N-30D 1 a2068300zn-30d.txt N-30D [Eaton Vance Logo] EDUCATION Annual Report November 30, 2001 [PHOTO OF EATON VANCE California HIGHWAY] MUNICIPAL Florida INCOME Massachusetts TRUSTS Michigan New Jersey New York Ohio Pennsylvania [PHOTO OF BRIDGE] EATON VANCE MUNICIPAL INCOME TRUSTS as of November 30, 2001 -------------------------------------------------------------------------------- L E T T E R T O S H A R E H O L D E R S -------------------------------------------------------------------------------- [PHOTO OF As a major financing mechanism for local and state public THOMAS J. FETTER] initiatives, the municipal bond market is among the most complex areas of the fixed-income investment universe. More than 50,000 state and local entities issue municipal Thomas J. Fetter securities, with 1.5 million separate bond issues President outstanding. Not surprisingly, given the complexity and diversity of this market, professional trading expertise provides a distinct advantage to mutual fund investors. As part of our continuing series, we thought it might be helpful to discuss some of the trading fundamentals within this dynamic market. THE MUNICIPAL BOND MARKET: A $1.5 TRILLION OVER-THE-COUNTER FINANCIAL MARKETPLACE... Unlike the stock market, which features exchanges that oversee trading in specific stocks, the $1.5 trillion municipal bond market is traded entirely over-the-counter. The primary market presents opportunities in new issues brought to market by underwriters. Typically, the underwriters will indicate a date on which the bonds will be priced in line with prevailing interest rates. This notice gives institutional investors time to study the issue as to its suitability for their needs, while giving the underwriters a fairly accurate indication of interest from the investment community. The secondary market features trading in already-outstanding issues. While many bonds are actively traded, others trade infrequently. This naturally places a premium on strong research capabilities, with a clear line of communication between the research and trading areas. Under SEC disclosure rules adopted in 1994, bond issuers must list financial information and data in the Official Statement of the primary offering and update that information annually, as well as provide ongoing notice of material events. These regulations were designed to improve the availability of information, increasing market transparency and benefiting all municipal investors. A strong research effort keeps the trading desk up-to-date for any changes in a bond issuer's fundamentals. BOND PRICES AND YIELDS ARE INFLUENCED BY MANY FUNDAMENTAL AND TECHNICAL FACTORS... Bond prices and yields are based on a variety of important criteria, incorporating interest rate levels. Key considerations used to evaluate bond prices include: - Coupon; - Maturity of the bond; - Call provisions; - Trading characteristics of similar, bellwether bonds; - Supply and demand for the bond; - Creditworthiness of the issuer; - Frequency of bond issuance by issuer; and - Trading volume of the issue; By examining these characteristics and comparing a prospective bond with bellwether issues, a trader can fairly ascertain at what level an issue is reasonably priced. EXPERIENCE, SUPPORT AND MARKET PRESENCE CAN PROVIDE AN ADVANTAGE... At Eaton Vance, we have been prominent participants in the municipal market and have developed a broad trading expertise, as well as a wealth of market contacts. For example, Eaton Vance has three traders dedicated solely to the municipal market and backed by a full support staff and a complete range of research capabilities necessary to meet any market challenge. The tax-exempt market has historically been a primary engine of public works and economic development. We remain confident that the future will present additional opportunities and believe that our trading and research commitments demonstrate our faith in this exciting market. Sincerely, /s/ Thomas J. Fetter Thomas J. Fetter President January 10, 2002 2 EATON VANCE MUNICIPAL INCOME TRUSTS as of November 30, 2001 -------------------------------------------------------------------------------- M A R K E T R E C A P -------------------------------------------------------------------------------- The U.S. economy weakened significantly in 2001, marking the end of the longest economic expansion in the nation's history. The pace of job layoffs quickened in the first half of the year, especially in the technology, telecom and manufacturing sectors. Then, the tragic events of September 11 exacerbated an already-difficult situation, and by November, the nation's unemployment rate rose to 5.7%, its highest level in six years. WITH JOB LOSSES MOUNTING, GROSS DOMESTIC PRODUCT CONTRACTED IN THE THIRD QUARTER OF 2001... In the wake of September 11, consumer sentiment took a decided turn for the worse, resulting in a much wider economic slump. The heretofore-resilient retailing, lodging, leisure and airline sectors felt the impact of consumers' lingering uncertainties and a widespread move to curtail travel plans. As job cuts mounted and the corporate earnings outlook deteriorated, the nation's Gross Domestic Product contracted 1.3% in the third quarter of 2001, the first such quarterly decline since 1991. Echoing the discouraging anecdotal evidence, in early December the National Bureau of Economic Research -- the agency responsible for dating economic cycles -- officially pronounced the U.S. economy to be in a recession. At this writing, it is anticipated that the Commerce Department will report that GDP declined again in the fourth quarter. TO BOOST THE ECONOMY, THE FEDERAL RESERVE LOWERED SHORT-TERM INTEREST RATES ON ELEVEN OCCASIONS IN 2001... In an effort to stimulate economic activity, the Federal Reserve continued the accommodative monetary policy it began in January. By year-end, the Fed had lowered its benchmark Federal Funds rate -- a key short-term interest rate barometer -- on eleven occasions by a total of 475 basis points (4.75%). Through much of the year, the bond market -- which typically moves in the opposite direction of interest rates -- benefited by the rate cuts, as well as by a flight to quality by worried investors. In the fourth quarter, however, the market gave up some of those gains, as investors anticipated an end to the Fed's interest rate cuts. The Lehman Brothers Municipal Bond Index -- a broad-based, -------------------------------------------------------------------------------- Municipal bond yields exceeded Treasury yields 5.31% 8.72% 30-YEAR AAA RATED TAXABLE EQUIVALENT YIELD GENERAL OBLIGATION (GO) BONDS* IN 39.1% TAX BRACKET 5.28% 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 REPRESENTATIVE VARIETY OF GENERAL OBLIGATIONS AND ARE NOT NECESSARILY REPRESENTATIVE OF THE TRUSTS' YIELDS. STATISTICS AS OF NOVEMBER 30, 2001. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SOURCE: BLOOMBERG, L.P. -------------------------------------------------------------------------------- unmanaged index of municipal bonds -- posted a total return of 8.75% for the year ended November 30, 2001.* Interestingly, Eaton Vance Municipal Income Trusts benefited additionally from lower rates, as the lower interest rates paid on their adjustable rate preferred debt allowed the Trusts to raise their dividends several times during the year. AMID CONTINUING UNCERTAINTY, MUNICIPAL BONDS OFFER QUALITY AND A REFUGE FROM VOLATILITY... In the wake of the tumult of 2001, there is, understandably, a good deal of uncertainty about the economic and geopolitical future, concerns that are likely to be reflected in the fixed-income markets in the coming year. However, it is noteworthy that, amid the frenzy of the past year, the municipal market has demonstrated considerably less volatility than the Treasury market or the corporate bond market. The extent and length of the current recession remain major questions for investors, as does the impact of the slowdown on state and municipal finances. A weaker economy could result in lower revenues for states and municipalities, and possibly increased funding needs, especially for areas such as New York City. Interestingly, some indicators have suggested that the worst of the recession may already be behind us. Whatever direction the economy takes in the coming year, we believe that municipal bonds will continue to pose a quality alternative for fixed-income investors, while making a major contribution to our recovery. *It is not possible to invest directly in an Index. 3 EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST as of November 30, 2001 -------------------------------------------------------------------------------- M A N A G E M E N T U P D A T E -------------------------------------------------------------------------------- MANAGEMENT DISCUSSION ----------------------------------------------------------- [PHOTO OF - California's economy slowed during the past year, with CYNTHIA J. CLEMSON] the electronics and construction sectors each featuring significant job losses. A sharp dropoff in technology shipments was attributed to worsening consumer Cynthia J. Clemson confidence and slower business demand. California's Portfolio Manager jobless rate was 6.0% in November 2001, up from 4.8% a year ago. - Insured* transportation bonds constituted the largest sector commitment of the Trust at November 30, 2001. The state has upgraded its port and airport facilities to adjust to shifting economic requirements. The Trust's holdings included, among others, issues for the Port of Oakland and San Francisco's Bay Area Rapid Transportation. - Insured* general obligations bonds were again a major investment focus. A large exposure to high-quality bonds boosted performance, as a decline in interest rates generated a strong market rally during much of the fiscal year. - Special tax revenue bonds were among the Trust's largest sector weightings. These issues provide California municipalities an alternative financing method for the infrastructure, utilities and transportation projects that are needed to support California's rapid population growth. - Call protection was an important consideration. Management continued to focus on non-callable bonds as well as issues with more attractive characteristics, thereby enhancing the Trust's appreciation potential.
TRUST STATISTICS(1) -------------------------------------------------------------------------------- - Number of Issues: 76 - Effective Maturity: 16.7 years - Average Rating: AA- - Average Call: 10.3 years - Average Dollar Price: $92.16
THE TRUST -------------------------------------------------------------------------------- PERFORMANCE FOR THE PAST YEAR - Based on share price (traded on the American Stock Exchange), the Trust had a total return of 29.65% for the year ended November 30, 2001. That return was the result of an increase in share price from $11.688 on November 30, 2000 to $14.32 on November 30, 2001, and the reinvestment of $0.733 in regular monthly dividends.(2) - Based on net asset value, the Trust had a total return of 15.43% for the year ended November 30, 2001. That return was the result of an increase in net asset value from $13.21 on November 30, 2000 to $14.41 on November 30, 2001, and the reinvestment of all distributions. - Based on the most recent dividend and a share price of $14.32 the Trust had a market yield of 5.87% at November 30, 2001.(3) The Trust's market yield is equivalent to a taxable yield of 10.72%.(4) RATING DISTRIBUTION(1) -------------------------------------------------------------------------------- By total investments [EDGAR REPRESENTATION OF PIE CHART] AAA 58.0% AA 6.8% A 9.7% BBB 7.5% Non-Rated 18.0%
-------------------------------------------------------------------------------- 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, 2001 Performance(5)
-------------------------------------------------------------------------------- Average Annual Total Returns (by market value, American Stock Exchange) -------------------------------------------------------------------------------- One Year 29.65% Life of Trust (1/29/99) 4.02 Average Annual Total Returns (at net asset value) -------------------------------------------------------------------------------- One Year 15.43% Life of Trust (1/29/99) 4.25
For federal income tax purposes, 100% of the total dividends paid by the Trust from net investment income during the year ended November 30, 2001 was designated as an exempt interest dividend. 5 Largest Categories(1) -------------------------------------------------------------------------------- [EDGAR REPRESENTATION OF BAR CHART] Insured - Transportation* 13.6% Special Tax Revenues 13.3% Insured - General Obligations* 12.8% Insured - Electric Utilities* 9.9% Insured - Water & Sewer* 9.4%
(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject to change. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (2) A portion of the Trust's income may be subject to federal and state income tax and/or federal alternative minimum tax. (3) The Trust's market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result. (4) Taxable-equivalent yield assumes maximum 45.22% combined federal and state income tax rate. A lower rate would result in a lower tax-equivalent figure. (5) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. * Private insurance does not remove the risk of loss of principal associated with insured investments, due to changes in market conditions. Past performance is no guarantee of future results. Investment return and market price will fluctuate so that shares, when sold, may be worth more or less than their original cost. 4 EATON VANCE FLORIDA MUNICIPAL INCOME TRUST as of November 30, 2001 -------------------------------------------------------------------------------- M A N A G E M E N T U P D A T E -------------------------------------------------------------------------------- MANAGEMENT DISCUSSION ------------------------------------------------------ [PHOTO OF - Florida's tourist-related businesses have slowed CYNTHIA J. CLEMSON] in recent months, weakening significantly following the September 11 attacks. Cruise ships and air travel have been especially weak. The Cynthia J. Clemson construction sector has seen strong job growth, as Portfolio Manager demand for housing has remained fairly robust. The state's jobless rate was 5.0% in November 2001, up from 3.6% a year ago. - Insured* special tax revenue bonds represented the Trust's largest sector weighting at November 30, 2001. These issues provided a financing alternative for a diverse range of facilities for Florida cities and towns faced with the infrastructure needs of growing communities. - The Trust found good opportunities in water and sewer bonds. Insured* and backed by water system bill payments, these issues financed projects to upgrade the water facilities for many Florida communities and represented high-quality investments. - Management also found some opportunities in Puerto Rico bonds. The Trust's Puerto Rico holdings included issues for infrastructure repair, electric utilities, highways and transportation. - Management continued its efforts to provide attractive long-term call protection. With the sharp decline of interest rates from last year's cyclical highs, call protection has therefore become an increasingly important strategic consideration.
TRUST STATISTICS(1) -------------------------------------------------------------------------------- - Number of Issues: 63 - Effective Maturity: 19.7 years - Average Rating: AA - Average Call: 7.8 years - Average Dollar Price: $98.17
THE TRUST -------------------------------------------------------------------------------- PERFORMANCE FOR THE PAST YEAR - Based on share price (traded on the American Stock Exchange), the Trust had a total return of 34.91% for the year ended November 30, 2001. That return was the result of an increase in share price from $10.50 on November 30, 2000 to $13.38 on November 30, 2001, and the reinvestment of $0.705 in regular monthly dividends.(2) - Based on net asset value, the Trust had a total return of 16.16% for the year ended November 30, 2001. That return was the result of an increase in net asset value from $13.07 on November 30, 2000 to $14.34 on November 30, 2001, and the reinvestment of all distributions. - Based on the most recent dividend and a share price of $13.38 the Trust had a market yield of 6.03% at November 30, 2001.(3) The Trust's market yield is equivalent to a taxable yield of 9.90%.(4) RATING DISTRIBUTION(1) -------------------------------------------------------------------------------- By total investments [EDGAR REPRESENTATION OF PIE CHART] AAA 61.7% AA 11.6% A 5.9% BBB 2.5% BB 0.6% Non-Rated 17.7%
-------------------------------------------------------------------------------- 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, 2001 Performance(5)
Average Annual Total Returns (by market value, American Stock Exchange) -------------------------------------------------------------------------------- One Year 34.91% Life of Trust (1/29/99) 1.62 Average Annual Total Returns (at net asset value) -------------------------------------------------------------------------------- One Year 16.16% Life of Trust (1/29/99) 4.13
For federal income tax purposes, 100% of the total dividends paid by the Trust from net investment income during the year ended November 30, 2001 was designated as an exempt interest dividend. 5 Largest Categories(1) -------------------------------------------------------------------------------- [EDGAR REPRESENTATION OF BAR CHART] Insured - Special Tax Revenues* 16.1% Insured - Water & Sewer* 11.5% Insured - Transportation* 9.1% Insured - Electric Utilities* 8.3% Insured - Special Tax Revenue 6.7%
(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject to change. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (2) A portion of the Trust's income may be subject to federal and state income tax and/or federal alternative minimum tax. (3) The Trust's market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result. (4) Taxable-equivalent yield assumes maximum 39.10% combined federal and state intangibles tax rate. A lower rate would result in a lower tax-equivalent figure. (5) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. * Private insurance does not remove the risk of loss of principal associated with insured investments, due to changes in market conditions. Past performance is no guarantee of future results. Investment return and market price will fluctuate so that shares, when sold, may be worth more or less than their original cost. 5 EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST as of November 30, 2001 -------------------------------------------------------------------------------- M A N A G E M E N T U P D A T E -------------------------------------------------------------------------------- MANAGEMENT DISCUSSION ------------------------------------------------------ [PHOTO OF - The Massachusetts economy felt the impact of slower ROBERT B. MACINTOSH] sales in technology, a sector characterized by uncertainty and increasing job losses. The financial services sector, for years a stalwart of the local Robert B. MacIntosh economy, also featured some layoffs, as weak Portfolio Manager financial markets sent some investors to the sidelines. The November 2001 jobless rate was 4.3%, up from 2.5% a year ago. - Education and insured* education bonds represented the largest weightings in the Trust at November 30, 2001. Management focused on issues of well-regarded colleges and secondary schools, including Brandeis University, Wellesley College, Massachusetts Institute of Technology and Belmont Hill School. - In a challenging health care climate, the Trust remained very selective with respect to the hospital sector, continuing to focus on well-positioned institutions in niche markets. The Trust added an attractive issue for UMass Medical Center in Worcester. - The Trust found new opportunities within the transportation sector. Investments included an insured* issue for the Massachusetts Port Authority. The issue helped finance construction of a new Delta Airlines terminal at Boston's Logan Airport. - Management used selected Puerto Rico bonds to adjust coupon distribution and improve call protection. Improving the Trust's call protection was an important consideration, given the year's dramatic decline in interest rates.
TRUST STATISTICS(1) -------------------------------------------------------------------------------- - Number of Issues: 55 - Effective Maturity: 21.3 years - Average Rating: AA- - Average Call: 8.0 years - Average Dollar Price: $95.15
THE TRUST -------------------------------------------------------------------------------- PERFORMANCE FOR THE PAST YEAR - Based on share price (traded on the American Stock Exchange), the Trust had a total return of 40.54% for the year ended November 30, 2001. That return was the result of an increase in share price from $10.813 on November 30, 2000 to $14.37 on November 30, 2001, and the reinvestment of $0.723 in regular monthly dividends.(2) - Based on net asset value, the Trust had a total return of 19.08% for the year ended November 30, 2001. That return was the result of an increase in net asset value from $12.53 on November 30, 2000 to $14.11 on November 30, 2001, and the reinvestment of all distributions. - Based on the most recent dividend and a share price of $14.37, the Trust had a market yield of 5.78% at November 30, 2001.(3) The Trust's market yield is equivalent to a taxable yield of 10.14.%.(4) RATING DISTRIBUTION(1) -------------------------------------------------------------------------------- By total investments [EDGAR REPRESENTATION OF PIE CHART] AAA 54.0% AA 5.7% A 14.8% BBB 16.8% BB 1.1% Non-Rated 7.6%
-------------------------------------------------------------------------------- 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, 2001 Performance(5)
Average Annual Total Returns (by market value, American Stock Exchange) -------------------------------------------------------------------------------- One Year 40.54% Life of Trust (1/29/99) 4.15 Average Annual Total Returns (at net asset value) -------------------------------------------------------------------------------- One Year 19.08% Life of Trust (1/29/99) 3.48
For federal income tax purposes, 100% of the total dividends paid by the Trust from net investment income during the year ended November 30, 2001 was designated as an exempt interest dividend. 5 Largest Categories(1) -------------------------------------------------------------------------------- [EDGAR REPRESENTATION OF BAR CHART] Education 21.3% Insured - Education* 13.8% Hospital 9.5% Insured - Transportation* 8.4% Insured - Hospital* 6.1%
(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject to change. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (2) A portion of the Trust's income may be subject to federal and state income tax and/or federal alternative minimum tax. (3) The Trust's market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result. (4) Taxable-equivalent yield assumes maximum 42.98% combined federal and state income tax rate. A lower rate would result in a lower tax-equivalent figure. (5) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. * Private insurance does not remove the risk of loss of principal associated with insured investments, due to changes in market conditions. Past performance is no guarantee of future results. Investment return and market price will fluctuate so that shares, when sold, may be worth more or less than their original cost. 6 EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST as of November 30, 2001 -------------------------------------------------------------------------------- M A N A G E M E N T U P D A T E -------------------------------------------------------------------------------- MANAGEMENT DISCUSSION ------------------------------------------------------ [PHOTO OF - The Michigan economy has suffered from slower WILLIAM H. AHERN] manufacturing activity, as the weak global economy has resulted in weaker export demand. While Detroit's auto sales remained brisk, incentives drove Big Three profits lower, threatening further William H. Ahern job cuts. The state's November jobless rate rose to Portfolio Manager 5.7% from 3.8% a year ago. - Hospital bonds were the largest sector weighting of the Trust at November 30, 2001. The Trust emphasized high quality institutions with dominant market share. Meanwhile, in a weak economic climate, management severely limited the Trust's exposure to industrial development bonds. - Insured* general obligations were among the Trust's largest sector weightings. A large exposure to high-quality bonds boosted performance as the market rallied in response to the sharp decline in interest rates. - Selected Puerto Rico bonds afforded the Trust the opportunity for further diversification, as well as the ability to adjust coupon structure. The Trust's Puerto Rico holdings included issues for infrastructure repair, industrial development, highways and transportation. - The Trust pursued a barbell approach, balancing insured* bonds for liquidity and performance with lower-rated bonds that provided attractive yields. Management continued to focus on bonds that have superior call protection. In a lower interest rate climate, call protection is likely to prove increasingly important to performance.
TRUST STATISTICS(1) -------------------------------------------------------------------------------- - Number of Issues: 54 - Effective Maturity: 20.5 years - Average Rating: AA - Average Call: 10.1 years - Average Dollar Price: $97.86
THE TRUST -------------------------------------------------------------------------------- PERFORMANCE FOR THE PAST YEAR - Based on share price (traded on the American Stock Exchange), the Trust had a total return of 31.69% for the year ended November 30, 2001. That return was the result of an increase in share price from $10.438 on November 30, 2000 to $13.00 on November 30, 2001, and the reinvestment of $0.690 in regular monthly dividends.(2) - Based on net asset value, the Trust had a total return of 17.31% for the year ended November 30, 2001. That return was the result of an increase in net asset value from $13.06 on November 30, 2000 to $14.49 on November 30, 2001, and the reinvestment of all distributions. - Based on the most recent dividend and a share price of $13.00 the Trust had a market yield of 6.00% at November 30, 2001.(3) The Trust's market yield is equivalent to a taxable yield of 10.49%.(4) RATING DISTRIBUTION(1) -------------------------------------------------------------------------------- By total investments [EDGAR REPRESENTATION OF PIE CHART] AAA 62.9% AA 5.9% A 14.7% BBB 5.7% BB 1.0% Non-Rated 9.8%
-------------------------------------------------------------------------------- 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, 2001 Performance(5)
Average Annual Total Returns (by market value, American Stock Exchange) -------------------------------------------------------------------------------- One Year 31.69% Life of Trust (1/29/99) 0.52 Average Annual Total Returns (at net asset value) -------------------------------------------------------------------------------- One Year 17.31% Life of Trust (1/29/99) 4.44
For federal income tax purposes, 100% of the total dividends paid by the Trust from net investment income during the year ended November 30, 2001 was designated as an exempt interest dividend. 5 Largest Categories(1) -------------------------------------------------------------------------------- [EDGAR REPRESENTATION OF BAR CHART] Hospital 23.9% Insured - General Obligations* 20.6% General Obligations 9.6% Insured - Special Tax Revenue* 8.0% Insured - Hospital* 7.3%
(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject to change. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (2) A portion of the Trust's income may be subject to federal and state income tax and/or federal alternative minimum tax. (3) The Trust's market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result. (4) Taxable-equivalent yield assumes maximum 42.80% combined federal and state income tax rate. Income may also be subject to single business tax and city income tax. A lower rate would result in a lower tax-equivalent figure. (5) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. * Private insurance does not remove the risk of loss of principal associated with insured investments, due to changes in market conditions. Past performance is no guarantee of future results. Investment return and market price will fluctuate so that shares, when sold, may be worth more or less than their original cost. 7 EATON VANCE NEW JERSEY MUNICIPAL INCOME TRUST as of November 30, 2001 -------------------------------------------------------------------------------- M A N A G E M E N T U P D A T E -------------------------------------------------------------------------------- MANAGEMENT DISCUSSION ------------------------------------------------------ [PHOTO OF - New Jersey has reflected the weaker regional ROBERT B. MACINTOSH] economy, especially in the aftermath of the September 11 attacks. However, while retail activity has tapered, the construction sector has remained Robert B. MacIntosh strong, especially in northern New Jersey. The Portfolio Manager state's jobless rate was 4.7% in November 2001, up from 3.8% a year ago. - In a difficult economic climate, insured* transportation bonds constituted the Trust's largest sector weighting at November 30, 2001. The Trust's investments included high-quality issuers, such as the Port Authority of New York and New Jersey and the Delaware River Port Authority. - Management took advantage of the opportunity to add attractive new bonds to the Trust as they came to market. The Trust's new issues included a Salem County issue used to finance pollution control facilities for the Public Service Enterprise Group utility. - As interest rates declined significantly during the fiscal year, management continued to adjust the Trust's average coupon and call protection. Selected Puerto Rico bonds gave the Trust additional flexibility to refresh the coupon structure, as well as to add bonds with more attractive call provisions. - The Trust remained very selective with respect to the hospital sector. Management used the strong market rally as an opportunity to sell hospital issues that had performed especially well or had been upgraded.
TRUST STATISTICS(1) -------------------------------------------------------------------------------- - Number of Issues: 56 - Effective Maturity: 15.2 years - Average Rating: AA- - Average Call: 8.0 years - Average Dollar Price: $100.36
THE TRUST -------------------------------------------------------------------------------- PERFORMANCE FOR THE PAST YEAR - Based on share price (traded on the American Stock Exchange), the Trust had a total return of 31.34% for the year ended November 30, 2001. That return was the result of a change in share price from $10.75 on November 30, 2000 to $13.34 on November 30, 2001, and the reinvestment of $0.712 in regular monthly dividends.(2) - Based on net asset value, the Trust had a total return of 15.85% for the year ended November 30, 2001. That return was the result of an increase in net asset value from $12.68 on November 30, 2000 to $13.88 on November 30, 2001, and the reinvestment of all distributions. - Based on the most recent dividend and a share price of $13.34 the Trust had a market yield of 6.21% at November 30, 2001.(3) The Trust's market yield is equivalent to a taxable yield of 10.98%.(4) RATING DISTRIBUTION(1) -------------------------------------------------------------------------------- By total investments [EDGAR REPRESENTATION OF PIE CHART] AAA 56.1% AA 9.2% A 6.9% BBB 11.3% BB 3.3% Non-Rated 13.2%
-------------------------------------------------------------------------------- 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, 2001 Performance(5)
Average Annual Total Returns (by market value, American Stock Exchange) -------------------------------------------------------------------------------- One Year 31.34% Life of Trust (1/29/99) 1.46 Average Annual Total Returns (at net asset value) -------------------------------------------------------------------------------- One Year 15.85% Life of Trust (1/29/99) 2.89
For federal income tax purposes, 100% of the total dividends paid by the Trust from net investment income during the year ended November 30, 2001 was designated as an exempt interest dividend. 5 Largest Categories(1) -------------------------------------------------------------------------------- [EDGAR REPRESENTATION OF BAR CHART] Insured - Transportation* 17.3% Hospital 11.0% Industrial Development Revenue 10.7% Transportation 10.6% Insured - Education* 8.3%
(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject to change. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (2) A portion of the Trust'sincome may be subject to federal and state income tax and/or federal alternative minimum tax. (3) The Trust's market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result. (4) Taxable-equivalent yield assumes maximum 43.45% combined federal and state income tax rate. A lower rate would result in a lower tax-equivalent figure. (5) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. * Private insurance does not remove the risk of loss of principal associated with insured investments, due to changes in market conditions. Past performance is no guarantee of future results. Investment return and market price will fluctuate so that shares, when sold, may be worth more or less than their original cost. 8 EATON VANCE NEW YORK MUNICIPAL INCOME TRUST as of November 30, 2001 -------------------------------------------------------------------------------- M A N A G E M E N T U P D A T E -------------------------------------------------------------------------------- MANAGEMENT DISCUSSION ------------------------------------------------------ [PHOTO OF - The New York economy was dealt a severe blow in THOMAS J. FETTER] September, with New York City expected to lose 68,000 jobs alone as a direct result of the terrorist attacks. New York has witnessed a decline Thomas J. Fetter in tourism and retail activity, while the financial Portfolio Manager services sector has suffered layoffs and weaker profits. The state's jobless rate was 5.4% in November 2001, up from 4.5% a year ago. - Following the events of September 11, management maintained a large exposure to essential services bonds, including insured* transportation bonds, the Trust's largest sector weighting. These issues receive revenues from fees and tolls, which tend to be more stable in a slow economic environment. - Insured* hospital bonds again represented a major commitment for the Trust. The Trust's hospital investments were well-diversified throughout the state and included some of the most prominent health care institutions, such as Lenox Hill Hospital and Sloan-Kettering Cancer Center. - Education and insured* education bonds were attractive in a slow economy, as they tend to be immune to economic cycles. Investments included issues for such institutions as Cornell University, Rockefeller University, Cooper Union and New York University. - Management continued its efforts to upgrade the Trust's call protection. The Trust sold bonds with approaching call dates in favor of high quality, non-callable bonds and bonds with more attractive call characteristics.
TRUST STATISTICS(1) -------------------------------------------------------------------------------- - Number of Issues: 57 - Effective Maturity: 14.7 years - Average Rating: AA- - Average Call: 9.0 years - Average Dollar Price: $102.11
THE TRUST -------------------------------------------------------------------------------- PERFORMANCE FOR THE PAST YEAR - Based on share price (traded on the American Stock Exchange), the Trust had a total return of 38.30% for the year ended November 30, 2001. That return was the result of an increase in share price from $10.75 on November 30, 2000 to $14.05 on November 30, 2001, and the reinvestment of $0.727 in regular monthly dividends.(2) - Based on net asset value, the Trust had a total return of 16.06% for the year ended November 30, 2001. That return was the result of an increase in net asset value from $13.02 on November 30, 2000 to $14.28 on November 30, 2001, and the reinvestment of distributions. - Based on the most recent dividend and a share price of $14.05 the Trust had a market yield of 6.00% at November 30, 2001.(3) The Trust's market yield is equivalent to a taxable yield of 10.66%.(4) RATING DISTRIBUTION(1) -------------------------------------------------------------------------------- By total investments [EDGAR REPRESENTATION OF PIE CHART] AAA 44.8% AA 18.3% A 18.7% BBB 4.9% B 0.5% Non-Rated 12.0%
-------------------------------------------------------------------------------- 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, 2001 Performance(5)
Average Annual Total Returns (by market value, American Stock Exchange) -------------------------------------------------------------------------------- One Year 38.30% Life of Trust (1/29/99) 3.36 Average Annual Total Returns (at net asset value) -------------------------------------------------------------------------------- One Year 16.06% Life of Trust (1/29/99) 3.96
For federal income tax purposes, 100% of the total dividends paid by the Trust from net investment income during the year ended November 30, 2001 was designated as an exempt interest dividend. 5 Largest Categories(1) -------------------------------------------------------------------------------- [EDGAR REPRESENTATION OF BAR CHART] Insured - Transportation* 17.4% Education 10.3% Insured - Hospital* 9.9% Hospital 9.1% Electric Utility 7.3%
(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject to change. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (2) A portion of the Trust's income may be subject to federal and state income tax and/or federal alternative minimum tax. (3) The Trust's market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result. (4) Taxable-equivalent yield assumes maximum 43.74% combined federal and state income tax rate. New York City residents may be subject to New York City personal income tax. A lower rate would result in a lower tax-equivalent figure. (5) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. * Private insurance does not remove the risk of loss of principal associated with insured investments due, to changes in market conditions. Past performance is no guarantee of future results. Investment return and market price will fluctuate so that shares, when sold, may be worth more or less than their original cost. 9 EATON VANCE OHIO MUNICIPAL INCOME TRUST as of November 30, 2001 -------------------------------------------------------------------------------- M A N A G E M E N T U P D A T E -------------------------------------------------------------------------------- MANAGEMENT DISCUSSION ------------------------------------------------------ [PHOTO OF - Ohio's manufacturing sector weakened significantly THOMAS J. FETTER] in 2001. As demand for steel and fabricated metal products softened, steel plant utilization fell well below optimal capacity. Demand for temporary Thomas J. Fetter business help, however, increased somewhat. Ohio's Portfolio Manager jobless rate was 4.7% in November 2001, up from 4.0% a year ago. - Industrial development revenue bonds remained the Trust's largest sector weighting at November 30, 2001. In a weaker economy, management closely monitored companies for signs of deteriorating fundamentals. The Trust's investments included non-manufacturing investments, such as Anheuser-Busch, the nation's leading brewer. - Insured* general obligations and general obligations were among the Trust's largest sector weightings. A large exposure to these high-quality bonds contributed to performance, as lower interest rates during the year generated a strong bond rally. - Hospital bonds represented a significant investment for the Trust during the fiscal year. In the competitive Ohio hospital market, the Trust focused on those institutions with sound financial structures, good management and a favorable demographic base. - Management continued its efforts to upgrade the Trust's call protection. The Trust sold bonds with approaching call dates in favor of bonds - including non-callable bonds - with more attractive call characteristics.
TRUST STATISTICS(1) -------------------------------------------------------------------------------- - Number of Issues: 47 - Effective Maturity: 17.0 years - Average Rating: AA- - Average Call: 9.6 years - Average Dollar Price: $98.55
THE TRUST -------------------------------------------------------------------------------- PERFORMANCE FOR THE PAST YEAR - Based on share price (traded on the American Stock Exchange), the Trust had a total return of 26.39% for the year ended November 30, 2001. That return was the result of an increase in share price from $11.375 on November 30, 2000 to $13.62 on November 30, 2001, and the reinvestment of $0.710 in regular monthly dividends.(2) - Based on net asset value, the Trust had a total return of 15.87% for the year ended November 30, 2001. That return was the result of an increase in net asset value from $12.82 on November 30, 2000 to $14.07 on November 30, 2001, and the reinvestment of all distributions. - Based on the most recent dividend and a share price of $13.62 the Trust had a market yield of 5.78% at November 30, 2001.(3) The Trust's market yield is equivalent to a taxable yield of 10.35%.(4) RATING DISTRIBUTION(1) -------------------------------------------------------------------------------- By total investments [EDGAR REPRESENTATION OF PIE CHART] AAA 46.6% AA 12.4% A 19.5% BBB 8.6% Non-Rated 12.9%
-------------------------------------------------------------------------------- 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, 2001 Performance(5)
Average Annual Total Returns (by market value, American Stock Exchange) -------------------------------------------------------------------------------- One Year 26.39% Life of Trust (1/29/99) 2.05 Average Annual Total Returns (at net asset value) -------------------------------------------------------------------------------- One Year 15.87% Life of Trust (1/29/99) 3.24
For federal income tax purposes, 100% of the total dividends paid by the Trust from net investment income during the year ended November 30, 2001 was designated as an exempt interest dividend. 5 Largest Categories(1) -------------------------------------------------------------------------------- [EDGAR REPRESENTATION OF BAR CHART] Industrial Development Revenue 16.0% Insured - Special Tax Revenues* 12.6% Insured - General Obligations* 10.4% Hospital 10.3% Insured - Education* 7.3%
(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject to change. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (2) A portion of the Trust's income may be subject to federal and state income tax and/or federal alternative minimum tax. (3) The Trust's market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result. (4) Taxable-equivalent yield assumes maximum 44.13% combined federal and state income tax rate. A lower rate would result in a lower tax-equivalent figure. (5) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. * Private insurance does not remove the risk of loss of principal associated with insured investments, due to changes in market conditions. Past performance is no guarantee of future results. Investment return and market price will fluctuate so that shares, when sold, may be worth more or less than their original cost. 10 EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST as of November 30, 2001 -------------------------------------------------------------------------------- M A N A G E M E N T U P D A T E -------------------------------------------------------------------------------- MANAGEMENT DISCUSSION ------------------------------------------------------ [PHOTO OF - Pennsylvania job growth slowed significantly in CYNTHIA J. CLEMSON] the past six months, with the manufacturing sector especially hard hit. Interestingly, the building trades remained relatively strong, especially Cynthia J. Clemson compared to previous recessions. Pennsylvania's Portfolio Manager jobless rate was 5.0% in November 2001, up from the 4.3% pace of a year ago. - The Trust had its largest concentration in insured* hospital bonds at November 30, 2001, although management remained extremely selective, especially in the highly competitive Philadelphia market. Management found good value in sound institutions located in growing suburban and rural communities. - Insured* education bonds played a significant role in the Trust. Education issues have non-cyclical characteristics, a distinct advantage in a weak economy. The Trust's investments included, among others, issues for Brwn Mawr College, Temple University and the University of Pittsburgh. - With the economy growing weaker through the fiscal year, management maintained a signifcant focus on essential services bonds, including insured* transportation bonds. These bonds are backed, in part, by tolls and fee revenues, which tend to be more stable than other revenue sources in a slow economy. - Management continued to provide attractive long-term call protection. With the decline of interest rates in the past year, many bonds are now approaching their call dates. Maintaining call protection helps avoid untimely calls, while enhancing appreciation potential.
TRUST STATISTICS(1) -------------------------------------------------------------------------------- - Number of Issues: 58 - Effective Maturity: 19.5 years - Average Rating: AA - Average Call: 7.4 years - Average Dollar Price: $97.17
THE TRUST -------------------------------------------------------------------------------- PERFORMANCE FOR THE PAST YEAR - Based on share price (traded on the American Stock Exchange), the Trust had a total return of 26.88% for the year ended November 30, 2001. That return was the result of an increase in share price from $10.625 on November 30, 2000 to $12.75 on November 30, 2001, and the reinvestment of $0.678 in regular monthly dividends.(2) - Based on net asset value, the Trust had a total return of 15.51% for the year ended November 30, 2001. That return was the result of an increase in net asset value from $12.96 on November 30, 2000 to $14.16 on November 30, 2001, and the reinvestment of all distributions. - Based on the most recent dividend and a share price of $12.75 the Trust had a market yield of 5.67% at November 30, 2001.(3) The Trust's market yield is equivalent to a taxable yield of 9.66%.(4) RATING DISTRIBUTION(1) -------------------------------------------------------------------------------- By total investments [EDGAR REPRESENTATION OF PIE CHART] AAA 69.0% AA 2.0% A 7.1% BBB 10.8% BB 2.2% 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, 2001 Performance(5)
Average Annual Total Returns (by market value, American Stock Exchange) -------------------------------------------------------------------------------- One Year 26.88% Life of Trust (1/29/99) -0.17 Average Annual Total Returns (at net asset value) -------------------------------------------------------------------------------- One Year 15.51% Life of Trust (1/29/99) 3.59
For federal income tax purposes, 100% of the total dividends paid by the Trust from net investment income during the year ended November 30, 2001 was designated as an exempt interest dividend. 5 Largest Categories(1) -------------------------------------------------------------------------------- [EDGAR REPRESENTATION OF BAR CHART] Insured - Hospital* 21.7% Insured - Education* 15.9% Insured - Transportation* 12.0% Education 6.4% Insured - General Obligations* 6.3%
(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject to change. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (2) A portion of the Trust's income may be subject to federal and state income tax and/or federal alternative minimum tax. (3) The Trust's market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result. (4) Taxable-equivalent yield assumes maximum 41.29% combined federal and state income tax rate. A lower rate would result in a lower tax-equivalent figure. (5) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. * Private insurance does not remove the risk of loss of principal associated with insured investments, due to changes in market conditions. Past performance is no guarantee of future results. Investment return and market price will fluctuate so that shares, when sold, may be worth more or less than their original cost. 11 CALIFORNIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS TAX-EXEMPT INVESTMENTS -- 97.6%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Certificates of Participation -- 1.0% ------------------------------------------------------------------------- $ 1,500 Santa Margarita Water District, 6.20%, 9/1/20 $ 1,559,115 ------------------------------------------------------------------------- $ 1,559,115 ------------------------------------------------------------------------- Education -- 6.7% ------------------------------------------------------------------------- $ 1,000 California Educational Facilities Authority, (Dominican University), 5.75%, 12/1/30 $ 1,027,920 1,250 California Educational Facilities Authority, (Pepperdine University), 5.00%, 11/1/29 1,234,200 1,850 California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23 1,880,654 4,000 California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31 4,042,440 2,500 California Educational Facilities Authority, (University of Southern California), 5.50%, 10/1/27 2,631,925 ------------------------------------------------------------------------- $ 10,817,139 ------------------------------------------------------------------------- Hospital -- 6.6% ------------------------------------------------------------------------- $ 2,000 California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 6.25%, 12/1/34 $ 2,160,900 1,750 California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29 1,644,300 1,000 Stockton Health Facilities Authority, (Dameron Hospital), 5.70%, 12/1/14 1,018,370 2,000 Tahoe Forest Hospital District, 5.85%, 7/1/22 1,890,260 2,000 Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31 1,984,120 2,000 Washington Township, Health Care District, 5.25%, 7/1/29 1,981,200 ------------------------------------------------------------------------- $ 10,679,150 ------------------------------------------------------------------------- Housing -- 6.1% ------------------------------------------------------------------------- $ 1,750 California Statewide Communities Development Authority, (Chesapeake Bay Apartments), 6.00%, 6/1/32 $ 1,602,195 1,000 California Statewide Communities Development Authority, (Corporate Fund for Housing), 6.50%, 12/1/29 993,620 500 California Statewide Communities Development Authority, (Corporate Fund for Housing), 7.25%, 12/1/34 506,040 PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Housing (continued) ------------------------------------------------------------------------- $ 1,750 California Statewide Communities Development Authority, (Nantucket Bay Apartments), 6.00%, 6/1/32 $ 1,602,195 1,700 California Statewide Communities Development Authority, (Oaks at Sunset Apartments), 6.00%, 6/1/36 1,551,216 800 Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29 784,840 450 Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29 437,998 2,765 Monterey County Housing Authority, Multifamily, (Parkside Manor Apartments), 5.00%, 1/1/29 2,423,633 ------------------------------------------------------------------------- $ 9,901,737 ------------------------------------------------------------------------- Industrial Development Revenue -- 0.8% ------------------------------------------------------------------------- $ 1,250 California Pollution Control Financing Authority, (Mobil Oil Corp.), (AMT), 5.50%, 12/1/29 $ 1,301,900 ------------------------------------------------------------------------- $ 1,301,900 ------------------------------------------------------------------------- Insured-Education -- 2.3% ------------------------------------------------------------------------- $ 3,770 California Educational Facilities Authority, (Pooled College and University), (MBIA), 5.10%, 4/1/23 $ 3,800,688 ------------------------------------------------------------------------- $ 3,800,688 ------------------------------------------------------------------------- Insured-Electric Utilities -- 9.9% ------------------------------------------------------------------------- $ 2,500 California Pollution Control Financing Authority, (Pacific Gas and Electric), (MBIA), (AMT), 5.35%, 12/1/16 $ 2,587,975 3,250 California Pollution Control Financing Authority, (Southern California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31 3,299,822 2,975 Guam Power Authority, (MBIA), 5.125%, 10/1/29 2,993,921 6,250 Puerto Rico Electric Power Authority, (FSA), Variable Rate, 7/1/29(1)(2) 6,489,937 665 Puerto Rico Electric Power Authority, (MBIA), Variable Rate, 7/1/29(2)(3) 703,291 ------------------------------------------------------------------------- $ 16,074,946 ------------------------------------------------------------------------- Insured-General Obligations -- 12.8% ------------------------------------------------------------------------- $ 3,650 Burbank Unified School District, (FGIC), 0.00%, 8/1/18 $ 1,534,861 2,500 California RITES, (AMBAC), Variable Rate, 5/1/26(1)(2) 2,807,475 6,425 Foothill-De Anza Community College District, (MBIA), 0.00%, 8/1/20 2,391,192
SEE NOTES TO FINANCIAL STATEMENTS 12 CALIFORNIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Insured-General Obligations (continued) ------------------------------------------------------------------------- $ 3,000 Foothill-De Anza Community College District, (MBIA), 0.00%, 8/1/21 $ 1,052,850 3,750 Los Angeles Unified School District, (FGIC), 5.375%, 7/1/25 3,888,075 5,000 Murrieta Valley Unified School District, (FGIC), 0.00%, 9/1/20 1,849,250 4,545 Orchard School District, (FGIC), 0.00%, 8/1/22 1,503,259 9,635 San Ramon Valley Unified School District, (FGIC), 0.00%, 7/1/18 4,069,150 4,500 Ukiah Unified School District, (FGIC), 0.00%, 8/1/20 1,671,705 ------------------------------------------------------------------------- $ 20,767,817 ------------------------------------------------------------------------- Insured-Hospital -- 3.0% ------------------------------------------------------------------------- $ 3,200 California Statewide Communities Development Authority, (Children's Hospital Los Angeles), (MBIA), 5.25%, 8/15/29 $ 3,266,848 1,245 California Statewide Communities Development Authority, (Sutter Health) Residual Certificates, (FSA), Variable Rate, 8/15/27(2)(3) 1,509,376 ------------------------------------------------------------------------- $ 4,776,224 ------------------------------------------------------------------------- Insured-Lease Revenue / Certificates of Participation -- 4.2% ------------------------------------------------------------------------- $11,500 Anaheim Public Financing Authority, (Public Improvements), (FSA), 0.00%, 9/1/28 $ 2,696,980 9,000 Anaheim Public Financing Authority, (Public Improvements), (FSA) , 0.00%, 9/1/17 4,018,230 ------------------------------------------------------------------------- $ 6,715,210 ------------------------------------------------------------------------- Insured-Special Tax Revenue -- 2.1% ------------------------------------------------------------------------- $ 250 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(1)(2) $ 249,308 525 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(3) 522,821 2,500 Puerto Rico Infrastructure Financing Authority, (FSA), Variable Rate, 7/1/27(2)(3) 2,657,125 ------------------------------------------------------------------------- $ 3,429,254 ------------------------------------------------------------------------- Insured-Transportation -- 13.6% ------------------------------------------------------------------------- $ 5,130 Foothills/Eastern Transportation Corridor Agency, (FSA), 0.00%, 1/1/26 $ 1,439,940 2,500 Los Angeles County Metropolitan Transportation Authority, (FGIC), 5.25%, 7/1/30 2,557,550 2,300 Port Oakland, CA, (MBIA), (AMT), 5.375%, 11/1/25 2,341,423 PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Insured-Transportation (continued) ------------------------------------------------------------------------- $ 2,515 Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7/1/28(2)(3) $ 2,504,663 2,000 Puerto Rico Highway and Transportation Authority, (FSA), 4.75%, 7/1/38 1,892,300 5,000 San Francisco City and County Airports, (International Airport), (FGIC), (AMT), 5.25%, 5/1/30 5,041,700 6,000 San Francisco, (Bay Area Rapid Transportation District), (FGIC), 5.50%, 7/1/34 6,289,860 ------------------------------------------------------------------------- $ 22,067,436 ------------------------------------------------------------------------- Insured-Water and Sewer -- 9.4% ------------------------------------------------------------------------- $ 5,000 Contra Costa County, Water District, (MBIA), 5.00%, 10/1/24 $ 5,009,250 6,250 East Bay Municipal Utilities District Water System, (MBIA), 5.00%, 6/1/38 6,224,000 4,000 Metropolitan Water District, (Southern California Waterworks), (MBIA), Variable Rate, 7/1/27(2)(3) 3,956,560 ------------------------------------------------------------------------- $ 15,189,810 ------------------------------------------------------------------------- Lease Revenue / Certificates of Participation -- 5.1% ------------------------------------------------------------------------- $ 1,500 Duarte, Certificates of Participation, 5.25%, 4/1/24 $ 1,412,505 4,000 Sacramento City, Financing Authority, 5.40%, 11/1/20 4,211,720 2,500 San Diego County, Certificates of Participation, 5.375%, 10/1/41 2,547,250 ------------------------------------------------------------------------- $ 8,171,475 ------------------------------------------------------------------------- Special Tax Revenue -- 13.3% ------------------------------------------------------------------------- $ 1,500 Bonita Canyon Public Facilities Financing Authority, 5.375%, 9/1/28 $ 1,443,300 885 Brentwood Infrastructure Financing Authority, 5.625%, 9/2/29 848,963 1,000 Brentwood Infrastructure Financing Authority, 6.00%, 9/1/29 1,029,430 1,750 Capistrano Unified School District, 5.75%, 9/1/29 1,734,250 1,750 Corona, Public Financing Authority, 5.80%, 9/1/20 1,748,425 1,000 Corona-Norco Unified School District Public Financing Authority, 6.125%, 9/1/31 996,350 1,590 Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 1,613,166 750 Irvine, Improvement Bond Act of 1915, 5.50%, 9/2/22 734,040 1,000 Irvine, Improvement Bond Act of 1915, 6.00%, 9/2/23 1,022,580
SEE NOTES TO FINANCIAL STATEMENTS 13 CALIFORNIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Special Tax Revenue (continued) ------------------------------------------------------------------------- $ 1,485 Lincoln Public Financing Authority, Improvement Bond Act of 1915 (Twelve Bridges), 6.20%, 9/2/25 $ 1,511,240 600 Manteca Unified School District, 5.80%, 9/1/24 594,180 2,465 Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 2,549,969 995 Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 1,024,810 700 Rancho Cucamonga Public Financing Authority, 6.00%, 9/2/20 716,793 1,245 Roseville Special Tax, 6.30%, 9/1/25 1,285,214 1,325 San Pablo Redevelopment Agency, 5.65%, 12/1/23 1,328,909 250 Santaluz Community Facilities District No. 2, 6.10%, 9/1/21 254,808 500 Santaluz Community Facilities District No. 2, 6.20%, 9/1/30 509,685 500 Turlock Public Financing Authority, 5.45%, 9/1/24 485,180 ------------------------------------------------------------------------- $ 21,431,292 ------------------------------------------------------------------------- Transportation -- 0.7% ------------------------------------------------------------------------- $ 1,170 Port Redwood City, (AMT), 5.125%, 6/1/30 $ 1,059,014 ------------------------------------------------------------------------- $ 1,059,014 ------------------------------------------------------------------------- Total Tax-Exempt Investments -- 97.6% (identified cost $153,325,207) $157,742,207 ------------------------------------------------------------------------- Other Assets, Less Liabilities -- 2.4% $ 3,934,193 ------------------------------------------------------------------------- Net Assets -- 100.0% $161,676,400 -------------------------------------------------------------------------
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, 2001, 58.8% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by financial institutions ranged from 3.9% to 23.9% of total investments. (1) Security has been issued as an inverse floater bond. (2) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. (3) Security has been issued as a leveraged inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 14 FLORIDA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS TAX-EXEMPT INVESTMENTS -- 98.6%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Education -- 1.1% ------------------------------------------------------------------------ $1,000 Volusia County Educational Facilities Authority, (Embry Riddle Aeronautical), 5.75%, 10/15/29 $ 1,011,350 ------------------------------------------------------------------------ $ 1,011,350 ------------------------------------------------------------------------ Electric Utilities -- 2.0% ------------------------------------------------------------------------ $2,000 Jacksonville Electric Authority, Variable Rate, 10/1/32(1)(2) $ 1,938,600 ------------------------------------------------------------------------ $ 1,938,600 ------------------------------------------------------------------------ Escrowed / Prerefunded -- 2.8% ------------------------------------------------------------------------ $2,500 Escambia County, FL, Health Facilities Authority, (Charity Obligation Group), Prerefunded to 11/1/10, 5.00%, 11/1/28 $ 2,644,625 ------------------------------------------------------------------------ $ 2,644,625 ------------------------------------------------------------------------ General Obligations -- 4.2% ------------------------------------------------------------------------ $3,000 Florida Board of Education, 4.75%, 6/1/28 $ 2,799,210 1,250 Florida General Obligation, Variable Rate, 7/1/27(1)(2) 1,203,875 ------------------------------------------------------------------------ $ 4,003,085 ------------------------------------------------------------------------ Hospital -- 4.9% ------------------------------------------------------------------------ $2,250 Highlands County Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/28 $ 2,052,630 1,250 Jacksonville, EDA, (Mayo Clinic), 5.50%, 11/15/36 1,242,462 1,400 West Orange Health Care District, 5.80%, 2/1/31 1,414,546 ------------------------------------------------------------------------ $ 4,709,638 ------------------------------------------------------------------------ Housing -- 3.6% ------------------------------------------------------------------------ $1,750 Escambia County Housing Finance Authority, SFM, (Multi-County Program), (AMT), 5.50%, 10/1/31 $ 1,753,500 500 Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), 7.75%, 8/15/20 503,925 165 Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), 9.50%, 8/15/05 165,183 1,000 Muni Mae Tax-Exempt Bond, LLC, (AMT), 6.875%, 6/30/09 1,024,090 ------------------------------------------------------------------------ $ 3,446,698 ------------------------------------------------------------------------ PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Industrial Development Revenue -- 1.5% ------------------------------------------------------------------------ $ 965 Broward County IDR, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19 $ 875,950 650 Puerto Rico Port Authority, (American Airlines), (AMT), 6.25%, 6/1/26 536,386 ------------------------------------------------------------------------ $ 1,412,336 ------------------------------------------------------------------------ Insured-Electric Utilities -- 8.3% ------------------------------------------------------------------------ $1,600 Burke County Development Authority (Georgia Power Co.), (MBIA), 5.45%, 5/1/34 $ 1,608,832 1,100 Guam Power Authority, (MBIA), 5.125%, 10/1/29 1,106,996 1,250 Puerto Rico Electric Power Authority, (FSA), Variable Rate, 7/1/29(1)(2) 1,297,988 4,000 Sunrise Utilities Systems, (AMBAC), 5.00%, 10/1/28 3,940,440 ------------------------------------------------------------------------ $ 7,954,256 ------------------------------------------------------------------------ Insured-General Obligations -- 2.3% ------------------------------------------------------------------------ $2,500 Florida Board of Education, (MBIA), 4.50%, 6/1/28 $ 2,236,900 ------------------------------------------------------------------------ $ 2,236,900 ------------------------------------------------------------------------ Insured-Hospital -- 4.8% ------------------------------------------------------------------------ $1,000 Maricopa County IDA, (Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37 $ 1,010,520 1,350 Miami Dade County Health Facilities Authority, (Miami Children's Hospital), (AMBAC), 5.125%, 8/15/26 1,340,537 2,500 Tampa, (Catholic Health System), (MBIA), 4.75%, 11/15/28 2,312,600 ------------------------------------------------------------------------ $ 4,663,657 ------------------------------------------------------------------------ Insured-Housing -- 1.1% ------------------------------------------------------------------------ $1,100 Broward County Housing Finance Authority, Multifamily Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%, 1/1/32 $ 1,105,907 ------------------------------------------------------------------------ $ 1,105,907 ------------------------------------------------------------------------ Insured-Special Tax Revenue -- 16.1% ------------------------------------------------------------------------ $1,470 Dade County, Special Obligation Residual Certificates, (AMBAC), Variable Rate, 10/1/35(2)(3) $ 1,373,215 3,000 Jacksonville Capital Improvement, (Stadium), (AMBAC), 4.75%, 10/1/25 2,822,400 2,500 Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30 2,453,025 1,470 Miami Beach Resort Tax, (AMBAC), 6.25%, 10/1/22 1,721,855 4,000 Miami-Dade County, (Professional Sport Franchise), (MBIA), 4.75%, 10/1/30 3,729,520
SEE NOTES TO FINANCIAL STATEMENTS 15 FLORIDA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Insured-Special Tax Revenue (continued) ------------------------------------------------------------------------ $1,395 Miami-Dade County, Special Obligation, (MBIA), 5.00%, 10/1/37 $ 1,359,944 440 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(3) 438,174 1,500 Puerto Rico Infrastructure Financing Authority, (FSA), Variable Rate, 7/1/27(2)(3) 1,594,275 ------------------------------------------------------------------------ $15,492,408 ------------------------------------------------------------------------ Insured-Transportation -- 9.1% ------------------------------------------------------------------------ $4,500 Florida Turnpike Authority, (Department of Transportation), (FGIC), 4.50%, 7/1/27 $ 4,039,335 1,500 Greater Orlando Aviation Authority, (FGIC), (AMT), Variable Rate, 10/1/18(2)(3) 1,492,215 1,000 Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), 5.50%, 1/1/37 957,750 1,000 Orlando and Orange County Expressway Authority, (FGIC), 5.00%, 7/1/28 982,630 1,165 Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 7/1/26(2)(3) 1,302,598 ------------------------------------------------------------------------ $ 8,774,528 ------------------------------------------------------------------------ Insured-Utilities -- 2.8% ------------------------------------------------------------------------ $2,750 Jupiter Island, Utility System, (South Martin Regional Utility), (MBIA), 5.00%, 10/1/28 $ 2,701,160 ------------------------------------------------------------------------ $ 2,701,160 ------------------------------------------------------------------------ Insured-Water and Sewer -- 11.5% ------------------------------------------------------------------------ $1,500 Miami Beach Storm Water, (FGIC), 5.375%, 9/1/30 $ 1,533,000 1,000 Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25 985,550 1,250 Saint Petersburg Public Utilities, (FSA), 5.00%, 10/1/28 1,227,800 1,250 Tampa Bay Water Utility System, (FGIC), 5.75%, 10/1/29 1,406,338 2,000 Tampa Bay Water Utility System, (FGIC), Variable Rate, 10/1/27(1)(2) 1,749,800 4,400 Winter Haven Utilities System, (MBIA), 4.75%, 10/1/28 4,113,736 ------------------------------------------------------------------------ $11,016,224 ------------------------------------------------------------------------ Nursing Home -- 3.9% ------------------------------------------------------------------------ $ 800 Alachua County Health Facilities Authority, (Beverly Enterprises Inc. ), 6.75%, 4/1/10 $ 787,920 1,500 Lee County IDA, (Shell Point Village), 5.50%, 11/15/29 1,334,130 PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Nursing Home (continued) ------------------------------------------------------------------------ $ 850 Okaloosa County Retirement Rental Housing, (Encore Retirement Partners), 6.125%, 2/1/14 $ 750,244 265 Orange County Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24 243,047 735 Orange County Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34 645,837 ------------------------------------------------------------------------ $ 3,761,178 ------------------------------------------------------------------------ Pooled Loans -- 0.5% ------------------------------------------------------------------------ $ 500 Osceola County IDA Community Provider Pooled Loan, 7.75%, 7/1/17 $ 511,825 ------------------------------------------------------------------------ $ 511,825 ------------------------------------------------------------------------ Special Tax -- 0.8% ------------------------------------------------------------------------ $ 765 Waterlefe Community Development District, 6.95%, 5/1/31 $ 774,264 ------------------------------------------------------------------------ $ 774,264 ------------------------------------------------------------------------ Special Tax Revenue -- 6.7% ------------------------------------------------------------------------ $ 785 Fleming Island Plantation Community Development District, 6.30%, 2/1/05 $ 794,663 900 Heritage Springs Community Development District, 6.75%, 5/1/21 914,652 975 Longleaf Community Development District, 6.65%, 5/1/20 896,074 795 North Springs Improvement District, (Heron Bay), 7.00%, 5/1/19 833,128 1,000 Northern Palm Beach County Improvement District, (Water Control and Improvement), 6.00%, 8/1/25 1,008,300 500 Stoneybrook West Community Development District, 7.00%, 5/1/32 510,840 975 University Square Community Development District, 6.75%, 5/1/20 1,003,304 500 Vista Lakes Community Development District, 7.20%, 5/1/32 519,065 ------------------------------------------------------------------------ $ 6,480,026 ------------------------------------------------------------------------ Transportation -- 5.3% ------------------------------------------------------------------------ $2,250 Florida Ports Financing Commission, 5.50%, 10/1/29 $ 2,279,678 650 Lee County Airport, 6.00%, 10/1/29 693,459 2,000 Puerto Rico Highway and Transportation Authority, 5.50%, 7/1/36 2,081,100 ------------------------------------------------------------------------ $ 5,054,237 ------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 16 FLORIDA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Water and Sewer -- 5.3% ------------------------------------------------------------------------ $2,000 Jacksonville, Water and Sewer, 5.375%, 10/1/29 $ 2,019,320 3,000 Seminole County, Water and Sewer, 5.375%, 10/1/22 3,063,240 ------------------------------------------------------------------------ $ 5,082,560 ------------------------------------------------------------------------ Total Tax-Exempt Investments -- 98.6% (identified cost $93,638,062) $94,775,462 ------------------------------------------------------------------------ Other Assets, Less Liabilities -- 1.4% $ 1,373,696 ------------------------------------------------------------------------ Net Assets -- 100.0% $96,149,158 ------------------------------------------------------------------------
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, 2001, 56.9% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by financial institutions ranged from 6.6% to 22.6% of total investments. (1) Security has been issued as an inverse floater bond. (2) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. (3) Security has been issued as a leveraged inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 17 MASSACHUSETTS MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS TAX-EXEMPT INVESTMENTS -- 97.9%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Education -- 21.3% ------------------------------------------------------------------------ $ 500 Massachusetts Development Finance Agency, (Belmont Hill School), 5.00%, 9/1/31 $ 472,980 2,500 Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59 2,421,225 1,000 Massachusetts Development Finance Agency, (Clark University), 5.00%, 7/1/28 944,250 1,250 Massachusetts Development Finance Agency, (Eastern Nazarene College), 5.625%, 4/1/29 1,084,512 1,000 Massachusetts Development Finance Agency, (Suffolk University), 5.85%, 7/1/29 1,009,950 1,500 Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29 1,563,765 1,000 Massachusetts Development Finance Agency, (Xaverian Brothers High School), 5.65%, 7/1/29 982,120 2,500 Massachusetts HEFA, (Massachusetts Institute of Technology), 4.75%, 1/1/28 2,372,725 650 Massachusetts HEFA, (Wellesley College), 5.125%, 7/1/39 643,012 500 Massachusetts IFA, (Babson College), 5.25%, 10/1/27 497,720 400 Massachusetts IFA, (Belmont Hill School), 5.25%, 9/1/28 389,316 ------------------------------------------------------------------------ $12,381,575 ------------------------------------------------------------------------ Electric Utilities -- 1.1% ------------------------------------------------------------------------ $ 600 Massachusetts IFA, (Devens Electric System), 6.00%, 12/1/30 $ 610,674 ------------------------------------------------------------------------ $ 610,674 ------------------------------------------------------------------------ Escrowed / Prerefunded -- 3.1% ------------------------------------------------------------------------ $ 100 Massachusetts Turnpike Authority, (MBIA), Escrowed to Maturity, 5.00%, 1/1/20 $ 101,728 1,450 Rail Connections, Inc., (Route 128 Parking), (ACA), Prerefunded to 7/1/09, 0.00%, 7/1/20 529,018 3,720 Rail Connections, Inc., (Route 128 Parking), (ACA), Prerefunded to 7/1/09, 0.00%, 7/1/22 1,190,549 ------------------------------------------------------------------------ $ 1,821,295 ------------------------------------------------------------------------ Health Care-Miscellaneous -- 4.9% ------------------------------------------------------------------------ $ 700 Massachusetts Development Finance Agency, (Biomedical Research Corp.), 5.75%, 2/1/29 $ 655,319 1,000 Massachusetts Development Finance Agency, (Biomedical Research Corp.), 6.25%, 8/1/20 1,059,090 PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Health Care-Miscellaneous (continued) ------------------------------------------------------------------------ $ 600 Massachusetts Development Finance Agency, (MCHSP Human Services), 6.60%, 8/15/29 $ 544,362 700 Massachusetts HEFA, (Learning Center for Deaf Children), 6.125%, 7/1/29 610,281 ------------------------------------------------------------------------ $ 2,869,052 ------------------------------------------------------------------------ Hospital -- 9.5% ------------------------------------------------------------------------ $ 175 Massachusetts HEFA, (Central New England Health Systems), 6.30%, 8/1/18 $ 159,043 1,000 Massachusetts HEFA, (Milford-Whitinsville Hospital), 5.25%, 7/15/18 881,420 125 Massachusetts HEFA, (Milford-Whitinsville Hospital), 5.375%, 7/15/28 106,320 1,375 Massachusetts HEFA, (Partners Healthcare System), 5.25%, 7/1/29 1,319,835 2,000 Massachusetts HEFA, (South Shore Hospital), 5.75%, 7/1/29 2,005,000 1,000 Massachusetts HEFA, (Winchester Hospital), 6.75%, 7/1/30 1,031,940 ------------------------------------------------------------------------ $ 5,503,558 ------------------------------------------------------------------------ Industrial Development Revenue -- 1.3% ------------------------------------------------------------------------ $ 750 Massachusetts IFA, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15 $ 778,515 ------------------------------------------------------------------------ $ 778,515 ------------------------------------------------------------------------ Insured-Education -- 13.8% ------------------------------------------------------------------------ $ 850 Massachusetts HEFA, (Berklee College of Music), (MBIA), Variable Rate, 10/1/27(1)(2) $ 850,280 2,350 Massachusetts HEFA, (Brandeis University), (MBIA), 4.75%, 10/1/28 2,181,105 1,000 Massachusetts HEFA, (Northeastern University), (MBIA), 5.00%, 10/1/29 978,600 500 Massachusetts HEFA, (UMass-Worcester Campus), (FGIC), 5.25%, 10/1/31 503,975 1,000 Massachusetts IFA, (Merrimack College), (MBIA), 5.00%, 7/1/27 981,550 2,700 Massachusetts IFA, (Tufts University), (MBIA), 4.75%, 2/15/28 2,510,217 ------------------------------------------------------------------------ $ 8,005,727 ------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 18 MASSACHUSETTS MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Insured-Electric Utilities -- 1.3% ------------------------------------------------------------------------ $ 750 Puerto Rico Electric Power Authority, (FSA), 5.25%, 7/1/29 $ 764,393 ------------------------------------------------------------------------ $ 764,393 ------------------------------------------------------------------------ Insured-General Obligations -- 3.0% ------------------------------------------------------------------------ $1,715 Westfield General Obligation, (FGIC), 5.00%, 5/1/20 $ 1,721,157 ------------------------------------------------------------------------ $ 1,721,157 ------------------------------------------------------------------------ Insured-Hospital -- 6.1% ------------------------------------------------------------------------ $1,000 Massachusetts HEFA, (Harvard Pilgrim Health), (FSA), 5.00%, 7/1/28 $ 961,570 2,000 Massachusetts HEFA, (Southcoast Health System), (MBIA), 4.75%, 7/1/27 1,839,460 750 Massachusetts HEFA, (UMass Medical Center), (AMBAC), 5.00%, 7/1/28 724,298 ------------------------------------------------------------------------ $ 3,525,328 ------------------------------------------------------------------------ Insured-Industrial Development Revenue -- 3.9% ------------------------------------------------------------------------ $1,250 Massachusetts Port Authority, (Delta Airlines), (AMBAC), (AMT), 5.00%, 1/1/27 $ 1,190,738 1,000 Massachusetts Port Authority, (US Airways), (MBIA), (AMT), 6.00%, 9/1/21 1,059,550 ------------------------------------------------------------------------ $ 2,250,288 ------------------------------------------------------------------------ Insured-Lease Revenue / Certificates of Participation -- 3.1% ------------------------------------------------------------------------ $1,850 Plymouth County, (Plymouth County Correctional Facility), (AMBAC), 5.00%, 4/1/22 $ 1,809,448 ------------------------------------------------------------------------ $ 1,809,448 ------------------------------------------------------------------------ Insured-Special Tax Revenue -- 4.3% ------------------------------------------------------------------------ $ 800 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(1)(2) $ 797,784 735 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(3) 731,950 900 Puerto Rico Infrastructure Financing Authority, (FSA), Variable Rate, 7/1/27(1)(3) 956,565 ------------------------------------------------------------------------ $ 2,486,299 ------------------------------------------------------------------------ PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Insured-Transportation -- 8.4% ------------------------------------------------------------------------ $1,000 Massachusetts Port Authority, (FGIC), (AMT), 5.00%, 7/1/28 $ 942,500 1,100 Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), Variable Rate, 1/1/37(1)(3) 960,575 2,000 Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), 5.25%, 1/1/29 2,006,360 1,000 Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7/1/28(1)(3) 995,890 ------------------------------------------------------------------------ $ 4,905,325 ------------------------------------------------------------------------ Insured-Water and Sewer -- 2.4% ------------------------------------------------------------------------ $1,500 Massachusetts Water Pollution Abatement Trust, (FGIC), 4.75%, 2/1/26 $ 1,399,815 ------------------------------------------------------------------------ $ 1,399,815 ------------------------------------------------------------------------ Nursing Home -- 1.9% ------------------------------------------------------------------------ $ 575 Massachusetts Development Finance Agency, (Odd Fellows Home of Massachusetts), 6.25%, 1/1/15 $ 530,524 600 Massachusetts HEFA, (Christopher House), 6.875%, 1/1/29 565,992 ------------------------------------------------------------------------ $ 1,096,516 ------------------------------------------------------------------------ Senior Living / Life Care -- 3.1% ------------------------------------------------------------------------ $1,500 Massachusetts Development Finance Agency, (Berkshire Retirement), 5.625%, 7/1/29 $ 1,291,620 500 Massachusetts IDA, (Alzheimers Center), (FHA), 6.00%, 2/1/37 524,860 ------------------------------------------------------------------------ $ 1,816,480 ------------------------------------------------------------------------ Special Tax Revenue -- 0.6% ------------------------------------------------------------------------ $ 300 Puerto Rico Infrastructure Financing Authority, Variable Rate, 10/1/34(1)(3) $ 343,905 ------------------------------------------------------------------------ $ 343,905 ------------------------------------------------------------------------ Transportation -- 2.2% ------------------------------------------------------------------------ $1,350 Massachusetts Bay Transportation Authority, Variable Rate, 3/1/27(1)(2) $ 1,275,467 ------------------------------------------------------------------------ $ 1,275,467 ------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 19 MASSACHUSETTS MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Water and Sewer -- 2.6% ------------------------------------------------------------------------ $1,500 Massachusetts Water Pollution Abatement Trust, PCR, 5.375%, 8/1/27 $ 1,529,445 ------------------------------------------------------------------------ $ 1,529,445 ------------------------------------------------------------------------ Total Tax-Exempt Investments -- 97.9% (identified cost $55,735,225) $56,894,262 ------------------------------------------------------------------------ Other Assets, Less Liabilities -- 2.1% $ 1,243,785 ------------------------------------------------------------------------ Net Assets -- 100.0% $58,138,047 ------------------------------------------------------------------------
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, 2001, 48.7% 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 23.7% of total investments. (1) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. (2) Security has been issued as an inverse floater bond. (3) Security has been issued as a leveraged inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 20 MICHIGAN MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS TAX-EXEMPT INVESTMENTS -- 100.8%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Electric Utilities -- 2.1% ------------------------------------------------------------------------ $1,000 Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29 $ 996,360 ------------------------------------------------------------------------ $ 996,360 ------------------------------------------------------------------------ General Obligations -- 9.6% ------------------------------------------------------------------------ $ 500 East Grand Rapids Public Schools, 5.00%, 5/1/25 $ 491,510 500 Garden City School District, 5.00%, 5/1/26 489,965 5,335 Grand Rapids and Kent County Joint Building Authority, 0.00%, 12/1/29(1) 1,148,679 1,000 Manistee Area Public Schools, 5.00%, 5/1/24 984,720 470 Saranac Community School District, 5.00%, 5/1/31 457,968 1,000 White Cloud Public Schools, 5.125%, 5/1/31 992,440 ------------------------------------------------------------------------ $ 4,565,282 ------------------------------------------------------------------------ Health Care -- 1.7% ------------------------------------------------------------------------ $ 750 Michigan Hospital Finance Authority, (Ascension Health Care), 6.125%, 11/15/26 $ 790,102 ------------------------------------------------------------------------ $ 790,102 ------------------------------------------------------------------------ Hospital -- 23.9% ------------------------------------------------------------------------ $ 500 Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21 $ 496,790 1,000 Dickinson County Healthcare Systems, 5.80%, 11/1/24 924,930 1,000 Flint Hospital Building Authority, (Hurley Medical Center), 5.375%, 7/1/20 906,580 445 John Tolfree Health System Corp., 6.00%, 9/15/23 403,851 500 Kent Hospital Finance Authority, (Spectrum Health), 5.50%, 1/15/31 500,165 500 Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18 464,040 1,000 Michigan Health Facilities Authority, (Henry Ford Health), 5.25%, 11/15/25 966,260 2,275 Michigan Health Facilities Authority, (McLaren Obligated Group), 4.50%, 10/15/21 1,929,814 1,000 Michigan Hospital Finance Authority, (Henry Ford Health), 5.25%, 11/15/20 973,640 750 Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21 723,112 750 Michigan Hospital Finance Authority, (Sparrow Obligation Goup), 5.625%, 11/15/36 727,252 750 Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27 780,660 PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Hospital (continued) ------------------------------------------------------------------------ $ 750 Royal Oak Hospital Finance Authority, (William Beaumont Hospital), 5.25%, 1/1/20 $ 748,665 800 Saginaw Hospital Finance Authority, (Covenant Medical Center), 6.50%, 7/1/30 851,512 ------------------------------------------------------------------------ $11,397,271 ------------------------------------------------------------------------ Housing -- 2.1% ------------------------------------------------------------------------ $1,000 Multifamily Housing, (AMT), 6.00%, 11/1/33 $ 1,010,380 ------------------------------------------------------------------------ $ 1,010,380 ------------------------------------------------------------------------ Industrial Development Revenue -- 4.9% ------------------------------------------------------------------------ $1,000 Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21 $ 1,001,160 800 Michigan Strategic Fund, (S.D. Warren), (AMT), 7.375%, 1/15/22 814,664 625 Puerto Rico Port Authority, (American Airlines), (AMT), 6.25%, 6/1/26 515,756 ------------------------------------------------------------------------ $ 2,331,580 ------------------------------------------------------------------------ Insured-Education -- 1.0% ------------------------------------------------------------------------ $ 500 Central Michigan University, (FGIC), 5.00%, 10/1/27 $ 489,175 ------------------------------------------------------------------------ $ 489,175 ------------------------------------------------------------------------ Insured-Electric Utilities -- 2.1% ------------------------------------------------------------------------ $1,000 Michigan Strategic Fund, (Detroit Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29 $ 1,020,060 ------------------------------------------------------------------------ $ 1,020,060 ------------------------------------------------------------------------ Insured-General Obligations -- 20.6% ------------------------------------------------------------------------ $1,000 Central Montcalm Public Schools, (MBIA), 6.00%, 5/1/29 $ 1,072,510 250 Chelsea School District, (FGIC), 5.00%, 5/1/25 245,423 2,250 Detroit School District, (FGIC), 4.75%, 5/1/28 2,090,723 1,250 Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25 1,169,625 2,000 Fenton Area Public Schools, (FGIC), 5.00%, 5/1/24 1,966,820 1,250 Lincoln Park School District, (FGIC), 5.00%, 5/1/26 1,224,913 2,000 Novi Building Authority, (FSA), 5.50%, 10/1/25(2) 2,071,720 ------------------------------------------------------------------------ $ 9,841,734 ------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 21 MICHIGAN MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Insured-Hospital -- 7.3% ------------------------------------------------------------------------ $1,000 Lenawee County Hospital Finance, (Lenawee Health Alliance), (AMBAC), 5.00%, 7/1/28 $ 962,950 500 Michigan Health Facilities Authority, (Detroit Medical Group), (AMBAC), 5.25%, 8/15/27 497,790 1,000 Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (MBIA), 5.25%, 11/15/35 992,920 1,000 Saginaw Hospital Finance Authority, (Covenant Medical Center), (MBIA), 5.50%, 7/1/24 1,018,780 ------------------------------------------------------------------------ $ 3,472,440 ------------------------------------------------------------------------ Insured-Special Tax Revenue -- 8.0% ------------------------------------------------------------------------ $1,100 Detroit Downtown Development, (MBIA), 4.75%, 7/1/25 $ 1,029,578 600 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(3)(4) 598,338 455 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(5) 453,112 700 Puerto Rico Infrastructure Financing Authority, (FSA), Variable Rate, 7/1/27(3)(5) 743,995 1,000 Wayne Charter County, (Airport Hotel-Detroit Metroplitan Airport), (MBIA), 5.00%, 12/1/30 975,330 ------------------------------------------------------------------------ $ 3,800,353 ------------------------------------------------------------------------ Insured-Student Loan -- 2.1% ------------------------------------------------------------------------ $1,000 Michigan Higher Education Student Loan Authority Revenue, (AMBAC), (AMT), 5.50%, 6/1/25 $ 1,000,000 ------------------------------------------------------------------------ $ 1,000,000 ------------------------------------------------------------------------ Insured-Transportation -- 6.6% ------------------------------------------------------------------------ $ 670 Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7/1/28(3)(5) $ 667,246 600 Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 7/1/26(3)(5) 670,866 2,000 Wayne Charter County Airport, Residual Certificates, (MBIA), (AMT), Variable Rate, 12/1/28(3)(4) 1,803,940 ------------------------------------------------------------------------ $ 3,142,052 ------------------------------------------------------------------------ Insured-Water and Sewer -- 5.5% ------------------------------------------------------------------------ $1,750 Detroit Water Supply System, (FGIC), 5.00%, 7/1/30 $ 1,699,390 1,000 Grand Rapids Sanitary Sewer System, (FGIC), 4.75%, 1/1/28 930,030 ------------------------------------------------------------------------ $ 2,629,420 ------------------------------------------------------------------------ PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Lease Revenue / Certificates of Participation -- 1.1% ------------------------------------------------------------------------ $ 300 Michigan Building Authority, 4.75%, 10/15/21 $ 283,629 250 Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22 240,845 ------------------------------------------------------------------------ $ 524,474 ------------------------------------------------------------------------ Miscellaneous -- 0.8% ------------------------------------------------------------------------ $ 400 Pittsfield Township EDC, (Arbor Hospice), 7.875%, 8/15/27 $ 388,784 ------------------------------------------------------------------------ $ 388,784 ------------------------------------------------------------------------ Transportation -- 1.4% ------------------------------------------------------------------------ $ 750 Kent County Airport Facility, Variable Rate, 1/1/25(3)(4) $ 692,528 ------------------------------------------------------------------------ $ 692,528 ------------------------------------------------------------------------ Total Tax-Exempt Investments -- 100.8% (identified cost $47,207,867) $48,091,995 ------------------------------------------------------------------------ Other Assets, Less Liabilities -- (0.8)% $ (377,830) ------------------------------------------------------------------------ Net Assets -- 100.0% $47,714,165 ------------------------------------------------------------------------
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, 2001, 52.8% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by financial institutions ranged from 5.9% to 20.3% of total investments. (1) When-issued security. (2) Security (or a portion thereof) has been segregated to cover when- issued securities. (3) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. (4) Security has been issued as an inverse floater bond. (5) Security has been issued as a leveraged inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 22 NEW JERSEY MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS TAX-EXEMPT INVESTMENTS -- 97.7%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Cogeneration -- 3.4% ------------------------------------------------------------------------- $2,290 New Jersey EDA, (Vineland Cogeneration), (AMT), 7.875%, 6/1/19 $ 2,339,464 1,000 Port Authority of New York and New Jersey, (KIAC), (AMT), 6.75%, 10/1/19 1,027,920 ------------------------------------------------------------------------- $ 3,367,384 ------------------------------------------------------------------------- Education -- 5.5% ------------------------------------------------------------------------- $1,500 New Jersey Educational Facilities Authority, (Bloomfield College), 6.85%, 7/1/30 $ 1,572,240 3,935 New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/20 3,944,365 ------------------------------------------------------------------------- $ 5,516,605 ------------------------------------------------------------------------- Electric Utility -- 1.0% ------------------------------------------------------------------------- $1,000 Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31 $ 993,320 ------------------------------------------------------------------------- $ 993,320 ------------------------------------------------------------------------- Hospital -- 11.0% ------------------------------------------------------------------------- $ 550 New Jersey Health Care Facilities Financing Authority, (Burdette Tomlin Memorial Hospital), 5.50%, 7/1/29 $ 552,024 2,150 New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.25%, 7/1/27 1,719,849 1,000 New Jersey Health Care Facilities Financing Authority, (Deborah Heart and Lung Center), 6.30%, 7/1/23 996,420 2,000 New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), 6.00%, 1/1/34 2,056,960 2,000 New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.75%, 7/1/31 2,070,400 1,000 New Jersey Health Care Facilities Financing Authority, (Saint Peters University Hospital), (AMT), 6.875%, 7/1/20 1,060,730 2,000 New Jersey Health Care Facilities Financing Authority, (St. Elizabeth Hospital), 6.00%, 7/1/20 1,924,120 600 New Jersey Health Care Facilities Financing Authority, (Trinitas Hospital), 7.50%, 7/1/30 644,472 ------------------------------------------------------------------------- $ 11,024,975 ------------------------------------------------------------------------- Industrial Development Revenue -- 10.7% ------------------------------------------------------------------------- $1,000 Gloucester County, Improvements Authority, (Waste Management, Inc.), (AMT), 7.00%, 12/1/29 $ 1,124,270 650 Middlesex County Pollution Control Financing Authority, (Amerada Hess Corp.), 6.875%, 12/1/22 665,541 PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Industrial Development Revenue (continued) ------------------------------------------------------------------------- $1,000 New Jersey EDA, (American Airlines), (AMT), 7.10%, 11/1/31 $ 902,320 1,000 New Jersey EDA, (Anheuser-Busch), (AMT), 5.85%, 12/1/30 1,030,710 2,500 New Jersey EDA, (Continental Airlines), (AMT), 6.25%, 9/15/29 1,931,250 1,000 New Jersey EDA, (Glimcher Properties REIT), (AMT), 6.00%, 11/1/28 968,830 3,700 New Jersey EDA, (The Seeing Eye, Inc.), 6.20%, 12/1/24 4,077,696 ------------------------------------------------------------------------- $ 10,700,617 ------------------------------------------------------------------------- Insured-Education -- 8.3% ------------------------------------------------------------------------- $1,305 New Jersey Educational Facilities Authority, (NJ Institute of Technology), (MBIA), 5.00%, 7/1/26 $ 1,296,726 1,000 New Jersey Educational Facilities Authority, (NJ Institute of Technology), (MBIA), 4.75%, 7/1/31 951,920 1,730 New Jersey Educational Facilities Authority, (Ramapo College), (AMBAC), 4.625%, 7/1/28 1,612,948 1,750 New Jersey Educational Facilities Authority, (Ramapo College), (MBIA), 5.75%, 7/1/29 1,858,973 1,000 New Jersey Educational Facilities Authority, (Rowan University), (FGIC), 5.25%, 7/1/20 1,022,370 1,600 Puerto Rico Industrial Tourist Educational, Medical and Environmental, (University Plaza Project), Residual Certificates, (MBIA), Variable Rate, 7/1/33(1)(2) 1,565,840 ------------------------------------------------------------------------- $ 8,308,777 ------------------------------------------------------------------------- Insured-General Obligations -- 4.3% ------------------------------------------------------------------------- $1,000 Branchburg Township Board of Education, (FSA), 5.00%, 2/1/26 $ 993,690 500 Hazlet Township School District, (FSA), 5.00%, 2/1/30 500,510 1,000 Montgomery Township Board of Education, (MBIA), 5.00%, 8/1/25 993,750 500 Montgomery Township Board of Education, (MBIA), 5.00%, 4/1/27 498,825 1,230 West Deptford Township, (FGIC), 5.50%, 9/1/24 1,284,145 ------------------------------------------------------------------------- $ 4,270,920 ------------------------------------------------------------------------- Insured-Hospital -- 4.7% ------------------------------------------------------------------------- $1,130 New Jersey Health Care Facilities Financing Authority, (CentraState Medical Center), (AMBAC), 4.50%, 7/1/28 $ 1,020,910 4,105 New Jersey Health Care Facilities, (Virtua Health), (FSA), 4.50%, 7/1/28 3,708,703 ------------------------------------------------------------------------- $ 4,729,613 -------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 23 NEW JERSEY MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Insured-Housing -- 4.4% ------------------------------------------------------------------------- $3,535 New Jersey Housing and Mortgage Finance Agency, (MBIA), (AMT), 5.90%, 10/1/29 $ 3,653,140 750 New Jersey Housing and Mortgage Finance Agency, Multifamily Housing, (FSA), 5.75%, 5/1/25 784,290 ------------------------------------------------------------------------- $ 4,437,430 ------------------------------------------------------------------------- Insured-Industrial Development Revenue -- 1.7% ------------------------------------------------------------------------- $1,580 New Jersey EDA, (FSA), Variable Rate, 5/1/17(2)(3) $ 1,704,188 ------------------------------------------------------------------------- $ 1,704,188 ------------------------------------------------------------------------- Insured-Lease Revenue / Certificates of Participation -- 4.2% ------------------------------------------------------------------------- $4,500 New Brunswick Housing Authority, (Rutgers University), (FGIC), 4.625%, 7/1/24 $ 4,229,460 ------------------------------------------------------------------------- $ 4,229,460 ------------------------------------------------------------------------- Insured-Special Tax Revenue -- 3.7% ------------------------------------------------------------------------- $3,945 New Jersey Sports and Exposition Authority, (MBIA), 4.50%, 9/1/20 $ 3,690,508 ------------------------------------------------------------------------- $ 3,690,508 ------------------------------------------------------------------------- Insured-Transportation -- 17.3% ------------------------------------------------------------------------- $4,000 Delaware River and Bay Authority, (AMBAC), 5.75%, 1/1/29 $ 4,275,080 1,000 Delaware River Port Authority, (FSA), 5.625%, 1/1/26 1,050,940 3,250 Delaware River Port Authority, (FSA), 5.75%, 1/1/26 3,453,645 1,500 New Jersey Turnpike Authority, RITES, (MBIA), Variable Rate, 1/1/30(1)(2) 1,673,715 1,200 Port Authority of New York and New Jersey, (AMBAC), 4.75%, 1/15/26 1,130,112 4,000 Port Authority of New York and New Jersey, (MBIA), (AMT), 5.75%, 12/1/25 4,100,800 1,630 Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7/1/28(1)(2) 1,623,301 ------------------------------------------------------------------------- $ 17,307,593 ------------------------------------------------------------------------- Insured-Water and Sewer -- 1.5% ------------------------------------------------------------------------- $1,500 Bordentown Sewer Authority, (FGIC), 5.375%, 12/1/20 $ 1,550,820 ------------------------------------------------------------------------- $ 1,550,820 ------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Life Care -- 1.0% ------------------------------------------------------------------------- $1,100 New Jersey EDA, (United Methodist Homes), 5.75%, 7/1/29 $ 999,955 ------------------------------------------------------------------------- $ 999,955 ------------------------------------------------------------------------- Nursing Home -- 2.0% ------------------------------------------------------------------------- $1,000 New Jersey EDA, (Masonic Charity Foundation), 5.50%, 6/1/31 $ 1,024,420 1,000 New Jersey EDA, (Victoria Health), 5.20%, 12/20/36 998,360 ------------------------------------------------------------------------- $ 2,022,780 ------------------------------------------------------------------------- Special Tax Revenue -- 2.4% ------------------------------------------------------------------------- $1,250 New Jersey EDA, (Kapkowski Mall), 6.375%, 4/1/31 $ 1,307,050 1,000 Puerto Rico Infrastructure Financing Authority, Variable Rate, 10/1/34(1)(2) 1,146,350 ------------------------------------------------------------------------- $ 2,453,400 ------------------------------------------------------------------------- Transportation -- 10.6% ------------------------------------------------------------------------- $4,000 New Jersey Highway Authority, (Garden State Parkway), 5.625%, 1/1/30 $ 4,222,680 1,500 New Jersey Transportation Trust Fund Authority, Variable Rate, 6/15/17(2)(3) 1,529,025 2,550 Port Authority of New York and New Jersey, 4.75%, 8/1/33 2,276,691 1,600 Port Authority of New York and New Jersey, Variable Rate, 3/1/19(1) 1,618,432 1,000 Port Authority of New York and New Jersey, (AMT), 5.125%, 1/15/36 952,050 ------------------------------------------------------------------------- $ 10,598,878 ------------------------------------------------------------------------- Total Tax-Exempt Investments -- 97.7% (identified cost $95,193,725) $ 97,907,223 ------------------------------------------------------------------------- Other Assets, Less Liabilities -- 2.3% $ 2,338,769 ------------------------------------------------------------------------- Net Assets -- 100.0% $100,245,992 -------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 24 NEW JERSEY MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D 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, 2001, 51.4% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by financial institutions ranged from 8.3% to 20.8% of total investments. (1) Security has been issued as a leveraged inverse floater bond. (2) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. (3) Security has been issued as an inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 25 NEW YORK MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS TAX-EXEMPT INVESTMENTS -- 98.0%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Cogeneration -- 1.7% ------------------------------------------------------------------------- $1,000 Port Authority of New York and New Jersey, (KIAC), (AMT), 6.75%, 10/1/19 $ 1,027,920 1,150 Suffolk County IDA, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23 1,037,806 ------------------------------------------------------------------------- $ 2,065,726 ------------------------------------------------------------------------- Education -- 10.3% ------------------------------------------------------------------------- $1,500 New York City IDA, (Polytechnic University), 6.125%, 11/1/30 $ 1,563,600 4,275 New York Dormitory Authority, (Rockefeller University), 4.75%, 7/1/37 3,982,034 4,500 New York Dormitory Authority, (State University Educational Facilities), 4.75%, 5/15/28 4,144,545 2,500 Tompkins County IDA, (Cornell University), 5.75%, 7/1/30 2,668,575 ------------------------------------------------------------------------- $ 12,358,754 ------------------------------------------------------------------------- Electric Utility -- 7.3% ------------------------------------------------------------------------- $2,000 Long Island Power Authority, 5.50%, 12/1/23 $ 2,038,740 1,000 Long Island Power Authority, 5.50%, 12/1/29 1,012,460 1,655 Long Island Power Authority, Electric System Revenue, 5.25%, 12/1/26 1,649,290 4,100 New York Power Authority, 5.25%, 11/15/40 4,110,332 ------------------------------------------------------------------------- $ 8,810,822 ------------------------------------------------------------------------- General Obligations -- 4.4% ------------------------------------------------------------------------- $4,935 New York City, 6.00%, 8/1/16 $ 5,240,082 ------------------------------------------------------------------------- $ 5,240,082 ------------------------------------------------------------------------- Health Care-Miscellaneous -- 2.2% ------------------------------------------------------------------------- $2,600 Westchester County IDA, (Children's Village), 5.375%, 3/15/19 $ 2,613,000 ------------------------------------------------------------------------- $ 2,613,000 ------------------------------------------------------------------------- Hospital -- 9.1% ------------------------------------------------------------------------- $ 250 Chautauqua County IDA, (Womans Christian Association), 6.35%, 11/15/17 $ 231,805 500 Chautauqua County IDA, (Womans Christian Association), 6.40%, 11/15/29 448,270 PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Hospital (continued) ------------------------------------------------------------------------- $1,250 Fulton County IDA, (Nathan Littauer Hospital), 6.00%, 11/1/18 $ 1,102,312 400 Nassau County, IDA, Civic Facility Revenue, (North Shore Health System), 6.25%, 11/1/21 395,712 3,300 New York City Health and Hospital Corp., 5.25%, 2/15/17 3,240,435 1,500 New York City IDA, (Ohel Children's Home), 6.00%, 8/15/22 1,320,660 1,500 New York Dormitory Authority Revenue, (Lenox Hill Hospital), 5.50%, 7/1/30 1,502,910 1,250 Oneida County IDA, (St. Elizabeth Hospital), 5.75%, 12/1/19 1,100,750 1,500 Yonkers, IDA, (Johns Riverside Hospital), 7.125%, 7/1/31 1,547,655 ------------------------------------------------------------------------- $ 10,890,509 ------------------------------------------------------------------------- Industrial Development Revenue -- 2.7% ------------------------------------------------------------------------- $2,500 Onondaga County IDA, (Anheuser-Busch), (AMT), 6.25%, 12/1/34 $ 2,672,250 550 Port Authority of New York and New Jersey, (Continental/Eastern Project), (AMT), 9.125%, 12/1/15 554,955 ------------------------------------------------------------------------- $ 3,227,205 ------------------------------------------------------------------------- Insured-Education -- 5.3% ------------------------------------------------------------------------- $1,200 New York Dormitory Authority, (Cooper Union), (MBIA), 6.25%, 7/1/29 $ 1,327,128 4,500 New York Dormitory Authority, (New York University), (MBIA), 5.75%, 7/1/27 4,997,925 ------------------------------------------------------------------------- $ 6,325,053 ------------------------------------------------------------------------- Insured-Hospital -- 9.9% ------------------------------------------------------------------------- $5,000 New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), (MBIA), 5.50%, 7/1/23(1) $ 5,358,500 1,465 New York Dormitory Authority, (Mental Health Services Facility Improvements), (FSA), 5.25%, 8/15/30 1,467,417 5,500 New York Dormitory Authority, (Municipal Health Facilities Improvement), (FSA), 4.75%, 1/15/29 5,085,630 ------------------------------------------------------------------------- $ 11,911,547 -------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 26 NEW YORK MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Insured-Lease Revenue / Certificates of Participation -- 0.8% ------------------------------------------------------------------------- $1,000 New York Dormitory Authority, (Department Health), (MBIA), 5.50%, 7/1/25 $ 1,021,810 ------------------------------------------------------------------------- $ 1,021,810 ------------------------------------------------------------------------- Insured-Miscellaneous -- 1.5% ------------------------------------------------------------------------- $1,580 New York City, Trust for Cultural Resources, (AMBAC), Variable Rate, 7/1/29(2)(3) $ 1,765,129 ------------------------------------------------------------------------- $ 1,765,129 ------------------------------------------------------------------------- Insured-Nursing Home -- 0.2% ------------------------------------------------------------------------- $ 250 New York Dormitory Authority, (Augustana Lutheran Nursing Home), (MBIA), 5.40%, 2/1/31 $ 252,845 ------------------------------------------------------------------------- $ 252,845 ------------------------------------------------------------------------- Insured-Special Tax Revenue -- 4.6% ------------------------------------------------------------------------- $1,250 New York Local Government Assistance Corp., (AMBAC), 6.00%, 4/1/24 $ 1,346,937 1,175 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(2)(3) 1,171,745 1,190 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(4) 1,185,061 1,750 Puerto Rico Infrastructure Financing Authority, (FSA), Variable Rate, 7/1/27(2)(4) 1,859,988 ------------------------------------------------------------------------- $ 5,563,731 ------------------------------------------------------------------------- Insured-Transportation -- 17.4% ------------------------------------------------------------------------- $1,500 Metropolitan Transportation Authority of New York, (FGIC), 4.75%, 7/1/26 $ 1,403,910 1,400 Metropolitan Transportation Authority of New York, (FGIC), 4.75%, 7/1/26 1,310,316 1,000 Metropolitan Transportation Authority of New York, (FGIC), 4.875%, 7/1/18 998,830 4,005 Metropolitan Transportation Authority of New York, (FSA), 5.25%, 4/1/23 4,077,170 2,325 Monroe County Airport Authority, (MBIA), (AMT), Variable Rate, 1/1/17(2)(3) 2,752,079 3,750 New York Thruway Authority, (Highway and Bridge), (AMBAC), 5.125%, 4/1/20 3,780,113 2,735 Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (MBIA), (AMT), 5.625%, 4/1/29 2,816,831 PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Insured-Transportation (continued) ------------------------------------------------------------------------- $1,750 Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (MBIA), (AMT), Variable Rate, 4/1/29(2)(3) $ 1,854,738 1,885 Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7/1/28(2)(4) 1,877,253 ------------------------------------------------------------------------- $ 20,871,240 ------------------------------------------------------------------------- Insured-Water and Sewer -- 1.7% ------------------------------------------------------------------------- $2,000 New York City Municipal Water Finance Authority, (FGIC), 5.50%, 6/15/32 $ 2,063,160 ------------------------------------------------------------------------- $ 2,063,160 ------------------------------------------------------------------------- Lease Revenue / Certificates of Participation -- 3.9% ------------------------------------------------------------------------- $4,385 New York Dormitory Authority, (Court Facility), 6.00%, 5/15/39 $ 4,689,407 ------------------------------------------------------------------------- $ 4,689,407 ------------------------------------------------------------------------- Life Care -- 1.8% ------------------------------------------------------------------------- $1,250 Mount Vernon IDA, (Wartburg Senior Housing, Inc. - Meadowview), 6.20%, 6/1/29 $ 1,101,200 1,000 Suffolk County IDA, (Jeffersons Ferry), 7.20%, 11/1/19 1,053,510 ------------------------------------------------------------------------- $ 2,154,710 ------------------------------------------------------------------------- Miscellaneous -- 0.4% ------------------------------------------------------------------------- $ 260 Suffolk County IDA, Civic Facility Revenue, (Alliance of LI), 7.50%, 9/1/15 $ 269,565 235 Suffolk County IDA, Civic Facility Revenue, (Alliance of LI), 7.50%, 9/1/15 243,646 ------------------------------------------------------------------------- $ 513,211 ------------------------------------------------------------------------- Senior Living / Life Care -- 0.8% ------------------------------------------------------------------------- $1,250 New York City IDA, (A Very Special Place, Inc.), 5.75%, 1/1/29 $ 977,738 ------------------------------------------------------------------------- $ 977,738 ------------------------------------------------------------------------- Special Tax Revenue -- 6.2% ------------------------------------------------------------------------- $2,000 New York City Transitional Finance Authority, 6.00%, 11/15/29 $ 2,174,940 3,000 New York City Transitional Finance Authority , 6.00%, 8/15/29 3,245,190
SEE NOTES TO FINANCIAL STATEMENTS 27 NEW YORK MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------- Special Tax Revenue (continued) ------------------------------------------------------------------------- $1,750 Puerto Rico Infrastructure Financing Authority, Variable Rate, 10/1/32(2)(4) $ 2,011,135 ------------------------------------------------------------------------- $ 7,431,265 ------------------------------------------------------------------------- Transportation -- 1.5% ------------------------------------------------------------------------- $1,800 Port Authority of New York and New Jersey, Variable Rate, 3/1/19(4) $ 1,820,736 ------------------------------------------------------------------------- $ 1,820,736 ------------------------------------------------------------------------- Water and Sewer -- 4.3% ------------------------------------------------------------------------- $1,500 New York City Municipal Water Finance Authority, 5.25%, 6/15/29 $ 1,504,485 3,500 New York City Municipal Water Finance Authority, 5.75%, 6/15/29 3,651,795 ------------------------------------------------------------------------- $ 5,156,280 ------------------------------------------------------------------------- Total Tax-Exempt Investments -- 98.0% (identified cost $113,533,820) $117,723,960 ------------------------------------------------------------------------- Other Assets, Less Liabilities -- 2.0% $ 2,435,911 ------------------------------------------------------------------------- Net Assets -- 100.0% $120,159,871 -------------------------------------------------------------------------
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, 2001, 42.3% 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 4.9% to 17.3% of total investments. (1) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. (2) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. (3) Security has been issued as an inverse floater bond. (4) Security has been issued as a leveraged inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 28 OHIO MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS TAX-EXEMPT INVESTMENTS -- 98.9%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Cogeneration -- 0.6% ------------------------------------------------------------------------ $ 400 Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 5.875%, 9/1/20 $ 368,208 ------------------------------------------------------------------------ $ 368,208 ------------------------------------------------------------------------ Education -- 2.3% ------------------------------------------------------------------------ $1,500 Ohio Higher Educational Facilities, (Oberlin College), Variable Rate, 10/1/27(1)(2) $ 1,434,075 ------------------------------------------------------------------------ $ 1,434,075 ------------------------------------------------------------------------ Electric Utilities -- 3.7% ------------------------------------------------------------------------ $ 500 Clyde Electric System Revenue, (AMT), 6.00%, 11/15/14 $ 510,570 1,750 Ohio Water Development Authority, Pollution Control Facilities, (Cleveland Electric), (AMT), 6.10%, 8/1/20 1,781,955 ------------------------------------------------------------------------ $ 2,292,525 ------------------------------------------------------------------------ General Obligations -- 4.3% ------------------------------------------------------------------------ $1,000 Delaware County, 6.00%, 12/1/25 $ 1,097,640 1,530 Hamilton City School District, 5.625%, 12/1/24 1,605,995 ------------------------------------------------------------------------ $ 2,703,635 ------------------------------------------------------------------------ Hospital -- 10.3% ------------------------------------------------------------------------ $2,000 Franklin County, (Childrens Hospital), 5.20%, 5/1/29 $ 1,966,900 635 Highland County, (Joint Township Hospital District), 6.75%, 12/1/29 587,210 1,250 Parma Community General Hospital Association, 5.35%, 11/1/18 1,210,087 1,750 Parma Community General Hospital Association, 5.375%, 11/1/29 1,646,505 1,000 Richland County Hospital Facilities, (Medcentral Health Systems), 6.375%, 11/15/22 1,048,910 ------------------------------------------------------------------------ $ 6,459,612 ------------------------------------------------------------------------ Housing -- 1.6% ------------------------------------------------------------------------ $1,000 Multifamily Housing, (AMT), 6.00%, 11/1/33 $ 1,010,380 ------------------------------------------------------------------------ $ 1,010,380 ------------------------------------------------------------------------ Industrial Development Revenue -- 16.0% ------------------------------------------------------------------------ $1,250 Cleveland Airport, (Continental Airlines), (AMT), 5.70%, 12/1/19 $ 875,362 PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Industrial Development Revenue (continued) ------------------------------------------------------------------------ $1,300 Dayton Special Facilities Revenue, (Emery Air Freight), 5.625%, 2/1/18 $ 983,892 3,000 Moraine Solid Waste Disposal, (General Motors Corp.), (AMT), 5.65%, 7/1/24 3,180,090 2,500 Ohio Enviromental Facilities, (Ford Motor Co.), (AMT), 5.95%, 9/1/29 2,618,150 2,250 Ohio Water Development Authority, (Anheuser-Busch), (AMT), 6.00%, 8/1/29 2,347,290 ------------------------------------------------------------------------ $10,004,784 ------------------------------------------------------------------------ Insured-Certificates of Participation -- 2.4% ------------------------------------------------------------------------ $1,500 Cleveland, Certificates of Participation, (Cleveland Stadium), (AMBAC), 5.25%, 11/15/22 $ 1,515,990 ------------------------------------------------------------------------ $ 1,515,990 ------------------------------------------------------------------------ Insured-Education -- 7.3% ------------------------------------------------------------------------ $1,000 Ohio Higher Educational Facilities, (Dayton University), (AMBAC), 5.50%, 12/1/30 $ 1,036,990 2,000 University of Akron, (FGIC), Variable Rate, 1/1/29(1)(2) 2,239,200 1,250 University of Cincinnati, (FGIC), 5.25%, 6/1/24 1,265,612 ------------------------------------------------------------------------ $ 4,541,802 ------------------------------------------------------------------------ Insured-Electric Utilities -- 2.2% ------------------------------------------------------------------------ $2,000 Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/25 $ 570,320 3,000 Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/26 808,560 ------------------------------------------------------------------------ $ 1,378,880 ------------------------------------------------------------------------ Insured-General Obligations -- 10.4% ------------------------------------------------------------------------ $1,000 Lima City School District, (AMBAC), 5.50%, 12/1/22 $ 1,046,660 500 Lima City School District, (AMBAC), 6.00%, 12/1/22 552,875 2,150 South-Western City School District, Franklin and Pickway Counties, (AMBAC), 4.75%, 12/1/26 2,010,078 2,860 Springfield City School District Clark County, (FGIC), 5.20%, 12/1/23 2,888,257 ------------------------------------------------------------------------ $ 6,497,870 ------------------------------------------------------------------------ Insured-Hospital -- 5.3% ------------------------------------------------------------------------ $1,000 Akron Bath Copley Township Hospital District, (Childrens Hospital Center), (FSA), 5.00%, 11/15/31 $ 971,990 1,750 Cuyahoga County, (Cleveland Clinic), (MBIA), 5.125%, 1/1/29 1,739,762
SEE NOTES TO FINANCIAL STATEMENTS 29 OHIO MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Insured-Hospital (continued) ------------------------------------------------------------------------ $ 665 Hamilton County, (Childrens Hospital Medical Center), (MBIA), 4.75%, 5/15/28 $ 616,655 ------------------------------------------------------------------------ $ 3,328,407 ------------------------------------------------------------------------ Insured-Special Tax Revenue -- 12.6% ------------------------------------------------------------------------ $1,000 Deerfield Township Tax Increment Revenue, (MBIA), 5.00%, 12/1/25 $ 985,020 2,500 Delaware County, Sewer District, (MBIA), 4.75%, 12/1/24 2,351,025 2,000 Hamiliton County Sales Tax Revenue, (AMBAC), 5.25%, 12/1/32 2,015,120 875 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(2)(1) 872,576 615 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(3) 612,448 1,000 Puerto Rico Infrastructure Financing Authority, (FSA), Variable Rate, 7/1/27(2)(3) 1,062,850 ------------------------------------------------------------------------ $ 7,899,039 ------------------------------------------------------------------------ Insured-Transportation -- 7.1% ------------------------------------------------------------------------ $1,325 Cleveland Airport System Revenue, (FSA), 5.00%, 1/1/31 $ 1,292,220 1,000 Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/24 1,072,820 1,000 Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/26 1,074,800 1,000 Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7/1/28(2)(3) 995,890 ------------------------------------------------------------------------ $ 4,435,730 ------------------------------------------------------------------------ Lease Revenue / Certificates of Participation -- 2.1% ------------------------------------------------------------------------ $1,300 Union County, (Pleasant Valley Joint Fire District), 6.125%, 12/1/19 $ 1,337,687 ------------------------------------------------------------------------ $ 1,337,687 ------------------------------------------------------------------------ Nursing Home -- 0.9% ------------------------------------------------------------------------ $ 650 Ohio HFA, Retirement Rental Housing, (Encore Retirement Partners), 6.75%, 3/1/19 $ 559,936 ------------------------------------------------------------------------ $ 559,936 ------------------------------------------------------------------------ Other Revenue -- 1.6% ------------------------------------------------------------------------ $1,100 Toledo-Lucas County Port Authority, 5.40%, 5/15/19 $ 1,001,022 ------------------------------------------------------------------------ $ 1,001,022 ------------------------------------------------------------------------ PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Senior Living / Life Care -- 3.8% ------------------------------------------------------------------------ $1,755 Cuyahoga County, Health Care Facilities, (Benjamin Rose Institute), 5.50%, 12/1/28(4) $ 1,528,991 1,000 Summit County Healthcare Facilities, (Village at Saint Edward), 5.75%, 12/1/25 859,800 ------------------------------------------------------------------------ $ 2,388,791 ------------------------------------------------------------------------ Special Tax Revenue -- 4.4% ------------------------------------------------------------------------ $1,425 Cuyahoga County, Economic Development, (Shaker Square), 6.75%, 12/1/30 $ 1,577,846 1,000 Puerto Rico Infrastructure Financing Authority, Variable Rate, 10/1/32(2)(3) 1,149,220 ------------------------------------------------------------------------ $ 2,727,066 ------------------------------------------------------------------------ Total Tax-Exempt Investments -- 98.9% (identified cost $60,932,484) $61,885,439 ------------------------------------------------------------------------ Other Assets, Less Liabilities -- 1.1% $ 689,626 ------------------------------------------------------------------------ Net Assets -- 100.0% $62,575,065 ------------------------------------------------------------------------
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, 2001, 47.8% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by financial institutions ranged from 5.4% to 17.2% 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. (4) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. SEE NOTES TO FINANCIAL STATEMENTS 30 PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS TAX-EXEMPT INVESTMENTS -- 98.7%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Cogeneration -- 2.6% ------------------------------------------------------------------------ $ 500 Carbon County IDA, (Panther Creek Partners), (AMT), 6.65%, 5/1/10 $ 531,385 500 Pennsylvania EDA, (Northampton Generating), (AMT), 6.50%, 1/1/13 506,925 500 Pennsylvania EDA, (Resource Recovery-Colver), (AMT), 7.05%, 12/1/10 522,180 ------------------------------------------------------------------------ $ 1,560,490 ------------------------------------------------------------------------ Education -- 6.4% ------------------------------------------------------------------------ $1,500 Pennsylvania HEFA, (Drexel University), 6.00%, 5/1/29 $ 1,576,305 1,300 Pennsylvania HEFA, (University of Pennsylvania), 4.625%, 7/15/30 1,165,424 600 Philadelphia HEFA, (Chestnut Hill College), 6.00%, 10/1/29 573,048 600 Philadelphia IDA, (Franklin Institute), 5.20%, 6/15/26 531,714 ------------------------------------------------------------------------ $ 3,846,491 ------------------------------------------------------------------------ Electric Utilities -- 1.0% ------------------------------------------------------------------------ $ 600 York County, IDA, Pollution Control, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20 $ 596,406 ------------------------------------------------------------------------ $ 596,406 ------------------------------------------------------------------------ Escrowed / Prerefunded -- 1.3% ------------------------------------------------------------------------ $2,000 Westmoreland County Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19 $ 798,880 ------------------------------------------------------------------------ $ 798,880 ------------------------------------------------------------------------ Health Care-Miscellaneous -- 2.5% ------------------------------------------------------------------------ $1,500 Chester County HEFA, (Devereux Foundation), 6.00%, 11/1/29 $ 1,527,375 ------------------------------------------------------------------------ $ 1,527,375 ------------------------------------------------------------------------ Hospital -- 3.6% ------------------------------------------------------------------------ $ 500 Allegheny County Hospital Development Authority, (West Pennsylvania Allegheny Health System) , 9.25%, 11/15/30 $ 524,545 750 Chester County HEFA, (Chester Hospital), 6.75%, 7/1/31 789,352 PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Hospital (continued) ------------------------------------------------------------------------ $ 850 Pennsylvania HEFA, (UPMC Health System), 6.00%, 1/15/31 $ 878,925 ------------------------------------------------------------------------ $ 2,192,822 ------------------------------------------------------------------------ Industrial Development Revenue -- 5.7% ------------------------------------------------------------------------ $ 600 Allegheny County, IDA, (Residential Resources, Inc.), 6.50%, 9/1/21 $ 586,884 500 New Morgan IDA, (New Morgan Landfill), (AMT), 6.50%, 4/1/19 492,900 1,000 Pennsylvania, IDA, (Sun Co.), (AMT), 7.60%, 12/1/24 1,072,640 1,550 Puerto Rico Port Authority, (American Airlines), (AMT), 6.30%, 6/1/23 1,299,582 ------------------------------------------------------------------------ $ 3,452,006 ------------------------------------------------------------------------ Insured-Education -- 15.9% ------------------------------------------------------------------------ $ 650 Delaware County, (Villanova University), (MBIA), 5.00%, 12/1/28 $ 635,492 1,000 Northampton County HEFA, (Lafayette College), (MBIA), 5.00%, 11/1/27 976,810 1,000 Pennsylvania HEFA, (Bryn Mawr College), (AMBAC), 5.125%, 12/1/29 994,110 2,000 Pennsylvania HEFA, (State System Higher Education), (FSA), 5.00%, 6/15/24 1,969,380 3,000 Pennsylvania HEFA, (Temple University), (MBIA), 5.00%, 4/1/29 2,932,020 600 Puerto Rico Industrial Tourist Educational, Medical and Environmental, (University Plaza Project), Residual Certificates, (MBIA), Variable Rate, 7/1/33(1)(2) 587,190 1,500 University of Pittsburgh, (MBIA), 5.00%, 6/1/21 1,475,235 ------------------------------------------------------------------------ $ 9,570,237 ------------------------------------------------------------------------ Insured-Electric Utilities -- 1.8% ------------------------------------------------------------------------ $1,000 Puerto Rico Electric Power Authority, (MBIA), Variable Rate, 7/1/29(1)(2) $ 1,057,580 ------------------------------------------------------------------------ $ 1,057,580 ------------------------------------------------------------------------ Insured-Gas Utilities -- 2.1% ------------------------------------------------------------------------ $1,325 Philadelphia Natural Gas Works, (FSA), Variable Rate, 7/1/28(3) $ 1,248,998 ------------------------------------------------------------------------ $ 1,248,998 ------------------------------------------------------------------------ Insured-General Obligations -- 6.3% ------------------------------------------------------------------------ $1,825 Hopewell School District, (FSA), 0.00%, 9/1/25 $ 501,838
SEE NOTES TO FINANCIAL STATEMENTS 31 PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Insured-General Obligations (continued) ------------------------------------------------------------------------ $1,000 McKeesport Area School District, (FGIC), 0.00%, 10/1/31 $ 191,680 2,000 Philadelphia General Obligation, (FSA), 5.00%, 3/15/28 1,943,700 1,150 Philadelphia School District, (MBIA), 4.75%, 4/1/27 1,072,455 250 Southeast Delco Area School District, (MBIA), 0.00%, 2/1/24 75,085 ------------------------------------------------------------------------ $ 3,784,758 ------------------------------------------------------------------------ Insured-Hospital -- 21.7% ------------------------------------------------------------------------ $3,000 Beaver County Hospital Authority, (Valley Health Systems, Inc.), (AMBAC), 5.00%, 5/15/28 $ 2,893,740 1,000 Berks County Municipal Authority, (Reading Hospital and Medical Center), (FSA), 6.00%, 11/1/29 1,150,300 1,000 Dauphin County General Authority, (Pinnacle Health System), (MBIA), 5.50%, 5/15/27 1,014,680 1,000 Delaware County Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26 933,010 1,500 Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (MBIA), 5.25%, 7/1/29 1,498,845 3,000 Montgomery County HEFA, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 2,893,740 1,000 Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), (FSA), 5.00%, 8/1/29 970,050 1,750 Sharon Health System Authority, (Sharon Regional Health System), (MBIA), 5.00%, 12/1/28 1,686,247 ------------------------------------------------------------------------ $13,040,612 ------------------------------------------------------------------------ Insured-Special Tax Revenue -- 4.4% ------------------------------------------------------------------------ $1,000 Pittsburgh and Allegheny County Public Auditorium Authority, (AMBAC), 5.00%, 2/1/24 $ 984,780 595 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(1) 592,531 1,000 Puerto Rico Infrastructure Financing Authority, (FSA), Variable Rate, 7/1/27(1)(2) 1,062,850 ------------------------------------------------------------------------ $ 2,640,161 ------------------------------------------------------------------------ Insured-Transportation -- 12.0% ------------------------------------------------------------------------ $1,000 Allegheny County Port Authority, (FGIC), 5.00%, 3/1/29 $ 977,360 3,100 Pennsylvania Turnpike Commision Oil Franchise, (AMBAC), 4.75%, 12/1/27 2,888,146 2,450 Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29 2,461,956 PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE ------------------------------------------------------------------------ Insured-Transportation (continued) ------------------------------------------------------------------------ $ 800 Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 7/1/26(1)(2) $ 894,488 ------------------------------------------------------------------------ $ 7,221,950 ------------------------------------------------------------------------ Insured-Water and Sewer -- 4.2% ------------------------------------------------------------------------ $1,000 Allegheny County Sanitation and Sewer Authority, (MBIA), 5.50%, 12/1/24 $ 1,038,060 500 Delaware County IDA, (Water Facilities), (FGIC), (AMT), 6.00%, 6/1/29 530,910 1,000 Philadelphia Water and Wastewater, (FGIC), 5.00%, 11/1/31 976,150 ------------------------------------------------------------------------ $ 2,545,120 ------------------------------------------------------------------------ Nursing Home -- 1.4% ------------------------------------------------------------------------ $ 500 Clarion County IDA, (Beverly Enterprises, Inc.), 5.875%, 5/1/07 $ 485,885 400 Cumberland County IDA, (Beverly Enterprises, Inc.), 5.50%, 10/1/08 377,216 ------------------------------------------------------------------------ $ 863,101 ------------------------------------------------------------------------ Senior Living / Life Care -- 3.8% ------------------------------------------------------------------------ $ 490 Cliff House Trust (AMT), 6.625%, 6/1/27 $ 450,913 500 Crawford County Hospital Authority, (Wesbury United Methodist Community), 6.25%, 8/15/29 464,665 400 Delaware IDA, (Glen Riddle), (AMT), 8.625%, 9/1/25 427,992 925 Montgomery County HEFA, (Faulkeways at Gwynedd), 6.75%, 11/15/30 959,022 ------------------------------------------------------------------------ $ 2,302,592 ------------------------------------------------------------------------ Transportation -- 2.0% ------------------------------------------------------------------------ $ 445 Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09 $ 441,307 500 Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/16 491,330 250 Pennsylvania EDA, (Amtrak), (AMT), 6.25%, 11/1/31 254,388 ------------------------------------------------------------------------ $ 1,187,025 ------------------------------------------------------------------------ Total Tax-Exempt Investments -- 98.7% (identified cost $58,418,459) $59,436,604 ------------------------------------------------------------------------ Other Assets, Less Liabilities -- 1.3% $ 791,040 ------------------------------------------------------------------------ Net Assets -- 100.0% $60,227,644 ------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 32 PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001 PORTFOLIO OF INVESTMENTS CONT'D 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, 2001, 70.5% 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 5.8% to 25.1% of total investments. (1) Security has been issued as a leveraged inverse floater bond. (2) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. (3) Security has been issued as an inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 33 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS STATEMENTS OF ASSETS AND LIABILITIES AS OF NOVEMBER 30, 2001
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST ---------------------------------------------------------------------------------------------------- Assets ---------------------------------------------------------------------------------------------------- Investments -- Identified cost $153,325,207 $93,638,062 $55,735,225 $47,207,867 Unrealized appreciation 4,417,000 1,137,400 1,159,037 884,128 ---------------------------------------------------------------------------------------------------- INVESTMENTS, AT VALUE $157,742,207 $94,775,462 $56,894,262 $48,091,995 ---------------------------------------------------------------------------------------------------- Cash $ 1,320,338 $ 71,500 $ 166,080 $ 67,034 Interest receivable 2,657,689 1,308,674 1,103,443 719,023 Receivable for daily variation margin on closed financial futures contracts -- 22,400 -- -- Prepaid expenses 865 534 325 256 ---------------------------------------------------------------------------------------------------- TOTAL ASSETS $161,721,099 $96,178,570 $58,164,110 $48,878,308 ---------------------------------------------------------------------------------------------------- Liabilities ---------------------------------------------------------------------------------------------------- Payable for when-issued securities $ -- $ -- $ -- $ 1,141,530 Payable to affiliate for Trustees' fees 1,711 1,293 349 352 Accrued expenses 42,988 28,119 25,714 22,261 ---------------------------------------------------------------------------------------------------- TOTAL LIABILITIES $ 44,699 $ 29,412 $ 26,063 $ 1,164,143 ---------------------------------------------------------------------------------------------------- NET ASSETS $161,676,400 $96,149,158 $58,138,047 $47,714,165 ---------------------------------------------------------------------------------------------------- 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 71,250 42,294 25,968 20,852 Additional paid-in capital 105,674,683 62,823,683 38,433,214 30,978,619 Accumulated net realized loss (computed on the basis of identified cost) (8,575,146) (4,028,451) (3,404,643) (1,992,514) Accumulated undistributed net investment income 1,088,613 674,232 424,471 323,080 Net unrealized appreciation (computed on the basis of identified cost) 4,417,000 1,137,400 1,159,037 884,128 ---------------------------------------------------------------------------------------------------- NET ASSETS $161,676,400 $96,149,158 $58,138,047 $47,714,165 ---------------------------------------------------------------------------------------------------- Net assets applicable to preferred shareholders -- Auction Preferred Shares at liquidation value $ 59,000,000 $35,500,000 $21,500,000 $17,500,000 Cumulative undeclared dividends 12,524 3,306 4,005 1,630 ---------------------------------------------------------------------------------------------------- TOTAL NET ASSETS APPLICABLE TO PREFERRED SHARES $ 59,012,524 $35,503,306 $21,504,005 $17,501,630 ---------------------------------------------------------------------------------------------------- Net assets applicable to common shares $102,663,876 $60,645,852 $36,634,042 $30,212,535 ---------------------------------------------------------------------------------------------------- TOTAL NET ASSETS $161,676,400 $96,149,158 $58,138,047 $47,714,165 ---------------------------------------------------------------------------------------------------- Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) ---------------------------------------------------------------------------------------------------- 2,360 1,420 860 700 ---------------------------------------------------------------------------------------------------- Common Shares Outstanding ---------------------------------------------------------------------------------------------------- 7,125,044 4,229,355 2,596,842 2,085,197 ---------------------------------------------------------------------------------------------------- Net Asset Value Per Common Share ---------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES DIVIDED BY COMMON SHARES ISSUED AND OUTSTANDING $ 14.41 $ 14.34 $ 14.11 $ 14.49 ----------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 34 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS STATEMENTS OF ASSETS AND LIABILITIES AS OF NOVEMBER 30, 2001
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST ------------------------------------------------------------------------------------------------- Assets ------------------------------------------------------------------------------------------------- Investments -- Identified cost $ 95,193,725 $113,533,820 $60,932,484 $58,418,459 Unrealized appreciation 2,713,498 4,190,140 952,955 1,018,145 ------------------------------------------------------------------------------------------------- INVESTMENTS, AT VALUE $ 97,907,223 $117,723,960 $61,885,439 $59,436,604 ------------------------------------------------------------------------------------------------- Cash $ 240,067 $ 265,287 $ -- $ -- Receivable for investments sold -- -- 5,000 -- Interest receivable 2,140,367 2,210,834 1,304,076 1,097,324 Receivable for daily variation margin on open financial futures contracts -- 4,375 656 -- Prepaid expenses 558 678 349 325 ------------------------------------------------------------------------------------------------- TOTAL ASSETS $100,288,215 $120,205,134 $63,195,520 $60,534,253 ------------------------------------------------------------------------------------------------- Liabilities ------------------------------------------------------------------------------------------------- Due to bank $ -- $ -- $ 594,482 $ 277,358 Payable to affiliate for Trustees' fees 1,292 497 350 352 Accrued expenses 40,931 44,766 25,623 28,899 ------------------------------------------------------------------------------------------------- TOTAL LIABILITIES $ 42,223 $ 45,263 $ 620,455 $ 306,609 ------------------------------------------------------------------------------------------------- NET ASSETS $100,245,992 $120,159,871 $62,575,065 $60,227,644 ------------------------------------------------------------------------------------------------- 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 44,847 52,999 27,774 26,632 Additional paid-in capital 66,615,059 78,674,036 41,259,934 39,565,735 Accumulated net realized loss (computed on the basis of identified cost) (7,877,587) (8,109,856) (3,618,465) (3,246,285) Accumulated undistributed net investment income 750,175 864,234 454,619 363,417 Net unrealized appreciation (computed on the basis of identified cost) 2,713,498 4,178,458 951,203 1,018,145 ------------------------------------------------------------------------------------------------- NET ASSETS $100,245,992 $120,159,871 $62,575,065 $60,227,644 ------------------------------------------------------------------------------------------------- Net assets applicable to preferred shareholders -- Auction Preferred Shares at liquidation value $ 38,000,000 $ 44,500,000 $23,500,000 $22,500,000 Cumulative undeclared dividends 8,848 1,703 3,283 4,191 ------------------------------------------------------------------------------------------------- TOTAL NET ASSETS APPLICABLE TO PREFERRED SHARES $ 38,008,848 $ 44,501,703 $23,503,283 $22,504,191 ------------------------------------------------------------------------------------------------- Net assets applicable to common shares $ 62,237,144 $ 75,658,168 $39,071,782 $37,723,453 ------------------------------------------------------------------------------------------------- TOTAL NET ASSETS $100,245,992 $120,159,871 $62,575,065 $60,227,644 ------------------------------------------------------------------------------------------------- Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) ------------------------------------------------------------------------------------------------- 1,520 1,780 940 900 ------------------------------------------------------------------------------------------------- Common Shares Outstanding ------------------------------------------------------------------------------------------------- 4,484,712 5,299,922 2,777,424 2,663,243 ------------------------------------------------------------------------------------------------- Net Asset Value Per Common Share ------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES DIVIDED BY COMMON SHARES ISSUED AND OUTSTANDING $ 13.88 $ 14.28 $ 14.07 $ 14.16 -------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 35 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D STATEMENTS OF OPERATIONS FOR THE YEAR ENDED NOVEMBER 30, 2001
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST ---------------------------------------------------------------------------------------------------- Investment Income ---------------------------------------------------------------------------------------------------- Interest $ 9,132,783 $5,556,247 $3,377,224 $2,739,672 ---------------------------------------------------------------------------------------------------- TOTAL INVESTMENT INCOME $ 9,132,783 $5,556,247 $3,377,224 $2,739,672 ---------------------------------------------------------------------------------------------------- Expenses ---------------------------------------------------------------------------------------------------- Investment adviser fee $ 1,116,930 $ 667,234 $ 399,708 $ 329,503 Administration fee 314,055 190,639 114,202 94,144 Trustees fees and expenses 10,858 9,182 2,468 1,993 Legal and accounting services 45,659 39,068 35,834 32,712 Printing and postage 12,120 10,074 7,597 3,032 Custodian fee 78,135 48,571 32,161 28,834 Transfer and dividend disbursing agent 90,992 55,664 34,202 31,337 Preferred shares remarketing agent fee 146,344 84,791 53,110 40,806 Miscellaneous 19,609 33,690 22,757 27,378 ---------------------------------------------------------------------------------------------------- TOTAL EXPENSES $ 1,834,702 $1,138,913 $ 702,039 $ 589,739 ---------------------------------------------------------------------------------------------------- Deduct -- Reduction of custodian fee $ 66,279 $ 48,571 $ 32,161 $ 28,587 ---------------------------------------------------------------------------------------------------- TOTAL EXPENSE REDUCTIONS $ 66,279 $ 48,571 $ 32,161 $ 28,587 ---------------------------------------------------------------------------------------------------- NET EXPENSES $ 1,768,423 $1,090,342 $ 669,878 $ 561,152 ---------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME $ 7,364,360 $4,465,905 $2,707,346 $2,178,520 ---------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) ---------------------------------------------------------------------------------------------------- Net realized gain (loss) -- Investment transactions (identified cost basis) $ 116,830 $ (152,737) $ (40,199) $ (174,384) Financial futures contracts (13,921) (8,474) -- -- ---------------------------------------------------------------------------------------------------- NET REALIZED GAIN (LOSS) $ 102,909 $ (161,211) $ (40,199) $ (174,384) ---------------------------------------------------------------------------------------------------- Change in unrealized appreciation (depreciation) -- Investments (identified cost basis) $ 7,836,170 $5,055,444 $3,894,058 $2,918,529 ---------------------------------------------------------------------------------------------------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 7,836,170 $5,055,444 $3,894,058 $2,918,529 ---------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN $ 7,939,079 $4,894,233 $3,853,859 $2,744,145 ---------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM OPERATIONS $15,303,439 $9,360,138 $6,561,205 $4,922,665 ----------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 36 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D STATEMENTS OF OPERATIONS FOR THE YEAR ENDED NOVEMBER 30, 2001
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST ------------------------------------------------------------------------------------------------ Investment Income ------------------------------------------------------------------------------------------------ Interest $5,920,663 $ 6,996,963 $3,697,362 $3,422,115 ------------------------------------------------------------------------------------------------ TOTAL INVESTMENT INCOME $5,920,663 $ 6,996,963 $3,697,362 $3,422,115 ------------------------------------------------------------------------------------------------ Expenses ------------------------------------------------------------------------------------------------ Investment adviser fee $ 701,653 $ 835,773 $ 436,237 $ 417,840 Administration fee 200,473 238,792 124,657 119,383 Trustees fees and expenses 9,181 7,727 2,481 1,993 Legal and accounting services 39,034 35,217 35,836 32,735 Printing and postage 10,121 12,024 8,822 5,731 Custodian fee 65,596 64,470 35,345 36,355 Transfer and dividend disbursing agent 57,919 76,163 38,037 39,622 Preferred shares remarketing agent fee 94,258 111,226 58,290 52,092 Miscellaneous 32,414 32,454 27,104 28,182 ------------------------------------------------------------------------------------------------ TOTAL EXPENSES $1,210,649 $ 1,413,846 $ 766,809 $ 733,933 ------------------------------------------------------------------------------------------------ Deduct -- Reduction of custodian fee $ 29,643 $ 18,072 $ 35,345 $ 14,487 ------------------------------------------------------------------------------------------------ TOTAL EXPENSE REDUCTIONS $ 29,643 $ 18,072 $ 35,345 $ 14,487 ------------------------------------------------------------------------------------------------ NET EXPENSES $1,181,006 $ 1,395,774 $ 731,464 $ 719,446 ------------------------------------------------------------------------------------------------ NET INVESTMENT INCOME $4,739,657 $ 5,601,189 $2,965,898 $2,702,669 ------------------------------------------------------------------------------------------------ Realized and Unrealized Gain (Loss) ------------------------------------------------------------------------------------------------ Net realized gain (loss) -- Investment transactions (identified cost basis) $ (264,215) $ (235,068) $ (951,137) $ (840,136) Financial futures contracts -- 84,620 51,786 (4,842) ------------------------------------------------------------------------------------------------ NET REALIZED LOSS $ (264,215) $ (150,448) $ (899,351) $ (844,978) ------------------------------------------------------------------------------------------------ Change in unrealized appreciation (depreciation) -- Investments (identified cost basis) $5,115,881 $ 6,127,440 $3,974,965 $3,803,331 Financial futures contracts -- 77,051 57,403 -- ------------------------------------------------------------------------------------------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $5,115,881 $ 6,204,491 $4,032,368 $3,803,331 ------------------------------------------------------------------------------------------------ NET REALIZED AND UNREALIZED GAIN $4,851,666 $ 6,054,043 $3,133,017 $2,958,353 ------------------------------------------------------------------------------------------------ NET INCREASE IN NET ASSETS FROM OPERATIONS $9,591,323 $11,655,232 $6,098,915 $5,661,022 ------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 37 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEAR ENDED NOVEMBER 30, 2001
INCREASE (DECREASE) IN NET ASSETS CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST ------------------------------------------------------------------------------------------------------- From operations -- Net investment income $ 7,364,360 $ 4,465,905 $ 2,707,346 $ 2,178,520 Net realized gain (loss) 102,909 (161,211) (40,199) (174,384) Net change in unrealized appreciation (depreciation) 7,836,170 5,055,444 3,894,058 2,918,529 ------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM OPERATIONS $ 15,303,439 $ 9,360,138 $ 6,561,205 $ 4,922,665 ------------------------------------------------------------------------------------------------------- Distributions to shareholders -- Preferred Shareholders -- From net investment income $ (1,581,200) $(1,029,471) $ (589,521) $ (504,182) Common Shareholders -- From net investment income (5,217,933) (2,981,696) (1,875,647) (1,438,786) ------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (6,799,133) $(4,011,167) $(2,465,168) $(1,942,968) ------------------------------------------------------------------------------------------------------- Capital share transactions -- Reinvestment of distributions to shareholders $ 96,991 $ -- $ 36,650 $ -- ------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS $ 96,991 $ -- $ 36,650 $ -- ------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS $ 8,601,297 $ 5,348,971 $ 4,132,687 $ 2,979,697 ------------------------------------------------------------------------------------------------------- Net Assets ------------------------------------------------------------------------------------------------------- At beginning of year $153,075,103 $90,800,187 $54,005,360 $44,734,468 ------------------------------------------------------------------------------------------------------- AT END OF YEAR $161,676,400 $96,149,158 $58,138,047 $47,714,165 ------------------------------------------------------------------------------------------------------- Accumulated undistributed net investment income included in net assets ------------------------------------------------------------------------------------------------------- AT END OF YEAR $ 1,088,613 $ 674,232 $ 424,471 $ 323,080 -------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 38 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEAR ENDED NOVEMBER 30, 2001
INCREASE (DECREASE) IN NET ASSETS NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST ---------------------------------------------------------------------------------------------------- From operations -- Net investment income $4,739,657 $ 5,601,189 $ 2,965,898 $2,702,669 Net realized loss (264,215) (150,448) (899,351) (844,978) Net change in unrealized appreciation (depreciation) 5,115,881 6,204,491 4,032,368 3,803,331 ---------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM OPERATIONS $9,591,323 $ 11,655,232 $ 6,098,915 $5,661,022 ---------------------------------------------------------------------------------------------------- Distributions to shareholders -- Preferred Shareholders -- From net investment income $(1,051,398) $ (1,164,885) $ (672,941) $(649,116) Common Shareholders -- From net investment income (3,193,115) (3,853,043) (1,972,027) (1,805,679) ---------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS $(4,244,513) $ (5,017,928) $(2,644,968) $(2,454,795) ---------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS $5,346,810 $ 6,637,304 $ 3,453,947 $3,206,227 ---------------------------------------------------------------------------------------------------- Net Assets ---------------------------------------------------------------------------------------------------- At beginning of year $94,899,182 $113,522,567 $59,121,118 $57,021,417 ---------------------------------------------------------------------------------------------------- AT END OF YEAR $100,245,992 $120,159,871 $62,575,065 $60,227,644 ---------------------------------------------------------------------------------------------------- Accumulated undistributed net investment income included in net assets ---------------------------------------------------------------------------------------------------- AT END OF YEAR $750,175 $ 864,234 $ 454,619 $363,417 ----------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 39 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEAR ENDED NOVEMBER 30, 2000
INCREASE (DECREASE) IN NET ASSETS CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST ------------------------------------------------------------------------------------------------------- From operations -- Net investment income $ 7,160,424 $ 4,345,385 $ 2,608,340 $ 2,075,948 Net realized loss (2,239,451) (1,777,536) (1,739,252) (624,509) Net change in unrealized appreciation (depreciation) 13,512,983 7,369,709 4,488,382 3,223,898 ------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM OPERATIONS $ 18,433,956 $ 9,937,558 $ 5,357,470 $ 4,675,337 ------------------------------------------------------------------------------------------------------- Distributions to shareholders -- Preferred Shareholders -- From net investment income $ (1,981,715) $(1,428,492) $ (740,116) $ (669,102) Common Shareholders -- From net investment income (5,151,264) (2,993,511) (1,862,133) (1,470,064) ------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (7,132,979) $(4,422,003) $(2,602,249) $(2,139,166) ------------------------------------------------------------------------------------------------------- Capital share transactions -- Reinvestment of distributions to shareholders $ 428,242 $ 51,302 $ 289,910 $ -- ------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS $ 428,242 $ 51,302 $ 289,910 $ -- ------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS $ 11,729,219 $ 5,566,857 $ 3,045,131 $ 2,536,171 ------------------------------------------------------------------------------------------------------- Net Assets ------------------------------------------------------------------------------------------------------- At beginning of year $141,345,884 $85,233,330 $50,960,229 $42,198,297 ------------------------------------------------------------------------------------------------------- AT END OF YEAR $153,075,103 $90,800,187 $54,005,360 $44,734,468 ------------------------------------------------------------------------------------------------------- Accumulated undistributed net investment income included in net assets ------------------------------------------------------------------------------------------------------- AT END OF YEAR $ 523,386 $ 219,494 $ 182,293 $ 87,528 -------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 40 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEAR ENDED NOVEMBER 30, 2000
INCREASE (DECREASE) IN NET ASSETS NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST ---------------------------------------------------------------------------------------------------- From operations -- Net investment income $ 4,534,972 $ 5,306,168 $ 2,855,416 $ 2,699,111 Net realized loss (3,180,441) (1,831,913) (584,422) (807,118) Net change in unrealized appreciation (depreciation) 7,588,010 8,410,251 3,176,988 3,855,447 ---------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM OPERATIONS $ 8,942,541 $ 11,884,506 $ 5,447,982 $ 5,747,440 ---------------------------------------------------------------------------------------------------- Distributions to shareholders -- Preferred Shareholders -- From net investment income $(1,449,883) $ (1,594,844) $ (931,399) $ (885,222) Common Shareholders -- From net investment income (3,159,321) (3,813,105) (1,979,425) (1,885,576) ---------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS $(4,609,204) $ (5,407,949) $(2,910,824) $(2,770,798) ---------------------------------------------------------------------------------------------------- Capital share transactions -- Reinvestment of distributions to shareholders $ 68,530 $ 199,822 $ 35,287 $ -- ---------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS $ 68,530 $ 199,822 $ 35,287 $ -- ---------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS $ 4,401,867 $ 6,676,379 $ 2,572,445 $ 2,976,642 ---------------------------------------------------------------------------------------------------- Net Assets ---------------------------------------------------------------------------------------------------- At beginning of year $90,497,315 $106,846,188 $56,548,673 $54,044,775 ---------------------------------------------------------------------------------------------------- AT END OF YEAR $94,899,182 $113,522,567 $59,121,118 $57,021,417 ---------------------------------------------------------------------------------------------------- Accumulated undistributed net investment income included in net assets ---------------------------------------------------------------------------------------------------- AT END OF YEAR $ 255,031 $ 280,973 $ 133,689 $ 115,543 ----------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 41 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
CALIFORNIA TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $13.210 $11.630 $15.000 ---------------------------------------------------------------------------------- Income (loss) from operations ---------------------------------------------------------------------------------- Net investment income $ 1.035 $ 1.008 $ 0.773 Net realized and unrealized gain (loss) 1.120 1.576 (3.322) ---------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.155 $ 2.584 $(2.549) ---------------------------------------------------------------------------------- Less distributions ---------------------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.222) $(0.279) $(0.186) Common Shareholders -- From net investment income $(0.733) $(0.725) $(0.510) ---------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(0.955) $(1.004) $(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 YEAR (COMMON SHARES) $14.410 $13.210 $11.630 ---------------------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $14.320 $11.688 $11.438 ---------------------------------------------------------------------------------- TOTAL RETURN(3) 29.65% 8.79% (20.70)% ----------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 42 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
CALIFORNIA TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Ratios/Supplemental Data+ ++ ---------------------------------------------------------------------------------- Net assets, end of year (000's omitted) $161,676 $153,075 $141,346 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 1.83% 1.99% 1.66%(5) Net expenses after custodian fee reduction(4) 1.76% 1.92% 1.60%(5) Net investment income(4) 7.32% 8.43% 6.83%(5) Portfolio Turnover 47% 29% 146% + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 1.85%(5) Expenses after custodian fee reduction(4) 1.79%(5) Net investment income(4) 6.64%(5) 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 1.15% 1.17% 1.06%(5) Net expenses after custodian fee reduction 1.11% 1.13% 1.02%(5) Net investment income 4.62% 4.97% 4.37%(5) + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.18%(5) Expenses after custodian fee reduction 1.14%(5) Net investment income 4.25%(5) ---------------------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 2,360 2,360 2,360 Asset coverage per preferred share(6) $ 68,507 $ 64,862 $ 59,892 Involuntary liquidation preference per preferred share(7) $ 25,000 $ 25,000 $ 25,000 Approximate market value per preferred share(7) $ 25,000 $ 25,000 $ 25,000 ----------------------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (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) 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. (5) Annualized. (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 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
FLORIDA TRUST --------------------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------------------- 2001(1) 2000(1) 1999(1)(2) ------------------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $13.070 $11.770 $15.000 ------------------------------------------------------------------------------- Income (loss) from operations ------------------------------------------------------------------------------- Net investment income $ 1.056 $ 1.028 $ 0.779 Net realized and unrealized gain (loss) 1.162 1.318 (3.180) ------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.218 $ 2.346 $(2.401) ------------------------------------------------------------------------------- Less distributions ------------------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.243) $(0.338) $(0.200) Common Shareholders-- From net investment income $(0.705) $(0.708) $(0.502) ------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(0.948) $(1.046) $(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 YEAR (COMMON SHARES) $14.340 $13.070 $11.770 ------------------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $13.380 $10.500 $10.438 ------------------------------------------------------------------------------- TOTAL RETURN(3) 34.91% 7.20% (27.62)% -------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 44 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
FLORIDA TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Ratios/Supplemental Data+ ++ ---------------------------------------------------------------------------------- Net assets, end of year (000's omitted) $96,149 $90,800 $85,233 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 1.90% 1.99% 1.74%(5) Net expenses after custodian fee reduction(4) 1.82% 1.91% 1.68%(5) Net investment income(4) 7.46% 8.59% 6.89%(5) Portfolio Turnover 24% 20% 101% + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 2.07% 1.88%(5) Expenses after custodian fee reduction(4) 1.99% 1.82%(5) Net investment income(4) 8.51% 6.75%(5) Net investment income per share $ 1.018 $ 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 1.19% 1.16% 1.11%(5) Net expenses after custodian fee reduction 1.14% 1.12% 1.07%(5) Net investment income 4.68% 5.05% 4.39%(5) + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.20% 1.20%(5) Expenses after custodian fee reduction 1.16% 1.16%(5) Net investment income 5.01% 4.30%(5) ---------------------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 1,420 1,420 1,420 Asset coverage per preferred share(6) $67,695 $63,944 $60,023 Involuntary liquidation preference per preferred share(7) $25,000 $25,000 $25,000 Approximate market value per preferred share(7) $25,000 $25,000 $25,000 ----------------------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (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) 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. (5) Annualized. (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 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
MASSACHUSETTS TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $12.530 $11.470 $15.000 ---------------------------------------------------------------------------------- Income (loss) from operations ---------------------------------------------------------------------------------- Net investment income $ 1.044 $ 1.008 $ 0.779 Net realized and unrealized gain (loss) 1.486 1.058 (3.479) ---------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.530 $ 2.066 $(2.700) ---------------------------------------------------------------------------------- Less distributions ---------------------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.227) $(0.286) $(0.192) Common Shareholders -- From net investment income $(0.723) $(0.720) $(0.510) ---------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(0.950) $ 1.006 $(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 YEAR (COMMON SHARES) $14.110 $12.530 $11.470 ---------------------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $14.370 $10.813 $11.438 ---------------------------------------------------------------------------------- TOTAL RETURN(3) 40.54% 0.69% (20.68)% ----------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 46 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
MASSACHUSETTS TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Ratios/Supplemental Data+ ++ ---------------------------------------------------------------------------------- Net assets, end of year (000's omitted) $58,138 $54,005 $50,960 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 1.97% 2.17% 1.98%(5) Net expenses after custodian fee reduction(4) 1.88% 2.09% 1.91%(5) Net investment income(4) 7.60% 8.80% 6.93%(5) Portfolio Turnover 13% 32% 111% + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 2.01%(5) Expenses after custodian fee reduction(4) 1.94%(5) Net investment income(4) 6.90%(5) 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 1.23% 1.26% 1.26%(5) Net expenses after custodian fee reduction 1.17% 1.21% 1.21%(5) Net investment income 4.74% 5.10% 4.41%(5) + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.28%(5) Expenses after custodian fee reduction 1.23%(5) Net investment income 4.39%(5) ---------------------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 860 860 860 Asset coverage per preferred share(6) $67,602 $62,797 $59,256 Involuntary liquidation preference per preferred share(7) $25,000 $25,000 $25,000 Approximate market value per preferred share(7) $25,000 $25,000 $25,000 ----------------------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (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) 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. (5) Annualized. (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 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
MICHIGAN TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $13.060 $11.840 $15.000 ---------------------------------------------------------------------------------- Income (loss) from operations ---------------------------------------------------------------------------------- Net investment income $ 1.045 $ 0.996 $ 0.771 Net realized and unrealized gain (loss) 1.317 1.250 (3.111) ---------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.362 $ 2.246 $(2.340) ---------------------------------------------------------------------------------- Less distributions ---------------------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.242) $(0.321) $(0.191) Common Shareholders-- From net investment income $(0.690) $(0.705) $(0.500) ---------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(0.932) $(1.026) $(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 YEAR (COMMON SHARES) $14.490 $13.060 $11.840 ---------------------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $13.000 $10.438 $10.875 ---------------------------------------------------------------------------------- TOTAL RETURN(3) 31.69% 2.30% (24.66)% ----------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 48 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
MICHIGAN TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Ratios/Supplemental Data+ ++ ---------------------------------------------------------------------------------- Net assets, end of year (000's omitted) $47,714 $44,734 $42,198 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 1.99% 2.18% 1.78%(5) Net expenses after custodian fee reduction(4) 1.90% 2.09% 1.71%(5) Net investment income(4) 7.36% 8.34% 6.77%(5) Portfolio Turnover 33% 18% 90% + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 2.21% 2.06%(5) Expenses after custodian fee reduction(4) 2.12% 1.99%(5) Net investment income(4) 8.31% 6.49%(5) Net investment income per share $ 0.992 $ 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 1.25% 1.27% 1.14%(5) Net expenses after custodian fee reduction 1.19% 1.22% 1.09%(5) Net investment income 4.63% 4.90% 4.33%(5) + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.29% 1.32%(5) Expenses after custodian fee reduction 1.24% 1.27%(5) Net investment income 4.88% 4.15%(5) ---------------------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 700 700 700 Asset coverage per preferred share(6) $68,163 $63,906 $60,283 Involuntary liquidation preference per preferred share(7) $25,000 $25,000 $25,000 Approximate market value per preferred share(7) $25,000 $25,000 $25,000 ----------------------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (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) 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. (5) Annualized. (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 share outstanding. (7) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 49 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
NEW JERSEY TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $12.680 $11.720 $15.000 ---------------------------------------------------------------------------------- Income (loss) from operations ---------------------------------------------------------------------------------- Net investment income $ 1.057 $ 1.012 $ 0.778 Net realized and unrealized gain (loss) 1.089 0.977 (3.235) ---------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.146 $ 1.989 $(2.457) ---------------------------------------------------------------------------------- Less distributions ---------------------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.234) $(0.324) $(0.195) Common Shareholders -- From net investment income $(0.712) $(0.705) $(0.500) ---------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(0.946) $(1.029) $(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 YEAR (COMMON SHARES) $13.880 $12.680 $11.720 ---------------------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $13.340 $10.750 $10.875 ---------------------------------------------------------------------------------- TOTAL RETURN(3) 31.34% 5.28% (24.64)% ----------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 50 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
NEW JERSEY TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Ratios/Supplemental Data+ ++ ---------------------------------------------------------------------------------- Net assets, end of year (000's omitted) $100,246 $94,899 $90,497 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 1.95% 2.08% 1.67%(5) Net expenses after custodian fee reduction(4) 1.90% 2.00% 1.61%(5) Net investment income(4) 7.64% 8.64% 6.83%(5) Portfolio Turnover 35% 54% 114% + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 1.85%(5) Expenses after custodian fee reduction(4) 1.79%(5) Net investment income(4) 6.65%(5) 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 1.21% 1.21% 1.07%(5) Net expenses after custodian fee reduction 1.18% 1.16% 1.03%(5) Net investment income 4.74% 5.01% 4.35%(5) + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.18%(5) Expenses after custodian fee reduction 1.14%(5) Net investment income 4.24%(5) ---------------------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 1,520 1,520 1,520 Asset coverage per preferred share(6) $ 65,951 $62,434 $59,538 Involuntary liquidation preference per preferred share(7) $ 25,000 $25,000 $25,000 Approximate market value per preferred share(7) $ 25,000 $25,000 $25,000 ----------------------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (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) 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. (5) Annualized. (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 51 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
NEW YORK TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $13.020 $11.800 $15.000 ---------------------------------------------------------------------------------- Income (loss) from operations ---------------------------------------------------------------------------------- Net investment income $ 1.057 $ 1.002 $ 0.781 Net realized and unrealized gain (loss) 1.150 1.239 (3.153) ---------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.207 $ 2.241 $(2.372) ---------------------------------------------------------------------------------- Less distributions ---------------------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.220) $(0.301) $(0.191) Common Shareholders -- From net investment income $(0.727) $(0.720) $(0.510) ---------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(0.947) $(1.021) $(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 YEAR (COMMON SHARES) $14.280 $13.020 $11.800 ---------------------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $14.050 $10.750 $10.813 ---------------------------------------------------------------------------------- TOTAL RETURN(3) 38.30% 5.90% (25.00)% ----------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 52 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
NEW YORK TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Ratios/Supplemental Data+ ++ ---------------------------------------------------------------------------------- Net assets, end of year (000's omitted) $120,160 $113,523 $106,846 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 1.88% 2.03% 1.65%(5) Net expenses after custodian fee reduction(4) 1.86% 1.95% 1.59%(5) Net investment income(4) 7.45% 8.33% 6.86%(5) Portfolio Turnover 21% 36% 139% + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 1.86%(5) Expenses after custodian fee reduction(4) 1.80%(5) Net investment income(4) 6.65%(5) 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 1.19% 1.20% 1.05%(5) Net expenses after custodian fee reduction 1.17% 1.15% 1.01%(5) Net investment income 4.68% 4.91% 4.38%(5) + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.18%(5) Expenses after custodian fee reduction 1.14%(5) Net investment income 4.25%(5) ---------------------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 1,780 1,780 1,780 Asset coverage per preferred share(6) $ 67,506 $ 63,777 $ 60,026 Involuntary liquidation preference per preferred share(7) $ 25,000 $ 25,000 $ 25,000 Approximate market value per preferred share(7) $ 25,000 $ 25,000 $ 25,000 ----------------------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (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) 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. (5) Annualized. (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 53 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
OHIO TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $12.820 $11.910 $15.000 ---------------------------------------------------------------------------------- Income (loss) from operations ---------------------------------------------------------------------------------- Net investment income $ 1.068 $ 1.028 $ 0.772 Net realized and unrealized gain (loss) 1.134 0.930 (3.035) ---------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.202 $ 1.958 $(2.263) ---------------------------------------------------------------------------------- Less distributions ---------------------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.242) $(0.335) $(0.197) Common Shareholders-- From net investment income $(0.710) $(0.713) $(0.502) ---------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(0.952) $(1.048) $(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 YEAR (COMMON SHARES) $14.070 $12.820 $11.910 ---------------------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $13.620 $11.375 $11.250 ---------------------------------------------------------------------------------- TOTAL RETURN(3) 26.39% 7.55% (22.06)% ----------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 54 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
OHIO TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Ratios/Supplemental Data+ ++ ---------------------------------------------------------------------------------- Net assets, end of year (000's omitted) $62,575 $59,121 $56,549 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 1.99% 2.08% 1.84%(5) Net expenses after custodian fee reduction(4) 1.90% 2.01% 1.77%(5) Net investment income(4) 7.69% 8.56% 6.74%(5) Portfolio Turnover 26% 26% 136% + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 2.16% 1.96%(5) Expenses after custodian fee reduction(4) 2.09% 1.89%(5) Net investment income(4) 8.48% 6.62%(5) Net investment income per share $ 1.018 $ 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 1.24% 1.22% 1.17%(5) Net expenses after custodian fee reduction 1.18% 1.18% 1.13%(5) Net investment income 4.78% 5.02% 4.31%(5) + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.26% 1.25%(5) Expenses after custodian fee reduction 1.22% 1.21%(5) Net investment income 4.98% 4.23%(5) ---------------------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 940 940 940 Asset coverage per preferred share(6) $66,569 $62,895 $60,158 Involuntary liquidation preference per preferred share(7) $25,000 $25,000 $25,000 Approximate market value per preferred share(7) $25,000 $25,000 $25,000 ----------------------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (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) 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. (5) Annualized. (6) Calculated by subtracting the Trust's total liablilities (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 55 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
PENNSYLVANIA TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $12.960 $11.840 $15.000 ---------------------------------------------------------------------------------- Income (loss) from operations ---------------------------------------------------------------------------------- Net investment income $ 1.015 $ 1.013 $ 0.780 Net realized and unrealized gain (loss) 1.107 1.147 (3.108) ---------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.122 $ 2.160 $(2.328) ---------------------------------------------------------------------------------- Less distributions ---------------------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.244) $(0.332) $(0.201) Common Shareholders-- From net investment income $(0.678) $(0.708) $(0.502) ---------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(0.922) $(1.040) $(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 YEAR (COMMON SHARES) $14.160 $12.960 $11.840 ---------------------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $12.750 $10.625 $10.750 ---------------------------------------------------------------------------------- TOTAL RETURN(3) 26.88% 5.29% (25.50)% ----------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 56 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
PENNSYLVANIA TRUST ------------------------------------------------ YEAR ENDED NOVEMBER 30, ------------------------------------------------ 2001(1) 2000(1) 1999(1)(2) ---------------------------------------------------------------------------------- Ratios/Supplemental Data+ ++ ---------------------------------------------------------------------------------- Net assets, end of year (000's omitted) $60,228 $57,021 $54,045 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 1.97% 1.95% 1.77%(5) Net expenses after custodian fee reduction(4) 1.94% 1.86% 1.70%(5) Net investment income(4) 7.26% 8.46% 6.85%(5) Portfolio Turnover 34% 19% 79% + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 2.14% 1.98%(5) Expenses after custodian fee reduction(4) 2.05% 1.91%(5) Net investment income(4) 8.27% 6.64%(5) Net investment income per share $ 0.990 $ 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 1.23% 1.14% 1.13%(5) Net expenses after custodian fee reduction 1.20% 1.09% 1.08%(5) Net investment income 4.53% 4.96% 4.37%(5) + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.25% 1.26%(5) Expenses after custodian fee reduction 1.20% 1.21%(5) Net investment income 4.85% 4.24%(5) ---------------------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 900 900 900 Asset coverage per preferred share(6) $66,920 $63,357 $60,050 Involuntary liquidation preference per preferred share(7) $25,000 $25,000 $25,000 Approximate market value per preferred share(7) $25,000 $25,000 $25,000 ----------------------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (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) 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. (5) Annualized. (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 57 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 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 amended, as non-diversified, closed-end management investment companies. The Trusts were organized under the laws of the Commonwealth of Massachusetts by an Agreement and Declaration of Trust dated December 10, 1998. Each Trust's investment objective is to achieve current income exempt from regular federal income taxes and taxes in its specified state. Each Trust seeks to achieve its objective by investing primarily in investment grade municipal obligations issued by its specified state. The following is a summary of significant accounting policies consistently followed by each Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America. A Investment Valuation -- Municipal bonds are normally valued on the basis of valuations furnished by a pricing service. Futures contracts listed on the commodity exchanges are valued at closing settlement prices. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates fair value. Investments for which valuations or market quotations are unavailable are valued at fair value using methods determined in good faith by or at the direction of the Trustees. B Investment Transactions -- Investment transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined using the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the transaction date. The securities so purchased are subject to market fluctuations during this period. To the extent that when-issued or delayed delivery purchases are outstanding, the Trust instructs the custodian to segregate assets in a separate account, with a current value at least equal to the amount of its purchase commitments. C Income -- Interest income is determined on the basis of interest accrued adjusted for amortization of premium or discount on long-term debt securities when required for federal income tax purposes. The Trusts will adopt the provisions of the AICPA Audit and Accounting Guide for Investment Companies, as revised, effective for fiscal years beginning after December 15, 2000. As required, the Trusts will begin accreting market discounts on debt securities effective December 1, 2001. Prior to this date, the Trusts did not accrete market discounts on debt securities. The cumulative effect of this accounting change will have no impact on the total net assets of each Trust. The impact of this accounting change has not been determined but will result in an increase to cost of securities and a corresponding decrease in net unrealized appreciation based on securities held as of November 30, 2001. 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, 2001, the Trusts, for federal income tax purposes, had capital loss carryovers which will reduce taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryovers of each Trust are as follows:
FUND AMOUNT EXPIRES ----------------------------------------------------------------------- California Trust $6,335,695 November 30, 2007 2,239,451 November 30, 2008 Florida Trust 2,089,704 November 30, 2007 1,777,536 November 30, 2008 160,909 November 30, 2009 Massachusetts Trust 1,625,192 November 30, 2007 1,739,252 November 30, 2008 39,627 November 30, 2009 Michigan Trust 1,193,621 November 30, 2007 624,509 November 30, 2008 165,469 November 30, 2009 New Jersey Trust 4,426,695 November 30, 2007 3,178,038 November 30, 2008 262,308 November 30, 2009
58 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 NOTES TO FINANCIAL STATEMENTS CONT'D
FUND AMOUNT EXPIRES ----------------------------------------------------------------------- New York Trust 6,127,495 November 30, 2007 1,920,646 November 30, 2008 70,059 November 30, 2009 Ohio Trust 2,126,380 November 30, 2007 643,577 November 30, 2008 850,745 November 30, 2009 Pennsylvania Trust 1,594,189 November 30, 2007 807,118 November 30, 2008 844,973 November 30, 2009
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 Financial Futures Contracts -- Upon the entering of a financial futures contract, a Trust is required to deposit (initial margin) either in cash or securities an amount equal to a certain percentage of the purchase price indicated in the financial futures contract. Subsequent payments are made or received by a Trust (margin maintenance) each day, dependent on the daily fluctuations in the value of the underlying security, and are recorded for book purposes as unrealized gains or losses by a Trust. A Trust's investment in financial futures contracts is designed for both hedging against anticipated future changes in interest rates and investment purposes. Should interest rates move unexpectedly, a Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. F Options on Financial Futures Contracts -- Upon the purchase of a put option on a financial futures contract by a Trust, the premium paid is recorded as an investment, the value of which is marked-to-market daily. When a purchased option expires, a Trust will realize a loss in the amount of the cost of the option. When a Trust enters into a closing sale transaction, a Trust will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. When a Trust exercises a put option, settlement is made in cash. The risk associated with purchasing put options is limited to the premium originally paid. G Use of Estimates -- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates. H Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian of the Trusts. Pursuant to the respective custodian agreements, IBT receives a fee reduced by credits which are determined based on the average daily cash balances each Trust maintains with IBT. All significant credit balances used to reduce the Trusts' custodian fees are reported as a reduction of total expenses in the Statement of Operations. 2 Auction Preferred Shares (APS) ------------------------------------------- Each Trust issued Auction Preferred Shares on March 1, 1999 in a public offering. The underwriting discounts and other offering costs were recorded as a reduction of capital of the common shares of each Trust. Dividends on the APS, which accrue daily, are cumulative at a rate which was established at the offering of each Trust's APS and have been reset every seven days thereafter by an auction. Auction Preferred Shares issued and outstanding as of November 30, 2001 and dividend rate ranges for the year ended November 30, 2001 are as indicated below:
ANNUALIZED PREFERRED SHARES DIVIDENDS RATE TRUST ISSUED AND OUTSTANDING RANGES ---------------------------------------------------------------------------------------- California Trust 2,360 1.55% - 4.91% Florida Trust 1,420 1.70% - 4.25% Massachusetts Trust 860 1.20% - 4.80% Michigan Trust 700 1.01% - 4.90% New Jersey Trust 1,520 1.60% - 4.90% New York Trust 1,780 1.35% - 5.00% Ohio Trust 940 1.65% - 5.13% Pennsylvania Trust 900 1.41% - 4.90%
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 59 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 NOTES TO FINANCIAL STATEMENTS CONT'D Trustees. In general, the holders of the APS and the Common Shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. Each Trust is required to maintain certain asset coverage with respect to the APS as defined in each Trust's By-Laws and the Investment Company Act of 1940. Each Trust pays an annual fee equivalent to 0.25% of the preferred shares liquidation value for the remarketing efforts associated with the preferred auction. 3 Distributions to Shareholders ------------------------------------------- Each Trust intends to make monthly distributions of net investment income, after payment of any dividends on any outstanding Auction Preferred Shares. Distributions are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. Each dividend payment period for the Auction Preferred Shares is generally seven days. The applicable annualized dividend rate for the Auction Preferred Shares on November 30, 2001 was 1.55%, 1.70%, 1.70%, 1.70%, 1.70%, 1.40%, 1.70%, and 1.70%, for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively. For the year ended November 30, 2001, the amount of dividends each Trust paid to Auction Preferred shareholders and average APS dividend rates for such period were as follows:
DIVIDENDS PAID TO AVERAGE APS TRUST PREFERRED SHAREHOLDERS DIVIDEND RATES -------------------------------------------------------------------------------- California Trust $1,581,200 2.62% Florida Trust 1,029,471 2.85% Massachusetts Trust 589,521 2.73% Michigan Trust 504,182 2.84% New Jersey Trust 1,051,398 2.73% New York Trust 1,164,885 2.58% Ohio Trust 672,941 2.89% Pennsylvania Trust 649,116 2.85%
4 Investment Adviser Fee and Other Transactions with Affiliates ------------------------------------------- The investment adviser fee, computed at an annual rate of 0.70% of each Trust's average weekly gross assets, was earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. Except for Trustees of each Trust who are not members of EVM's organization, officers and Trustees receive remuneration for their services to each Trust out of such investment adviser fee. For the year ended November 30, 2001, the fee was equivalent to 0.70% of each Trust's average weekly gross assets and amounted to $1,116,930, $667,234, $399,708, $329,503, $701,653, $835,773, $436,237, and $417,840, for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively. EVM also serves as the administrator of each Trust. An administration fee, computed at the annual rate of 0.20% of the average weekly gross assets of each Trust is paid to EVM for administering business affairs of each Trust. For the year ended November 30, 2001, the administrative fee amounted to $314,055, $190,639, $114,202, $94,144, $200,473, $238,792, $124,657, and $119,383, 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 year ended November 30, 2001, no significant amounts have been deferred. Certain officers and one Trustee of each Trust are officers of the above organization. 5 Investments ------------------------------------------- Purchases and sales of investments, other than U.S. Government securities and short-term obligations for the year ended November 30, 2001 were as follows:
CALIFORNIA TRUST ----------------------------------------------------- Purchases $73,796,088 Sales 75,216,987 FLORIDA TRUST ----------------------------------------------------- Purchases $23,673,890 Sales 22,691,247 MASSACHUSETTS TRUST ----------------------------------------------------- Purchases $ 7,074,081 Sales 7,127,214
60 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 NOTES TO FINANCIAL STATEMENTS CONT'D
MICHIGAN TRUST ----------------------------------------------------- Purchases $16,668,903 Sales 15,439,138 NEW JERSEY TRUST ----------------------------------------------------- Purchases $35,583,757 Sales 34,778,532 NEW YORK TRUST ----------------------------------------------------- Purchases $24,687,257 Sales 24,454,525 OHIO TRUST ----------------------------------------------------- Purchases $16,493,926 Sales 16,126,350 PENNSYLVANIA TRUST ----------------------------------------------------- Purchases $20,482,985 Sales 20,014,817
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, 2001, as computed for Federal income tax purposes, were as follows:
CALIFORNIA TRUST ------------------------------------------------------ AGGREGATE COST $153,325,207 ------------------------------------------------------ Gross unrealized appreciation $ 5,964,419 Gross unrealized depreciation (1,547,419) ------------------------------------------------------ NET UNREALIZED APPRECIATION $ 4,417,000 ------------------------------------------------------ FLORIDA TRUST ------------------------------------------------------ AGGREGATE COST $ 93,638,364 ------------------------------------------------------ Gross unrealized appreciation $ 2,588,738 Gross unrealized depreciation (1,451,640) ------------------------------------------------------ NET UNREALIZED APPRECIATION $ 1,137,098 ------------------------------------------------------ MASSACHUSETTS TRUST ------------------------------------------------------ AGGREGATE COST $ 55,735,797 ------------------------------------------------------ Gross unrealized appreciation $ 2,146,472 Gross unrealized depreciation (988,007) ------------------------------------------------------ NET UNREALIZED APPRECIATION $ 1,158,465 ------------------------------------------------------ MICHIGAN TRUST ------------------------------------------------------ AGGREGATE COST $ 47,216,782 ------------------------------------------------------ Gross unrealized appreciation $ 1,498,018 Gross unrealized depreciation (622,805) ------------------------------------------------------ NET UNREALIZED APPRECIATION $ 875,213 ------------------------------------------------------ NEW JERSEY TRUST ------------------------------------------------------ AGGREGATE COST $ 95,198,035 ------------------------------------------------------ Gross unrealized appreciation $ 4,272,963 Gross unrealized depreciation (1,563,775) ------------------------------------------------------ NET UNREALIZED APPRECIATION $ 2,709,188 ------------------------------------------------------ NEW YORK TRUST ------------------------------------------------------ AGGREGATE COST $113,537,158 ------------------------------------------------------ Gross unrealized appreciation $ 5,567,618 Gross unrealized depreciation (1,380,816) ------------------------------------------------------ NET UNREALIZED APPRECIATION $ 4,186,802 ------------------------------------------------------ OHIO TRUST ------------------------------------------------------ AGGREGATE COST $ 60,931,999 ------------------------------------------------------ Gross unrealized appreciation $ 2,321,292 Gross unrealized depreciation (1,367,852) ------------------------------------------------------ NET UNREALIZED APPRECIATION $ 953,440 ------------------------------------------------------ PENNSYLVANIA TRUST ------------------------------------------------------ AGGREGATE COST $ 58,418,464 ------------------------------------------------------ Gross unrealized appreciation $ 1,687,390 Gross unrealized depreciation (669,250) ------------------------------------------------------ NET UNREALIZED APPRECIATION $ 1,018,140 ------------------------------------------------------
61 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 NOTES TO FINANCIAL STATEMENTS CONT'D 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:
CALIFORNIA TRUST ----------------- YEAR ENDED NOVEMBER 30, ----------------- 2001 2000 ----------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan 6,639 38,649 ----------------------------------------------------------- NET INCREASE 6,639 38,649 ----------------------------------------------------------- FLORIDA TRUST ----------------- YEAR ENDED NOVEMBER 30, ----------------- 2001 2000 ----------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan -- 4,634 ----------------------------------------------------------- NET INCREASE -- 4,634 ----------------------------------------------------------- MASSACHUSETTS TRUST ------------------- YEAR ENDED NOVEMBER 30, ------------------- 2001 2000 ------------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan 2,587 26,104 ------------------------------------------------------------- NET INCREASE 2,587 26,104 ------------------------------------------------------------- NEW JERSEY TRUST ------------------- YEAR ENDED NOVEMBER 30, ------------------- 2001 2000 ------------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan -- 6,404 ------------------------------------------------------------- NET INCREASE -- 6,404 ------------------------------------------------------------- NEW YORK TRUST ------------------- YEAR ENDED NOVEMBER 30, ------------------- 2001 2000 ------------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan -- 17,962 ------------------------------------------------------------- NET INCREASE -- 17,962 ------------------------------------------------------------- OHIO TRUST ------------------- YEAR ENDED NOVEMBER 30, ------------------- 2001 2000 ------------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan -- 3,170 ------------------------------------------------------------- NET INCREASE -- 3,170 -------------------------------------------------------------
For the years ended November 30, 2001, and 2000 the Michigan and Pennsylvania Trusts had no transactions in Common shares. 8 Financial Instruments ------------------------------------------- Each Trust regularly trades in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Trust has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at November 30, 2001 is as follows:
EXPIRATION NET UNREALIZED TRUST DATE CONTRACTS POSITION DEPRECIATION ---------------------------------------------------------------------------------------------------- New York 3/02 20 US Treasury Bond Short $(11,682) Ohio 3/02 3 US Treasury Bond Short $ (1,752)
At November 30, 2001, the Trusts had sufficient cash and/ or securities to cover margin requirements on open future contracts. 62 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 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 statements of assets and liabilities, including the portfolios of investments, of Eaton Vance California Municipal Income Trust, Eaton Vance Florida Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust (the Trusts) as of November 30, 2001, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the years in the two year period ended November 30, 2001 and 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 auditing standards generally accepted in the United States of America. 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, 2001 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, 2001, and the results of their operations, the changes in their net assets and their financial highlights for the respective stated periods, in conformity with accounting principles generally accepted in the United States of America. DELOITTE & TOUCHE LLP Boston, Massachusetts January 4, 2002 63 DIVIDEND REINVESTMENT PLAN Each Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders automatically have dividends and capital gains distributions reinvested in common shares (the Shares) of the same Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested. If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with each Trust's transfer agent, PFPC, Inc., or you will not be able to participate. The Plan Agent's service fee for handling distributions will be paid by each Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases. Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds. If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent. Any inquires regarding the Plan can be directed to the Plan Agent, PFPC, Inc., at 1-800-331-1710. 64 APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan. The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan. ------------------------------------------------------ Please print exact name on account ------------------------------------------------------ Shareholder signature Date ------------------------------------------------------ Shareholder signature Date Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY. THIS AUTHORIZATION FORM, WHEN SIGNED, SHOULD BE MAILED TO THE FOLLOWING ADDRESS: Eaton Vance Municipal Income Trusts c/o PFPC, Inc. P.O. Box 8030 Boston, MA 02266-8030 800-331-1710 -------------------------------------------------------------------------------- NUMBER OF EMPLOYEES Each Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end, nondiversified, management investment company and has no employees. NUMBER OF SHAREHOLDERS As of November 30, 2001, our records indicate that there are 76, 49, 66, 35, 69, 60, 63 and 59 registered shareholders for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively, and approximately 2,800, 1,900, 1,200, 1,100, 1,900, 2,400, 1,400, and 1,300 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively. If you are a street name shareholder and wish to receive Trust reports directly, which contain important information about a Trust, please write or call: Eaton Vance Distributors, Inc. The Eaton Vance Building 255 State Street Boston, MA 02109 1-800-225-6265 AMERICAN STOCK EXCHANGE SYMBOLS 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
65 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001 INVESTMENT MANAGEMENT EATON VANCE MUNICIPAL INCOME TRUSTS Officers Thomas J. Fetter President and Portfolio Manager of New York and Ohio Municipal Income Trusts James B. Hawkes Vice President and Trustee Robert B. MacIntosh Vice President and Portfolio Manager of Massachusetts and New Jersey Municipal Income Trusts Cynthia J. Clemson Vice President and Portfolio Manager of California, Florida and Pennsylvania Municipal Income Trusts William H. Ahern, Jr. Vice President and Portfolio Manager of Michigan Municipal Income Trust James L. O'Connor Treasurer Alan R. Dynner Secretary Trustees 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 Operating Officer, Hellman, Jordan Management Co., Inc. President, Unicorn Corporation Lynn A. Stout Professor of Law, UCLA School of Law Jack L. Treynor Investment Adviser and Consultant 66 INVESTMENT ADVISER AND ADMINISTRATOR OF EATON VANCE MUNICIPAL INCOME TRUSTS EATON VANCE MANAGEMENT The Eaton Vance Building 255 State Street Boston, MA 02109 CUSTODIAN INVESTORS BANK & Trust Company 200 Clarendon Street Boston, MA 02116 TRANSFER AGENT AND DIVIDEND DISBURSING AGENT PFPC, INC. Attn: Eaton Vance Municipal Income Trusts P.O. Box 8030 Boston, MA 02266-8030 (800) 331-1710 INDEPENDENT AUDITORS DELOITTE & Touche LLP 200 Berkeley Street Boston, MA 02116-5022 EATON VANCE FUNDS EATON VANCE MANAGEMENT PRIVACY NOTICE The Eaton Vance organization is committed to ensuring your financial privacy. This notice is being sent to comply with privacy regulations of the Securities and Exchange Commission. Each of the above financial institutions has in effect the following policy with respect to nonpublic personal information about its customers: - Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. - None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). - Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. For more information about Eaton Vance's privacy policies, call: 1-800-262-1122 Eaton Vance Municipal Income Trusts The Eaton Vance Building 255 State Street Boston, MA 02109 147-1/02 CE-MUNISRC