- ----------------------------------------------------------------------------
$ 800 Puerto Rico Infrastructure Financing
Authority, Variable Rate, 7/1/28(1)(2) $ 601,760
- ----------------------------------------------------------------------------
$ 601,760
- ----------------------------------------------------------------------------
Transportation -- 5.9%
- ----------------------------------------------------------------------------
$1,350 Massachusetts Bay Transportation
Authority, Variable Rate, 3/1/27(1)(2) $ 961,983
1,000 Massachusetts Port Authority,
5.00%, 7/1/23 874,040
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Transportation (continued)
- ----------------------------------------------------------------------------
$1,100 Massachusetts Turnpike Authority,
Metropolitan Highway System, Variable
Rate, 1/1/39(2)(3) $ 555,236
1,000 Puerto Rico Highway and Transportation
Authority, Variable Rate, 7/1/28(2)(3) 628,300
- ----------------------------------------------------------------------------
$ 3,019,559
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments
(identified cost $56,715,878) $49,543,951
- ----------------------------------------------------------------------------
COMMON STOCKS -- 0.8%
</TABLE>
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- ---------------------------------------------------------------
Investment Companies -- 0.8%
- ---------------------------------------------------------------
Nuveen Massachusetts Premium Income
Municipal Fund 13,000 $ 191,750
Van Kampen Massachusetts Value Municipal
Income Trust 14,500 190,312
- ---------------------------------------------------------------
$ 382,062
- ---------------------------------------------------------------
Total Common Stocks
(identified cost $433,538) $ 382,062
- ---------------------------------------------------------------
Total Investments -- 98.0%
(identified cost $57,149,416) $ 49,926,013
- ---------------------------------------------------------------
Other Assets, Less Liabilities -- 2.0% $ 1,034,216
- ---------------------------------------------------------------
Net Assets -- 100.0% $ 50,960,229
- ---------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Trust invests primarily in debt securities issued by Massachusetts
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at November 30, 1999, 43.2% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 1.0% to 23.1% of total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(3) Security has been issued as a leveraged inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
MICHIGAN MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 99.0%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
General Obligations -- 1.8%
- ----------------------------------------------------------------------------
$1,000 Puerto Rico, Variable Rate, 7/1/27(1)(2) $ 756,900
- ----------------------------------------------------------------------------
$ 756,900
- ----------------------------------------------------------------------------
Health Care -- 2.3%
- ----------------------------------------------------------------------------
$1,000 Michigan Hospital Finance Authority,
(Ascension Health Credit),
6.125%, 11/15/26 $ 983,130
- ----------------------------------------------------------------------------
$ 983,130
- ----------------------------------------------------------------------------
Hospital -- 18.7%
- ----------------------------------------------------------------------------
$ 500 Allegan Hospital Finance Authority,
(Allegan General Hospital),
7.00%, 11/15/21 $ 490,375
1,000 Dickinson County Healthcare Systems,
5.80%, 11/1/24 872,050
1,000 Flint Hospital Building Authority,
(Hurley Medical Center), 5.375%, 7/1/20 850,630
445 John Tolfree Health System Corp.,
6.00%, 9/15/23 399,174
500 Mecosta County, (Michigan General
Hospital), 6.00%, 5/15/18 448,610
2,000 Michigan Health Facilities Authority,
(Henry Ford Health), 5.25%, 11/15/25 1,709,480
2,275 Michigan Health Facilities Authority,
(McLaren Obligated Group),
4.50%, 10/15/21 1,755,276
750 Michigan Hospital Finance Authority,
(Memorial Healthcare Center),
5.875%, 11/15/21 684,960
750 Royal Oak Hospital Finance Authority,
(William Beaumont Hospital),
5.25%, 1/1/20 667,567
- ----------------------------------------------------------------------------
$ 7,878,122
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 1.3%
- ----------------------------------------------------------------------------
$ 500 Michigan Strategic Fund, (S.D. Warren
Co.), (AMT), 7.375%, 1/15/22 $ 526,600
- ----------------------------------------------------------------------------
$ 526,600
- ----------------------------------------------------------------------------
Insured-Education -- 4.6%
- ----------------------------------------------------------------------------
$1,000 Central Michigan University, (FGIC),
5.00%, 10/1/23 $ 873,410
1,250 Central Michigan University, (FGIC),
5.00%, 10/1/27 1,075,887
- ----------------------------------------------------------------------------
$ 1,949,297
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Electric Utilities -- 2.2%
- ----------------------------------------------------------------------------
$1,000 Michigan Strategic Fund, (Detroit Edison
Co.), (MBIA), (AMT), 5.55%, 9/1/29 $ 921,610
- ----------------------------------------------------------------------------
$ 921,610
- ----------------------------------------------------------------------------
Insured-General Obligations -- 46.6%
- ----------------------------------------------------------------------------
$2,000 Byron Center Public Schools, (FSA),
5.00%, 5/1/24 $ 1,744,100
2,000 Ceder Springs Public School, (FSA),
5.00%, 5/1/24 1,744,100
1,000 Central Montcalm Public Schools, (MBIA),
6.00%, 5/1/29 993,790
250 Chelsea School District, (FGIC),
5.00%, 5/1/25 216,862
1,100 Detroit Downtown Development, (MBIA),
4.75%, 7/1/25 911,911
2,500 Detroit School District, (FGIC),
4.75%, 5/1/28 2,051,250
1,250 Eaton Rapids Public Schools, (MBIA),
4.75%, 5/1/25 1,036,863
2,000 Fenton Area Public Schools, (FGIC),
5.00%, 5/1/24 1,744,100
2,000 Greenville Public Schools, (FSA),
5.00%, 5/1/24 1,744,100
1,000 Haslett Public School District, (FSA),
4.75%, 5/1/26 826,720
2,500 Lincoln Park School District, (FGIC),
5.00%, 5/1/26 2,160,250
1,000 Michigan State Trunk Line, (MBIA),
5.00%, 11/1/26 863,060
2,000 Novi Building Authority, (FSA),
5.50%, 10/1/25 1,878,060
2,000 Three Rivers Community Schools, (FSA),
5.00%, 5/1/23 1,750,500
- ----------------------------------------------------------------------------
$19,665,666
- ----------------------------------------------------------------------------
Insured-Hospital -- 8.9%
- ----------------------------------------------------------------------------
$1,500 Lenawee County Hospital Finance,
(Lenawee Health Alliance), (AMBAC),
5.00%, 7/1/28 $ 1,268,730
1,500 Michigan Health Facilities Authority,
(Detroit Medical Group), (AMBAC),
5.25%, 8/15/27 1,321,680
1,250 Saginaw Hospital Finance Authority,
(Covenant Medical Center), (MBIA),
5.50%, 7/1/24 1,158,775
- ----------------------------------------------------------------------------
$ 3,749,185
- ----------------------------------------------------------------------------
Insured-Special Tax Revenue -- 0.7%
- ----------------------------------------------------------------------------
$ 455 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(3) $ 285,877
- ----------------------------------------------------------------------------
$ 285,877
- ----------------------------------------------------------------------------
Insured-Water and Sewer -- 2.9%
- ----------------------------------------------------------------------------
$1,500 Grand Rapids Sanitary Sewer System,
(FGIC), 4.75%, 1/1/28 $ 1,231,080
- ----------------------------------------------------------------------------
$ 1,231,080
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE>
MICHIGAN MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 2.5%
- ----------------------------------------------------------------------------
$1,000 Michigan Building Authority Revenue,
4.75%, 10/15/21 $ 845,000
250 Puerto Rico, (Guaynabo Municipal
Government Center Lease),
5.625%, 7/1/22 226,455
- ----------------------------------------------------------------------------
$ 1,071,455
- ----------------------------------------------------------------------------
Special Tax Revenue -- 1.1%
- ----------------------------------------------------------------------------
$ 600 Puerto Rico Infrastructure Financing
Authority, Variable Rate, 7/1/28(1)(2) $ 451,320
- ----------------------------------------------------------------------------
$ 451,320
- ----------------------------------------------------------------------------
Transportation -- 5.4%
- ----------------------------------------------------------------------------
$ 750 Kent County Airport Facility,
Variable Rate, 1/1/25(1)(2) $ 555,780
670 Puerto Rico Highway and Transportation
Authority, Variable Rate, 7/1/28(2)(3) 420,961
600 Puerto Rico Highway and Transportation
Authority, Variable Rate, 7/1/26(2)(3) 518,946
1,175 Wayne Charter County Airport,
Variable Rate, 12/1/28(1)(2) 801,703
- ----------------------------------------------------------------------------
$ 2,297,390
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 99.0%
(identified cost $47,025,931) $41,767,632
- ----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.0% $ 430,665
- ----------------------------------------------------------------------------
Net Assets -- 100.0% $42,198,297
- ----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Trust invests primarily in debt securities issued by Michigan
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at November 30, 1999, 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
financial institutions ranged from 6.9% to 23.2% of total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(3) Security has been issued as a leveraged inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
19
<PAGE>
NEW JERSEY MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 94.3%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Cogeneration -- 2.8%
- ----------------------------------------------------------------------------
$2,400 New Jersey EDA, (Vineland Cogeneration),
(AMT), 7.875%, 6/1/19 $ 2,504,688
- ----------------------------------------------------------------------------
$ 2,504,688
- ----------------------------------------------------------------------------
Escrowed / Prerefunded -- 3.2%
- ----------------------------------------------------------------------------
$2,750 New Jersey Highway Authority, (Garden
State Parkway), 6.00%, 1/1/19 $ 2,854,830
- ----------------------------------------------------------------------------
$ 2,854,830
- ----------------------------------------------------------------------------
General Obligations -- 1.9%
- ----------------------------------------------------------------------------
$2,250 Puerto Rico, Variable Rate, 7/1/27(1)(2) $ 1,703,025
- ----------------------------------------------------------------------------
$ 1,703,025
- ----------------------------------------------------------------------------
Hospital -- 7.8%
- ----------------------------------------------------------------------------
$2,500 New Jersey Health Care Facilities
Financing Authority, (Burdette Tomlin
Memorial Hospital), 5.50%, 7/1/29 $ 2,234,575
2,250 New Jersey Health Care Facilities,
(Capital Health System), 5.25%, 7/1/27 1,809,810
1,665 New Jersey Health Care Facilities, (St.
Barnabas Health), Variable Rate,
7/1/28(2)(3) 1,101,064
2,000 New Jersey Health Care Facilities, (St.
Elizabeth Hospital), 6.00%, 7/1/20 1,880,780
- ----------------------------------------------------------------------------
$ 7,026,229
- ----------------------------------------------------------------------------
Housing -- 2.6%
- ----------------------------------------------------------------------------
$2,500 New Jersey Building Authority,
5.375%, 6/15/19 $ 2,372,475
- ----------------------------------------------------------------------------
$ 2,372,475
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 6.2%
- ----------------------------------------------------------------------------
$1,580 New Jersey EDA, Variable Rate, 5/1/17 $ 1,343,616
1,250 New Jersey EDA, (Continental Airlines),
(AMT), Variable Rate, 9/15/29(1)(2) 1,088,625
1,000 New Jersey EDA, (Glimcher Properties
REIT), (AMT), 6.00%, 11/1/28 929,960
1,250 New Jersey EDA, (Kapkowsi Mall),
6.375%, 4/1/31 1,214,425
1,000 Port Authority of New York and New
Jersey, (KIAC Partners), 6.75%, 10/1/19 1,030,710
- ----------------------------------------------------------------------------
$ 5,607,336
- ----------------------------------------------------------------------------
Insured-Education -- 12.1%
- ----------------------------------------------------------------------------
$5,000 New Brunswick Housing Authority,
(Rutgers University), (FGIC),
4.625%, 7/1/24 $ 4,175,100
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Education (continued)
- ----------------------------------------------------------------------------
$2,230 New Jersey Educational Facilities
Authority, (Ramapo College), (AMBAC),
4.625%, 7/1/28 $ 1,838,100
2,750 New Jersey Educational Facilities
Authority, (Ramapo College), (MBIA),
5.75%, 7/1/29 2,717,082
2,375 New Jersey Higher Education Assistance,
(MBIA), (AMT), 5.25%, 6/1/18 2,221,575
- ----------------------------------------------------------------------------
$10,951,857
- ----------------------------------------------------------------------------
Insured-Electric Utilities -- 5.2%
- ----------------------------------------------------------------------------
$5,000 Puerto Rico Electric Power Authority,
(MBIA), 5.375%, 7/1/27 $ 4,697,900
- ----------------------------------------------------------------------------
$ 4,697,900
- ----------------------------------------------------------------------------
Insured-General Obligations -- 5.3%
- ----------------------------------------------------------------------------
$1,000 Jersey City, (Qualified Public
Improvement), (MBIA), 5.375%, 9/1/19 $ 957,680
3,850 Middletown Township, Board of Education,
(MBIA), 5.80%, 8/1/22 3,853,196
- ----------------------------------------------------------------------------
$ 4,810,876
- ----------------------------------------------------------------------------
Insured-Hospital -- 5.9%
- ----------------------------------------------------------------------------
$2,410 New Jersey Health Care Facilities,
(CentraState Medical Center), (AMBAC),
4.50%, 7/1/28 $ 1,914,432
4,250 New Jersey Health Care Facilities,
(Virtua Health Issue), (FSA),
4.50%, 7/1/28 3,376,073
- ----------------------------------------------------------------------------
$ 5,290,505
- ----------------------------------------------------------------------------
Insured-Housing -- 5.4%
- ----------------------------------------------------------------------------
$5,000 New Jersey Housing and Mortgage Finance
Agency, (MBIA), (AMT), 5.90%, 10/1/29 $ 4,897,850
- ----------------------------------------------------------------------------
$ 4,897,850
- ----------------------------------------------------------------------------
Insured-Industrial Development Revenue -- 4.5%
- ----------------------------------------------------------------------------
$4,750 New Jersey EDA, (Educational Testing
Service), (MBIA), 4.75%, 5/15/25 $ 4,037,500
- ----------------------------------------------------------------------------
$ 4,037,500
- ----------------------------------------------------------------------------
Insured-Solid Waste -- 0.9%
- ----------------------------------------------------------------------------
$1,000 Plainfield Utilities Authority, Solid
Waste Revenue, (FSA), 4.75%, 12/15/23 $ 856,080
- ----------------------------------------------------------------------------
$ 856,080
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
20
<PAGE>
NEW JERSEY MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Special Tax Revenue -- 6.8%
- ----------------------------------------------------------------------------
$4,500 New Jersey Sports and Exposition
Authority, (MBIA), 4.50%, 9/1/20 $ 3,744,225
2,200 New Jersey Sports and Exposition
Authority, (MBIA), 4.50%, 3/1/24 1,811,348
960 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(3) 603,168
- ----------------------------------------------------------------------------
$ 6,158,741
- ----------------------------------------------------------------------------
Insured-Transportation -- 10.8%
- ----------------------------------------------------------------------------
$4,900 New Jersey Transportation Authority,
(FSA), 4.50%, 6/15/19 $ 4,073,076
2,200 Port Authority of New York and New
Jersey, (AMBAC), 4.75%, 1/15/26 1,843,138
4,000 Port Authority of New York and New
Jersey, (MBIA), (AMT), 5.75%, 12/1/25 3,897,400
- ----------------------------------------------------------------------------
$ 9,813,614
- ----------------------------------------------------------------------------
Insured-Water and Sewer -- 0.9%
- ----------------------------------------------------------------------------
$1,000 Plainfield, Municipal Utilities
Authority, Sewer Revenue, (FSA),
4.75%, 12/15/23 $ 856,080
- ----------------------------------------------------------------------------
$ 856,080
- ----------------------------------------------------------------------------
Life Care -- 1.1%
- ----------------------------------------------------------------------------
$1,100 New Jersey EDA, (United Methodist
Homes), 5.75%, 7/1/29 $ 959,189
- ----------------------------------------------------------------------------
$ 959,189
- ----------------------------------------------------------------------------
Special Tax Revenue -- 0.9%
- ----------------------------------------------------------------------------
$1,125 Puerto Rico Infrastructure Financing
Authority, Variable Rate, 7/1/28(1)(2) $ 846,225
- ----------------------------------------------------------------------------
$ 846,225
- ----------------------------------------------------------------------------
Transportation -- 7.3%
- ----------------------------------------------------------------------------
$1,500 New Jersey Transportation Authority,
Variable Rate, 6/15/17(1)(2) $ 1,245,630
3,800 Port Authority of New York and New
Jersey, 4.75%, 8/1/33 3,085,980
1,600 Port Authority of New York and New
Jersey, Variable Rate, 3/1/28(3) 1,258,768
1,630 Puerto Rico Highway and Transportation
Authority, Variable Rate, 7/1/28(2)(3) 1,024,129
- ----------------------------------------------------------------------------
$ 6,614,507
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Utilities - Electrical and Gas -- 2.7%
- ----------------------------------------------------------------------------
$3,000 New Jersey EDA, (Natural Gas Facilities
Revenue), 5.25%, 11/1/33 $ 2,436,900
- ----------------------------------------------------------------------------
$ 2,436,900
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments
(identified cost $94,610,187) $85,296,407
- ----------------------------------------------------------------------------
COMMON STOCKS -- 5.0%
</TABLE>
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- ----------------------------------------------------------------
Investment Companies -- 5.0%
- ----------------------------------------------------------------
Nuveen New Jersey Investment Quality
Municipal Fund 173,700 $ 2,334,093
Van Kampen Trust for Investment Grade
New Jersey Municipals Fund 142,700 2,220,769
- ----------------------------------------------------------------
$ 4,554,862
- ----------------------------------------------------------------
Total Common Stocks
(identified cost $5,231,475) $ 4,554,862
- ----------------------------------------------------------------
Total Investments -- 99.3%
(identified cost $99,841,662) $ 89,851,269
- ----------------------------------------------------------------
Other Assets, Less Liabilities -- 0.7% $ 646,046
- ----------------------------------------------------------------
Net Assets -- 100.0% $ 90,497,315
- ----------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Trust invests primarily in debt securities issued by New Jersey
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at November 30, 1999, 58.3% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 4.6% to 36.5% of total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(3) Security has been issued as a leveraged inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
21
<PAGE>
NEW YORK MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 99.0%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- -----------------------------------------------------------------------------
Cogeneration -- 3.1%
- -----------------------------------------------------------------------------
$2,500 New York IDA, (Brooklyn Navy Yard
Cogeneration), 5.75%, 10/1/36 $ 2,270,775
1,150 Suffolk County IDA, (Nissequogue
Cogeneration Partners Facility), (AMT),
5.50%, 1/1/23 1,018,164
- -----------------------------------------------------------------------------
$ 3,288,939
- -----------------------------------------------------------------------------
Education -- 10.2%
- -----------------------------------------------------------------------------
$4,275 New York Dormitory Authority,
(Rockefeller University), 4.75%, 7/1/37 $ 3,495,283
5,750 New York Dormitory Authority, (State
University Educational Facilities),
4.75%, 5/15/28 4,633,867
1,750 New York Dormitory Authority,
(University of Rochester),
5.625%, 7/1/24 1,654,292
1,250 Rensselaer County IDA, (Polytechnic
Institute), 5.50%, 8/1/22 1,164,950
- -----------------------------------------------------------------------------
$ 10,948,392
- -----------------------------------------------------------------------------
Electric Utilities -- 2.7%
- -----------------------------------------------------------------------------
$3,305 Long Island Power Authority, Electric
System Revenue, 5.25%, 12/1/26 $ 2,917,522
- -----------------------------------------------------------------------------
$ 2,917,522
- -----------------------------------------------------------------------------
General Obligations -- 6.5%
- -----------------------------------------------------------------------------
$4,935 New York, 6.00%, 8/1/16 $ 4,975,960
2,625 Puerto Rico, Variable Rate, 7/1/27(1)(2) 1,986,862
- -----------------------------------------------------------------------------
$ 6,962,822
- -----------------------------------------------------------------------------
Hospital -- 10.9%
- -----------------------------------------------------------------------------
$ 250 Chautauqua County IDA, (Womans Christian
Association), 6.35%, 11/15/17 $ 235,980
500 Chautauqua County IDA, (Womans Christian
Association), 6.40%, 11/15/29 446,415
1,250 Fulton County IDA, (Nathan Littauer
Hospital), 6.00%, 11/1/18 1,119,925
1,500 New York City IDA, (Ohel Children's
Home), 6.25%, 8/15/22 1,353,225
3,500 New York City, Health and Hospital
Corp., 5.25%, 2/15/17 3,150,910
2,750 New York Dormitory Authority, (Mental
Health Services Facilities),
5.25%, 2/15/19 2,485,918
2,000 New York Dormitory Authority, (Mental
Health Services Facilities),
5.25%, 2/15/29 1,760,680
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- -----------------------------------------------------------------------------
Hospital (continued)
- -----------------------------------------------------------------------------
$1,250 Oneida County IDA, (St. Elizabeth
Hospital), 5.75%, 12/1/19 $ 1,083,150
- -----------------------------------------------------------------------------
$ 11,636,203
- -----------------------------------------------------------------------------
Housing -- 6.4%
- -----------------------------------------------------------------------------
$1,250 Mount Vernon IDA, (Wartburg Senior
Housing, Inc. - Meadowview),
6.20%, 6/1/29 $ 1,125,900
3,500 New York Mortgage Agency, (AMT),
5.95%, 4/1/30 3,394,615
2,600 Westchester County IDA, (Children's
Village), 5.375%, 3/15/19 2,364,388
- -----------------------------------------------------------------------------
$ 6,884,903
- -----------------------------------------------------------------------------
Industrial Development Revenue -- 3.1%
- -----------------------------------------------------------------------------
$1,000 Suffolk County IDA, (Jeffersons Ferry),
7.20%, 11/1/19(3) $ 999,910
2,500 United Nations Development Corp.,
5.60%, 7/1/26 2,295,000
- -----------------------------------------------------------------------------
$ 3,294,910
- -----------------------------------------------------------------------------
Insured-Education -- 6.7%
- -----------------------------------------------------------------------------
$3,500 New York State Dormitory Authority,
(City University), (AMBAC),
5.00%, 7/1/23 $ 3,059,140
2,610 New York State Dormitory Authority,
(Hamilton College), (MBIA),
4.75%, 7/1/20 2,223,015
1,875 New York State Dormitory Authority, (New
York University), (MBIA), 5.75%, 7/1/27 1,853,156
- -----------------------------------------------------------------------------
$ 7,135,311
- -----------------------------------------------------------------------------
Insured-Electric Utilities -- 3.9%
- -----------------------------------------------------------------------------
$4,650 New York State Energy Research and
Development Authority, (Niagara Mohawk
Power), (AMBAC), 5.15%, 11/1/25 $ 4,128,317
- -----------------------------------------------------------------------------
$ 4,128,317
- -----------------------------------------------------------------------------
Insured-General Obligations -- 4.1%
- -----------------------------------------------------------------------------
$1,000 Nassau County, (AMBAC), 5.25%, 6/1/15 $ 953,590
3,615 Nassau County, (AMBAC),
5.25%, 6/1/16(4) 3,418,452
- -----------------------------------------------------------------------------
$ 4,372,042
- -----------------------------------------------------------------------------
Insured-Hospital -- 10.4%
- -----------------------------------------------------------------------------
$5,000 New York Dormitory Authority, (Memorial
Sloan Kettering Cancer Center), (MBIA),
5.50%, 7/1/23(4) $ 4,789,650
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
22
<PAGE>
NEW YORK MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- -----------------------------------------------------------------------------
Insured-Hospital (continued)
- -----------------------------------------------------------------------------
$5,500 New York Dormitory Authority, (Municipal
Health Facilities Improvement), (FSA),
4.75%, 1/15/29 $ 4,497,130
2,000 New York Dormitory Authority, (New York
Hospital Medical Center), (AMBAC),
5.55%, 8/15/29 1,879,640
- -----------------------------------------------------------------------------
$ 11,166,420
- -----------------------------------------------------------------------------
Insured-Special Tax Revenue -- 2.8%
- -----------------------------------------------------------------------------
$2,375 New York City, Trust Cultural Resources,
(AMBAC), Variable Rate, 7/1/29(1)(2) $ 2,227,180
1,190 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(5) 747,677
- -----------------------------------------------------------------------------
$ 2,974,857
- -----------------------------------------------------------------------------
Insured-Transportation -- 8.9%
- -----------------------------------------------------------------------------
$1,500 Metropolitan Transportation Authority of
New York, (FGIC), 4.75%, 7/1/26 $ 1,241,115
1,400 Metropolitan Transportation Authority of
New York, (FGIC), 4.75%, 7/1/26 1,158,374
1,000 Metropolitan Transportation Authority of
New York, (FGIC), 4.875%, 7/1/18 877,480
4,255 Metropolitan Transportation Authority of
New York, (FSA), 5.25%, 4/1/23 3,869,029
2,325 Monroe County Airport Authority, (MBIA),
(AMT), Variable Rate, 1/1/17(1)(2) 2,415,373
- -----------------------------------------------------------------------------
$ 9,561,371
- -----------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 5.2%
- -----------------------------------------------------------------------------
$3,000 New York State Urban Development Corp.,
(Capital Facilities), 5.00%, 1/1/20 $ 2,587,980
2,925 New York Urban Development Corp.,
5.875%, 1/1/19 2,918,185
- -----------------------------------------------------------------------------
$ 5,506,165
- -----------------------------------------------------------------------------
Senior Living / Life Care -- 1.0%
- -----------------------------------------------------------------------------
$1,250 New York City IDA, (A Very Special
Place, Inc.), 5.75%, 1/1/29 $ 1,044,138
- -----------------------------------------------------------------------------
$ 1,044,138
- -----------------------------------------------------------------------------
Special Tax Revenue -- 3.2%
- -----------------------------------------------------------------------------
$2,500 New York City Transitional Finance
Authority, 6.00%, 8/15/29 $ 2,500,775
$1,175 Puerto Rico Infrastructure Financing
Authority, Variable Rate, 7/1/28(1)(2) $ 883,835
- -----------------------------------------------------------------------------
$ 3,384,610
- -----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- -----------------------------------------------------------------------------
Transportation -- 3.9%
- -----------------------------------------------------------------------------
$1,750 Niagara Frontier Airport Authority,
(AMT), Variable Rate, 4/1/29(1)(2) $ 1,517,145
1,800 Port Authority of New York and New
Jersey, Variable Rate, 3/1/28(5) 1,416,114
1,885 Puerto Rico Highway and Transportation
Authority, Variable Rate, 7/1/28(2)(5) 1,184,346
- -----------------------------------------------------------------------------
$ 4,117,605
- -----------------------------------------------------------------------------
Water and Sewer -- 6.0%
- -----------------------------------------------------------------------------
$3,500 New York City Municipal Water Finance
Authority, 5.25%, 6/15/29 $ 3,101,350
3,500 New York City Municipal Water Finance
Authority, 5.75%, 6/15/29 3,353,840
- -----------------------------------------------------------------------------
$ 6,455,190
- -----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 99.0%
(identified cost $116,216,001) $105,779,717
- -----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.0% $ 1,066,471
- -----------------------------------------------------------------------------
Net Assets -- 100.0% $106,846,188
- -----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Trust invests primarily in debt securities issued by New York
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at November 30, 1999, 37.2% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 3.1% to 15.5% of total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(3) When-issued security.
(4) Security (or a portion thereof) has been segregated to cover when-issued
securities.
(5) Security has been issued as a leveraged inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
23
<PAGE>
OHIO MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 97.1%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Education -- 1.9%
- ----------------------------------------------------------------------------
$1,500 Ohio Higher Educational Facilities,
(Oberlin College),
Variable Rate, 10/1/29(1)(2) $ 1,068,870
- ----------------------------------------------------------------------------
$ 1,068,870
- ----------------------------------------------------------------------------
Electric Utilities -- 3.2%
- ----------------------------------------------------------------------------
$ 500 Clyde Electric System Revenue, (AMT),
6.00%, 11/15/14 $ 473,325
1,000 Ohio State Air Quality Development
Authority, Variable Rate, 5/1/26(1)(2) 661,090
750 Ohio Water Development Authority,
Pollution Control Facilities, (Cleveland
Electric), (AMT), 6.10%, 8/1/20 696,007
- ----------------------------------------------------------------------------
$ 1,830,422
- ----------------------------------------------------------------------------
General Obligations -- 7.8%
- ----------------------------------------------------------------------------
$1,000 Gahanna-Jefferson Public Schools,
4.75%, 12/1/21 $ 852,200
1,000 Hamilton City School District,
5.50%, 12/1/24 951,170
1,530 Hamilton City School District,
5.625%, 12/1/24 1,474,384
1,500 Puerto Rico, Variable Rate, 7/1/27(1)(2) 1,135,350
- ----------------------------------------------------------------------------
$ 4,413,104
- ----------------------------------------------------------------------------
Hospital -- 18.1%
- ----------------------------------------------------------------------------
$1,755 Cuyahoga County, Health Care Facilities,
(Benjamin Rose Institute),
5.50%, 12/1/28 $ 1,453,421
5,000 Franklin County, (Childrens Hospital),
5.20%, 5/1/29 4,343,400
1,250 Hamilton County, Health Care Facilities,
(Twin Towers), 5.80%, 10/1/23 1,168,187
650 Highland County, (Joint Township
Hospital District), 6.75%, 12/1/29 607,093
1,250 Parma Community General Hospital
Association, 5.35%, 11/1/18 1,120,625
1,750 Parma Community General Hospital
Association, 5.375%, 11/1/29 1,509,077
- ----------------------------------------------------------------------------
$10,201,803
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 22.2%
- ----------------------------------------------------------------------------
$1,250 Cleveland Airport, (Continental
Airlines), (AMT), 5.70%, 12/1/19 $ 1,110,212
1,300 Dayton Special Facilities Revenue,
(Emery Airline Freight), 5.625%, 2/1/18 1,167,478
3,000 Moraine Solid Waste Disposal, (General
Motors Corp.), (AMT), 5.65%, 7/1/24 2,838,120
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Industrial Development Revenue (continued)
- ----------------------------------------------------------------------------
$2,500 Ohio Environmental Facilities, (Ford
Motor Co.), (AMT), 5.95%, 9/1/29 $ 2,423,550
1,300 Ohio Environmental Improvement, (USX
Corp.), 5.625%, 5/1/29 1,141,465
750 Ohio Solid Waste Disposal, (USG Corp.),
(AMT), 5.65%, 3/1/33 649,050
1,100 Ohio Solid Waste Disposal, (USG Corp.),
(AMT), 6.05%, 8/1/34 1,022,076
2,250 Ohio Water Development Authority,
(Anheuser-Busch), (AMT), 6.00%, 8/1/29 2,172,848
- ----------------------------------------------------------------------------
$12,524,799
- ----------------------------------------------------------------------------
Insured-Education -- 3.4%
- ----------------------------------------------------------------------------
$2,000 University of Akron, (FGIC), Variable
Rate, 1/1/29(1)(2) $ 1,903,240
- ----------------------------------------------------------------------------
$ 1,903,240
- ----------------------------------------------------------------------------
Insured-General Obligations -- 6.2%
- ----------------------------------------------------------------------------
$4,250 South-Western City School District,
Franklin and Pickway Counties, (AMBAC),
4.75%, 12/1/26 $ 3,526,778
- ----------------------------------------------------------------------------
$ 3,526,778
- ----------------------------------------------------------------------------
Insured-Hospital -- 12.7%
- ----------------------------------------------------------------------------
$3,250 Cuyahoga County, (Cleveland Clinic),
(MBIA), 5.125%, 1/1/29 $ 2,830,750
1,750 Cuyahoga County, (University Hospitals
Health System, Inc.), (AMBAC),
5.50%, 1/15/30 1,625,173
1,915 Hamilton County, (Childrens Hospital
Medical Center), (MBIA), 4.75%, 5/15/28 1,560,725
1,250 Lucas County, (Promedia Healthcare
Obligation Group), (AMBAC),
5.375%, 11/15/23 1,152,088
- ----------------------------------------------------------------------------
$ 7,168,736
- ----------------------------------------------------------------------------
Insured-Housing -- 3.8%
- ----------------------------------------------------------------------------
$2,235 Montgomery County, (Creekside Villas),
(FSA), (AMT), 5.95%, 9/1/19 $ 2,166,654
- ----------------------------------------------------------------------------
$ 2,166,654
- ----------------------------------------------------------------------------
Insured-Special Tax Revenue -- 0.7%
- ----------------------------------------------------------------------------
$ 615 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(3) $ 386,405
- ----------------------------------------------------------------------------
$ 386,405
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
24
<PAGE>
OHIO MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Transportation -- 3.4%
- ----------------------------------------------------------------------------
$1,000 Ohio Turnpike Commission, (FGIC),
5.50%, 2/15/24 $ 959,260
1,000 Ohio Turnpike Commission, (FGIC),
5.50%, 2/15/26 957,790
- ----------------------------------------------------------------------------
$ 1,917,050
- ----------------------------------------------------------------------------
Insured-Water and Sewer -- 5.9%
- ----------------------------------------------------------------------------
$4,000 Delaware County, Sewer District, (MBIA),
4.75%, 12/1/24 $ 3,359,000
- ----------------------------------------------------------------------------
$ 3,359,000
- ----------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 2.2%
- ----------------------------------------------------------------------------
$1,300 Union County, (Pleasant Valley Joint
Fire District), 6.125%, 12/1/19 $ 1,235,832
- ----------------------------------------------------------------------------
$ 1,235,832
- ----------------------------------------------------------------------------
Senior Living / Life Care -- 1.0%
- ----------------------------------------------------------------------------
$ 650 Ohio HFA, Retirement Rental Housing,
(Encore Retirement Partners),
6.75%, 3/1/19 $ 582,745
- ----------------------------------------------------------------------------
$ 582,745
- ----------------------------------------------------------------------------
Solid Waste -- 0.6%
- ----------------------------------------------------------------------------
$ 400 Ohio Water Development Authority, Solid
Waste Disposal Revenue, (Bay Shore
Power), (AMT), 5.875%, 9/1/20 $ 358,020
- ----------------------------------------------------------------------------
$ 358,020
- ----------------------------------------------------------------------------
Special Tax Revenue -- 1.2%
- ----------------------------------------------------------------------------
$ 875 Puerto Rico Infrastructure Financing
Authority, Variable Rate, 7/1/28(1)(2) $ 658,175
- ----------------------------------------------------------------------------
$ 658,175
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Transportation -- 2.8%
- ----------------------------------------------------------------------------
$1,000 Puerto Rico Highway and Transportation
Authority, Variable Rate, 7/1/28(2)(3) $ 628,300
1,100 Toledo-Lucas County Port Authority,
5.40%, 5/15/19 961,939
- ----------------------------------------------------------------------------
$ 1,590,239
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 97.1%
(identified cost $61,150,025) $54,891,872
- ----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.9% $ 1,656,801
- ----------------------------------------------------------------------------
Net Assets -- 100.0% $56,548,673
- ----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Trust invests primarily in debt securities issued by Ohio municipali-
ties. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at November 30, 1999, 37.2% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 3.9% to 14.1% of total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(3) Security has been issued as a leveraged inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
25
<PAGE>
PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS
TAX-EXEMPT INVESTMENTS -- 98.3%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Certificates of Participation -- 0.9%
- ----------------------------------------------------------------------------
$ 500 Cliff House Trust (AMT), 6.625%, 6/1/27 $ 480,190
- ----------------------------------------------------------------------------
$ 480,190
- ----------------------------------------------------------------------------
Cogeneration -- 1.0%
- ----------------------------------------------------------------------------
$ 500 Pennsylvania EDA, (Resource
Recovery-Colver), (AMT), 7.05%, 12/1/10 $ 531,180
- ----------------------------------------------------------------------------
$ 531,180
- ----------------------------------------------------------------------------
Education -- 8.1%
- ----------------------------------------------------------------------------
$1,500 Pennsylvania HEFA, (Drexel University),
6.00%, 5/1/29 $ 1,460,535
3,000 Pennsylvania HEFA, (University of
Pennsylvania), 4.625%, 7/15/30 2,367,120
600 Philadelphia HEFA, (Chestnut Hill
College), 6.00%, 10/1/29 545,664
- ----------------------------------------------------------------------------
$ 4,373,319
- ----------------------------------------------------------------------------
Electric Utilities -- 0.7%
- ----------------------------------------------------------------------------
$ 450 Puerto Rico Electric Power Authority,
5.00%, 7/1/28 $ 386,523
- ----------------------------------------------------------------------------
$ 386,523
- ----------------------------------------------------------------------------
Escrowed / Prerefunded -- 1.1%
- ----------------------------------------------------------------------------
$2,000 Westmoreland County Municipal Authority,
(FGIC), Escrowed to Maturity,
0.00%, 8/15/19 $ 608,460
- ----------------------------------------------------------------------------
$ 608,460
- ----------------------------------------------------------------------------
Gas Utilities -- 1.7%
- ----------------------------------------------------------------------------
$1,325 Philadelphia Natural Gas Works,
Variable Rate, 7/1/28(1) $ 928,957
- ----------------------------------------------------------------------------
$ 928,957
- ----------------------------------------------------------------------------
General Obligations -- 2.1%
- ----------------------------------------------------------------------------
$1,500 Puerto Rico, Variable Rate, 7/1/27(1)(2) $ 1,135,350
- ----------------------------------------------------------------------------
$ 1,135,350
- ----------------------------------------------------------------------------
Health Care-Miscellaneous -- 2.6%
- ----------------------------------------------------------------------------
$1,500 Chester County HEFA, (Devereux
Foundation), 6.00%, 11/1/29 $ 1,415,640
- ----------------------------------------------------------------------------
$ 1,415,640
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Hospital -- 2.1%
- ----------------------------------------------------------------------------
$1,100 Montgomery County HEFA, (Montgomery
Hospital), 6.375%, 7/1/07 $ 1,110,439
- ----------------------------------------------------------------------------
$ 1,110,439
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 7.7%
- ----------------------------------------------------------------------------
$1,000 New Morgan IDA, (New Morgan Landfill),
(AMT), 6.50%, 4/1/19 $ 938,790
1,000 Pennsylvania Solid Waste Disposal, (USG
Corp.), (AMT), 6.00%, 6/1/31 927,050
600 Philadelphia IDA, (Franklin Institute),
5.20%, 6/15/26 508,614
1,800 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.30%, 6/1/23 1,809,522
- ----------------------------------------------------------------------------
$ 4,183,976
- ----------------------------------------------------------------------------
Insured-Education -- 18.4%
- ----------------------------------------------------------------------------
$1,000 Northampton County HEFA, (Lafayette
College), (MBIA), 5.00%, 11/1/27 $ 860,580
1,000 Pennsylvania HEFA, (Bryn Mawr College),
(AMBAC), 5.125%, 12/1/29 873,420
2,000 Pennsylvania HEFA, (State System Higher
Education), (FSA), 5.00%, 6/15/24 1,741,260
3,000 Pennsylvania HEFA, (Temple University),
(MBIA), 5.00%, 4/1/29 2,571,540
1,700 Pennsylvania HEFA, (Thomas Jefferson
University), (AMBAC), 5.00%, 7/1/19 1,519,086
750 University of Pittsburgh, (FGIC),
5.125%, 6/1/22 671,752
2,000 Washington County Authority, (Girard
College), (MBIA), 5.00%, 5/15/28 1,718,420
- ----------------------------------------------------------------------------
$ 9,956,058
- ----------------------------------------------------------------------------
Insured-General Obligations -- 8.4%
- ----------------------------------------------------------------------------
$1,825 Hopewell School District, (FSA),
0.00%, 9/1/25 $ 375,001
1,150 Philadelphia School District, (MBIA),
4.75%, 4/1/27 946,484
3,000 Philadelphia, (FSA), 5.00%, 3/15/28 2,560,770
250 Southeast Delco Area School District,
(MBIA), 0.00%, 2/1/24 56,355
700 Spring Ford School District, (FGIC),
4.75%, 3/1/25 580,951
- ----------------------------------------------------------------------------
$ 4,519,561
- ----------------------------------------------------------------------------
Insured-Hospital -- 24.4%
- ----------------------------------------------------------------------------
$3,000 Beaver County Hospital Authority,
(Valley Health Systems, Inc.), (AMBAC),
5.00%, 5/15/28 $ 2,534,760
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
26
<PAGE>
PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 1999
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Hospital (continued)
- ----------------------------------------------------------------------------
$1,000 Berks County Municipal Authority,
(Reading Hospital and Medical Center),
(FSA), 6.00%, 11/1/29 $ 989,650
1,000 Dauphin County General Authority,
(Pinnacle Health System), (MBIA),
5.50%, 5/15/27 920,870
1,000 Delaware County Authority, (Catholic
Health East), (AMBAC), 4.875%, 11/15/26 825,770
2,250 Lehigh County General Purpose Authority,
(Lehigh Valley Health Network), (MBIA),
5.25%, 7/1/29 1,974,082
3,000 Montgomery County HEFA, (Abington
Memorial Hospital), (AMBAC),
5.00%, 6/1/28 2,534,580
1,000 Pennsylvania HEFA, (UPMC Health System),
(FSA), 5.00%, 8/1/29 848,110
3,000 Sharon Health System Authority, (Sharon
Regional Health System), (MBIA),
5.00%, 12/1/28 2,530,530
- ----------------------------------------------------------------------------
$13,158,352
- ----------------------------------------------------------------------------
Insured-Special Tax Revenue -- 5.0%
- ----------------------------------------------------------------------------
$1,550 Pennsylvania Turnpike Commission Oil
Franchise, (AMBAC), Variable Rate,
12/1/27(1)(2) $ 995,038
500 Pittsburgh and Allegheny County Public
Auditorium Authority, (AMBAC),
5.00%, 2/1/24 435,730
1,000 Pittsburgh and Allegheny County Public
Auditorium Authority, (AMBAC),
5.00%, 2/1/24 871,460
595 Puerto Rico Infrastructure Financing
Authority, (AMBAC), Variable Rate,
7/1/28(3) 373,839
- ----------------------------------------------------------------------------
$ 2,676,067
- ----------------------------------------------------------------------------
Insured-Transportation -- 5.6%
- ----------------------------------------------------------------------------
$2,450 Philadelphia Parking Authority, (AMBAC),
5.25%, 2/15/29 $ 2,171,950
1,350 Southeastern Pennsylvania Transit
Authority, (FGIC), Variable Rate,
3/1/29(1)(2) 856,818
- ----------------------------------------------------------------------------
$ 3,028,768
- ----------------------------------------------------------------------------
Insured-Water and Sewer -- 2.5%
- ----------------------------------------------------------------------------
$ 500 Delaware County IDA, (Water Facilities),
(FGIC), (AMT), 6.00%, 6/1/29 $ 491,515
1,000 Pittsburgh Water and Sewer Authority,
(FSA), 5.10%, 9/1/24 882,870
- ----------------------------------------------------------------------------
$ 1,374,385
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Nursing Home -- 2.9%
- ----------------------------------------------------------------------------
$ 500 Clarion County IDA, (Beverly
Enterprises, Inc.), 5.875%, 5/1/07 $ 479,535
500 Crawford County Hospital Authority,
(Wesbury United Methodist Community),
6.25%, 8/15/29 467,750
685 Cumberland County IDA, (Beverly
Enterprises, Inc.), 5.50%, 10/1/08 637,386
- ----------------------------------------------------------------------------
$ 1,584,671
- ----------------------------------------------------------------------------
Transportation -- 3.1%
- ----------------------------------------------------------------------------
$ 540 Erie Municipal Airport Authority, (AMT),
5.50%, 7/1/09 $ 509,231
500 Erie Municipal Airport Authority, (AMT),
5.875%, 7/1/16 465,655
800 Puerto Rico Highway and Transportation
Authority, Variable Rate, 7/1/26(2)(3) 691,928
- ----------------------------------------------------------------------------
$ 1,666,814
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.3%
(identified cost $59,759,343) $53,118,710
- ----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.7% $ 926,065
- ----------------------------------------------------------------------------
Net Assets -- 100.0% $54,044,775
- ----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Trust invests primarily in debt securities issued by Pennsylvania
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at November 30, 1999, 66.5% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 6.0% to 24.7% of total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(3) Security has been issued as a leveraged inverse floater bond.
SEE NOTES TO FINANCIAL STATEMENTS
27
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS
STATEMENTS OF ASSETS AND LIABILITIES
AS OF NOVEMBER 30, 1999
<TABLE>
<CAPTION>
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------
Assets
- ----------------------------------------------------------------------------------------------------
Investments --
Identified cost $155,289,304 $ 95,347,291 $57,149,416 $47,025,931
Unrealized depreciation (16,932,153) (11,287,753) (7,223,403) (5,258,299)
- ----------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $138,357,151 $ 84,059,538 $49,926,013 $41,767,632
- ----------------------------------------------------------------------------------------------------
Cash $ 516,900 $ -- $ 49,569 $ --
Interest and dividends
receivable 2,525,755 1,237,663 1,032,290 540,115
Receivable from the Investment
Adviser 7,943 685 685 685
Prepaid expenses 4,038 2,038 2,038 2,038
- ----------------------------------------------------------------------------------------------------
TOTAL ASSETS $141,411,787 $ 85,299,924 $51,010,595 $42,310,470
- ----------------------------------------------------------------------------------------------------
Liabilities
- ----------------------------------------------------------------------------------------------------
Due to bank $ -- $ 15,196 $ -- $ 61,785
Payable to affiliate for
Trustees' fees 1,839 1,387 376 620
Accrued expenses 64,064 50,011 49,990 49,768
- ----------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 65,903 $ 66,594 $ 50,366 $ 112,173
- ----------------------------------------------------------------------------------------------------
NET ASSETS $141,345,884 $ 85,233,330 $50,960,229 $42,198,297
- ----------------------------------------------------------------------------------------------------
Sources of Net Assets
- ----------------------------------------------------------------------------------------------------
Auction Preferred Shares,
$0.01 par value, unlimited
number of shares authorized $ 59,000,000 $ 35,500,000 $21,500,000 $17,500,000
Common Shares, $0.01 par
value, unlimited number of
shares authorized 70,798 42,247 25,682 20,852
Additional paid-in capital 105,149,902 62,772,428 38,106,940 30,978,619
Accumulated net realized loss
(computed on the basis of
identified cost) (6,438,604) (2,089,704) (1,625,192) (1,193,621)
Accumulated undistributed net
investment income 495,941 296,112 176,202 150,746
Net unrealized depreciation
(computed on the basis of
identified cost) (16,932,153) (11,287,753) (7,223,403) (5,258,299)
- ----------------------------------------------------------------------------------------------------
NET ASSETS $141,345,884 $ 85,233,330 $50,960,229 $42,198,297
- ----------------------------------------------------------------------------------------------------
Net assets applicable to
preferred shares --
Auction Preferred Shares at
liquidation value $ 59,000,000 $ 35,500,000 $21,500,000 $17,500,000
Cumulative undeclared
dividends 12,912 17,918 1,764 7,794
- ----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS APPLICABLE TO
PREFERRED SHARES $ 59,012,912 $ 35,517,918 $21,501,764 $17,507,794
- ----------------------------------------------------------------------------------------------------
Net assets applicable to
common shares $ 82,332,972 $ 49,715,412 $29,458,465 $24,690,503
- ----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS $141,345,884 $ 85,233,330 $50,960,229 $42,198,297
- ----------------------------------------------------------------------------------------------------
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share )
- ----------------------------------------------------------------------------------------------------
2,360 1,420 860 700
- ----------------------------------------------------------------------------------------------------
Common Shares Outstanding
- ----------------------------------------------------------------------------------------------------
7,079,756 4,224,721 2,568,151 2,085,197
- ----------------------------------------------------------------------------------------------------
Net Asset Value Per Common Share
- ----------------------------------------------------------------------------------------------------
(NET ASSETS APPLICABLE TO
COMMON
SHARES DIVIDED BY COMMON
SHARES ISSUED
AND OUTSTANDING) $ 11.63 $ 11.77 $ 11.47 $ 11.84
- ----------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
28
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF NOVEMBER 30, 1999
<TABLE>
<CAPTION>
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Assets
- -------------------------------------------------------------------------------------------------
Investments --
Identified cost $99,841,662 $116,216,001 $61,150,025 $59,759,343
Unrealized depreciation (9,990,393) (10,436,284) (6,258,153) (6,640,633)
- -------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $89,851,269 $105,779,717 $54,891,872 $53,118,710
- -------------------------------------------------------------------------------------------------
Cash $ -- $ -- $ 557,534 $ --
Interest and dividends
receivable 1,909,162 2,185,866 1,140,389 1,057,765
Receivable from the Investment
Adviser 685 685 685 685
Prepaid expenses 2,038 1,529 2,038 2,038
- -------------------------------------------------------------------------------------------------
TOTAL ASSETS $91,763,154 $107,967,797 $56,592,518 $54,179,198
- -------------------------------------------------------------------------------------------------
Liabilities
- -------------------------------------------------------------------------------------------------
Payble for when-issued
securities $ -- $ 1,006,200 $ -- $ --
Due to bank 1,215,688 56,669 -- 83,496
Payable to affiliate for
Trustees' fees 1,315 642 376 470
Accrued expenses 48,836 58,098 43,469 50,457
- -------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 1,265,839 $ 1,121,609 $ 43,845 $ 134,423
- -------------------------------------------------------------------------------------------------
NET ASSETS $90,497,315 $106,846,188 $56,548,673 $54,044,775
- -------------------------------------------------------------------------------------------------
Sources of Net Assets
- -------------------------------------------------------------------------------------------------
Auction Preferred Shares,
$0.01 par value, unlimited
number of shares authorized $38,000,000 $ 44,500,000 $23,500,000 $22,500,000
Common Shares, $0.01 par
value, unlimited number of
shares authorized 44,783 52,820 27,743 26,632
Additional paid-in capital 66,540,357 78,474,393 41,224,678 39,565,735
Accumulated net realized loss
(computed on the basis of
identified cost) (4,432,931) (6,127,495) (2,134,692) (1,594,189)
Accumulated undistributed net
investment income 335,499 382,754 189,097 187,230
Net unrealized depreciation
(computed on the basis of
identified cost) (9,990,393) (10,436,284) (6,258,153) (6,640,633)
- -------------------------------------------------------------------------------------------------
NET ASSETS $90,497,315 $106,846,188 $56,548,673 $54,044,775
- -------------------------------------------------------------------------------------------------
Net assets applicable to
preferred shares --
Auction Preferred Shares at
liquidation value $38,000,000 $ 44,500,000 $23,500,000 $22,500,000
Cumulative undeclared
dividends 7,681 19,197 -- 2,273
- -------------------------------------------------------------------------------------------------
TOTAL NET ASSETS APPLICABLE TO
PREFERRED SHARES $38,007,681 $ 44,519,197 $23,500,000 $22,502,273
- -------------------------------------------------------------------------------------------------
Net assets applicable to
common shares $52,489,634 $ 62,326,991 $33,048,673 $31,542,502
- -------------------------------------------------------------------------------------------------
TOTAL NET ASSETS $90,497,315 $106,846,188 $56,548,673 $54,044,775
- -------------------------------------------------------------------------------------------------
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share )
- -------------------------------------------------------------------------------------------------
1,520 1,780 940 900
- -------------------------------------------------------------------------------------------------
Common Shares Outstanding
- -------------------------------------------------------------------------------------------------
4,478,308 5,281,960 2,774,254 2,663,243
- -------------------------------------------------------------------------------------------------
Net Asset Value Per Common Share
- -------------------------------------------------------------------------------------------------
(NET ASSETS APPLICABLE TO
COMMON
SHARES DIVIDED BY COMMON
SHARES ISSUED
AND OUTSTANDING) $ 11.72 $ 11.80 $ 11.91 $ 11.84
- -------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
29
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED NOVEMBER 30, 1999(1)
<TABLE>
<CAPTION>
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
Investment Income
- --------------------------------------------------------------------------------------------------------------
Interest $ 6,644,923 $ 4,035,281 $ 2,481,604 $ 1,983,696
Dividends -- -- 17,647 --
- --------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 6,644,923 $ 4,035,281 $ 2,499,251 $ 1,983,696
- --------------------------------------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------------------------------------
Investment adviser fee $ 860,350 $ 512,102 $ 309,429 $ 254,149
Administration fee 248,801 144,432 87,829 72,118
Trustees fees and expenses 7,358 5,551 1,505 1,750
Legal and accounting services 49,456 37,254 34,162 41,817
Printing and postage 6,724 7,232 6,853 6,180
Custodian fee 45,446 29,679 20,156 16,745
Transfer and dividend disbursing agent
fees 69,431 41,132 24,488 19,639
Preferred shares remarketing agent fee 109,918 66,380 40,126 32,931
Miscellaneous 57,861 41,725 43,032 36,451
- --------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 1,455,345 $ 885,487 $ 567,580 $ 481,780
- --------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 45,446 $ 29,679 $ 20,156 $ 16,745
Reduction of investment adviser fee 148,588 66,392 8,752 65,351
- --------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 194,034 $ 96,071 $ 28,908 $ 82,096
- --------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 1,261,311 $ 789,416 $ 538,672 $ 399,684
- --------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 5,383,612 $ 3,245,865 $ 1,960,579 $ 1,584,012
- --------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- --------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ (6,438,604) $ (2,089,704) $(1,690,952) $(1,193,621)
Financial futures contracts -- -- 65,760 --
- --------------------------------------------------------------------------------------------------------------
NET REALIZED LOSS $ (6,438,604) $ (2,089,704) $(1,625,192) $(1,193,621)
- --------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(16,932,153) $(11,287,753) $(7,223,403) $(5,258,299)
- --------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) -- $(16,932,153) $(11,287,753) $(7,223,403) $(5,258,299)
- --------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(23,370,757) $(13,377,457) $(8,848,595) $(6,451,920)
- --------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $(17,987,145) $(10,131,592) $(6,888,016) $(4,867,908)
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999, to November
30, 1999.
SEE NOTES TO FINANCIAL STATEMENTS
30
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED NOVEMBER 30, 1999(1)
<TABLE>
<CAPTION>
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Investment Income
- -----------------------------------------------------------------------------------------------------------
Interest $ 4,139,995 $ 5,003,785 $ 2,679,775 $ 2,555,777
Dividends 102,137 -- -- --
- -----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 4,242,132 $ 5,003,785 $ 2,679,775 $ 2,555,777
- -----------------------------------------------------------------------------------------------------------
Expenses
- -----------------------------------------------------------------------------------------------------------
Investment adviser fee $ 534,480 $ 638,606 $ 338,276 $ 324,605
Administration fee 154,070 183,527 98,316 92,693
Trustees fees and expenses 5,261 4,588 1,504 1,599
Legal and accounting services 37,642 39,564 41,163 40,533
Printing and postage 7,295 7,538 6,903 6,422
Custodian fee 31,406 34,800 21,376 19,843
Transfer and dividend disbursing agent
fees 45,931 57,245 27,764 24,995
Preferred shares remarketing agent fee 70,793 82,903 43,781 42,247
Miscellaneous 43,058 50,493 38,257 37,511
- -----------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 929,936 $ 1,099,264 $ 617,340 $ 590,448
- -----------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ 31,406 $ 34,800 $ 21,376 $ 19,843
Reduction of investment adviser fee 88,239 124,582 38,738 62,926
- -----------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 119,645 $ 159,382 $ 60,114 $ 82,769
- -----------------------------------------------------------------------------------------------------------
NET EXPENSES $ 810,291 $ 939,882 $ 557,226 $ 507,679
- -----------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 3,431,841 $ 4,063,903 $ 2,122,549 $ 2,048,098
- -----------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- -----------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ (4,648,144) $ (6,279,680) $(2,219,367) $(1,594,189)
Financial futures contracts 215,213 152,185 84,675 --
- -----------------------------------------------------------------------------------------------------------
NET REALIZED LOSS $ (4,432,931) $ (6,127,495) $(2,134,692) $(1,594,189)
- -----------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ (9,990,393) $(10,436,284) $(6,258,153) $(6,640,633)
- -----------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) -- $ (9,990,393) $(10,436,284) $(6,258,153) $(6,640,633)
- -----------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(14,423,324) $(16,563,779) $(8,392,845) $(8,234,822)
- -----------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $(10,991,483) $(12,499,876) $(6,270,296) $(6,186,724)
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999, to November
30, 1999.
SEE NOTES TO FINANCIAL STATEMENTS
31
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED NOVEMBER 30, 1999(1)
<TABLE>
<CAPTION>
INCREASE (DECREASE) IN NET ASSETS CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 5,383,612 $ 3,245,865 $ 1,960,579 $ 1,584,012
Net realized loss (6,438,604) (2,089,704) (1,625,192) (1,193,621)
Net change in unrealized appreciation
(depreciation) -- (16,932,153) (11,287,753) (7,223,403) (5,258,299)
- --------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $(17,987,145) $(10,131,592) $(6,888,016) $(4,867,908)
- --------------------------------------------------------------------------------------------------------------
Distributions to shareholders --
Preferred Shareholders --
From net investment income $ (1,293,008) $ (833,015) $ (484,017) $ (392,700)
Common Shareholders --
From net investment income (3,594,663) (2,116,738) (1,300,360) (1,040,566)
- --------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (4,887,671) $ (2,949,753) $(1,784,377) $(1,433,266)
- --------------------------------------------------------------------------------------------------------------
Capital share transactions --
Proceeds from sale of preferred
shares $ 59,000,000 $ 35,500,000 $21,500,000 $17,500,000
Proceeds from sale of common shares 105,225,000 62,962,500 37,950,000 31,050,000
Reinvestment of distributions to
shareholders 766,603 280,332 406,440 114,549
Offering costs and preferred shares
underwriting discounts (870,903) (528,157) (323,818) (265,078)
- --------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS $164,120,700 $ 98,214,675 $59,532,622 $48,399,471
- --------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $141,245,884 $ 85,133,330 $50,860,229 $42,098,297
- --------------------------------------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------------------------------------
At beginning of period $ 100,000 $ 100,000 $ 100,000 $ 100,000
- --------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $141,345,884 $ 85,233,330 $50,960,229 $42,198,297
- --------------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment
income included in net assets
- --------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 495,941 $ 296,112 $ 176,202 $ 150,746
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999, to November
30, 1999.
SEE NOTES TO FINANCIAL STATEMENTS
32
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED NOVEMBER 30, 1999(1)
<TABLE>
<CAPTION>
INCREASE (DECREASE) IN NET ASSETS NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 3,431,841 $ 4,063,903 $ 2,122,549 $ 2,048,098
Net realized loss (4,432,931) (6,127,495) (2,134,692) (1,594,189)
Net change in unrealized appreciation
(depreciation) -- (9,990,393) (10,436,284) (6,258,153) (6,640,633)
- -----------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $(10,991,483) $(12,499,876) $(6,270,296) $(6,186,724)
- -----------------------------------------------------------------------------------------------------------
Distributions to shareholders --
Preferred Shareholders --
From net investment income $ (861,719) $ (995,127) $ (542,305) $ (526,689)
Common Shareholders --
From net investment income (2,234,623) (2,686,022) (1,391,147) (1,334,179)
- -----------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (3,096,342) $ (3,681,149) $(1,933,452) $(1,860,868)
- -----------------------------------------------------------------------------------------------------------
Capital share transactions --
Proceeds from sale of preferred
shares $ 38,000,000 $ 44,500,000 $23,500,000 $22,500,000
Proceeds from sale of common shares 66,750,000 78,760,116 41,400,000 39,675,000
Reinvestment of distributions to
shareholders 299,002 325,240 104,735 154,913
Offering costs and preferred shares
underwriting discounts (563,862) (658,143) (352,314) (337,546)
- -----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS $104,485,140 $122,927,213 $64,652,421 $61,992,367
- -----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 90,397,315 $106,746,188 $56,448,673 $53,944,775
- -----------------------------------------------------------------------------------------------------------
Net Assets
- -----------------------------------------------------------------------------------------------------------
At beginning of period $ 100,000 $ 100,000 $ 100,000 $ 100,000
- -----------------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 90,497,315 $106,846,188 $56,548,673 $54,044,775
- -----------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment
income included in net assets
- -----------------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 335,499 $ 382,754 $ 189,097 $ 187,230
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999, to November
30, 1999.
SEE NOTES TO FINANCIAL STATEMENTS
33
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIOD
<TABLE>
<CAPTION>
CALIFORNIA TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $ 15.000
- ---------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------
Net investment income $ 0.773
Net realized and unrealized
loss (3.322)
- ---------------------------------------------------------------
TOTAL LOSS FROM OPERATIONS $ (2.549)
- ---------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------
Preferred Shareholders--
From net investment income $ (0.186)
Common Shareholders--
From net investment income $ (0.510)
- ---------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.696)
- ---------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $ (0.040)
- ---------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $ (0.085)
- ---------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $ 11.630
- ---------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $ 11.438
- ---------------------------------------------------------------
TOTAL RETURN(3) (20.70)%
- ---------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
34
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CALIFORNIA TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Ratios/Supplemental Data+++
- ---------------------------------------------------------------
Net assets, end of period
(000's omitted) $141,346
Ratios (As a percentage of
average net assets
attributable to common
shares):
Net expenses(5) 1.66%(4)
Net expenses after
custodian fee
reduction(5) 1.60%(4)
Net investment income(5) 6.83%(4)
Portfolio Turnover 146%
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been
as follows:
Ratios (As a percentage of
average net assets
attributable to common
shares):
Expenses(5) 1.85%(4)
Expenses after custodian
fee reduction(5) 1.79%(4)
Net investment income(5) 6.64%(4)
Net investment income per
share $ 0.752
- ---------------------------------------------------------------
++ The ratios reported above are based on net assets
attributable 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 1.06%(4)
Net expenses after
custodian fee reduction 1.02%(4)
Net investment income 4.37%(4)
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.18%(4)
Expenses after custodian
fee reduction 1.14%(4)
Net investment income 4.25%(4)
- ---------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 2,360
Asset coverage per
preferred share(6) $ 59,892
Involuntary liquidation
preference per preferred
share(7) $ 25,000
Approximate market value
per preferred share(7) $ 25,000
- ---------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999, to November
30, 1999.
(2) Computed using average common shares outstanding.
(3) Total return is calculated assuming a purchase at the current market price
on the first day and a sale at the current market price on the last day of
each period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(4) Annualized.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets attributable to common shares
reflect the Trust's leveraged capital structure.
(6) 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.
(7) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
35
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIOD
<TABLE>
<CAPTION>
FLORIDA TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $ 15.000
- ---------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------
Net investment income $ 0.779
Net realized and unrealized
loss (3.180)
- ---------------------------------------------------------------
TOTAL LOSS FROM OPERATIONS $ (2.401)
- ---------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------
Preferred Shareholders--
From net investment income $ (0.200)
Common Shareholders--
From net investment income $ (0.502)
- ---------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.702)
- ---------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $ (0.042)
- ---------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $ (0.085)
- ---------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $ 11.770
- ---------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $ 10.438
- ---------------------------------------------------------------
TOTAL RETURN(3) (27.62)%
- ---------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
36
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FLORIDA TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Ratios/Supplemental Data+++
- ---------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 85,233
Ratios (As a percentage of
average net assets
attributable to common
shares):
Net expenses(5) 1.74%(4)
Net expenses after
custodian fee
reduction(5) 1.68%(4)
Net investment income(5) 6.89%(4)
Portfolio Turnover 101%
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been
as follows:
Ratios (As a percentage of
average net assets
attributable to common
shares):
Expenses(5) 1.88%(4)
Expenses after custodian
fee reduction(5) 1.82%(4)
Net investment income(5) 6.75%(4)
Net investment income per
share $ 0.763
- ---------------------------------------------------------------
++ The ratios reported above are based on net assets
attributable 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 1.11%(4)
Net expenses after
custodian fee reduction 1.07%(4)
Net investment income 4.39%(4)
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.20%(4)
Expenses after custodian
fee reduction 1.16%(4)
Net investment income 4.30%(4)
- ---------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 1,420
Asset coverage per
preferred share(6) $ 60,023
Involuntary liquidation
preference per preferred
share(7) $ 25,000
Approximate market value
per preferred share(7) $ 25,000
- ---------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999, to November
30, 1999.
(2) Computed using average common shares outstanding.
(3) Total return is calculated assuming a purchase at the current market price
on the first day and a sale at the current market price on the last day of
each period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(4) Annualized.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets attributable to common shares
reflect the Trust's leveraged capital structure.
(6) 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.
(7) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
37
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIOD
<TABLE>
<CAPTION>
MASSACHUSETTS TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $15.000
- ---------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------
Net investment income $ 0.779
Net realized and unrealized
loss (3.479)
- ---------------------------------------------------------------
TOTAL LOSS FROM OPERATIONS $(2.700)
- ---------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------
Preferred Shareholders--
From net investment income $(0.192)
Common Shareholders--
From net investment income $(0.510)
- ---------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.702)
- ---------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $(0.043)
- ---------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $(0.085)
- ---------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $11.470
- ---------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $11.438
- ---------------------------------------------------------------
TOTAL RETURN(3) (20.68)%
- ---------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
38
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MASSACHUSETTS TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Ratios/Supplemental Data+++
- ---------------------------------------------------------------
Net assets, end of period
(000's omitted) $50,960
Ratios (As a percentage of
average net assets
attributable to common
shares):
Net expenses(5) 1.98%(4)
Net expenses after
custodian fee
reduction(5) 1.91%(4)
Net investment income(5) 6.93%(4)
Portfolio Turnover 111%
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been
as follows:
Ratios (As a percentage of
average net assets
attributable to common
shares):
Expenses(5) 2.01%(4)
Expenses after custodian
fee reduction(5) 1.94%(4)
Net investment income(5) 6.90%(4)
Net investment income per
share $ 0.776
- ---------------------------------------------------------------
++ The ratios reported above are based on net assets
attributable 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%(4)
Net expenses after
custodian fee reduction 1.21%(4)
Net investment income 4.41%(4)
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.28%(4)
Expenses after custodian
fee reduction 1.23%(4)
Net investment income 4.39%(4)
- ---------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 860
Asset coverage per
preferred share(6) $59,256
Involuntary liquidation
preference per preferred
share(7) $25,000
Approximate market value
per preferred share(7) $25,000
- ---------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999, to November
30, 1999.
(2) Computed using average common shares outstanding.
(3) Total return is calculated assuming a purchase at the current market price
on the first day and a sale at the current market price on the last day of
each period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(4) Annualized.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets attributable to common shares
reflect the Trust's leveraged capital structure.
(6) 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.
(7) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
39
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIOD
<TABLE>
<CAPTION>
MICHIGAN TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $ 15.000
- ---------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------
Net investment income $ 0.771
Net realized and unrealized
loss (3.111)
- ---------------------------------------------------------------
TOTAL LOSS FROM OPERATIONS $ (2.340)
- ---------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------
Preferred Shareholders--
From net investment income $ (0.191)
Common Shareholders--
From net investment income $ (0.500)
- ---------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.691)
- ---------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $ (0.044)
- ---------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $ (0.085)
- ---------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $ 11.840
- ---------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $ 10.875
- ---------------------------------------------------------------
TOTAL RETURN(3) (24.66)%
- ---------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
40
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MICHIGAN TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Ratios/Supplemental Data+++
- ---------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 42,198
Ratios (As a percentage of
average net assets
attributable to common
shares):
Net expenses(5) 1.78%(4)
Net expenses after
custodian fee
reduction(5) 1.71%(4)
Net investment income(5) 6.77%(4)
Portfolio Turnover 90%
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been
as follows:
Ratios (As a percentage of
average net assets
attributable to common
shares):
Expenses(5) 2.06%(4)
Expenses after custodian
fee reduction(5) 1.99%(4)
Net investment income(5) 6.49%(4)
Net investment income per
share $ 0.738
- ---------------------------------------------------------------
++ The ratios reported above are based on net assets
attributable 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 1.14%(4)
Net expenses after
custodian fee reduction 1.09%(4)
Net investment income 4.33%(4)
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.32%(4)
Expenses after custodian
fee reduction 1.27%(4)
Net investment income 4.15%(4)
- ---------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 700
Asset coverage per
preferred share(6) $ 60,283
Involuntary liquidation
preference per preferred
share(7) $ 25,000
Approximate market value
per preferred share(7) $ 25,000
- ---------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999, to November
30, 1999.
(2) Computed using average common shares outstanding.
(3) Total return is calculated assuming a purchase at the current market price
on the first day and a sale at the current market price on the last day of
each period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(4) Annualized.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets attributable to common shares
reflect the Trust's leveraged capital structure.
(6) 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.
(7) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
41
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIOD
<TABLE>
<CAPTION>
NEW JERSEY TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $15.000
- ---------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------
Net investment income $ 0.778
Net realized and unrealized
loss (3.235)
- ---------------------------------------------------------------
TOTAL LOSS FROM OPERATIONS $(2.457)
- ---------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------
Preferred Shareholders--
From net investment income $(0.195)
Common Shareholders--
From net investment income $(0.500)
- ---------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.695)
- ---------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $(0.042)
- ---------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $(0.086)
- ---------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $11.720
- ---------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $10.875
- ---------------------------------------------------------------
TOTAL RETURN(3) (24.64)%
- ---------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
42
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW JERSEY TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Ratios/Supplemental Data+++
- ---------------------------------------------------------------
Net assets, end of period
(000's omitted) $90,497
Ratios (As a percentage of
average net assets
attributable to common
shares):
Net expenses(5) 1.67%(4)
Net expenses after
custodian fee
reduction(5) 1.61%(4)
Net investment income(5) 6.83%(4)
Portfolio Turnover 114%
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been
as follows:
Ratios (As a percentage of
average net assets
attributable to common
shares):
Expenses(5) 1.85%(4)
Expenses after custodian
fee reduction(5) 1.79%(4)
Net investment income(5) 6.65%(4)
Net investment income per
share $ 0.757
- ---------------------------------------------------------------
++ The ratios reported above are based on net assets
attributable 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 1.07%(4)
Net expenses after
custodian fee reduction 1.03%(4)
Net investment income 4.35%(4)
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.18%(4)
Expenses after custodian
fee reduction 1.14%(4)
Net investment income 4.24%(4)
- ---------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 1,520
Asset coverage per
preferred share(6) $59,538
Involuntary liquidation
preference per preferred
share(7) $25,000
Approximate market value
per preferred share(7) $25,000
- ---------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999, to November
30, 1999.
(2) Computed using average common shares outstanding.
(3) Total return is calculated assuming a purchase at the current market price
on the first day and a sale at the current market price on the last day of
each period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(4) Annualized.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets attributable to common shares
reflect the Trust's leveraged capital structure.
(6) 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.
(7) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
43
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIOD
<TABLE>
<CAPTION>
NEW YORK TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $ 15.000
- ---------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------
Net investment income $ 0.781
Net realized and unrealized
loss (3.153)
- ---------------------------------------------------------------
TOTAL LOSS FROM OPERATIONS $ (2.372)
- ---------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------
Preferred Shareholders--
From net investment income $ (0.191)
Common Shareholders--
From net investment income $ (0.510)
- ---------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.701)
- ---------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $ (0.041)
- ---------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $ (0.086)
- ---------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $ 11.800
- ---------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $ 10.813
- ---------------------------------------------------------------
TOTAL RETURN(3) (25.00)%
- ---------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
44
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW YORK TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Ratios/Supplemental Data+++
- ---------------------------------------------------------------
Net assets, end of period
(000's omitted) $106,846
Ratios (As a percentage of
average net assets
attributable to common
shares):
Net expenses(5) 1.65%(4)
Net expenses after
custodian fee
reduction(5) 1.59%(4)
Net investment income(5) 6.86%(4)
Portfolio Turnover 139%
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been
as follows:
Ratios (As a percentage of
average net assets
attributable to common
shares):
Expenses(5) 1.86%(4)
Expenses after custodian
fee reduction(5) 1.80%(4)
Net investment income(5) 6.65%(4)
Net investment income per
share $ 0.757
- ---------------------------------------------------------------
++ The ratios reported above are based on net assets
attributable 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 1.05%(4)
Net expenses after
custodian fee reduction 1.01%(4)
Net investment income 4.38%(4)
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.18%(4)
Expenses after custodian
fee reduction 1.14%(4)
Net investment income 4.25%(4)
- ---------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 1,780
Asset coverage per
preferred share(6) $ 60,026
Involuntary liquidation
preference per preferred
share(7) $ 25,000
Approximate market value
per preferred share(7) $ 25,000
- ---------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999, to November
30, 1999.
(2) Computed using average common shares outstanding.
(3) Total return is calculated assuming a purchase at the current market price
on the first day and a sale at the current market price on the last day of
each period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(4) Annualized.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets attributable to common shares
reflect the Trust's leveraged capital structure.
(6) 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.
(7) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
45
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIOD
<TABLE>
<CAPTION>
OHIO TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $15.000
- ---------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------
Net investment income $ 0.772
Net realized and unrealized
loss (3.035)
- ---------------------------------------------------------------
TOTAL LOSS FROM OPERATIONS $(2.263)
- ---------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------
Preferred Shareholders--
From net investment income $(0.197)
Common Shareholders--
From net investment income $(0.502)
- ---------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.699)
- ---------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $(0.043)
- ---------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $(0.085)
- ---------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $11.910
- ---------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $11.250
- ---------------------------------------------------------------
TOTAL RETURN(3) (22.06)%
- ---------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
46
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
OHIO TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Ratios/Supplemental Data+++
- ---------------------------------------------------------------
Net assets, end of period
(000's omitted) $56,549
Ratios (As a percentage of
average net assets
attributable to common
shares):
Net expenses(5) 1.84%(4)
Net expenses after
custodian fee
reduction(5) 1.77%(4)
Net investment income(5) 6.74%(4)
Portfolio Turnover 136%
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been
as follows:
Ratios (As a percentage of
average net assets
attributable to common
shares):
Expenses(5) 1.96%(4)
Expenses after custodian
fee reduction(5) 1.89%(4)
Net investment income(5) 6.62%(4)
Net investment income per
share $ 0.758
- ---------------------------------------------------------------
++ The ratios reported above are based on net assets
attributable solely to common shares. The ratios based on
net assets, including amounts related to preferred shares,
are as follows:
Ratios (As a percentage of
average total net assets):
Net expenses 1.17%(4)
Net expenses after
custodian fee reduction 1.13%(4)
Net investment income 4.31%(4)
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.25%(4)
Expenses after custodian
fee reduction 1.21%(4)
Net investment income 4.23%(4)
- ---------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 940
Asset coverage per
preferred share(6) $60,158
Involuntary liquidation
preference per preferred
share(7) $25,000
Approximate market value
per preferred share(7) $25,000
- ---------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999, to November
30, 1999.
(2) Computed using average common shares outstanding.
(3) Total return is calculated assuming a purchase at the current market price
on the first day and a sale at the current market price on the last day of
each period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(4) Annualized.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets attributable to common shares
reflect the Trust's leveraged capital structure.
(6) 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.
(7) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
47
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIOD
<TABLE>
<CAPTION>
PENNSYLVANIA TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Net asset value -- Beginning
of period (Common shares) $15.000
- ---------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------
Net investment income $ 0.780
Net realized and unrealized
loss (3.108)
- ---------------------------------------------------------------
TOTAL LOSS FROM OPERATIONS $(2.328)
- ---------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------
Preferred Shareholders--
From net investment income $(0.201)
Common Shareholders--
From net investment income $(0.502)
- ---------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.703)
- ---------------------------------------------------------------
PREFERRED AND COMMON SHARES
OFFERING COSTS CHARGED TO
PAID-IN CAPITAL $(0.043)
- ---------------------------------------------------------------
PREFERRED SHARES UNDERWRITING
DISCOUNTS $(0.086)
- ---------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD (COMMON SHARES) $11.840
- ---------------------------------------------------------------
MARKET VALUE -- END OF PERIOD
(COMMON SHARES) $10.750
- ---------------------------------------------------------------
TOTAL RETURN(3) (25.50)%
- ---------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
48
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PENNSYLVANIA TRUST
-------------------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)(2)
<S> <C>
- ---------------------------------------------------------------
Ratios/Supplemental Data+++
- ---------------------------------------------------------------
Net assets, end of period
(000's omitted) $54,045
Ratios (As a percentage of
average net assets
attributable to common
shares):
Net expenses(5) 1.77%(4)
Net expenses after
custodian fee
reduction(5) 1.70%(4)
Net investment income(5) 6.85%(4)
Portfolio Turnover 79%
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios and net investment income per share would have been
as follows:
Ratios (As a percentage of
average net assets
attributable to common
shares):
Expenses(5) 1.98%(4)
Expenses after custodian
fee reduction(5) 1.91%(4)
Net investment income(5) 6.64%(4)
Net investment income per
share $ 0.756
- ---------------------------------------------------------------
++ The ratios reported above are based on net assets
attributable 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 1.13%(4)
Net expenses after
custodian fee reduction 1.08%(4)
Net investment income 4.37%(4)
+ The expenses of the Trust reflect a reduction of the
investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average total net assets):
Expenses 1.26%(4)
Expenses after custodian
fee reduction 1.21%(4)
Net investment income 4.24%(4)
- ---------------------------------------------------------------
Senior Securities:
Total preferred shares
outstanding 900
Asset coverage per
preferred share(6) $60,050
Involuntary liquidation
preference per preferred
share(7) $25,000
Approximate market value
per preferred share(7) $25,000
- ---------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999, to November
30, 1999.
(2) Computed using average common shares outstanding.
(3) Total return is calculated assuming a purchase at the current market price
on the first day and a sale at the current market price on the last day of
each period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(4) Annualized.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets attributable to common shares
reflect the Trust's leveraged capital structure.
(6) 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.
(7) Plus accumulated and unpaid dividends.
SEE NOTES TO FINANCIAL STATEMENTS
49
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
NOTES TO 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 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. The Trusts' investment objectives are to provide current
income exempt from regular federal income taxes, and taxes in each Trust's
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 generally accepted accounting principles.
A Investment Valuation -- Municipal bonds are normally valued on the basis of
valuations furnished by a pricing service. Taxable obligations, if any, for
which price quotations are readily available are normally valued at the mean
between the latest bid and asked prices. Futures contracts listed on the
commodity exchanges are valued at closing settlement prices. Short-term
obligations, maturing in sixty days or less, are valued at amortized cost,
which approximates value. Investments for which valuations or market
quotations are unavailable are valued at fair value using methods determined
in good faith by or at the direction of the Trustees.
B 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 on long-term debt securities
when required for federal income tax purposes. Dividend income is recorded on
the ex-dividend date.
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,
1999, 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 are as follows:
<TABLE>
<CAPTION>
FUND AMOUNT EXPIRES
<S> <C> <C>
------------------------------------------------------------------------
California Trust $6,426,778 November 30, 2007
Florida Trust $2,089,704 November 30, 2007
Massachusetts Trust $1,625,192 November 30, 2007
Michigan Trust $1,193,621 November 30, 2007
New Jersey Trust $4,432,931 November 30, 2007
New York Trust $6,127,495 November 30, 2007
Ohio Trust $2,126,380 November 30, 2007
Pennsylvania Trust $1,594,189 November 30, 2007
</TABLE>
In addition, each Trust intends to satisfy conditions which will enable it to
designate distributions from the interest income generated by its investments
in municipal obligations, which are exempt from regular federal income taxes
when received by each Trust, as exempt-interest dividends.
E Organization and Offering Costs -- Costs incurred by each Trust in connection
with its organization have been expensed. Costs incurred by the Trust in
connection with the offerings of the common shares and preferred shares were
recorded as a reduction of capital paid in excess of par applicable to common
shares.
50
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS CONT'D
F 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.
G 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.
H Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts
of income and expense during the reporting period. Actual results could
differ from those estimates.
I 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 daily average cash
balances each Trust maintains with IBT. All significant credit balances used
to reduce the Trusts' custodian fees are reported as a reduction of total
expenses in the Statement of Operations.
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.
As of November 30, 1999, Auction Preferred Shares issued and outstanding and
dividend rate ranges are as indicated below:
<TABLE>
<CAPTION>
PREFERRED SHARES DIVIDENDS RATE
TRUST ISSUED AND OUTSTANDING RANGES
<S> <C> <C>
----------------------------------------------------------------------------------------
California Trust 2,360 2.60% - 3.25%
Florida Trust 1,420 2.85% - 3.75%
Massachusetts Trust 860 2.75% - 3.50%
Michigan Trust 700 2.05% - 3.50%
New Jersey Trust 1,520 2.00% - 3.69%
New York Trust 1,780 2.30% - 3.50%
Ohio Trust 940 1.97% - 3.40%
Pennsylvania Trust 900 2.68% - 3.69%
</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
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 Preferred shares.
Distributions are recorded on the ex-dividend date. Distributions to
preferred shareholders are recorded daily and are payable at the end
51
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS CONT'D
of each dividend period. Each dividend payment period for the Auction
Preferred Shares is generally seven days. The applicable dividend rate for
the Auction Preferred Shares on November 30, 1999 was 2.80%, 3.65%, 3.00%,
3.25%, 3.69%, 3.15%, 3.00%, and 3.69%, respectively, for California Trust,
Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New
York Trust, Ohio Trust and Pennsylvania Trust, respectively. For the period
ended November 30, 1999, the amount of dividends each Trust paid to Auction
Preferred shareholders and average APS dividends rates for such period were
as follows:
<TABLE>
<CAPTION>
DIVIDENDS PAID TO AVERAGE APS
TRUST PREFERRED SHAREHOLDERS DIVIDEND RATES
<S> <C> <C>
--------------------------------------------------------------------------------
California Trust $1,293,008 2.97%
Florida Trust 833,015 3.23%
Massachusetts Trust 484,017 3.04%
Michigan Trust 392,700 3.07%
New Jersey Trust 861,719 3.09%
New York Trust 995,127 3.07%
Ohio Trust 542,305 3.09%
Pennsylvania Trust 526,689 3.17%
</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 period ended
November 30, 1999, the fee was equivalent to 0.70% of each Trust's average
weekly gross assets and amounted to $860,350, $512,102, $309,429, $254,149,
$534,480, $638,606, $338,276, and $324,605, respectively, for California
Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust,
New York Trust, Ohio Trust and Pennsylvania Trust, respectively. In order to
enhance the net income of each Trust, EVM waived a portion of its investment
advisory fee in the amount of $148,588, $66,392, $8,752, $65,351, $88,239,
$124,582, $38,738, and $62,926, 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 period ended
November 30, 1999, the administrative fee amounted to $248,801, $144,432,
$87,829, $72,118, $154,070, $183,527, $98,316, and $92,693, respectively, for
California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New
Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust,
respectively.
Trustees of the Trusts that are not affiliated with the Investment Adviser
may elect to defer receipt of all or a percentage of their annual fees in
accordance with the terms of the Trustees Deferred Compensation Plan. For the
period ended November 30, 1999, no significant amounts have been deferred.
Certain officers and one Trustee of each Trust are officers of EVM.
5 Investments
- -------------------------------------------
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations for the period ended November 30, 1999 were as
follows:
<TABLE>
<CAPTION>
CALIFORNIA TRUST
<S> <C>
------------------------------------------------------
Purchases $365,850,379
Sales 204,328,592
<CAPTION>
FLORIDA TRUST
<S> <C>
------------------------------------------------------
Purchases $177,634,315
Sales 80,211,536
<CAPTION>
MASSACHUSETTS TRUST
<S> <C>
------------------------------------------------------
Purchases $112,818,267
Sales 54,087,677
<CAPTION>
MICHIGAN TRUST
<S> <C>
------------------------------------------------------
Purchases $ 84,411,274
Sales 36,200,913
<CAPTION>
NEW JERSEY TRUST
<S> <C>
------------------------------------------------------
Purchases $203,375,338
Sales 98,880,068
<CAPTION>
NEW YORK TRUST
<S> <C>
------------------------------------------------------
Purchases $262,634,255
Sales 140,135,100
</TABLE>
52
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS CONT'D
<TABLE>
<CAPTION>
OHIO TRUST
<S> <C>
------------------------------------------------------
Purchases $137,953,071
Sales 74,540,599
<CAPTION>
PENNSYLVANIA TRUST
<S> <C>
------------------------------------------------------
Purchases $101,762,137
Sales 40,443,320
</TABLE>
6 Federal Income Tax Basis of Investments
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned by each Trust at November 30, 1999, as computed for Federal
income tax purposes, were as follows:
<TABLE>
<CAPTION>
CALIFORNIA TRUST
<S> <C>
------------------------------------------------------
AGGREGATE COST $155,301,130
------------------------------------------------------
Gross unrealized appreciation $ 60,284
Gross unrealized depreciation (17,004,263)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $(16,943,979)
------------------------------------------------------
<CAPTION>
FLORIDA TRUST
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 95,347,291
------------------------------------------------------
Gross unrealized appreciation $ 57,964
Gross unrealized depreciation (11,345,717)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $(11,287,753)
------------------------------------------------------
<CAPTION>
MASSACHUSETTS TRUST
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 57,149,416
------------------------------------------------------
Gross unrealized appreciation $ 7,730
Gross unrealized depreciation (7,231,133)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (7,223,403)
------------------------------------------------------
<CAPTION>
MICHIGAN TRUST
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 47,025,931
------------------------------------------------------
Gross unrealized appreciation $ 8,950
Gross unrealized depreciation (5,267,249)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (5,258,299)
------------------------------------------------------
<CAPTION>
NEW JERSEY TRUST
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 99,841,662
------------------------------------------------------
Gross unrealized appreciation $ 10,346
Gross unrealized depreciation (10,000,739)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (9,990,393)
------------------------------------------------------
<CAPTION>
NEW YORK TRUST
<S> <C>
------------------------------------------------------
AGGREGATE COST $116,216,001
------------------------------------------------------
Gross unrealized appreciation $ 94,405
Gross unrealized depreciation (10,530,689)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $(10,436,284)
------------------------------------------------------
<CAPTION>
OHIO TRUST
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 61,158,337
------------------------------------------------------
Gross unrealized appreciation $ --
Gross unrealized depreciation (6,266,465)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (6,266,465)
------------------------------------------------------
<CAPTION>
PENNSYLVANIA TRUST
<S> <C>
------------------------------------------------------
AGGREGATE COST $ 59,759,343
------------------------------------------------------
Gross unrealized appreciation $ 16,741
Gross unrealized depreciation (6,657,374)
------------------------------------------------------
NET UNREALIZED DEPRECIATION $ (6,640,633)
------------------------------------------------------
</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
--------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)
<S> <C>
--------------------------------------------------------------
Sales 7,015,000
Issued pursuant to the Trust's dividend
reinvestment plan 58,089
--------------------------------------------------------------
NET INCREASE 7,073,089
--------------------------------------------------------------
</TABLE>
53
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS CONT'D
<TABLE>
<CAPTION>
FLORIDA TRUST
--------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)
<S> <C>
--------------------------------------------------------------
Sales 4,197,500
Issued pursuant to the Trust's dividend
reinvestment plan 20,554
--------------------------------------------------------------
NET INCREASE 4,218,054
--------------------------------------------------------------
<CAPTION>
MASSACHUSETTS TRUST
--------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)
<S> <C>
--------------------------------------------------------------
Sales 2,530,000
Issued pursuant to the Trust's dividend
reinvestment plan 31,484
--------------------------------------------------------------
NET INCREASE 2,561,484
--------------------------------------------------------------
<CAPTION>
MICHIGAN TRUST
--------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)
<S> <C>
--------------------------------------------------------------
Sales 2,070,000
Issued pursuant to the Trust's dividend
reinvestment plan 8,530
--------------------------------------------------------------
NET INCREASE 2,078,530
--------------------------------------------------------------
<CAPTION>
NEW JERSEY TRUST
--------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)
<S> <C>
--------------------------------------------------------------
Sales 4,450,000
Issued pursuant to the Trust's dividend
reinvestment plan 21,641
--------------------------------------------------------------
NET INCREASE 4,471,641
--------------------------------------------------------------
<CAPTION>
NEW YORK TRUST
--------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)
<S> <C>
--------------------------------------------------------------
Sales 5,250,000
Issued pursuant to the Trust's dividend
reinvestment plan 25,293
--------------------------------------------------------------
NET INCREASE 5,275,293
--------------------------------------------------------------
<CAPTION>
OHIO TRUST
--------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)
<S> <C>
--------------------------------------------------------------
Sales 2,760,000
Issued pursuant to the Trust's dividend
reinvestment plan 7,587
--------------------------------------------------------------
NET INCREASE 2,767,587
--------------------------------------------------------------
<CAPTION>
PENNSYLVANIA TRUST
--------------------
PERIOD ENDED
NOVEMBER 30, 1999(1)
<S> <C>
--------------------------------------------------------------
Sales 2,645,000
Issued pursuant to the Trust's dividend
reinvestment plan 11,576
--------------------------------------------------------------
NET INCREASE 2,656,576
--------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, January 29, 1999 to
November 30, 1999.
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.
At November 30, 1999, there were no outstanding obligations under these
financial instruments.
54
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
INDEPENDENT AUDITORS' REPORT
TO THE TRUSTEES 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 statement 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 as of November 30, 1999 and the related statement of operations,
the statements of changes in net assets and the financial highlights for the
period from the start of business, January 29, 1999, to November 30, 1999. 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 generally accepted auditing
standards. 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, 1999 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, such 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 at November 30, 1999
and the results of their operations, the changes in their net assets and their
financial highlights for the period from the start of business, January 29,
1999, to November 30, 1999, in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 30, 1999
55
<PAGE>
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 each 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 the Trust's transfer agent, PFPC Global Fund
Services 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 inquiries regarding the Plan can be directed to the Plan Agent, PFPC Global
Fund Services, at 1-800-331-1710.
56
<PAGE>
APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN
THIS FORM IS FOR SHAREHOLDERS WHO HOLD THEIR COMMON SHARES IN THEIR OWN NAMES.
IF YOUR COMMON SHARES ARE HELD IN THE NAME OF A BROKERAGE FIRM, BANK, OR OTHER
NOMINEE, YOU SHOULD CONTACT YOUR NOMINEE TO SEE IF IT WILL PARTICIPATE IN THE
PLAN ON YOUR BEHALF. IF YOU WISH TO PARTICIPATE IN THE PLAN, BUT YOUR BROKERAGE
FIRM, BANK, OR NOMINEE IS UNABLE TO PARTICIPATE ON YOUR BEHALF, YOU SHOULD
REQUEST THAT YOUR COMMON SHARES BE RE-REGISTERED IN YOUR OWN NAME WHICH WILL
ENABLE YOUR PARTICIPATION IN THE PLAN.
The following authorization and appointment is given with the understanding that
I may terminate it at any time by terminating my participation in the Plan as
provided in the terms and conditions of the Plan.
<TABLE>
<S> <C> <C>
------------------------------------------------------------
Please print exact name on account:
------------------------------------------------------------
Shareholder signature Date
------------------------------------------------------------
Shareholder signature Date
Please sign exactly as your common shares are registered. All
persons whose names appear on the share certificate must
sign.
</TABLE>
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO 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 Global Fund Services
P.O. Box 8030
Boston, MA 02266-8030
800-331-1710
- --------------------------------------------------------------------------------
NUMBER OF EMPLOYEES
The Trust is organized as a Massachusetts business trust and is registered under
the Investment Company Act of 1940, as amended, as a closed-end,
non-diversified, management investment company and has no employees.
NUMBER OF SHAREHOLDERS
As of November 30, 1999, our records indicate that there are 81, 58, 63, 42, 63,
55, 51, and 66 registered shareholders for the California Trust, Florida Trust,
Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio
Trust and Pennsylvania Trust, respectively, and approximately 2,400, 1,800,
1,200, 900, 1,800, 2,200, 1,200, and 1,200 shareholders owning the Trust shares
in street name, such as through brokers, banks, and financial intermediaries for
the 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 our reports directly,
which contain important information about the 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>
<S> <C>
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>
57
<PAGE>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 1999
INVESTMENT MANAGEMENT
EATON VANCE MUNICIPAL INCOME TRUSTS
Officers
Thomas J. Fetter
President and Porfolio Manager
of New York and Ohio Municipal
Income Trusts
James B. Hawkes
Vice President and Trustee
Robert B. MacIntosh
Vice President and Portfolio
Manager of Massachusetts and
New Jersey Municipal Income
Trusts
Cynthia J. Clemson
Vice President and Portfolio
Manager of California and Florida
Municipal Income Trusts
and Portfolio Manager of
Pennsylvania Municipal Income Trust
William H. Ahern, Jr.
Portfolio Manager of
Michigan Municipal
Income Trust
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment Banking
Emeritus, Harvard University Graduate School
of Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
58
<PAGE>
Investment Adviser and Administrator
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 Global Fund Services
Attention: Eaton Vance Funds
P.O. Box 5123
Westborough, MA 01581-5123
(800) 262-1122
Independent Auditors
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
47-11/99
CE-MUNISRC-11/991
