-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T371WQMVqgmbTXXHjXzWAMI9E5HYRVTjQbM+5dP/ZRv894plnsXOGkgxsy4u1BDR 0AAPNhnjaUa2fG1KolB5aA== 0001047469-04-025096.txt : 20040803 0001047469-04-025096.hdr.sgml : 20040803 20040803124332 ACCESSION NUMBER: 0001047469-04-025096 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040531 FILED AS OF DATE: 20040803 EFFECTIVENESS DATE: 20040803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE FLORIDA MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001074684 IRS NUMBER: 046880056 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09143 FILM NUMBER: 04947449 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-598-8880 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE NEW YORK MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001074685 IRS NUMBER: 046880051 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09145 FILM NUMBER: 04947456 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-598-8880 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE OHIO MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001074686 IRS NUMBER: 046880052 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09149 FILM NUMBER: 04947455 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-598-8880 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001074688 IRS NUMBER: 046880054 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09153 FILM NUMBER: 04947452 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-598-8880 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001074690 IRS NUMBER: 046880055 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09147 FILM NUMBER: 04947451 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-598-8880 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE NEW JERSEY MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001074691 IRS NUMBER: 046880050 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09155 FILM NUMBER: 04947450 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-598-8880 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001074692 IRS NUMBER: 046880057 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09157 FILM NUMBER: 04947453 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-598-8880 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001074687 IRS NUMBER: 046880053 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09151 FILM NUMBER: 04947454 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-598-8880 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 N-CSRS 1 a2139380zn-csrs.txt N-CSRS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File Number: 811-09157 --------- Eaton Vance California Municipal Income Trust --------------------------------------------- (Exact Name of registrant as Specified in Charter) The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Address of Principal Executive Offices) Alan R. Dynner The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Name and Address of Agent for Services) (617) 482-8260 -------------- (registrant's Telephone Number) November 30 ----------- Date of Fiscal Year End May 31, 2004 ------------ Date of Reporting Period ITEM 1. REPORTS TO STOCKHOLDERS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File Number: 811-09143 --------- Eaton Vance Florida Municipal Income Trust ------------------------------------------ (Exact Name of registrant as Specified in Charter) The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Address of Principal Executive Offices) Alan R. Dynner The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Name and Address of Agent for Services) (617) 482-8260 -------------- (registrant's Telephone Number) November 30 ----------- Date of Fiscal Year End May 31, 2004 ------------ Date of Reporting Period ITEM 1. REPORTS TO STOCKHOLDERS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File Number: 811-09147 --------- Eaton Vance Massachusetts Municipal Income Trust ------------------------------------------------ (Exact Name of registrant as Specified in Charter) The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Address of Principal Executive Offices) Alan R. Dynner The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Name and Address of Agent for Services) (617) 482-8260 -------------- (registrant's Telephone Number) November 30 ----------- Date of Fiscal Year End May 31, 2004 ------------ Date of Reporting Period ITEM 1. REPORTS TO STOCKHOLDERS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File Number: 811-09153 EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST (Exact Name of registrant as Specified in Charter) The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Address of Principal Executive Offices) Alan R. Dynner The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Name and Address of Agent for Services) (617) 482-8260 -------------- (Regis trant's Telephone Number) November 30 ----------- Date of Fiscal Year End May 31, 2004 ------------ Date of Reporting Period ITEM 1. REPORTS TO STOCKHOLDERS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File Number: 811-09155 --------- Eaton Vance New Jersey Municipal Income Trust --------------------------------------------- (Exact Name of registrant as Specified in Charter) The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Address of Principal Executive Offices) Alan R. Dynner The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Name and Address of Agent for Services) (617) 482-8260 -------------- (registrant's Telephone Number) November 30 ----------- Date of Fiscal Year End May 31, 2004 ------------ Date of Reporting Period ITEM 1. REPORTS TO STOCKHOLDERS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File Number: 811-09145 --------- Eaton Vance New York Municipal Income Trust ------------------------------------------- (Exact Name of registrant as Specified in Charter) The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Address of Principal Executive Offices) Alan R. Dynner The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Name and Address of Agent for Services) (617) 482-8260 -------------- (registrant's Telephone Number) November 30 ----------- Date of Fiscal Year End May 31, 2004 ------------ Date of Reporting Period ITEM 1. REPORTS TO STOCKHOLDERS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File Number: 811-09149 --------- Eaton Vance Ohio Municipal Income Trust --------------------------------------- (Exact Name of registrant as Specified in Charter) The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Address of Principal Executive Offices) Alan R. Dynner The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Name and Address of Agent for Services) (617) 482-8260 -------------- (registrant's Telephone Number) November 30 ----------- Date of Fiscal Year End May 31, 2004 ------------ Date of Reporting Period ITEM 1. REPORTS TO STOCKHOLDERS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File Number: 811-09151 EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST (Exact Name of registrant as Specified in Charter) The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Address of Principal Executive Offices) Alan R. Dynner The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 ----------------------------------------------------------------------- (Name and Address of Agent for Services) (617) 482-8260 -------------- (Regis trant's Telephone Number) November 30 ----------- Date of Fiscal Year End May 31, 2004 ------------ Date of Reporting Period ITEM 1. REPORTS TO STOCKHOLDERS [EV LOGO] [GRAPHIC IMAGE] SEMIANNUAL REPORT MAY 31, 2004 [GRAPHIC IMAGE] EATON VANCE MUNICIPAL INCOME TRUSTS CLOSED-END FUNDS: CALIFORNIA FLORIDA MASSACHUSETTS MICHIGAN NEW JERSEY NEW YORK OHIO PENNSYLVANIA [GRAPHIC IMAGE] EATON VANCE FUNDS EATON VANCE MANAGEMENT BOSTON MANAGEMENT AND RESEARCH EATON VANCE DISTRIBUTORS, INC. PRIVACY NOTICE The Eaton Vance organization is committed to ensuring your financial privacy. This notice is being sent to comply with privacy regulations of the Securities and Exchange Commission. Each of the above financial institutions has in effect the following policy with respect to nonpublic personal information about its customers: - Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. - None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). - Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. For more information about Eaton Vance's privacy policies, call: 1-800-262-1122. IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER DOCUMENTS The Securities and Exchange Commission permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders. EATON VANCE, OR YOUR FINANCIAL ADVISER, MAY HOUSEHOLD THE MAILING OF YOUR DOCUMENTS INDEFINITELY UNLESS YOU INSTRUCT EATON VANCE, OR YOUR FINANCIAL ADVISER, OTHERWISE. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures without charge, upon request, by calling 1-800-262-1122. This description is also available on the Securities and Exchange Commission's website at http://www.sec.gov. EATON VANCE MUNICIPAL INCOME TRUSTS as of May 31, 2004 LETTER TO SHAREHOLDERS [PHOTO OF THOMAS J. FETTER] Thomas J. Fetter President The municipal bond market consists of a broad array of bond issues, with widely varying features and performance characteristics that may make them appropriate for a specific investment scenario. In this edition of our continuing educational series, we will feature zero coupon bonds - a variety of bond that has seen increasing use by investors over the past 20 years - and discuss why they can provide flexibility in managing a bond portfolio. THE 1980'S BROUGHT NEW VARIATIONS TO THE BOND MARKET... Any discussion of zero coupon bonds should start with the term "coupon." Traditionally, bonds were issued in certificate form, with interest coupons attached, which the owner would clip and present for payment. The coupon rate indicates the rate of annual interest the issuer pays to the bondholder. For example, a $1,000 bond with a 5% coupon makes two semiannual interest payments of $25 each. Today, most bonds are issued as "book-entry bonds," registered in the owner's name, but not delivered in certificate form. That change has not only replaced the antiquated coupon-clipping system, but also encouraged the development of new types of bonds - including zero coupon bonds, introduced in 1982. ZERO-COUPONS: NO INTEREST PAYMENTS, BUT A PREDICTABLE LUMP-SUM PAYMENT AT MATURITY... Zero coupon bonds do not have coupons attached and do not make regular interest payments. Instead, they are issued at a discount, usually well below par, or face value. As with coupon bonds, the bondholder receives face value if the bond is held to its maturity date. Over time - from its issuance to its maturity - zero coupon bonds accrete to par, meaning that their price appreciates over time to reflect the accrual of "imputed" compound interest. An investor holding a zero coupon bond to maturity receives a lump sum payment from the issuer for face value reflecting the initial investment plus interest that has accrued. Although zero coupon bonds do not pay any interest until they mature, the accrual of "imputed" compound interest is recognized currently. ZERO COUPON BONDS PROVIDE PORTFOLIO MANAGERS ADDITIONAL FLEXIBILITY... For a portfolio manager, zero coupons can play a useful strategic role. Like other bonds, zero coupon bond prices are affected by market conditions, changes in an issuer's underlying fundamentals and fluctuations in interest rates. Because they pay no coupon or periodic interest payments, they typically display more price sensitivity than other bonds in response to changes in interest rates. Therefore, zero coupon bonds can provide more appreciation potential in a declining interest rate environment. Of course, zero coupons display increased DOWNSIDE volatility in the event of an INCREASE in interest rates. Some zero coupon bonds start out as coupon-bearing bonds, which are then deposited with a trustee and subsequently "stripped" of their coupons. New securities are then created from principal and coupon payments. This allows an investor to choose a maturity to match the time when funds will be needed. Moreover, because of their many permutations, zero coupon bonds can help balance income-oriented bonds with performance-oriented zero coupons, providing more versatility in managing a municipal portfolio. TAX-EXEMPT BONDS CONTINUE TO OFFER OPPORTUNITIES FOR ISSUERS AND INVESTORS ALIKE... Throughout its history, the municipal market has helped finance public projects and has pioneered new financing options for issuers - such as zero coupon bonds - - that offer new opportunities for investors. We at Eaton Vance remain confident that the market will continue to offer more such opportunities and we emphasize our continued commitment to this exciting market. Sincerely, /s/ Thomas J. Fetter Thomas J. Fetter President July 7, 2004 SHARES OF THE TRUSTS ARE NOT INSURED BY THE FDIC AND ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF, OR GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL INVESTED. YIELDS WILL VARY. 2 EATON VANCE MUNICIPAL INCOME TRUSTS as of May 31, 2004 MARKET RECAP The U.S. economy strengthened significantly in the six months ended May 31, 2004. Despite sometimes unsettling news from Iraq, consumers continued to spend, while businesses began to renew capital spending programs. Not surprisingly, amid a strengthening economy and rising inflation, the bond markets gave back some of their gains from the previous year. THE CONSTRUCTION AND BUSINESS SERVICE SECTORS WERE AMONG THE LEADERS IN JOB GROWTH... The nation's Gross Domestic Product grew by 3.9% in the first quarter of 2004, following a 4.1% rise in the fourth quarter of 2003. New momentum was apparent across the entire economy. Retail sales improved markedly, as consumers gained more confidence from an improving job outlook. Manufacturing activity gained strength, with new orders and industrial production significantly stronger than in 2003. Demand for advanced technology products picked up, as businesses made purchases long-delayed by prior doubts about the strength of the recovery. Consistent with an improving economy, demand rose for key industrial components, such as metals, energy and chemicals, while factories operated at higher capacity rates. The residential construction sector continued to create jobs, despite a rise in mortgage rates in recent months. However, the commercial segment of the real estate market remained depressed. Conditions in the agricultural sector generally improved, as farmers received higher prices for many products. HAVING LAGGED THE INITIAL UPTURN, JOB GROWTH HAS RETURNED IN RECENT MONTHS... Rising job growth was among the key developments during the six months ended May 31, 2004. While monthly labor data can be quite volatile, recent trends suggest a favorable turn in the labor market. The nation's unemployment rate was 5.6% in May 2004, down from 6.1% a year earlier. The economy produced jobs in technology, apparel, finance, construction, retail and manufacturing. [CHART] MUNICIPAL BOND YIELDS WERE NEARLY 96% OF TREASURY YIELDS 30-YEAR AAA-RATED GENERAL OBLIGATION (GO) BONDS* 5.16% TAXABLE EQUIVALENT YIELD IN 35.0% TAX BRACKET 7.94% 30-YEAR TREASURY BOND 5.38%
PRINCIPAL AND INTEREST PAYMENTS OF TREASURY SECURITIES ARE GUARANTEED BY THE U.S. GOVERNMENT. *GO YIELDS ARE A COMPILATION OF A REPRESENTATIVE VARIETY OF GENERAL OBLIGATIONS AND ARE NOT NECESSARILY REPRESENTATIVE OF THE TRUSTS' YIELD. STATISTICS AS OF MAY 31, 2004. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SOURCE: BLOOMBERG, L.P. INTEREST RATES MOVED HIGHER, AS THE FEDERAL RESERVE PROMISED TO BATTLE INFLATION... Inflation re-emerged as a concern to investors and the Federal Reserve. Record-high oil prices pushed the price of gasoline above $2 a gallon, while food costs edged higher, together with those of many raw materials used in industrial processes. The Federal Reserve has maintained a close watch on employment and price data. On June 30, 2004, after having held its Federal Funds rate - a key short-term interest rate barometer - at 1.00% through the first half of the year, the Federal Reserve raised that benchmark to 1.25%, the first such rate hike since May 2000. The municipal bond market performed generally in line with the Treasury market during the six-month period ended May 31, 2004. Ten-year Treasury bond yields - which were around 4.37% at November 30, 2003 - rose to 4.68% by May 31, 2004, while 10-year municipal yields rose from 3.81% to 4.21%. Amid increasing signs of inflation and an upward trend in interest rates, the Lehman Brothers Municipal Bond Index retreated slightly during the six months ended May 31, 2004, posting a total return of -0.22%.* *It is not possible to invest directly in an Index. THE VIEWS EXPRESSED THROUGHOUT THIS REPORT ARE THOSE OF THE VARIOUS PORTFOLIO MANAGERS AND ARE CURRENT ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER. THESE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS, AND EATON VANCE DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE INVESTMENT DECISIONS FOR AN EATON VANCE FUND ARE BASED ON MANY FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON BEHALF OF ANY EATON VANCE FUND. 3 EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST as of May 31, 2004 MANAGEMENT DISCUSSION [PHOTO OF CYNTHIA J. CLEMSON] Cynthia J. Clemson Portfolio Manager MANAGEMENT DISCUSSION - - California generated increased economic activity in the first half of 2004, reflecting the national recovery. Residential construction has produced strong job growth, while the information sector has also showed renewed momentum. The state's May 2004 jobless rate was 6.2%, down 6.8% from a year ago. - - Insured* general obligations (GOs) were the Trust's largest sector weighting at May 31, 2004. Insured* GOs provided excellent quality during a period in which the still-evolving economic recovery produced a mixed revenue picture for some industrial issuers. - - Special tax revenue bonds were major investments of the Trust and financed a wide variety of projects. The Trust's investments included issues that financed water infrastructure, transportation projects and public facilities throughout the state. - - The Trust remained very selective within the hospital sector. Management focused its investments on acute care institutions with good market share, as well as facilities with in-demand health care niches, such as cardiac, cancer or dialysis specialties. - - Management continued to adjust the Trust's coupon structure and call protection, as market conditions warranted. Coupon structure and call protection can have a significant influence on the Trust's performance characteristics, especially in a changing interest rate environment. TRUST STATISTICS(1) - - Number of Issues: 81 - - Effective Maturity: 13.5 years - - Average Rating: AA - - Average Call: 8.5 years - - Average Dollar Price: $92.22
THE TRUST PERFORMANCE FOR THE PAST SIX MONTHS - - Based on share price (traded on the American Stock Exchange), the Trust had a total return of -2.33% for the six months ended May 31, 2004. That return was the result of a decrease in share price from $14.95 on November 30, 2003 to $14.11 on May 31, 2004, and the reinvestment of $0.512 in regular monthly dividends.(3) - - Based on net asset value, the Trust had a total return of -0.84% for the six months ended May 31, 2004. That return was the result of a decrease in net asset value from $15.32 on November 30, 2003 to $14.68 on May 31, 2004, and the reinvestment of all distributions. - - Based on the most recent dividend and a share price of $14.11, the Trust had a market yield of 7.25% at May 31, 2004.(4) The Trust's market yield is equivalent to a taxable yield of 12.30%.(5) [CHART] RATING DISTRIBUTION(1),(2) By total investments AAA 59.3% AA 5.1% A 15.6% BBB 5.5% Non-Rated 14.5%
TRUST INFORMATION as of May 31, 2004 PERFORMANCE(6) Average Annual Total Returns (by share price, American Stock Exchange) One Year 0.08% Five Years 7.48 Life of Trust (1/29/99) 5.07
Average Annual Total Returns (at net asset value) One Year -1.68% Five Years 7.11 Life of Trust (1/29/99) 5.85
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE. (2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST. (3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX. (4) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE RESULT. (5) TAXABLE-EQUIVALENT YIELD ASSUMES MAXIMUM 41.05% COMBINED FEDERAL AND STATE INCOME TAX RATE. A LOWER RATE WOULD RESULT IN A LOWER TAX-EQUIVALENT FIGURE. (6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES. * PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED WITH INSURED INVESTMENTS. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE QUOTED RETURN. 4 EATON VANCE FLORIDA MUNICIPAL INCOME TRUST as of May 31, 2004 MANAGEMENT DISCUSSION [PHOTO OF CYNTHIA J. CLEMSON] Cynthia J. Clemson Portfolio Manager MANAGEMENT DISCUSSION - - Florida employment growth during the period was among the fastest in the nation. The state's pivotal tourism industry continued to benefit from the weak U.S. dollar, while low interest rates prompted continued growth in the residential real estate market. The state's jobless rate was 4.5% in May 2004, down from 5.3% a year ago. - - Insured* water and sewer issues were the Trust's largest weighting at May 31, 2004. Population growth in areas such as Tampa and St. Petersburg has brought more construction and the need for water improvements, a trend that has resulted in additional opportunities within this sector. - - Insured* transportation bonds were large investments of the Trust. Transportation-related bonds represent a significant portion of Florida's municipal issuance and have increased in recent years as the state faces growing infrastructure financing needs. The Trust's holdings included issues for airports, turnpikes, port facilities and expressways. - - Insured* special tax revenue bonds provided an attractive income stream. These issues provide Florida communities flexibility in financing a wide variety of public initiatives and infrastructure-related projects. - - Management continued to adjust the Trust's coupon structure and call protection, as market conditions warranted. Coupon structure and call protection can have a significant influence on the Trust's performance characteristics, especially in a changing interest rate environment. TRUST STATISTICS(1) - - Number of Issues: 73 - - Effective Maturity: 16.0 years - - Average Rating: AA - - Average Call: 6.2 years - - Average Dollar Price: $100.57
THE TRUST PERFORMANCE FOR THE PAST SIX MONTHS - - Based on share price (traded on the American Stock Exchange), the Trust had a total return of -7.59% for the six months ended May 31, 2004. That return was the result of a decrease in share price from $15.455 on November 30, 2003 to $13.80 on May 31, 2004, and the reinvestment of $0.518 in regular monthly dividends.(3) - - Based on net asset value, the Trust had a total return of -1.17% for the six months ended May 31, 2004. That return was the result of a decrease in net asset value from $15.53 on November 30, 2003 to $14.83 on May 31, 2004, and the reinvestment of all distributions. - - Based on the most recent dividend and a share price of $13.80, the Trust had a market yield of 7.50% at May 31, 2004.(4) The Trust's market yield is equivalent to a taxable yield of 11.54%.(5) [CHART] RATING DISTRIBUTION(1),(2) By total investments AAA 64.2% AA 10.4% A 5.4% BBB 3.4% CCC 0.5% Non-Rated 16.1%
TRUST INFORMATION as of May 31, 2004 PERFORMANCE(6) Average Annual Total Returns (by share price, American Stock Exchange) One Year -6.22% Five Years 6.01 Life of Trust (1/29/99) 4.69
Average Annual Total Returns (at net asset value) One Year 0.21% Five Years 7.44 Life of Trust (1/29/99) 6.12
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE. (2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST. (3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL INCOME AND STATE INTANGIBLES TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX. (4) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE RESULT. (5) TAXABLE-EQUIVALENT YIELD ASSUMES MAXIMUM 35.00% FEDERAL INCOME TAX RATE. A LOWER RATE WOULD RESULT IN A LOWER TAX-EQUIVALENT FIGURE. (6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES. * PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED WITH INSURED INVESTMENTS. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE QUOTED RETURN. 5 EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST as of May 31, 2004 MANAGEMENT DISCUSSION [PHOTO OF ROBERT B. MACINTOSH] Robert B. MacIntosh Portfolio Manager MANAGEMENT DISCUSSION - - Recovering from losses in the past two years, the Massachusetts economy gained ground in the first half of 2004. Finance and technology rebounded, while housing created additional jobs in the construction sector. The Commonwealth's May 2004 jobless rate was 5.2%, lower than the national rate, and below the 5.8% rate of a year ago. - - Insured* and uninsured education bonds were among the Trust's largest weightings at May 31, 2004. Education bonds constitute a significant portion of Massachusetts tax-exempt issuance. The Trust's investments included some of the Commonwealth's most respected colleges and preparatory schools. - - As elsewhere in the nation, the Massachusetts hospital industry faces cost and reimbursement pressures. Hospital issues constituted significant investments of the Trust, with the focus on health and education facility authority issues that financed the construction and improvement of acute care facilities. - - The Trust increased its exposure to insured* Commonwealth general obligation (GOs) bonds during the period. With increasing signs of a statewide economic recovery, administration estimates of sales tax and income tax receipts have been revised upward. - - With a rising trend in interest rates, the Trust made adjustments in coupon structure, in part, by selling zero coupon issues into strong retail demand. Management also pared its holdings of alternative minimum tax (AMT) bonds, which have been under pressure due to the widening impact of the AMT. TRUST STATISTICS(1) - - Number of Issues: 57 - - Effective Maturity: 18.5 years - - Average Rating: AA- - - Average Call: 8.9 years - - Average Dollar Price: $99.28
THE TRUST PERFORMANCE FOR THE PAST SIX MONTHS - - Based on share price (traded on the American Stock Exchange), the Trust had a total return of -2.31% for the six months ended May 31, 2004. That return was the result of a decrease in share price from $15.40 on November 30, 2003 to $14.55 on May 31, 2004, and the reinvestment of $0.512 in regular monthly dividends.(3) - - Based on net asset value, the Trust had a total return of -1.58% for the six months ended May 31, 2004. That return was the result of a decrease in net asset value from $15.38 on November 30, 2003 to $14.64 on May 31, 2004, and the reinvestment of all distributions. - - Based on the most recent dividend and a share price of $14.55, the Trust had a market yield of 7.03% at May 31, 2004.(4) The Trust's market yield is equivalent to a taxable yield of 11.42%.(5) [CHART] RATING DISTRIBUTION(1),(2) By total investments AAA 46.6% AA 12.2% A 20.4% BBB 12.5% BB 1.1% Non-Rated 7.2%
TRUST INFORMATION as of May 31, 2004 PERFORMANCE(6) Average Annual Total Returns (by share price, American Stock Exchange) One Year -3.48% Five Years 7.37 Life of Trust (1/29/99) 5.59
Average Annual Total Returns (at net asset value) One Year 0.10% Five Years 7.03 Life of Trust (1/29/99) 5.72
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE. (2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST. (3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX. (4) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE RESULT. (5) TAXABLE-EQUIVALENT YIELD ASSUMES MAXIMUM 38.45% COMBINED FEDERAL AND STATE INCOME TAX RATE. A LOWER RATE WOULD RESULT IN A LOWER TAX-EQUIVALENT FIGURE. (6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES. * PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED WITH INSURED INVESTMENTS. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE QUOTED RETURN. 6 EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST as of May 31, 2004 MANAGEMENT DISCUSSION [PHOTO OF WILLIAM H. AHERN] William H. Ahern Portfolio Manager MANAGEMENT DISCUSSION - - Michigan's job picture brightened significantly in the first half of 2004, as the beleaguered manufacturing sector was boosted by rising orders for durable goods and strong vehicle sales. Conditions also improved in trade, transportation and home building. The state's May 2004 jobless rate fell to 6.5%, down from last year's 7.2% rate. - - The Trust remained selective within the hospital sector, its largest sector weighting at May 31, 2004. With the industry facing pressure to contain costs, the Trust focused on institutions management believes have superior management, sound cost structures and highly marketable health care specialties. - - Insured* general obligations (GOs) and general obligations were large investments for the Trust. Insured* GOs afforded excellent quality, while uninsured issues provided an exposure to the state turnaround through investments in local school district bonds. - - Industrial development bonds constituted a significant investment for the Trust and another link to the economic recovery. The Trust's investments included economically sensitive issues for paper producers, airlines and the state's key automobile manufacturing sector. - - Management continued to adjust coupon structure and call protection to address changing market conditions. Coupon structure and call protection can have a significant influence on the Trust's responsiveness to interest rate fluctuations. TRUST STATISTICS(1) - - Number of Issues: 52 - - Effective Maturity: 13.0 years - - Average Rating: AA- - - Average Call: 7.3 years - - Average Dollar Price: $97.93
THE TRUST PERFORMANCE FOR THE PAST SIX MONTHS - - Based on share price (traded on the American Stock Exchange), the Trust had a total return of 0.82% for the six months ended May 31, 2004. That return was the result of a decrease in share price from $15.635 on November 30, 2003 to $15.24 on May 31, 2004, and the reinvestment of $0.516 in regular monthly dividends.(3) - - Based on net asset value, the Trust had a total return of -1.45% for the six months ended May 31, 2004. That return was the result of a decrease in net asset value from $15.24 on November 30, 2003 to $14.52 on May 31, 2004, and the reinvestment of all distributions. - - Based on the most recent dividend and a share price of $15.24, the Trust had a market yield of 6.38% at May 31, 2004.(4) The Trust's market yield is equivalent to a taxable yield of 10.22%.(5) [CHART] RATING DISTRIBUTION(1),(2) By total investments AAA 47.4% AA 12.9% A 18.2% BBB 9.7% CCC 0.9% Non-Rated 10.9%
TRUST INFORMATION as of May 31, 2004 PERFORMANCE(6) Average Annual Total Returns (by share price, American Stock Exchange) One Year 2.45% Five Years 7.33 Life of Trust (1/29/99) 6.60
Average Annual Total Returns (at net asset value) One Year -0.26% Five Years 6.79 Life of Trust (1/29/99) 5.64
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE. (2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST. (3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX. (4) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE RESULT. (5) TAXABLE-EQUIVALENT YIELD ASSUMES MAXIMUM 37.60% COMBINED FEDERAL AND STATE INCOME TAX RATE. A LOWER RATE WOULD RESULT IN A LOWER TAX-EQUIVALENT FIGURE. (6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES. * PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED WITH INSURED INVESTMENTS. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE QUOTED RETURN. 7 EATON VANCE NEW JERSEY MUNICIPAL INCOME TRUST as of May 31, 2004 MANAGEMENT DISCUSSION [PHOTO OF ROBERT B. MACINTOSH] Robert B. MacIntosh Portfolio Manager MANAGEMENT DISCUSSION - - New Jersey's job growth has exceeded the nation in the past year and continued to gather strength in 2004. Growth was particularly strong in education, health services, retail trade, government and professional and business services. The state's May 2004 jobless rate was 4.9%, lower than the national rate and well below the 5.9% rate of a year ago. - - Hospital bonds represented the Trust's largest sector weighting at May 31, 2004. Management focused on institutions prominent in their urban markets or well-positioned in suburban markets. We believe these facilities may be somewhat less vulnerable to the competitive pressures facing the hospital industry. - - Insured* transportation bonds were among the Trust's largest investments. These issues financed upgrades needed for New Jersey's transportation matrix and represented a range of projects that included port authorities, turnpikes and JFK International Terminal. - - Insured* general obligation bonds (GOs) represented a large investment for the Trust. Insured* GOs represented quality and a dependable revenue stream. With the economic recovery still in its early stages, insured* issues are an attractive alternative to GOs of communities whose local economies have not yet rebounded. - - With this cycle's pre-refundings largely completed, the New Jersey tax-exempt market was characterized by very little new supply. Management therefore took advantage of new Puerto Rico issues to provide added diversification and adjust the Trust's coupon structure. TRUST STATISTICS(1) - - Number of Issues: 62 - - Effective Maturity: 15.2 years - - Average Rating: AA- - - Average Call: 9.5 years - - Average Dollar Price: $97.23
THE TRUST PERFORMANCE FOR THE PAST SIX MONTHS - - Based on share price (traded on the American Stock Exchange), the Trust had a total return of -4.30% for the six months ended May 31, 2004. That return was the result of a decrease in share price from $15.415 on November 30, 2003 to $14.24 on May 31, 2004, and the reinvestment of $0.534 in regular monthly dividends.(3) - - Based on net asset value, the Trust had a total return of -2.81% for the six months ended May 31, 2004. That return was the result of a decrease in net asset value from $15.19 on November 30, 2003 to $14.25 on May 31, 2004, and the reinvestment of all distributions. - - Based on the most recent dividend and a share price of $14.24, the Trust had a market yield of 7.50% at May 31, 2004.(4) The Trust's market yield is equivalent to a taxable yield of 12.32%.(5) [CHART] RATING DISTRIBUTION(1),(2) By total investments AAA 48.8% AA 4.9% A 17.6% BBB 17.2% B 1.2% Non-Rated 10.3%
TRUST INFORMATION as of May 31, 2004 PERFORMANCE(6) Average Annual Total Returns (by share price, American Stock Exchange) One Year -2.69% Five Years 6.49 Life of Trust (1/29/99) 5.39
Average Annual Total Returns (at net asset value) One Year -0.27% Five Years 6.44 Life of Trust (1/29/99) 5.41
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE. (2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST. (3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX. (4) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE RESULT. (5) TAXABLE-EQUIVALENT YIELD ASSUMES MAXIMUM 39.14% COMBINED FEDERAL AND STATE INCOME TAX RATE. A LOWER RATE WOULD RESULT IN A LOWER TAX-EQUIVALENT FIGURE. (6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES. * PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED WITH INSURED INVESTMENTS. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE QUOTED RETURN. 8 EATON VANCE NEW YORK MUNICIPAL INCOME TRUST as of May 31, 2004 MANAGEMENT DISCUSSION [PHOTO OF THOMAS J. FETTER] Thomas J. Fetter Portfolio Manager MANAGEMENT DISCUSSION - - The New York economy, which has lagged the national economy in recent years, showed signs of renewal in the first half of 2004. Employment growth has improved in recent months as key industries, such as finance and business services, have added workers. The state's May 2004 jobless rate was 5.8%, down from 6.3% a year ago. - - Hospital bonds represented the Trust's largest sector weighting at May 31, 2004. Investments represented a diverse array of hospitals, with an emphasis on institutions management believes have good cost structures, good market shares and health care specialities. - - Insured* transportation bonds constituted a significant investment for the Trust. Investments included bonds for New York City's bridge and tunnel authority, as well as several issues for local and county airport authorities. - - In a still-evolving recovery, management maintained an exposure to public purpose bonds, whose revenues are less economically-driven. The Trust had large investments in electric utility bonds, whose revenues are derived from customer's recurring utility payments. - - Management continued its efforts to fine-tune coupon structure and improve call protection. These adjustments were part of an ongoing commitment to seek to protect against untimely calls and help improve the overall performance characteristics of the Trust. TRUST STATISTICS(1) - - Number of Issues: 68 - - Effective Maturity: 16.5 years - - Average Rating: A+ - - Average Call: 8.2 years - - Average Dollar Price: $101.80
THE TRUST PERFORMANCE FOR THE PAST SIX MONTHS - - Based on share price (traded on the American Stock Exchange), the Trust had a total return of -6.31% for the six months ended May 31, 2004. That return was the result of a decrease in share price from $15.46 on November 30, 2003 to $14.00 on May 31, 2004, and the reinvestment of $0.520 in regular monthly dividends.(3) - - Based on net asset value, the Trust had a total return of -2.30% for the six months ended May 31, 2004. That return was the result of a decrease in net asset value from $15.81 on November 30, 2003 to $14.93 on May 31, 2004, and the reinvestment of all distributions. - - Based on the most recent dividend and a share price of $14.00, the Trust had a market yield of 7.43% at May 31, 2004.(4) The Trust's market yield is equivalent to a taxable yield of 12.39%.(5) [CHART] Rating Distribution(1),(2) By total investments AAA 35.4% AA 12.6% A 33.7% BBB 6.2% CCC 1.4% Non-Rated 10.7%
TRUST INFORMATION as of May 31, 2004 PERFORMANCE(6) Average Annual Total Returns (by share price, American Stock Exchange) One Year -4.70% Five Years 6.82 Life of Trust (1/29/99) 5.01
Average Annual Total Returns (at net asset value) One Year -0.77% Five Years 7.48 Life of Trust (1/29/99) 6.28
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE. (2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST. (3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX. (4) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE RESULT. (5) TAXABLE-EQUIVALENT YIELD ASSUMES MAXIMUM 40.01% COMBINED FEDERAL AND STATE INCOME TAX RATE. A LOWER RATE WOULD RESULT IN A LOWER TAX-EQUIVALENT FIGURE. (6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES. * PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED WITH INSURED INVESTMENTS. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE QUOTED RETURN. 9 EATON VANCE OHIO MUNICIPAL INCOME TRUST as of May 31, 2004 MANAGEMENT DISCUSSION [PHOTO OF THOMAS J. FETTER] Thomas J. Fetter Portfolio Manager MANAGEMENT DISCUSSION - - The Ohio economy gained strong momentum in the first half of 2004. The manufacturing sector saw broad-based increases in production, a marked improvement from 2003. Retailing benefited from strong consumer demand and residential construction neared last year's record pace. The state's May 2004 jobless rate was 5.6%, down from 6.1% a year ago. - - Hospital bonds constituted the Trust's largest sector weighting at May 31, 2004. Amid strict Medicare reimbursement policies and continuing pressures on hospitals to pare costs, management emphasized facilities we believe have sound financial structures and good competitive positions within their respective markets. - - Industrial development revenue bonds (IDRs) provided the Trust above-average income while financing commercial initiatives. In an economic recovery, the Trust's investments included auto manufacturers, airlines and air freight operators - areas that are likely to benefit from expanding economic activity. - - Insured* general obligations (GO) played a prominent role in the Trust. In a market characterized by historically narrow spreads, insured* GOs were attractive and were a key to maintaining the Trust's high average credit rating. - - Management adjusted the Trust's coupon structure as market conditions warranted. Management also continued to update call protection, eliminating issues with unfavorable call features in favor of bonds with longer-dated call provisions. TRUST STATISTICS(1) - - Number of Issues: 55 - - Effective Maturity: 14.9 years - - Average Rating: AA- - - Average Call: 8.4 years - - Average Dollar Price: $99.46
THE TRUST PERFORMANCE FOR THE PAST SIX MONTHS - - Based on share price (traded on the American Stock Exchange), the Trust had a total return of -5.46% for the six months ended May 31, 2004. That return was the result of a decrease in share price from $15.715 on November 30, 2003 to $14.37 on May 31, 2004, and the reinvestment of $0.505 in regular monthly dividends.(3) - - Based on net asset value, the Trust had a total return of -1.35% for the six months ended May 31, 2004. That return was the result of a decrease in net asset value from $15.07 on November 30, 2003 to $14.38 on May 31, 2004, and the reinvestment of all distributions. - - Based on the most recent dividend and a share price of $14.37, the Trust had a market yield of 7.02% at May 31, 2004.(4) The Trust's market yield is equivalent to a taxable yield of 11.68%.(5) [CHART] RATING DISTRIBUTION(1),(2) By total investments AAA 44.8% AA 14.0% A 17.7% BBB 10.6% BB 1.9% B 1.4% Non-Rated 9.6%
TRUST INFORMATION as of May 31, 2004 PERFORMANCE(6) Average Annual Total Returns (by share price, American Stock Exchange) One Year -8.14% Five Years 5.82 Life of Trust (1/29/99) 5.36
Average Annual Total Returns (at net asset value) One Year 0.03% Five Years 6.39 Life of Trust (1/29/99) 5.37
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE. (2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST. (3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX. (4) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE RESULT. (5) TAXABLE-EQUIVALENT YIELD ASSUMES MAXIMUM 39.88% COMBINED FEDERAL AND STATE INCOME TAX RATE. A LOWER RATE WOULD RESULT IN A LOWER TAX-EQUIVALENT FIGURE. (6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES. * PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED WITH INSURED INVESTMENTS. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE QUOTED RETURN. 10 EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST as of May 31, 2004 MANAGEMENT DISCUSSION [PHOTO OF CYNTHIA J. CLEMSON] Cynthia J. Clemson Portfolio Manager MANAGEMENT DISCUSSION - - Pennsylvania's economy improved in early 2004, with manufacturing continuing its recovery. The education and health services sectors remained the state's strongest job generators, benefiting from recent demographic trends and a large investment in biotechnology. The state's May 2004 jobless rate was 5.1%, down from 5.6% a year ago. - - Insured* education bonds were the Trust's largest sector weighting at May 31, 2004. These investments provided good quality from well-regarded issuers and included issues from private colleges, the state university system and vocational institutions. - - Insured* general obligation bonds were major investments for the Trust. Insured* school district GOs are often valued by investors for their quality and insulation from the economic sensitivity that generally characterizes industrial issuers. - - Insured* water and sewer bonds were a significant commitment for the Trust. These bonds finance projects for essential services. Backed by generally non-discretionary customer payments, they enjoy a very reliable revenue stream. - - The Trust continued to emphasize diversification. In addition to diversifying according to issuer, sector and insurer, management had a balanced coupon allocation. Management also emphasized good call protection, which remains a strategic priority. TRUST STATISTICS(1) - - Number of Issues: 64 - - Effective Maturity: 13.4 years - - Average Rating: AA - - Average Call: 5.8 years - - Average Dollar Price: $98.46
THE TRUST PERFORMANCE FOR THE PAST SIX MONTHS - - Based on share price (traded on the American Stock Exchange), the Trust had a total return of -9.41% for the six months ended May 31, 2004. That return was the result of a decrease in share price from $15.98 on November 30, 2003 to $14.00 on May 31, 2004, and the reinvestment of $0.501 in regular monthly dividends.(3) - - Based on net asset value, the Trust had a total return of -1.22% for the six months ended May 31, 2004. That return was the result of a decrease in net asset value from $15.21 on November 30, 2003 to $14.53 on May 31, 2004, and the reinvestment of all distributions. - - Based on the most recent dividend and a share price of $14.00, the Trust had a market yield of 7.16% at May 31, 2004.(4) The Trust's market yield is equivalent to a taxable yield of 11.33%.(5) [CHART] RATING DISTRIBUTION(1),(2) By total investments AAA 65.8% AA 2.6% A 11.3% BBB 9.6% BB 2.1% CCC 1.7% Non-Rated 6.9%
TRUST INFORMATION as of May 31, 2004 PERFORMANCE(6) Average Annual Total Returns (by price price, American Stock Exchange) One Year -2.40% Five Years 6.42 Life of Trust (1/29/99) 4.81
Average Annual Total Returns (at net asset value) One Year 0.57% Five Years 6.66 Life of Trust (1/29/99) 5.54
(1) TRUST STATISTICS AND RATING DISTRIBUTION ARE SUBJECT TO CHANGE. (2) RATING DISTRIBUTION IS DETERMINED BY DIVIDING THE TOTAL MARKET VALUE OF THE ISSUES BY THE TOTAL INVESTMENTS OF THE TRUST. (3) A PORTION OF THE TRUST'S INCOME MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAX AND/OR FEDERAL ALTERNATIVE MINIMUM TAX. (4) THE TRUST'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST RECENT DIVIDEND PER SHARE BY THE SHARE PRICE AT THE END OF THE PERIOD AND ANNUALIZING THE RESULT. (5) TAXABLE-EQUIVALENT YIELD ASSUMES MAXIMUM 36.82% COMBINED FEDERAL AND STATE INCOME TAX RATE. A LOWER RATE WOULD RESULT IN A LOWER TAX-EQUIVALENT FIGURE. (6) PERFORMANCE RESULTS REFLECT THE EFFECT OF LEVERAGE RESULTING FROM THE TRUST'S ISSUANCE OF AUCTION PREFERRED SHARES. * PRIVATE INSURANCE DOES NOT REMOVE THE RISK OF LOSS OF PRINCIPAL ASSOCIATED WITH INSURED INVESTMENTS. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. RETURNS ARE HISTORICAL AND ARE CALCULATED BY DETERMINING THE PERCENTAGE CHANGE IN SHARE PRICE OR NET ASSET VALUE WITH ALL DISTRIBUTIONS REINVESTED. INVESTMENT RETURN AND SHARE PRICE WILL FLUCTUATE SO THAT SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE IS FOR THE STATED TIME PERIOD ONLY; DUE TO MARKET VOLATILITY, THE TRUST'S CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE QUOTED RETURN. 11 CALIFORNIA MUNICIPAL INCOME TRUST as of May 31, 2004 PORTFOLIO OF INVESTMENTS (Unaudited) TAX-EXEMPT INVESTMENTS -- 154.3%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- EDUCATION -- 9.5% $ 1,000 California Educational Facilities Authority, (Dominican University), 5.75%, 12/1/30 $ 1,016,520 500 California Educational Facilities Authority, (Pepperdine University), 5.00%, 11/1/29 488,375 1,850 California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23 1,887,832 4,000 California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31 4,009,520 2,500 California Educational Facilities Authority, (University of Southern California), 5.50%, 10/1/27 2,582,450 - ----------------------------------------------------------------------------------------------- $ 9,984,697 - ----------------------------------------------------------------------------------------------- ESCROWED / PREREFUNDED -- 1.0% $ 2,425 Foothill/Eastern Transportation Corridor Agency, Escrowed to Maturity, 0.00%, 1/1/20 $ 1,096,658 - ----------------------------------------------------------------------------------------------- $ 1,096,658 - ----------------------------------------------------------------------------------------------- GENERAL OBLIGATIONS -- 6.5% $ 2,200 California, 5.00%, 2/1/21 $ 2,202,310 1,100 California, 5.25%, 4/1/30 1,096,062 3,500 California, 5.50%, 11/1/33 3,570,770 - ----------------------------------------------------------------------------------------------- $ 6,869,142 - ----------------------------------------------------------------------------------------------- HOSPITAL -- 15.4% $ 2,000 California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 6.25%, 12/1/34 $ 2,117,280 750 California Infrastructure and Economic Development, (Kaiser Hospital), 5.50%, 8/1/31 743,145 1,650 California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32 1,630,744 1,750 California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29 1,771,927 1,500 California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28 1,520,130 1,500 Duarte, COP, (City of Hope), 5.25%, 4/1/24 1,440,075 1,000 Stockton Health Facilities Authority, (Dameron Hospital), 5.70%, 12/1/14 1,041,930 2,000 Tahoe Forest Hospital District, 5.85%, 7/1/22 2,003,660 2,000 Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31 2,017,380 2,000 Washington Township, Health Care District, 5.25%, 7/1/29 1,946,880 - ----------------------------------------------------------------------------------------------- $ 16,233,151 - ----------------------------------------------------------------------------------------------- HOUSING -- 2.4% $ 1,000 California Statewide Communities Development Authority, (Corporate Fund for Housing), 6.50%, 12/1/29 $ 940,910 500 California Statewide Communities Development Authority, (Corporate Fund for Housing), 7.25%, 12/1/34 479,335 778 Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29 705,040 444 Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29 399,846 - ----------------------------------------------------------------------------------------------- $ 2,525,131 - ----------------------------------------------------------------------------------------------- INDUSTRIAL DEVELOPMENT REVENUE -- 1.2% $ 1,250 California Pollution Control Financing Authority, (Mobil Oil Corp.), (AMT), 5.50%, 12/1/29 $ 1,276,912 - ----------------------------------------------------------------------------------------------- $ 1,276,912 - ----------------------------------------------------------------------------------------------- INSURED-EDUCATION -- 5.9% $ 3,270 California Educational Facilities Authority, (Pooled College and University), (MBIA), 5.10%, 4/1/23 $ 3,311,398 3,000 California University, (AMBAC), 5.00%, 11/1/33 2,947,680 - ----------------------------------------------------------------------------------------------- $ 6,259,078 - ----------------------------------------------------------------------------------------------- INSURED-ELECTRIC UTILITIES -- 10.3% $ 3,250 California Pollution Control Financing Authority, (Southern California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31 $ 3,305,965 2,500 California Pollution Control Financing Authority, PCR, (Pacific Gas and Electric), (MBIA), (AMT), 5.35%, 12/1/16 2,633,875 665 Puerto Rico Electric Power Authority, (FSA), Variable Rate, 7/1/29(1)(2) 708,112 4,000 Puerto Rico Electric Power Authority, (FSA), Variable Rate, 7/1/29(2)(3) 4,172,880 - ----------------------------------------------------------------------------------------------- $ 10,820,832 - ----------------------------------------------------------------------------------------------- INSURED-ESCROWED / PREREFUNDED -- 5.1% $ 5,130 Foothill/Eastern Transportation Corridor Agency, Escrowed to Maturity, (FSA), 0.00%, 1/1/26 $ 1,578,142 3,200 Metropolitan Water District, CA, (Southern California Waterworks), (MBIA), Prerefunded to 1/1/07, Variable Rate, 7/1/27(1)(2) 3,828,320 - ----------------------------------------------------------------------------------------------- $ 5,406,462 - -----------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 12
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- INSURED-GENERAL OBLIGATIONS -- 26.1% $ 3,650 Burbank Unified School District, (FGIC), 0.00%, 8/1/18 $ 1,778,973 1,650 California RITES, (AMBAC), Variable Rate, 5/1/26(1)(2) 1,875,901 1,600 California, (AMBAC), 5.00%, 2/1/281,604,976 6,425 Foothill-De Anza Community College District, (MBIA), 0.00%, 8/1/20 2,750,735 3,000 Foothill-De Anza Community College District, (MBIA), 0.00%, 8/1/21 1,207,020 3,750 Los Angeles Unified School District, (FGIC), 5.375%, 7/1/25 3,839,700 5,000 Murrieta Valley Unified School District, (FGIC), 0.00%, 9/1/20 2,131,000 2,500 Puerto Rico, (FSA), Variable Rate, 7/1/27(1)(2) 2,675,625 9,635 San Ramon Valley Unified School District, (FGIC), 0.00%, 7/1/18(4) 4,715,851 3,000 Simi Valley Unified School District, (MBIA), 5.00%, 8/1/28(5) 2,972,790 4,500 Ukiah Unified School District, (FGIC), 0.00%, 8/1/20 1,944,585 - ----------------------------------------------------------------------------------------------- $ 27,497,156 - ----------------------------------------------------------------------------------------------- INSURED-HOSPITAL -- 4.4% $ 3,200 California Statewide Communities Development Authority, (Children's Hospital Los Angeles), (MBIA), 5.25%, 8/15/29(6) $ 3,227,456 1,245 California Statewide Communities Development Authority, (Sutter Health), Residual Certificates, (FSA), Variable Rate, 8/15/27(1)(2) 1,446,055 - ----------------------------------------------------------------------------------------------- $ 4,673,511 - ----------------------------------------------------------------------------------------------- INSURED-LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 7.2% $ 9,000 Anaheim Public Financing Authority, (Public Improvements), (FSA), 0.00%, 9/1/17 $ 4,636,890 11,500 Anaheim Public Financing Authority, (Public Improvements), (FSA), 0.00%, 9/1/28 2,890,065 - ----------------------------------------------------------------------------------------------- $ 7,526,955 - ----------------------------------------------------------------------------------------------- INSURED-SPECIAL TAX REVENUE -- 2.4% $ 250 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(2)(3) $ 251,063 525 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(1)(2) 528,350 1,750 San Francisco Bay Area Rapid Transportation District Sales Tax Revenue, (AMBAC), 5.00%, 7/1/31 1,725,640 - ----------------------------------------------------------------------------------------------- $ 2,505,053 - ----------------------------------------------------------------------------------------------- INSURED-TRANSPORTATION -- 14.5% $ 2,500 Los Angeles County Metropolitan Transportation Authority, (FGIC), 5.25%, 7/1/30 $ 2,527,150 2,300 Port Oakland, (MBIA), (AMT), 5.375%, 11/1/25 2,330,084 2,515 Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7/1/28(1)(2) 2,532,328 1,750 Puerto Rico Highway and Transportation Authority, (FSA), 4.75%, 7/1/38 1,666,315 6,000 San Francisco, (Bay Area Rapid Transportation District), (FGIC), 5.50%, 7/1/34 6,231,780 - ----------------------------------------------------------------------------------------------- $ 15,287,657 - ----------------------------------------------------------------------------------------------- INSURED-WATER AND SEWER -- 12.2% $ 5,000 Contra Costa County, Water District, (MBIA), 5.00%, 10/1/24 $ 5,008,950 6,250 East Bay Municipal Utilities District Water System, (MBIA), 5.00%, 6/1/38 6,114,938 4,850 Santa Rosa Wastewater, (AMBAC), 0.00%, 9/1/23 1,710,692 - ----------------------------------------------------------------------------------------------- $ 12,834,580 - ----------------------------------------------------------------------------------------------- LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 6.3% $ 4,000 Sacramento City, Financing Authority, 5.40%, 11/1/20 $ 4,179,480 2,500 San Diego County, Certificates of Participation, 5.375%, 10/1/41 2,491,000 - ----------------------------------------------------------------------------------------------- $ 6,670,480 - ----------------------------------------------------------------------------------------------- OTHER REVENUE -- 1.5% $ 1,500 California Statewide Communities Development Authority, (East Valley Tourist Development Authority), 8.25%, 10/1/14 $ 1,519,485 - ----------------------------------------------------------------------------------------------- $ 1,519,485 - ----------------------------------------------------------------------------------------------- SPECIAL TAX REVENUE -- 21.4% $ 1,500 Bonita Canyon Public Facilities Financing Authority, 5.375%, 9/1/28 $ 1,431,480 1,600 Brentwood Infrastructure Financing Authority, 6.375%, 9/2/33 1,633,312 1,750 Capistrano Unified School District, 5.75%, 9/1/29 1,730,295 1,665 Corona, Public Financing Authority, 5.80%, 9/1/20 1,665,067 1,000 Corona-Norco Unified School District Public Financing Authority, 6.125%, 9/1/31 999,230 1,590 Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 1,592,242 1,380 Lincoln Public Financing Authority, Improvement Bond Act of 1915 (Twelve Bridges), 6.20%, 9/2/25 1,398,727 600 Manteca Unified School District, 5.80%, 9/1/24 618,384
SEE NOTES TO FINANCIAL STATEMENTS 13
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- SPECIAL TAX REVENUE (CONTINUED) $ 750 Murrieta Valley Unified School District, 6.20%, 9/1/35 $ 754,148 2,465 Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 2,560,469 995 Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 1,019,577 700 Rancho Cucamonga Public Financing Authority, 6.00%, 9/2/20 714,147 1,245 Roseville Special Tax, 6.30%, 9/1/25 1,258,919 1,325 San Pablo Redevelopment Agency, 5.65%, 12/1/23 1,352,507 1,500 Santa Margarita Water District, 6.20%, 9/1/20 1,533,630 250 Santaluz Community Facilities District No. 2, 6.10%, 9/1/21 252,873 500 Santaluz Community Facilities District No. 2, 6.20%, 9/1/30 504,260 500 Turlock Public Financing Authority, 5.45%, 9/1/24 487,685 1,000 Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23 998,180 - ----------------------------------------------------------------------------------------------- $ 22,505,132 - ----------------------------------------------------------------------------------------------- TRANSPORTATION -- 1.0% $ 1,170 Port Redwood City, (AMT), 5.125%, 6/1/30 $ 1,075,616 - ----------------------------------------------------------------------------------------------- $ 1,075,616 - ----------------------------------------------------------------------------------------------- TOTAL TAX-EXEMPT INVESTMENTS -- 154.3% (IDENTIFIED COST $157,515,100) $ 162,567,688 - ----------------------------------------------------------------------------------------------- OTHER ASSETS, LESS LIABILITIES -- 1.7% $ 1,773,818 - ----------------------------------------------------------------------------------------------- AUCTION PREFERRED SHARES PLUS CUMULATIVE UNPAID DIVIDENDS -- (56.0)% $ (59,005,404) - ----------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES -- 100.0% $ 105,336,102 - -----------------------------------------------------------------------------------------------
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. AMBAC - AMBAC Financial Group, Inc. FGIC - Financial Guaranty Insurance Company FSA - Financial Security Assurance, Inc. MBIA - Municipal Bond Insurance Association The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2004, 57.1% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 8.1% to 22.6% of total investments. (1) Security has been issued as a leveraged inverse floater bond. (2) Security exempt from registration under Rule 144a of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2004, the aggregate value of the securities is $18,018,634 or 17.1% of the Trust's net assets. (3) Security has been issued as an inverse floater bond. (4) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. (5) When-issued security. (6) Security (or a portion thereof) has been segregated to cover when-issued securities. See notes to financial statements 14 FLORIDA MUNICIPAL INCOME TRUST as of May 31, 2004 PORTFOLIO OF INVESTMENTS (Unaudited) TAX-EXEMPT INVESTMENTS -- 152.2%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- EDUCATION -- 1.5% $ 1,000 Volusia County Educational Facilities Authority, (Embry Riddle Aeronautical), 5.75%, 10/15/29 $ 956,890 - ----------------------------------------------------------------------------------------------- $ 956,890 - ----------------------------------------------------------------------------------------------- ELECTRIC UTILITIES -- 3.1% $ 2,000 Jacksonville Electric Authority, Variable Rate, 10/1/32(1)(2) $ 1,968,920 - ----------------------------------------------------------------------------------------------- $ 1,968,920 - ----------------------------------------------------------------------------------------------- ESCROWED / PREREFUNDED -- 7.5% $ 2,500 Escambia County, Health Facilities Authority, (Charity Obligation Group), Prerefunded to 11/1/10, 5.00%, 11/1/28 $ 2,677,900 2,000 Jacksonville, Water and Sewer, Prerefunded to 10/1/04, 5.375%, 10/1/29 2,047,660 - ----------------------------------------------------------------------------------------------- $ 4,725,560 - ----------------------------------------------------------------------------------------------- GENERAL OBLIGATIONS -- 2.5% $ 1,250 Florida, Variable Rate, 7/1/27(1)(2) $ 1,240,725 350 Florida Board of Education, 4.75%, 6/1/28 333,007 - ----------------------------------------------------------------------------------------------- $ 1,573,732 - ----------------------------------------------------------------------------------------------- HEALTH CARE-MISCELLANEOUS -- 0.3% $ 205 Osceola County IDA Community Provider Pooled Loan, 7.75%, 7/1/17 $ 206,412 - ----------------------------------------------------------------------------------------------- $ 206,412 - ----------------------------------------------------------------------------------------------- HOSPITAL -- 11.7% $ 1,250 Jacksonville, EDA, (Mayo Clinic), 5.50%, 11/15/36 $ 1,267,350 1,750 Lakeland Hospital System, (Lakeland Regional Health System), 5.50%, 11/15/32 1,726,427 2,000 Orange County Health Facilities Authority, (Adventist Health System), 5.625%, 11/15/32 2,009,380 1,000 South Miami Health Facility Authority, (Baptist Health), 5.25%, 11/15/33 978,700 1,400 West Orange Health Care District, 5.80%, 2/1/31 1,414,448 - ----------------------------------------------------------------------------------------------- $ 7,396,305 - ----------------------------------------------------------------------------------------------- HOUSING -- 3.1% $ 1,350 Escambia County Housing Finance Authority, SFM, (Multi-County Program), (AMT), 5.50%, 10/1/31 $ 1,365,727 500 Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), 7.75%, 8/15/20 503,340 85 Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), 9.50%, 8/15/05 84,595 - ----------------------------------------------------------------------------------------------- $ 1,953,662 - ----------------------------------------------------------------------------------------------- INDUSTRIAL DEVELOPMENT REVENUE -- 3.5% $ 913 Broward County IDR, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19 $ 822,938 1,000 Capital Trust Agency, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32 920,700 650 Puerto Rico Port Authority, (American Airlines), (AMT), 6.25%, 6/1/26 437,859 - ----------------------------------------------------------------------------------------------- $ 2,181,497 - ----------------------------------------------------------------------------------------------- INSURED-ELECTRIC UTILITIES -- 9.9% $ 1,600 Burke County Development Authority (Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34 $ 1,606,496 1,100 Guam Power Authority, (MBIA), 5.125%, 10/1/29 1,110,175 2,750 Jupiter Island, Utility System, (South Martin Regional Utility), (MBIA), 5.00%, 10/1/28 2,727,257 750 Puerto Rico Electric Power Authority, (FSA), Variable Rate, 7/1/29(1)(2) 782,415 - ----------------------------------------------------------------------------------------------- $ 6,226,343 - ----------------------------------------------------------------------------------------------- INSURED-ESCROWED / PREREFUNDED -- 3.3% $ 650 Dade County, Professional Sports Franchise Facility, (MBIA), Escrowed to Maturity, 5.25%, 10/1/30 $ 674,089 1,250 Tampa Bay Water Utility System, (FGIC), Prerefunded to 10/1/11, 5.75%, 10/1/29 1,422,662 - ----------------------------------------------------------------------------------------------- $ 2,096,751 - ----------------------------------------------------------------------------------------------- INSURED-GENERAL OBLIGATIONS -- 2.6% $ 1,500 Puerto Rico, (FSA), Variable Rate, 7/1/27(2)(3) $ 1,605,375 - ----------------------------------------------------------------------------------------------- $ 1,605,375 - ----------------------------------------------------------------------------------------------- INSURED-HOSPITAL -- 5.7% $ 1,000 Maricopa County IDA, (Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37 $ 1,003,280 1,350 Miami Dade County Health Facilities Authority, (Miami Children's Hospital), (AMBAC), 5.125%, 8/15/26 1,350,783 1,250 South Miami Health Facility Authority, (Baptist Health), (AMBAC), 5.25%, 11/15/33 1,257,262 - ----------------------------------------------------------------------------------------------- $ 3,611,325 - -----------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 15
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- INSURED-HOUSING -- 1.8% $ 1,100 Broward County Housing Finance Authority, Multifamily Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%, 1/1/32 $ 1,104,004 - ----------------------------------------------------------------------------------------------- $ 1,104,004 - ----------------------------------------------------------------------------------------------- INSURED-MISCELLANEOUS -- 11.6% $ 4,000 Miami-Dade County, (Professional Sport Franchise), (MBIA), 4.75%, 10/1/30 $ 3,800,880 3,500 Orange County Tourist Development, (AMBAC), 5.125%, 10/1/30 3,510,955 - ----------------------------------------------------------------------------------------------- $ 7,311,835 - ----------------------------------------------------------------------------------------------- INSURED-SPECIAL TAX REVENUE -- 12.3% $ 1,500 Dade County Convention Center Special Tax, (AMBAC), 5.00%, 10/1/35 $ 1,476,090 970 Dade County, Special Obligation Residual Certificates, (AMBAC), Variable Rate, 10/1/35(2)(3) 923,634 2,250 Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30 2,225,475 1,470 Miami Beach Resort Tax, (AMBAC), 6.25%, 10/1/22 1,740,862 1,395 Miami-Dade County, Special Obligation, (MBIA), 5.00%, 10/1/37 1,369,583 - ----------------------------------------------------------------------------------------------- $ 7,735,644 - ----------------------------------------------------------------------------------------------- INSURED-TRANSPORTATION -- 22.7% $ 2,250 Florida Ports Financing Commission, (FGIC), (AMT), 5.50%, 10/1/29 $ 2,286,473 3,700 Florida Turnpike Authority, (Department of Transportation), (FGIC), 4.50%, 7/1/27(4) 3,402,964 1,500 Greater Orlando Aviation Authority, (FGIC), (AMT), Variable Rate, 10/1/18(2)(3) 1,613,025 500 Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25 520,000 650 Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29 699,485 1,000 Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), 5.00%, 1/1/37 977,150 1,000 Miami-Dade County Expressway Authority, (FGIC), 5.125%, 7/1/29 1,003,890 1,000 Orlando and Orange County Expressway Authority, (FGIC), 5.00%, 7/1/28 992,750 1,250 Puerto Rico Highway and Transportation Authority, (MBIA), 5.50%, 7/1/36 1,329,038 1,165 Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 7/1/26(2)(3) 1,458,930 - ----------------------------------------------------------------------------------------------- $ 14,283,705 - ----------------------------------------------------------------------------------------------- INSURED-WATER AND SEWER -- 26.3% $ 3,000 Marco Island Utility System, (MBIA), 5.00%, 10/1/33 $ 2,956,650 1,000 Marion County Utility System, (MBIA), 5.00%, 12/1/33 985,570 1,500 Miami Beach Storm Water, (FGIC), 5.375%, 9/1/30 1,538,820 1,000 Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25 1,001,820 1,250 Saint Petersburg Public Utilities, (FSA), 5.00%, 10/1/28 1,239,663 4,000 Sunrise Utilities Systems, (AMBAC), 5.00%, 10/1/28 4,011,920 1,500 Tampa Bay Water Utility System, (FGIC), Variable Rate, 10/1/27(1)(2) 1,369,320 3,650 Winter Haven Utilities System, (MBIA), 4.75%, 10/1/28 3,477,684 - ----------------------------------------------------------------------------------------------- $ 16,581,447 - ----------------------------------------------------------------------------------------------- NURSING HOME -- 2.6% $ 850 Okaloosa County Retirement Rental Housing, (Encore Retirement Partners), 6.125%, 2/1/14 $ 753,364 265 Orange County Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24 228,369 735 Orange County Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34 623,853 - ----------------------------------------------------------------------------------------------- $ 1,605,586 - ----------------------------------------------------------------------------------------------- OTHER REVENUE -- 2.4% $ 500 Capital Trust Agency, (Seminole Tribe Convention), 8.95%, 10/1/33 $ 583,220 750 Capital Trust Agency, (Seminole Tribe Convention), 10.00%, 10/1/33 905,753 - ----------------------------------------------------------------------------------------------- $ 1,488,973 - ----------------------------------------------------------------------------------------------- SENIOR LIVING / LIFE CARE -- 2.2% $ 1,500 Lee County IDA, (Shell Point Village), 5.50%, 11/15/29 $ 1,390,740 - ----------------------------------------------------------------------------------------------- $ 1,390,740 - ----------------------------------------------------------------------------------------------- SPECIAL TAX REVENUE -- 12.3% $ 75 Fleming Island Plantation Community Development District, 6.30%, 2/1/05 $ 75,112 325 Heritage Harbour South Community Development District, 6.20%, 5/1/35 326,901 535 Heritage Harbour South Community Development District, (Capital Improvements), 5.40%, 11/1/08 534,663 860 Heritage Springs Community Development District, 6.75%, 5/1/21 884,476 880 Longleaf Community Development District, 6.65%, 5/1/20 807,638
SEE NOTES TO FINANCIAL STATEMENTS 16
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- SPECIAL TAX REVENUE (CONTINUED) $ 725 North Springs Improvement District, (Heron Bay), 7.00%, 5/1/19 $ 757,292 1,000 Northern Palm Beach County Improvement District, (Water Control and Improvement), 6.00%, 8/1/25 1,002,200 600 Sterling Hill Community Development District, 6.20%, 5/1/35 603,720 500 Stoneybrook West Community Development District, 7.00%, 5/1/32 522,925 890 University Square Community Development District, 6.75%, 5/1/20 928,599 465 Vista Lakes Community Development District, 7.20%, 5/1/32 496,322 745 Waterlefe Community Development District, 6.95%, 5/1/31 779,285 - ----------------------------------------------------------------------------------------------- $ 7,719,133 - ----------------------------------------------------------------------------------------------- WATER AND SEWER -- 3.3% $ 2,000 Seminole County, Water and Sewer, 5.375%, 10/1/22 $ 2,081,500 - ----------------------------------------------------------------------------------------------- $ 2,081,500 - ----------------------------------------------------------------------------------------------- TOTAL TAX-EXEMPT INVESTMENTS -- 152.2% (IDENTIFIED COST $93,747,203) $ 95,805,339 - ----------------------------------------------------------------------------------------------- OTHER ASSETS, LESS LIABILITIES -- 4.2% $ 2,654,284 - ----------------------------------------------------------------------------------------------- AUCTION PREFERRED SHARES PLUS CUMULATIVE UNPAID DIVIDENDS -- (56.4)% $ (35,505,587) - ----------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES -- 100.0% $ 62,954,036 - -----------------------------------------------------------------------------------------------
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. AMBAC - AMBAC Financial Group, Inc. FGIC - Financial Guaranty Insurance Company FSA - Financial Security Assurance, Inc. MBIA - Municipal Bond Insurance Association The Trust invests primarily in debt securities issued by Florida municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2004, 63.2% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 7.3% to 23.5% of total investments. (1) Security has been issued as an inverse floater bond. (2) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2004, the aggregate value of the securities is $10,962,344 or 17.4% of the Trust's net assets. (3) Security has been issued as a leveraged inverse floater bond. (4) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. SEE NOTES TO FINANCIAL STATEMENTS 17 MASSACHUSETTS MUNICIPAL INCOME TRUST as of May 31, 2004 PORTFOLIO OF INVESTMENTS (Unaudited) TAX-EXEMPT INVESTMENTS -- 151.4%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- EDUCATION -- 33.8% $ 500 Massachusetts Development Finance Agency, (Belmont Hill School), 5.00%, 9/1/31 $ 486,540 2,000 Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59 1,970,760 1,000 Massachusetts Development Finance Agency, (Clark University), 5.00%, 7/1/28 956,120 500 Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), 5.75%, 7/1/33 488,445 600 Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33 579,828 500 Massachusetts Development Finance Agency, (Mount Holyoke College), 5.25%, 7/1/31 506,320 1,000 Massachusetts Development Finance Agency, (Suffolk University), 5.85%, 7/1/29 1,009,460 400 Massachusetts Development Finance Agency, (Western New England College), 6.125%, 12/1/32 400,568 1,500 Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29 1,546,830 1,000 Massachusetts Development Finance Agency, (Xaverian Brothers High School), 5.65%, 7/1/29 1,004,580 2,000 Massachusetts HEFA, (Boston College), 5.125%, 6/1/33 1,988,320 1,500 Massachusetts HEFA, (Massachusetts Institute of Technology), 4.75%, 1/1/28 1,435,305 500 Massachusetts IFA, (Babson College), 5.25%, 10/1/27 501,210 400 Massachusetts IFA, (Belmont Hill School), 5.25%, 9/1/28 396,984 - ----------------------------------------------------------------------------------------------- $ 13,271,270 - ----------------------------------------------------------------------------------------------- ELECTRIC UTILITIES -- 2.6% $ 1,000 Massachusetts IFA, (Devens Electric System), 6.00%, 12/1/30 $ 1,028,380 - ----------------------------------------------------------------------------------------------- $ 1,028,380 - ----------------------------------------------------------------------------------------------- ESCROWED / PREREFUNDED -- 1.6% $ 1,450 Rail Connections, Inc., (Route 128 Parking), (ACA), Prerefunded to 7/1/09, 0.00%, 7/1/20 $ 609,797 - ----------------------------------------------------------------------------------------------- $ 609,797 - ----------------------------------------------------------------------------------------------- GENERAL OBLIGATIONS -- 5.2% $ 2,000 Massachusetts, 5.25%, 8/1/28 $ 2,050,540 - ----------------------------------------------------------------------------------------------- $ 2,050,540 - ----------------------------------------------------------------------------------------------- HEALTH CARE-MISCELLANEOUS -- 5.6% $ 1,000 Massachusetts Development Finance Agency, (Biomedical Research Corp.), 6.25%, 8/1/20 $ 1,067,780 510 Massachusetts Development Finance Agency, (MCHSP Human Services), 6.60%, 8/15/29 450,983 700 Massachusetts HEFA, (Learning Center for Deaf Children), 6.125%, 7/1/29 668,507 - ----------------------------------------------------------------------------------------------- $ 2,187,270 - ----------------------------------------------------------------------------------------------- HOSPITAL -- 18.3% $ 1,000 Massachusetts HEFA, (Baystate Medical Center), 5.75%, 7/1/33 $ 1,018,380 400 Massachusetts HEFA, (Berkshire Health System), 6.25%, 10/1/31 406,604 175 Massachusetts HEFA, (Central New England Health Systems), 6.30%, 8/1/18 173,542 1,100 Massachusetts HEFA, (Covenant Health), 6.00%, 7/1/31 1,134,298 1,375 Massachusetts HEFA, (Partners Healthcare System), 5.25%, 7/1/29 1,366,392 2,000 Massachusetts HEFA, (South Shore Hospital), 5.75%, 7/1/29 2,023,660 1,000 Massachusetts HEFA, (Winchester Hospital), 6.75%, 7/1/30 1,059,590 - ----------------------------------------------------------------------------------------------- $ 7,182,466 - ----------------------------------------------------------------------------------------------- INDUSTRIAL DEVELOPMENT REVENUE -- 2.0% $ 750 Massachusetts IFA, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15 $ 788,092 - ----------------------------------------------------------------------------------------------- $ 788,092 - ----------------------------------------------------------------------------------------------- INSURED-EDUCATION -- 17.2% $ 1,800 Massachusetts College Building Authority, (XLCA), 0.00%, 5/1/21 $ 735,570 1,000 Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39(1) 1,067,270 1,600 Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33 1,594,000
SEE NOTES TO FINANCIAL STATEMENTS 18
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- INSURED-EDUCATION (CONTINUED) $ 850 Massachusetts HEFA, (Berklee College of Music), (MBIA), Variable Rate, 10/1/27(2)(3) $ 853,817 1,000 Massachusetts HEFA, (Northeastern University), (MBIA), 5.00%, 10/1/29 990,710 500 Massachusetts HEFA, (UMass-Worcester Campus), (FGIC), 5.25%, 10/1/31 505,885 1,000 Massachusetts IFA, (Merrimack College), (MBIA), 5.00%, 7/1/27 995,210 - ----------------------------------------------------------------------------------------------- $ 6,742,462 - ----------------------------------------------------------------------------------------------- INSURED-ELECTRIC UTILITIES -- 1.9% $ 750 Puerto Rico Electric Power Authority, (FSA), 5.25%, 7/1/29 $ 766,208 - ----------------------------------------------------------------------------------------------- $ 766,208 - ----------------------------------------------------------------------------------------------- INSURED-ESCROWED/PREREFUNDED -- 4.8% $ 1,715 Westfield, Prerefunded to 5/1/10, (FGIC), 5.00%, 5/1/20 $ 1,881,132 - ----------------------------------------------------------------------------------------------- $ 1,881,132 - ----------------------------------------------------------------------------------------------- INSURED-GENERAL OBLIGATIONS -- 6.9% $ 1,000 Massachusetts, (AMBAC), Variable Rate, 8/1/30(3)(4) $ 1,224,300 500 Plymouth, (MBIA), 5.25%, 10/15/20 527,040 900 Puerto Rico, (FSA), Variable Rate, 7/1/27(3)(4) 963,225 - ----------------------------------------------------------------------------------------------- $ 2,714,565 - ----------------------------------------------------------------------------------------------- INSURED-LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 3.2% $ 1,250 Massachusetts Development Finance Agency, (SRBC Project), (MBIA), 5.125%, 2/1/34 $ 1,244,425 - ----------------------------------------------------------------------------------------------- $ 1,244,425 - ----------------------------------------------------------------------------------------------- INSURED-SPECIAL TAX REVENUE -- 3.8% $ 1,500 Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32 $ 1,481,040 - ----------------------------------------------------------------------------------------------- $ 1,481,040 - ----------------------------------------------------------------------------------------------- INSURED-TRANSPORTATION -- 11.0% $ 1,020 Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), 0.00%, 1/1/29 $ 260,386 1,100 Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), Variable Rate, 1/1/37(3)(4) 1,024,617 2,000 Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), 5.25%, 1/1/29 2,017,340 1,000 Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7/1/28(3)(4) 1,006,890 - ----------------------------------------------------------------------------------------------- $ 4,309,233 - ----------------------------------------------------------------------------------------------- NURSING HOME -- 4.0% $ 500 Boston, IDA (Alzheimers Center), (FHA), 6.00%, 2/1/37 $ 532,720 490 Massachusetts Development Finance Agency, (Odd Fellows Home of Massachusetts), 6.25%, 1/1/15 449,418 600 Massachusetts HEFA, (Christopher House), 6.875%, 1/1/29 571,596 - ----------------------------------------------------------------------------------------------- $ 1,553,734 - ----------------------------------------------------------------------------------------------- SENIOR LIVING / LIFE CARE -- 3.5% $ 1,500 Massachusetts Development Finance Agency, (Berkshire Retirement), 5.625%, 7/1/29 $ 1,362,750 - ----------------------------------------------------------------------------------------------- $ 1,362,750 - ----------------------------------------------------------------------------------------------- SPECIAL TAX REVENUE -- 6.1% $ 1,000 Massachusetts Bay Transportation Authority, (Sales Tax Revenue), 5.00%, 7/1/32 $ 985,110 1,350 Massachusetts Bay Transportation Authority, (Sales Tax Revenue), 5.25%, 7/1/30 1,407,902 - ----------------------------------------------------------------------------------------------- $ 2,393,012 - ----------------------------------------------------------------------------------------------- TRANSPORTATION -- 5.8% $ 1,350 Massachusetts Bay Transportation Authority, Variable Rate, 3/1/27(2)(3) $ 1,317,978 1,000 Puerto Rico Highway and Transportation Authority, 5.00%, 7/1/36 949,780 - ----------------------------------------------------------------------------------------------- $ 2,267,758 - ----------------------------------------------------------------------------------------------- WATER AND SEWER -- 14.1% $ 2,000 Massachusetts Water Pollution Abatement Trust, 5.00%, 8/1/32 $ 1,980,460 2,000 Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33 2,030,260 1,500 Massachusetts Water Pollution Abatement Trust, PCR, 5.375%, 8/1/27 1,540,680 - ----------------------------------------------------------------------------------------------- $ 5,551,400 - -----------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 19
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- TOTAL TAX-EXEMPT INVESTMENTS -- 151.4% (IDENTIFIED COST $58,322,350) $ 59,385,534 - ----------------------------------------------------------------------------------------------- OTHER ASSETS, LESS LIABILITIES -- 3.4% $ 1,350,410 - ----------------------------------------------------------------------------------------------- AUCTION PREFERRED SHARES PLUS CUMULATIVE UNPAID DIVIDENDS -- (54.8)% $ (21,501,488) - ----------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES -- 100.0% $ 39,234,456 - -----------------------------------------------------------------------------------------------
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. AMBAC - AMBAC Financial Group, Inc. FGIC - Financial Guaranty Insurance Company FSA - Financial Security Assurance, Inc. MBIA - Municipal Bond Insurance Association XLCA - XL Capital Assurance, Inc. The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2004, 32.2% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.9% to 13.3% of total investments. (1) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. (2) Security has been issued as an inverse floater bond. (3) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2004, the aggregate value of the securities is $6,390,827 or 16.3% of the Trust's net assets. (4) Security has been issued as a leveraged inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 20 MICHIGAN MUNICIPAL INCOME TRUST as of May 31, 2004 PORTFOLIO OF INVESTMENTS (Unaudited) TAX-EXEMPT INVESTMENTS -- 155.4%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- EDUCATION -- 4.1% $ 1,250 Michigan Higher Education Facility Authority, (Creative Studies), 5.90%, 12/1/27 $ 1,239,162 - ----------------------------------------------------------------------------------------------- $ 1,239,162 - ----------------------------------------------------------------------------------------------- ELECTRIC UTILITIES -- 4.2% $ 1,250 Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29 $ 1,266,700 - ----------------------------------------------------------------------------------------------- $ 1,266,700 - ----------------------------------------------------------------------------------------------- ESCROWED / PREREFUNDED -- 2.8% $ 750 Michigan Hospital Finance Authority, (Ascension Health Care), Prerefunded to 11/15/09, 6.125%, 11/15/26 $ 864,037 - ----------------------------------------------------------------------------------------------- $ 864,037 - ----------------------------------------------------------------------------------------------- GENERAL OBLIGATIONS -- 19.1% $ 500 East Grand Rapids Public Schools, 5.00%, 5/1/25 $ 500,125 500 Garden City School District, 5.00%, 5/1/26 497,675 5,335 Grand Rapids and Kent County Joint Building Authority, 0.00%, 12/1/29 1,278,373 1,000 Manistee Area Public Schools, 5.00%, 5/1/24 1,004,900 750 Puerto Rico Public Buildings Authority, 5.25%, 7/1/29(1) 750,832 1,000 White Cloud Public Schools, 5.125%, 5/1/31 1,001,750 800 Woodhaven Brownstown School District, 5.125%, 5/1/32 801,416 - ----------------------------------------------------------------------------------------------- $ 5,835,071 - ----------------------------------------------------------------------------------------------- HEALTH CARE-MISCELLANEOUS -- 1.2% $ 390 Pittsfield Township EDC, (Arbor Hospice), 7.875%, 8/15/27 $ 368,967 - ----------------------------------------------------------------------------------------------- $ 368,967 - ----------------------------------------------------------------------------------------------- HOSPITAL -- 35.1% $ 500 Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21 $ 514,670 500 Kent Hospital Finance Authority, (Spectrum Health), 5.50%, 1/15/31 506,665 500 Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18 480,585 1,000 Michigan Health Facilities Authority, (Henry Ford Health), 5.25%, 11/15/25 968,090 1,000 Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27 1,001,140 1,000 Michigan Hospital Finance Authority, (Henry Ford Health), 5.25%, 11/15/20 1,000,150 2,275 Michigan Hospital Finance Authority, (McLaren Obligated Group), 4.50%, 10/15/21 2,075,869 750 Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21 752,220 750 Michigan Hospital Finance Authority, (Sparrow Obligation Group), 5.625%, 11/15/36 742,582 1,000 Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27 1,067,440 750 Royal Oak Hospital Finance Authority, (William Beaumount Hospital), 5.25%, 1/1/20 754,957 800 Saginaw Hospital Finance Authority, (Covenant Medical Center), 6.50%, 7/1/30 851,544 - ----------------------------------------------------------------------------------------------- $ 10,715,912 - ----------------------------------------------------------------------------------------------- HOUSING -- 3.3% $ 995 Multifamily Housing, (AMT), 6.00%, 11/1/33 $ 1,011,039 - ----------------------------------------------------------------------------------------------- $ 1,011,039 - ----------------------------------------------------------------------------------------------- INDUSTRIAL DEVELOPMENT REVENUE -- 11.6% $ 500 Delta County EDC, (Mead Westvaco-Escanaba), 6.25%, 4/15/27 $ 519,150 1,000 Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21 992,280 800 Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16 826,400 800 Michigan Strategic Fund, (S.D. Warren), (AMT), 7.375%, 1/15/22 778,792 625 Puerto Rico Port Authority, (American Airlines), (AMT), 6.25%, 6/1/26 421,019 - ----------------------------------------------------------------------------------------------- $ 3,537,641 - ----------------------------------------------------------------------------------------------- INSURED-EDUCATION -- 1.6% $ 500 Central Michigan University, (FGIC), 5.00%, 10/1/27 $ 497,920 - ----------------------------------------------------------------------------------------------- $ 497,920 - ----------------------------------------------------------------------------------------------- INSURED-ELECTRIC UTILITIES -- 5.0% $ 1,000 Michigan Strategic Fund Resource Recovery, (Detroit Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29 $ 1,020,850 500 Michigan Strategic Fund Resource Recovery, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32 501,215 - ----------------------------------------------------------------------------------------------- $ 1,522,065 - -----------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 21
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- INSURED-GENERAL OBLIGATIONS -- 24.2% $ 1,000 Central Montcalm Public Schools, (MBIA), 6.00%, 5/1/29 $ 1,087,640 650 Detroit School District, (FGIC), 4.75%, 5/1/28 619,171 450 Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25 434,075 2,000 Fenton Area Public Schools, (FGIC), 5.00%, 5/1/24 2,006,980 2,000 Novi Building Authority, (FSA), 5.50%, 10/1/25(2) 2,088,760 870 Okemos Public School District, (MBIA), 0.00%, 5/1/19 412,685 700 Puerto Rico, (FSA), Variable Rate, 7/1/27(3)(4) 749,175 - ----------------------------------------------------------------------------------------------- $ 7,398,486 - ----------------------------------------------------------------------------------------------- INSURED-HOSPITAL -- 6.6% $ 1,000 Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (MBIA), 5.25%, 11/15/35 $ 1,000,890 1,000 Saginaw Hospital Finance Authority, (Covenant Medical Center), (MBIA), 5.50%, 7/1/24 1,029,310 - ----------------------------------------------------------------------------------------------- $ 2,030,200 - ----------------------------------------------------------------------------------------------- INSURED-SPECIAL TAX REVENUE -- 10.8% $ 600 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(4)(5) $ 602,550 455 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(3)(4) 457,903 2,250 Wayne Charter County, (Airport Hotel-Detroit Metroplitan Airport), (MBIA), 5.00%, 12/1/30 2,228,783 - ----------------------------------------------------------------------------------------------- $ 3,289,236 - ----------------------------------------------------------------------------------------------- INSURED-STUDENT LOAN -- 3.3% $ 1,000 Michigan Higher Education Student Loan Authority Revenue, (AMBAC), (AMT), 5.50%, 6/1/25(6) $ 1,008,690 - ----------------------------------------------------------------------------------------------- $ 1,008,690 - ----------------------------------------------------------------------------------------------- INSURED-TRANSPORTATION -- 10.8% $ 670 Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7/1/28(3)(4) $ 674,616 600 Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 7/1/26(3)(4) 751,380 2,000 Wayne Charter County Airport, Residual Certificates, (MBIA), (AMT), Variable Rate, 12/1/28(4)(5) 1,860,860 - ----------------------------------------------------------------------------------------------- $ 3,286,856 - ----------------------------------------------------------------------------------------------- INSURED-WATER AND SEWER -- 8.6% $ 1,000 Detroit Sewer Disposal, (FGIC), 5.125%, 7/1/31 $ 1,001,780 1,650 Detroit Water Supply System, (FGIC), 5.00%, 7/1/30 1,629,788 - ----------------------------------------------------------------------------------------------- $ 2,631,568 - ----------------------------------------------------------------------------------------------- LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 0.8% $ 250 Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22 $ 255,658 - ----------------------------------------------------------------------------------------------- $ 255,658 - ----------------------------------------------------------------------------------------------- TRANSPORTATION -- 2.3% $ 750 Kent County Airport Facility, Variable Rate, 1/1/25(4)(5) $ 713,400 - ----------------------------------------------------------------------------------------------- $ 713,400 - ----------------------------------------------------------------------------------------------- TOTAL TAX-EXEMPT INVESTMENTS -- 155.4% (IDENTIFIED COST $45,684,475) $ 47,472,608 - ----------------------------------------------------------------------------------------------- OTHER ASSETS, LESS LIABILITIES -- 1.9% $ 585,132 - ----------------------------------------------------------------------------------------------- AUCTION PREFERRED SHARES PLUS CUMULATIVE UNPAID DIVIDENDS -- (57.3)% $ (17,502,754) - ----------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES -- 100.0% $ 30,554,986 - -----------------------------------------------------------------------------------------------
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. AMBAC - AMBAC Financial Group, Inc. FGIC - Financial Guaranty Insurance Company FSA - Financial Security Assurance, Inc. MBIA - Municipal Bond Insurance Association XLCA - XL Capital Assurance, Inc. The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2004, 45.6% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.1% to 20.7% of total investments. (1) When-issued security. (2) Security (or a portion thereof) has been segregated to cover when-issued securities. (3) Security has been issued as a leveraged inverse floater bond. (4) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2004, the aggregate value of the securities is $5,809,884 or 19.0% of the Trust's net assets. (5) Security has been issued as an inverse floater bond. (6) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. SEE NOTES TO FINANCIAL STATEMENTS 22 NEW JERSEY MUNICIPAL INCOME TRUST as of May 31, 2004 PORTFOLIO OF INVESTMENTS (Unaudited) TAX-EXEMPT INVESTMENTS -- 159.5%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- COGENERATION -- 1.5% $ 1,000 Port Authority of New York and New Jersey, (KIAC), (AMT), 6.75%, 10/1/19 $ 1,011,090 - ----------------------------------------------------------------------------------------------- $ 1,011,090 - ----------------------------------------------------------------------------------------------- EDUCATION -- 13.3% $ 1,465 New Jersey Educational Facilities Authority, (Bloomfield College), 6.85%, 7/1/30 $ 1,489,451 3,935 New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/20 4,017,635 3,250 New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.25%, 7/1/32 3,191,272 - ----------------------------------------------------------------------------------------------- $ 8,698,358 - ----------------------------------------------------------------------------------------------- ELECTRIC UTILITIES -- 11.3% $ 6,000 Puerto Rico Electric Power Authority, 5.125%, 7/1/29 $ 5,908,080 1,500 Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31 1,508,820 - ----------------------------------------------------------------------------------------------- $ 7,416,900 - ----------------------------------------------------------------------------------------------- GENERAL OBLIGATIONS -- 5.4% $ 3,500 Puerto Rico Public Buildings Authority, 5.25%, 7/1/29(1) $ 3,503,885 - ----------------------------------------------------------------------------------------------- $ 3,503,885 - ----------------------------------------------------------------------------------------------- HOSPITAL -- 22.6% $ 1,035 New Jersey Health Care Facilities Financing Authority, (Atlantic City Medical Center), 5.75%, 7/1/25 $ 1,066,981 550 New Jersey Health Care Facilities Financing Authority, (Burdette Tomlin Memorial Hospital), 5.50%, 7/1/29 552,084 1,500 New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.25%, 7/1/27 1,403,805 1,765 New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.375%, 7/1/33 1,685,081 1,000 New Jersey Health Care Facilities Financing Authority, (Deborah Heart and Lung Center), 6.30%, 7/1/23 1,012,200 2,000 New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), 6.00%, 1/1/34 2,060,680 750 New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), 6.50%, 7/1/21 781,852 2,000 New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.75%, 7/1/31 2,073,060 1,450 New Jersey Health Care Facilities Financing Authority, (Saint Peters University Hospital), 6.875%, 7/1/20 1,606,411 1,900 New Jersey Health Care Facilities Financing Authority, (St. Elizabeth's Hospital), 6.00%, 7/1/20 1,906,061 600 New Jersey Health Care Facilities Financing Authority, (Trinitas Hospital), 7.50%, 7/1/30 652,854 - ----------------------------------------------------------------------------------------------- $ 14,801,069 - ----------------------------------------------------------------------------------------------- INDUSTRIAL DEVELOPMENT REVENUE -- 11.4% $ 1,000 Gloucester County, Improvements Authority, (Waste Management, Inc.), (AMT), 7.00%, 12/1/29 $ 1,116,640 1,000 New Jersey EDA, (Anheuser-Busch), (AMT), 5.85%, 12/1/30 1,022,620 750 New Jersey EDA, (Continental Airlines), (AMT), 6.25%, 9/15/29 550,065 750 New Jersey EDA, (Continental Airlines), (AMT), 9.00%, 6/1/33 727,523 3,700 New Jersey EDA, (The Seeing Eye, Inc.), 6.20%, 12/1/24 4,041,436 - ----------------------------------------------------------------------------------------------- $ 7,458,284 - ----------------------------------------------------------------------------------------------- INSURED-EDUCATION -- 6.1% $ 1,000 New Jersey Educational Facilities Authority, (Jersey City University), (AMBAC), 5.00%, 7/1/32 $ 997,710 400 New Jersey Educational Facilities Authority, (NJ Institute of Technology), (MBIA), 4.75%, 7/1/31 383,912 1,600 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental, Residual Certificates, (MBIA), Variable Rate, 7/1/33(2)(3) 1,598,608 1,000 University of New Jersey Medicine and Dentistry, (AMBAC), 5.00%, 12/1/31 997,770 - ----------------------------------------------------------------------------------------------- $ 3,978,000 - ----------------------------------------------------------------------------------------------- INSURED-ELECTRIC UTILITIES -- 1.9% $ 1,250 Vineland, (Electric Utility), (MBIA), (AMT), 5.25%, 5/15/26 $ 1,261,213 - ----------------------------------------------------------------------------------------------- $ 1,261,213 - ----------------------------------------------------------------------------------------------- INSURED-ESCROWED / PREREFUNDED -- 3.0% $ 1,750 New Jersey Educational Facilities Authority, (Ramapo College), (MBIA), Prefunded to 7/1/09, 5.75%, 7/1/29 $ 1,968,593 - ----------------------------------------------------------------------------------------------- $ 1,968,593 - ----------------------------------------------------------------------------------------------- INSURED-GENERAL OBLIGATIONS -- 16.5% $ 700 Bordentown Regional School District Board of Education, (FGIC), 5.00%, 1/15/30 $ 699,454
SEE NOTES TO FINANCIAL STATEMENTS 23
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- INSURED-GENERAL OBLIGATIONS (CONTINUED) $ 1,000 Bordentown Regional School District Board of Education, (FGIC), 5.00%, 1/15/31 $ 997,750 1,555 Colts Neck Township Board of Education, (FSA), 5.00%, 2/1/26 1,573,473 3,500 Irvington Township, (FSA), 0.00%, 7/15/24 1,212,715 5,500 Irvington Township, (FSA), 0.00%, 7/15/25 1,771,165 1,000 Montgomery Township Board of Education, (MBIA), 5.00%, 8/1/25 1,009,090 500 Montgomery Township Board of Education, (MBIA), 5.00%, 4/1/27 503,160 1,000 Old Bridge Township Board of Education, (MBIA), 5.00%, 7/15/26 1,006,800 2,000 Washington Township, Mercer County Board of Education, (FGIC), 5.00%, 1/1/26 2,004,300 - ----------------------------------------------------------------------------------------------- $ 10,777,907 - ----------------------------------------------------------------------------------------------- INSURED-HOUSING -- 0.4% $ 230 New Jersey Housing and Mortgage Finance Agency, Multifamily Housing, (FSA), 5.75%, 5/1/25 $ 238,494 - ----------------------------------------------------------------------------------------------- $ 238,494 - ----------------------------------------------------------------------------------------------- INSURED-INDUSTRIAL DEVELOPMENT REVENUE -- 3.1% $ 1,580 New Jersey EDA, (FSA), Variable Rate, 5/1/17(2)(3) $ 2,033,428 - ----------------------------------------------------------------------------------------------- $ 2,033,428 - ----------------------------------------------------------------------------------------------- INSURED-LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 11.7% $ 4,500 Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/27 $ 1,269,450 6,000 Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/25 1,901,880 5,000 New Jersey EDA, (School Facilities), (AMBAC), 4.375%, 9/1/29 4,452,300 - ----------------------------------------------------------------------------------------------- $ 7,623,630 - ----------------------------------------------------------------------------------------------- INSURED-SPECIAL TAX REVENUE -- 1.6% $ 1,075 New Jersey Sports and Exposition Authority, (MBIA), 4.50%, 9/1/20(5) $ 1,057,284 - ----------------------------------------------------------------------------------------------- $ 1,057,284 - ----------------------------------------------------------------------------------------------- INSURED-TRANSPORTATION -- 22.4% $ 4,000 Delaware River and Bay Authority, (AMBAC), 5.75%, 1/1/29(4)(5) $ 4,272,480 1,000 Delaware River Port Authority, (FSA), 5.625%, 1/1/26 1,044,230 3,250 Delaware River Port Authority, (FSA), 5.75%, 1/1/26 3,470,220 1,500 New Jersey Turnpike Authority, RITES, (MBIA), Variable Rate, 1/1/30(2)(3) 1,651,560 4,000 Port Authority of New York and New Jersey, (JFK International Terminal), (MBIA), (AMT), 5.75%, 12/1/25 4,195,080 - ----------------------------------------------------------------------------------------------- $ 14,633,570 - ----------------------------------------------------------------------------------------------- INSURED-WATER AND SEWER -- 6.5% $ 900 Bayonne Municipal Utilities Authority, Water and Sewer Revenue, (XLCA), Variable Rate, 4/1/28(2)(3) $ 675,738 1,500 Bordentown Sewer Authority, (FGIC), 5.375%, 12/1/20 1,587,030 1,000 New Jersey Economic Development Authority Water Facilities, (Middlesex Water Co.), (AMBAC), (AMT), 5.10%, 1/1/32 983,950 1,655 Passaic Valley Sewer Commissioners, (FGIC), 2.50%, 12/1/32 1,023,634 - ----------------------------------------------------------------------------------------------- $ 4,270,352 - ----------------------------------------------------------------------------------------------- NURSING HOME -- 3.1% $ 1,000 New Jersey EDA, (Masonic Charity Foundation), 5.50%, 6/1/31 $ 1,020,990 980 New Jersey EDA, (Victoria Health), 5.20%, 12/20/36 987,654 - ----------------------------------------------------------------------------------------------- $ 2,008,644 - ----------------------------------------------------------------------------------------------- OTHER REVENUE -- 2.9% $ 1,000 New Jersey EDA, (Glimcher Properties REIT), (AMT), 6.00%, 11/1/28 $ 929,350 1,250 Tobacco Settlement Financing Corp., Variable Rate, 6/1/39(3)(6) 967,513 - ----------------------------------------------------------------------------------------------- $ 1,896,863 - ----------------------------------------------------------------------------------------------- SENIOR LIVING / LIFE CARE -- 2.4% $ 1,700 New Jersey EDA, (Fellowship Village), 5.50%, 1/1/25 $ 1,593,495 - ----------------------------------------------------------------------------------------------- $ 1,593,495 - ----------------------------------------------------------------------------------------------- TRANSPORTATION -- 12.4% $ 1,500 New Jersey Transportation Trust Fund Authority, Variable Rate, 6/15/17(3)(6) $ 1,574,985 3,650 Port Authority of New York and New Jersey, 5.00%, 9/1/33 3,575,504 1,600 Port Authority of New York and New Jersey, Variable Rate, 3/1/28(2) 1,801,840 1,175 South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33 1,149,855 - ----------------------------------------------------------------------------------------------- $ 8,102,184 - -----------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 24
PRINCIPAL AMOUNT (000'S OMITTED) VALUE - ----------------------------------------------------------------------------------------------- TOTAL TAX-EXEMPT INVESTMENTS -- 159.5% (IDENTIFIED COST $101,468,000) $ 104,333,243 - ----------------------------------------------------------------------------------------------- OTHER ASSETS, LESS LIABILITIES -- (1.4)% $ (918,292) - ----------------------------------------------------------------------------------------------- AUCTION PREFERRED SHARES PLUS CUMULATIVE UNPAID DIVIDENDS -- (58.1)% $ (38,000,000) - ----------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES -- 100.0% $ 65,414,951 - -----------------------------------------------------------------------------------------------
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. AMBAC - AMBAC Financial Group, Inc. FGIC - Financial Guaranty Insurance Company FSA - Financial Security Assurance, Inc. MBIA - Municipal Bond Insurance Association XLCA - XL Capital Assurance, Inc. The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2004, 45.9% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.6% to 14.0% of total investments. (1) When-issued security. (2) Security has been issued as a leveraged inverse floater bond. (3) Security exempt from registration under Rule 144A of the securities act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2004, the aggregate value of the securities is $8,501,832 or 13.0% of the Trust's net assets. (4) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. (5) Security (or a portion thereof) has been segregated to cover when-issued securities. (6) Security has been issued as an inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 25 NEW YORK MUNICIPAL INCOME TRUST as of May 31, 2004 PORTFOLIO OF INVESTMENTS (Unaudited) TAX-EXEMPT INVESTMENTS -- 158.3%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- COGENERATION -- 2.6% $ 1,000 Port Authority of New York and New Jersey, (KIAC), (AMT), 6.75%, 10/1/19 $ 1,011,090 1,150 Suffolk County IDA, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23 1,060,622 - ----------------------------------------------------------------------------------------------- $ 2,071,712 - ----------------------------------------------------------------------------------------------- EDUCATION -- 14.7% $ 1,000 Dutchess County IDA, (Marist College), 5.00%, 7/1/20 $ 992,860 6,000 Hempstead IDA, (Hofstra University Civic Facilities), 5.00%, 7/1/33 5,738,520 50 New York Dormitory Authority, (City University), 5.25%, 7/1/31 50,100 4,025 New York Dormitory Authority, (Rockefeller University), 4.75%, 7/1/37 3,825,400 1,285 New York Dormitory Authority, (University Educational Facility), 4.75%, 5/15/28 1,197,607 - ----------------------------------------------------------------------------------------------- $ 11,804,487 - ----------------------------------------------------------------------------------------------- ELECTRIC UTILITIES -- 15.5% $ 2,000 Long Island Power Authority, 5.50%, 12/1/23 $ 2,045,620 1,655 Long Island Power Authority, Electric System Revenue, 5.25%, 12/1/26 1,661,339 1,000 Long Island Power Authority, Electric System Revenue, 5.375%, 9/1/25 1,014,310 4,100 New York Power Authority, 5.25%, 11/15/40 4,123,534 1,500 Puerto Rico Electric Power Authority, 5.125%, 7/1/29 1,477,020 2,100 Suffolk County IDA, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27 2,042,880 - ----------------------------------------------------------------------------------------------- $ 12,364,703 - ----------------------------------------------------------------------------------------------- ESCROWED / PREREFUNDED -- 2.9% $ 2,000 New York City Transitional Finance Authority, Prerefunded to 5/15/10, 6.00%, 11/15/29 $ 2,301,900 - ----------------------------------------------------------------------------------------------- $ 2,301,900 - ----------------------------------------------------------------------------------------------- GENERAL OBLIGATIONS -- 10.6% $ 6,000 New York City, 5.25%, 9/15/33 $ 5,986,140 2,500 Puerto Rico Public Buildings Authority, 5.25%, 7/1/29(1) 2,502,775 - ----------------------------------------------------------------------------------------------- $ 8,488,915 - ----------------------------------------------------------------------------------------------- HEALTH CARE-MISCELLANEOUS -- 6.8% $ 1,250 New York City IDA, (A Very Special Place, Inc.), 5.75%, 1/1/29 $ 1,003,575 1,500 New York City IDA, (Ohel Children's Home), 6.00%, 3/15/23 1,317,870 185 Suffolk County IDA, Civic Facility Revenue, (Alliance of LI), 7.50%, 9/1/15 195,489 220 Suffolk County IDA, Civic Facility Revenue, (Alliance of LI), 7.50%, 9/1/15 232,474 2,600 Westchester County IDA, (Children's Village), 5.375%, 3/15/19 2,665,936 - ----------------------------------------------------------------------------------------------- $ 5,415,344 - ----------------------------------------------------------------------------------------------- HOSPITAL -- 15.7% $ 235 Chautauqua County IDA, (Womans Christian Association), 6.35%, 11/15/17 $ 217,192 495 Chautauqua County IDA, (Womans Christian Association), 6.40%, 11/15/29 456,068 1,250 Fulton County IDA, (Nathan Littauer Hospital), 6.00%, 11/1/18 1,184,163 400 Nassau County, IDA, Civic Facility Revenue, (North Shore Health System), 6.25%, 11/1/21 428,756 3,200 New York City Health and Hospital Corp., 5.25%, 2/15/17 3,243,040 300 New York City Health and Hospital Corp., (Health System), 5.375%, 2/15/26 296,565 1,500 New York Dormitory Authority Revenue, (Lenox Hill Hospital), 5.50%, 7/1/30 1,512,090 2,000 New York Dormitory Authority, (New York Methodist Hospital), 5.25%, 7/1/33 1,931,960 1,250 Oneida County IDA, (St. Elizabeth Hospital), 5.75%, 12/1/19 1,117,688 2,105 Suffolk County IDA, Civic Facility, (Huntington Hospital), 6.00%, 11/1/22 2,165,813 - ----------------------------------------------------------------------------------------------- $ 12,553,335 - ----------------------------------------------------------------------------------------------- INDUSTRIAL DEVELOPMENT REVENUE -- 6.4% $ 1,500 New York City, NY, Industrial Development Agency, (American Airlines, Inc.-JFK International Airport), (AMT), 8.00%, 8/1/12 $ 1,151,490 775 Onandaga County IDA, Aero Syracuse Cargo, (AMT), 6.125%, 1/1/32 775,457 2,500 Onondaga County IDA, (Anheuser-Busch), (AMT), 6.25%, 12/1/34 2,628,725 550 Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15 561,330 - ----------------------------------------------------------------------------------------------- $ 5,117,002 - -----------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 26
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- INSURED-EDUCATION -- 5.2% $ 1,500 New York Dormitory Authority, (Barnard College), (AMBAC), 4.75%, 7/1/35 $ 1,394,250 1,200 New York Dormitory Authority, (Cooper Union), (MBIA), 6.25%, 7/1/29 1,351,032 900 New York Dormitory Authority, (MBIA), Variable Rate, 7/1/27(2)(3) 1,435,185 - ----------------------------------------------------------------------------------------------- $ 4,180,467 - ----------------------------------------------------------------------------------------------- INSURED-ESCROWED / PREREFUNDED -- 6.3% $ 1,500 Metropolitan Transportation Authority of New York, Escrowed to Maturity, (FGIC), 4.75%, 7/1/26 $ 1,451,925 1,400 Metropolitan Transportation Authority of New York, Escrowed to Maturity, (FGIC), 4.75%, 7/1/26 1,355,130 1,000 Metropolitan Transportation Authority of New York, Escrowed to Maturity, (FGIC), 4.875%, 7/1/18 1,032,940 1,000 New York City, Trust for Cultural Resources, (Museum of History), Prerefunded to 7/1/09, (AMBAC), Variable Rate, 7/1/29(2)(3) 1,229,080 - ----------------------------------------------------------------------------------------------- $ 5,069,075 - ----------------------------------------------------------------------------------------------- INSURED-GENERAL OBLIGATIONS -- 2.3% $ 1,750 Puerto Rico, (FSA), Variable Rate, 7/1/27(2)(3) $ 1,872,938 - ----------------------------------------------------------------------------------------------- $ 1,872,938 - ----------------------------------------------------------------------------------------------- INSURED-HOSPITAL -- 10.9% $ 5,000 New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), (MBIA), 5.50%, 7/1/23(4)(5) $ 5,443,950 3,500 New York Dormitory Authority, (Municipal Health Facilities Improvement), (FSA), 4.75%, 1/15/29 3,317,335 - ----------------------------------------------------------------------------------------------- $ 8,761,285 - ----------------------------------------------------------------------------------------------- INSURED-LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 1.3% $ 1,000 New York Dormitory Authority, (Department Health), (MBIA), 5.50%, 7/1/25 $ 1,041,130 - ----------------------------------------------------------------------------------------------- $ 1,041,130 - ----------------------------------------------------------------------------------------------- INSURED-MISCELLANEOUS -- 1.3% $ 1,000 New York City, Trust for Cultural Resources, (Museum of Modern Art), (AMBAC), 5.125%, 7/1/31 $ 1,004,550 - ----------------------------------------------------------------------------------------------- $ 1,004,550 - ----------------------------------------------------------------------------------------------- INSURED-SPECIAL TAX REVENUE -- 4.2% $ 1,000 New York City Transitional Finance Authority, (Future Tax), (AMBAC), 5.00%, 5/1/30 $ 989,210 1,175 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(3)(6) 1,179,994 1,190 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(2)(3) 1,197,592 - ----------------------------------------------------------------------------------------------- $ 3,366,796 - ----------------------------------------------------------------------------------------------- INSURED-TRANSPORTATION -- 15.6% $ 2,325 Monroe County Airport Authority, (MBIA), (AMT), Variable Rate, 1/1/17(3)(6) $ 2,825,433 2,735 Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (MBIA), (AMT), 5.625%, 4/1/29 2,824,626 1,750 Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (MBIA), (AMT), Variable Rate, 4/1/29(3)(6) 1,864,678 5,000 Triborough Bridge and Tunnel Authority, (MBIA), 5.00%, 1/1/32 4,937,100 - ----------------------------------------------------------------------------------------------- $ 12,451,837 - ----------------------------------------------------------------------------------------------- INSURED-WATER AND SEWER -- 2.6% $ 2,000 New York City Municipal Water Finance Authority, (FGIC), 5.50%, 6/15/32 $ 2,075,020 - ----------------------------------------------------------------------------------------------- $ 2,075,020 - ----------------------------------------------------------------------------------------------- LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 5.8% $ 4,385 New York Dormitory Authority, (Court Facility), 6.00%, 5/15/39 $ 4,605,916 - ----------------------------------------------------------------------------------------------- $ 4,605,916 - ----------------------------------------------------------------------------------------------- OTHER REVENUE -- 3.4% $ 1,285 Albany Industrial Development Agency Civic Facility, (Charitable Leadership), 5.75%, 7/1/26 $ 1,280,939 1,250 Puerto Rico Infrastructure Financing Authority, Variable Rate, 10/1/32(2)(3) 1,440,150 - ----------------------------------------------------------------------------------------------- $ 2,721,089 - ----------------------------------------------------------------------------------------------- SENIOR LIVING / LIFE CARE -- 2.7% $ 1,250 Mount Vernon IDA, (Wartburg Senior Housing, Inc. - Meadowview), 6.20%, 6/1/29 $ 1,142,275 1,000 Suffolk County IDA, (Jeffersons Ferry), 7.20%, 11/1/19 1,037,070 - ----------------------------------------------------------------------------------------------- $ 2,179,345 - -----------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 27
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- SPECIAL TAX REVENUE -- 1.3% $ 1,040 New York State Local Government Assistance Corp., 5.00%, 4/1/21 $ 1,069,234 - ----------------------------------------------------------------------------------------------- $ 1,069,234 - ----------------------------------------------------------------------------------------------- TRANSPORTATION -- 12.5% $ 6,000 Metropolitan Transportation Authority of New York, 5.25%, 11/15/32 $ 5,951,700 1,000 Port Authority of New York and New Jersey, 5.00%, 9/1/33 979,590 1,800 Port Authority of New York and New Jersey, Variable Rate, 3/1/28(2) 2,027,070 1,300 Port Authority of New York and New Jersey, (AMT), Variable Rate, 6/15/33(3)(6) 1,017,679 - ----------------------------------------------------------------------------------------------- $ 9,976,039 - ----------------------------------------------------------------------------------------------- WATER AND SEWER -- 7.7% $ 1,500 New York City Municipal Water Finance Authority, 5.25%, 6/15/29 $ 1,507,275 3,500 New York City Municipal Water Finance Authority, 5.75%, 6/15/29 3,688,930 1,000 New York Environmental Facility Corp., Clean Water, 5.00%, 6/15/28 996,640 - ----------------------------------------------------------------------------------------------- $ 6,192,845 - ----------------------------------------------------------------------------------------------- TOTAL TAX-EXEMPT INVESTMENTS -- 158.3% (IDENTIFIED COST $124,443,596) $ 126,684,964 - ----------------------------------------------------------------------------------------------- OTHER ASSETS, LESS LIABILITIES -- (2.7)% $ (2,175,976) - ----------------------------------------------------------------------------------------------- AUCTION PREFERRED SHARES PLUS CUMULATIVE UNPAID DIVIDENDS -- (55.6)% $ (44,505,602) - ----------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES -- 100.0% $ 80,003,386 - -----------------------------------------------------------------------------------------------
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. AMBAC - AMBAC Financial Group, Inc. FGIC - Financial Guaranty Insurance Company FSA - Financial Security Assurance, Inc. MBIA - Municipal Bond Insurance Association The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2004, 31.4% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 4.1% to 17.1% of total investments. (1) When-issued security. (2) Security has been issued as a leveraged inverse floater bond. (3) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2004, the aggregate value of the securities is $14,062,729 or 17.6% of the Trust's net assets. (4) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. (5) Security (or a portion thereof) has been segregated to cover when-issued securities. (6) Security has been issued as an inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 28 OHIO MUNICIPAL INCOME TRUST as of May 31, 2004 PORTFOLIO OF INVESTMENTS (Unaudited) TAX-EXEMPT INVESTMENTS -- 156.1%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- COGENERATION -- 1.4% $ 400 Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 5.875%, 9/1/20 $ 368,272 200 Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 6.625%, 9/1/20 199,578 - ----------------------------------------------------------------------------------------------- $ 567,850 - ----------------------------------------------------------------------------------------------- EDUCATION -- 3.6% $ 1,500 Ohio Higher Educational Facilities Authority, (Oberlin College), Variable Rate, 10/1/291(1)(2) $ 1,467,930 - ----------------------------------------------------------------------------------------------- $ 1,467,930 - ----------------------------------------------------------------------------------------------- ELECTRIC UTILITIES -- 1.3% $ 500 Clyde Electric System Revenue, (AMT), 6.00%, 11/15/14 $ 514,115 - ----------------------------------------------------------------------------------------------- $ 514,115 - ----------------------------------------------------------------------------------------------- GENERAL OBLIGATIONS -- 6.7% $ 1,000 Delaware County, 6.00%, 12/1/25 $ 1,099,910 1,530 Hamilton City School District, 5.625%, 12/1/24 1,626,895 - ----------------------------------------------------------------------------------------------- $ 2,726,805 - ----------------------------------------------------------------------------------------------- HOSPITAL -- 22.4% $ 550 Cuyahoga County, (Cleveland Clinic Health System), 5.50%, 1/1/29 $ 553,685 1,500 Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.625%, 8/15/32 1,489,365 2,000 Franklin County, (Childrens Hospital), 5.20%, 5/1/29 1,981,980 620 Highland County, (Joint Township Hospital District), 6.75%, 12/1/29 563,574 400 Mahoning County Hospital Facility, (Forum Health Obligation Group), 6.00%, 11/15/32 413,252 1,250 Parma Community General Hospital Association, 5.35%, 11/1/18 1,278,212 1,750 Parma Community General Hospital Association, 5.375%, 11/1/29 1,716,627 1,000 Richland County Hospital Facilities, (Medcentral Health Systems), 6.375%, 11/15/22 1,056,030 - ----------------------------------------------------------------------------------------------- $ 9,052,725 - ----------------------------------------------------------------------------------------------- HOUSING -- 2.5% $ 995 Multifamily Housing, (Tyler's Creek), (AMT), 6.00%, 11/1/33 $ 1,011,039 - ----------------------------------------------------------------------------------------------- $ 1,011,039 - ----------------------------------------------------------------------------------------------- INDUSTRIAL DEVELOPMENT REVENUE -- 21.2% $ 1,250 Cleveland Airport, (Continental Airlines), (AMT), 5.70%, 12/1/19 $ 907,013 1,300 Dayton Special Facilities Revenue, (Emery Air Freight), 5.625%, 2/1/18 1,173,497 3,000 Moraine Solid Waste Disposal, (General Motors Corp.), (AMT), 5.65%, 7/1/24 2,893,410 1,250 Ohio Environmental Facilities, (Ford Motor), (AMT), 5.95%, 9/1/29 1,254,613 2,250 Ohio Water Development Authority, (Anheuser-Busch), (AMT), 6.00%, 8/1/38 2,332,103 - ----------------------------------------------------------------------------------------------- $ 8,560,636 - ----------------------------------------------------------------------------------------------- INSURED-EDUCATION -- 10.4% $ 1,000 Ohio Higher Educational Facilities, (University of Dayton), (AMBAC), 5.50%, 12/1/30 $ 1,035,720 1,500 University of Akron, (FGIC), Variable Rate, 1/1/29(1)(2) 1,898,205 1,250 University of Cincinnati, (FGIC), 5.25%, 6/1/24 1,284,100 - ----------------------------------------------------------------------------------------------- $ 4,218,025 - ----------------------------------------------------------------------------------------------- INSURED-ELECTRIC UTILITIES -- 3.8% $ 2,000 Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/25 $ 638,340 3,000 Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/26 894,750 - ----------------------------------------------------------------------------------------------- $ 1,533,090 - ----------------------------------------------------------------------------------------------- INSURED-ESCROWED / PREREFUNDED -- 0.6% $ 245 Cuyahoga County Hospital, (MBIA), Escrowed to Maturity, 5.125%, 1/1/29(3) $ 245,012 - ----------------------------------------------------------------------------------------------- $ 245,012 - ----------------------------------------------------------------------------------------------- INSURED-GENERAL OBLIGATIONS -- 17.7% $ 1,000 Lima City School District, (AMBAC), 5.50%, 12/1/22 $ 1,071,350 500 Lima City School District, (AMBAC), 6.00%, 12/1/22 563,760 1,000 Plain Local School District, (FGIC), 5.00%, 12/1/30 984,830 1,000 Puerto Rico, (FSA), Variable Rate, 7/1/27(2)(4) 1,070,250 400 Puerto Rico, (MBIA), Variable Rate, 7/1/20(2)(4) 537,040 2,860 Springfield City School District Clark County, (FGIC), 5.20%, 12/1/23 2,945,628 - ----------------------------------------------------------------------------------------------- $ 7,172,858 - -----------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 29
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- INSURED-HOSPITAL -- 3.0% $ 255 Cuyahoga County, (Cleveland Clinic), (MBIA), 5.125%, 1/1/29(3) $ 255,013 1,000 Franklin County, (Ohio Health Corp.), (MBIA), 5.00%, 5/15/33 975,470 - ----------------------------------------------------------------------------------------------- $ 1,230,483 - ----------------------------------------------------------------------------------------------- INSURED-LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 8.0% $ 1,500 Cleveland, Certificates of Participation, (Cleveland Stadium), (AMBAC), 5.25%, 11/15/22 $ 1,549,965 600 Puerto Rico Public Finance Corp., (AMBAC), Variable Rate, 6/1/24(2)(4) 697,308 1,000 Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33 987,080 - ----------------------------------------------------------------------------------------------- $ 3,234,353 - ----------------------------------------------------------------------------------------------- INSURED-SPECIAL TAX REVENUE -- 12.4% $ 2,500 Delaware County, Sewer District, (MBIA), 4.75%, 12/1/24 $ 2,434,475 2,000 Hamiliton County Sales Tax Revenue, (AMBAC), 5.25%, 12/1/32 2,019,300 2,235 Hamilton County Sales Tax Revenue, (AMBAC), 0.00%, 12/1/28 578,686 - ----------------------------------------------------------------------------------------------- $ 5,032,461 - ----------------------------------------------------------------------------------------------- INSURED-TRANSPORTATION -- 11.1% $ 1,325 Cleveland Airport System Revenue, (FSA), 5.00%, 1/1/31 $ 1,301,031 1,000 Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/24 1,087,840 1,000 Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/26 1,080,270 1,000 Puerto Rico Highway and Transportation Authority, (AMBAC), Variable Rate, 7/1/28(2)(4) 1,006,890 - ----------------------------------------------------------------------------------------------- $ 4,476,031 - ----------------------------------------------------------------------------------------------- LEASE REVENUE / CERTIFICATES OF PARTICIPATION -- 3.3% $ 1,300 Union County, (Pleasant Valley Joint Fire District), 6.125%, 12/1/19 $ 1,343,771 - ----------------------------------------------------------------------------------------------- $ 1,343,771 - ----------------------------------------------------------------------------------------------- NURSING HOME -- 5.0% $ 1,755 Cuyahoga County, Health Care Facilities, (Benjamin Rose Institute), 5.50%, 12/1/28 $ 1,516,724 610 Ohio HFA, Retirement Rental Housing, (Encore Retirement Partners), 6.75%, 3/1/19 519,250 - ----------------------------------------------------------------------------------------------- $ 2,035,974 - ----------------------------------------------------------------------------------------------- OTHER REVENUE -- 2.9% $ 1,000 Puerto Rico Infrastructure Financing Authority, Variable Rate, 10/1/32(2)(4) $ 1,152,120 - ----------------------------------------------------------------------------------------------- $ 1,152,120 - ----------------------------------------------------------------------------------------------- POOLED LOANS -- 7.6% $ 1,020 Ohio Economic Development, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22 $ 1,036,075 1,000 Rickenbacker Port Authority, Oasbo Expanded Asset Pooled Loan, 5.375%, 1/1/32 1,007,860 1,100 Toledo-Lucas County Port Authority, 5.40%, 5/15/19 1,016,466 - ----------------------------------------------------------------------------------------------- $ 3,060,401 - ----------------------------------------------------------------------------------------------- SPECIAL TAX REVENUE -- 5.5% $ 600 Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18 $ 617,814 1,420 Cuyahoga County, Economic Development, (Shaker Square), 6.75%, 12/1/30 1,607,298 - ----------------------------------------------------------------------------------------------- $ 2,225,112 - ----------------------------------------------------------------------------------------------- TRANSPORTATION -- 3.2% $ 1,375 Puerto Rico Highway and Transportation Authority, 5.00%, 7/1/34 $ 1,307,873 - ----------------------------------------------------------------------------------------------- $ 1,307,873 - ----------------------------------------------------------------------------------------------- WATER AND SEWER -- 2.5% $ 1,000 Ohio Water Development Authority, (Fresh Water Improvement), 5.00%, 12/1/28 $ 991,210 - ----------------------------------------------------------------------------------------------- $ 991,210 - ----------------------------------------------------------------------------------------------- TOTAL TAX-EXEMPT INVESTMENTS -- 156.1% (IDENTIFIED COST $62,119,503) $ 63,159,874 - ----------------------------------------------------------------------------------------------- OTHER ASSETS, LESS LIABILITIES -- 2.0% $ 818,637 - ----------------------------------------------------------------------------------------------- AUCTION PREFERRED SHARES PLUS CUMULATIVE UNPAID DIVIDENDS -- (58.1)% $ (23,504,052) - ----------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES -- 100.0% $ 40,474,459 - -----------------------------------------------------------------------------------------------
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. AMBAC - AMBAC Financial Group, Inc. FGIC - Financial Guaranty Insurance Company SEE NOTES TO FINANCIAL STATEMENTS 30 FSA - Financial Security Assurance, Inc. MBIA - Municipal Bond Insurance Association The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2004, 43.0% Of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 3.8% to 15.1% of total investments. (1) Security has been issued as an inverse floater bond. (2) Security exempt from registration under Rule 144A of the securities act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2004, the aggregate value of the securities is $7,829,743 or 19.3% of the trust's net assets. (3) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. (4) Security has been issued as a leveraged inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 31 PENNSYLVANIA MUNICIPAL INCOME TRUST as of May 31, 2004 PORTFOLIO OF INVESTMENTS (Unaudited) TAX-EXEMPT INVESTMENTS -- 155.2%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- COGENERATION -- 3.9% $ 470 Carbon County IDA, (Panther Creek Partners), (AMT), 6.65%, 5/1/10 $ 503,802 500 Pennsylvania EDA, (Northampton Generating), (AMT), 6.50%, 1/1/13 505,215 500 Pennsylvania EDA, (Resource Recovery-Colver), (AMT), 7.05%, 12/1/10 516,615 - ----------------------------------------------------------------------------------------------- $ 1,525,632 - ----------------------------------------------------------------------------------------------- EDUCATION -- 5.5% $ 1,500 Pennsylvania HEFA, (Drexel University), 6.00%, 5/1/29 $ 1,569,030 600 Philadelphia HEFA, (Chestnut Hill College), 6.00%, 10/1/29 571,116 - ----------------------------------------------------------------------------------------------- $ 2,140,146 - ----------------------------------------------------------------------------------------------- ELECTRIC UTILITIES -- 1.5% $ 600 York County, IDA, Pollution Control, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20 $ 592,776 - ----------------------------------------------------------------------------------------------- $ 592,776 - ----------------------------------------------------------------------------------------------- HEALTH CARE-MISCELLANEOUS -- 5.4% $ 600 Allegheny County, IDA, (Residential Resources, Inc.), 6.50%, 9/1/21 $ 574,758 1,500 Chester County HEFA, (Devereux Foundation), 6.00%, 11/1/29 1,534,770 - ----------------------------------------------------------------------------------------------- $ 2,109,528 - ----------------------------------------------------------------------------------------------- HOSPITAL -- 9.8% $ 750 Lancaster County Hospital Authority, 5.50%, 3/15/26 $ 745,695 1,250 Lehigh County, General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32 1,180,775 500 Monroe County Hospital Authority, (Pocono Medical Center), 6.00%, 1/1/43 494,625 850 Pennsylvania HEFA, (UPMC Health System), 6.00%, 1/15/31 883,371 500 Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17 520,495 - ----------------------------------------------------------------------------------------------- $ 3,824,961 - ----------------------------------------------------------------------------------------------- INDUSTRIAL DEVELOPMENT REVENUE -- 6.5% $ 500 New Morgan IDA, (New Morgan Landfill), (AMT), 6.50%, 4/1/19 $ 460,440 1,000 Pennsylvania, IDA, (Sun Co.), (AMT), 7.60%, 12/1/24 1,044,650 1,550 Puerto Rico Port Authority, (American Airlines), (AMT), 6.30%, 6/1/23 1,044,669 - ----------------------------------------------------------------------------------------------- $ 2,549,759 - ----------------------------------------------------------------------------------------------- INSURED-EDUCATION -- 25.8% $ 1,900 Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32 $ 1,927,588 1,000 Northampton County HEFA, (Lafayette College), (MBIA), 5.00%, 11/1/27 992,870 1,000 Pennsylvania HEFA, (Bryn Mawr College), (AMBAC), 5.125%, 12/1/29 1,002,850 2,000 Pennsylvania HEFA, (State System Higher Education), (FSA), 5.00%, 6/15/24 2,008,800 2,000 Pennsylvania HEFA, (Temple University), (MBIA), 5.00%, 4/1/29(1) 1,978,820 600 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental, Residual Certificates, (MBIA), Variable Rate, 7/1/33(2)(3) 599,478 1,500 University of Pittsburgh, (MBIA), 5.00%, 6/1/21 1,522,005 - ----------------------------------------------------------------------------------------------- $ 10,032,411 - ----------------------------------------------------------------------------------------------- INSURED-ELECTRIC UTILITIES -- 3.9% $ 600 Puerto Rico Electric Power Authority, (FSA), Variable Rate, 7/1/29(2)(3) $ 638,898 835 Puerto Rico Electric Power Authority, DRIVERS, (FSA), Variable Rate, 7/1/29(2)(3) 889,133 - ----------------------------------------------------------------------------------------------- $ 1,528,031 - ----------------------------------------------------------------------------------------------- INSURED-ESCROWED / PREREFUNDED -- 12.2% $ 650 Berks County Municipal Authority, (Reading Hospital and Medical Center), (FSA), Prerefunded to 11/1/09 @ 102, 6.00%, 11/1/29 $ 749,886 265 McKeesport Area School District, (FGIC), Escrowed to Maturity, 0.00%, 10/1/31 57,349 3,100 Pennsylvania Turnpike Commision, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27 2,991,035 2,000 Westmoreland County Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19 937,880 - ----------------------------------------------------------------------------------------------- $ 4,736,150 - ----------------------------------------------------------------------------------------------- INSURED-GAS UTILITIES -- 3.3% $ 1,325 Philadelphia Natural Gas Works, (FSA), Variable Rate, 7/1/28(4) $ 1,290,179 - ----------------------------------------------------------------------------------------------- $ 1,290,179 - -----------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 32
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- INSURED-GENERAL OBLIGATIONS -- 16.8% $ 1,825 Hopewell School District, (FSA), 0.00%, 9/1/25 $ 568,780 735 McKeesport Area School District, (FGIC), 0.00%, 10/1/31 159,363 2,000 Philadelphia General Obligation, (FSA), 5.00%, 3/15/28 1,975,440 1,125 Philadelphia School District, (FSA), 5.50%, 2/1/31 1,162,935 1,500 Puerto Rico, (FSA), 5.125%, 7/1/30 1,513,500 1,000 Puerto Rico, (FSA), Variable Rate, 7/1/27(2)(3) 1,070,250 250 Southeast Delco Area School District, (MBIA), 0.00%, 2/1/24 86,015 - ----------------------------------------------------------------------------------------------- $ 6,536,283 - ----------------------------------------------------------------------------------------------- INSURED-HOSPITAL -- 15.3% $ 1,000 Dauphin County General Authority, (Pinnacle Health System), (MBIA), 5.50%, 5/15/27 $ 1,019,210 500 Delaware County Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26 482,780 1,500 Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (MBIA), 5.25%, 7/1/29 1,504,965 3,000 Montgomery County HEFA, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 2,952,180 - ----------------------------------------------------------------------------------------------- $ 5,959,135 - ----------------------------------------------------------------------------------------------- INSURED-SPECIAL TAX REVENUE -- 4.1% $ 1,000 Pittsburgh and Allegheny County Public Auditorium Authority, (AMBAC), 5.00%, 2/1/24 $ 1,005,200 595 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(2)(3) 598,796 - ----------------------------------------------------------------------------------------------- $ 1,603,996 - ----------------------------------------------------------------------------------------------- INSURED-TRANSPORTATION -- 7.7% $ 1,000 Allegheny County Port Authority, (FGIC), 5.00%, 3/1/29 $ 989,420 1,005 Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29 1,015,532 800 Puerto Rico Highway and Transportation Authority, (MBIA), Variable Rate, 7/1/26(2)(3) 1,001,840 - ----------------------------------------------------------------------------------------------- $ 3,006,792 - ----------------------------------------------------------------------------------------------- INSURED-WATER AND SEWER -- 15.6% $ 500 Allegheny County Sanitation and Sewer Authority, (MBIA), 5.00%, 12/1/19 $ 516,235 1,000 Allegheny County Sanitation and Sewer Authority, (MBIA), 5.50%, 12/1/24 1,050,360 500 Delaware County IDA, (Water Facilities), (FGIC), (AMT), 6.00%, 6/1/29 534,215 1,000 Philadelphia Water and Wastewater, (FGIC), 5.00%, 11/1/31 981,660 3,000 Pittsburgh Water and Sewer Authority, (AMBAC), 5.125%, 12/1/31 3,010,140 - ----------------------------------------------------------------------------------------------- $ 6,092,610 - ----------------------------------------------------------------------------------------------- MISCELLANEOUS -- 1.5% $ 600 Philadelphia IDA, (Franklin Institute), 5.20%, 6/15/26 $ 566,256 - ----------------------------------------------------------------------------------------------- $ 566,256 - ----------------------------------------------------------------------------------------------- NURSING HOME -- 2.0% $ 375 Clarion County IDA, (Beverly Enterprises, Inc.), 5.875%, 5/1/07 $ 367,174 400 Cumberland County IDA, (Beverly Enterprises, Inc.), 5.50%, 10/1/08 394,772 - ----------------------------------------------------------------------------------------------- $ 761,946 - ----------------------------------------------------------------------------------------------- SENIOR LIVING / LIFE CARE -- 8.6% $ 600 Bucks County, IDA, (Pennswood), 6.00%, 10/1/27 $ 608,724 490 Cliff House Trust (AMT), 6.625%, 6/1/27 389,109 500 Crawford County Hospital Authority, (Wesbury United Methodist Community), 6.25%, 8/15/29 485,625 400 Delaware IDA, (Glen Riddle), (AMT), 8.625%, 9/1/25 416,756 500 Lancaster County Hospital Authority, (Health Center), 5.875%, 6/1/31 510,020 925 Montgomery County HEFA, (Faulkeways at Gwynedd), 6.75%, 11/15/30 949,503 - ----------------------------------------------------------------------------------------------- $ 3,359,737 - ----------------------------------------------------------------------------------------------- TRANSPORTATION -- 5.8% $ 1,200 Delaware River Joint Toll Bridge Commission, 5.00%, 7/1/28 $ 1,177,368 340 Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09 346,854 500 Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/164 83,605 250 Pennsylvania EDA, (Amtrak), (AMT), 6.25%, 11/1/31 251,550 - ----------------------------------------------------------------------------------------------- $ 2,259,377 - ----------------------------------------------------------------------------------------------- TOTAL TAX-EXEMPT INVESTMENTS -- 155.2% (IDENTIFIED COST $59,140,922) $ 60,475,705 - ----------------------------------------------------------------------------------------------- OTHER ASSETS, LESS LIABILITIES -- 2.5% $ 981,032 - ----------------------------------------------------------------------------------------------- AUCTION PREFERRED SHARES PLUS CUMULATIVE UNPAID DIVIDENDS -- (57.7)% $ (22,500,000) - -----------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 33
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ----------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES -- 100.0% $ 38,956,737 - -----------------------------------------------------------------------------------------------
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. AMBAC - Financial Group, Inc. FGIC - Financial Guaranty Insurance Company FSA - Financial Security Assurance, Inc. MBIA - Municipal Bond Insurance Association The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2004, 67.4% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 6.1% to 24.8% of total investments. (1) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts. (2) Security has been issued as a leveraged inverse floater bond. (3) Security exempt from registration under Rule 144A of the securities act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2004, the aggregate value of the securities is $4,798,395 or 12.3% of the trust's net assets. (4) Security has been issued as an inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 34 EATON VANCE MUNICIPAL INCOME TRUSTS as of May 31, 2004 FINANCIAL STATEMENTS (Unaudited) STATEMENTS OF ASSETS AND LIABILITIES AS OF MAY 31, 2004
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST - --------------------------------------------------------------------------------------------------------------------------------- ASSETS Investments -- Identified cost $ 157,515,100 $ 93,747,203 $ 58,322,350 $ 45,684,475 Unrealized appreciation 5,052,588 2,058,136 1,063,184 1,788,133 - --------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS, AT VALUE $ 162,567,688 $ 95,805,339 $ 59,385,534 $ 47,472,608 - --------------------------------------------------------------------------------------------------------------------------------- Cash $ 467,423 $ 1,356,941 $ 99,199 $ 540,225 Receivable for investments sold 1,495,013 -- -- -- Interest receivable 2,611,415 1,223,452 1,199,918 757,435 Receivable for daily variation margin on open financial futures contracts 181,094 109,844 81,935 64,125 Prepaid expenses 3,425 4,429 4,740 -- - --------------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 167,326,058 $ 98,500,005 $ 60,771,326 $ 48,834,393 - --------------------------------------------------------------------------------------------------------------------------------- LIABILITIES Payable for when-issued securities $ 2,937,990 $ -- $ -- $ 737,655 Payable to affiliate for Trustees' fees 1,466 1,118 291 533 Accrued expenses 45,096 39,264 35,091 38,465 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES $ 2,984,552 $ 40,382 $ 35,382 $ 776,653 - --------------------------------------------------------------------------------------------------------------------------------- Auction preferred shares at liquidation value plus cumulative unpaid dividends $ 59,005,404 $ 35,505,587 $ 21,501,488 $ 17,502,754 - --------------------------------------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES $ 105,336,102 $ 62,954,036 $ 39,234,456 $ 30,554,986 - --------------------------------------------------------------------------------------------------------------------------------- SOURCES OF NET ASSETS Common Shares, $0.01 par value, unlimited number of shares authorized $ 71,773 $ 42,460 $ 26,804 $ 21,041 Additional paid-in capital 106,399,317 63,081,360 39,671,207 31,264,163 Accumulated net realized loss (computed on the basis of identified cost) (8,953,705) (3,844,202) (2,133,553) (2,996,922) Accumulated undistributed net investment income 1,396,488 852,693 563,659 387,485 Net unrealized appreciation (computed on the basis of identified cost) 6,422,229 2,821,725 1,106,339 1,879,219 - --------------------------------------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES $ 105,336,102 $ 62,954,036 $ 39,234,456 $ 30,554,986 - --------------------------------------------------------------------------------------------------------------------------------- AUCTION PREFERRED SHARES ISSUED AND OUTSTANDING (LIQUIDATION PREFERENCE OF $25,000 PER SHARE) 2,360 1,420 860 700 - --------------------------------------------------------------------------------------------------------------------------------- COMMON SHARES OUTSTANDING 7,177,287 4,246,022 2,680,412 2,104,087 - --------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE PER COMMON SHARE NET ASSETS APPLICABLE TO COMMON SHARES DIVIDED BY COMMON SHARES ISSUED AND OUTSTANDING $ 14.68 $ 14.83 $ 14.64 $ 14.52 - ---------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 35 AS OF MAY 31, 2004
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST - ------------------------------------------------------------------------------------------------------------------------------- ASSETS Investments -- Identified cost $ 101,468,000 $ 124,443,596 $ 62,119,503 $ 59,140,922 Unrealized appreciation 2,865,243 2,241,368 1,040,371 1,334,783 - ------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS, AT VALUE $ 104,333,243 $ 126,684,964 $ 63,159,874 $ 60,475,705 - ------------------------------------------------------------------------------------------------------------------------------- Receivable for investments sold $ 1,013,056 $ 3,994,730 $ -- $ -- Interest receivable 2,225,090 2,422,492 1,306,554 1,240,906 Receivable for daily variation margin on open financial futures contracts 140,460 124,687 53,437 71,250 Prepaid expenses 4,418 4,876 4,427 -- - ------------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 107,716,267 $ 133,231,749 $ 64,524,292 $ 61,787,861 - ------------------------------------------------------------------------------------------------------------------------------- LIABILITIES Payable for investments purchased $ -- $ 6,039,125 $ -- $ -- Payable for when-issued securities 3,442,390 2,458,850 -- -- Due to bank 819,557 169,116 509,592 289,627 Payable to affiliate for Trustees' fees 1,118 1,118 290 533 Accrued expenses 38,251 54,552 35,899 40,964 - ------------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES $ 4,301,316 $ 8,722,761 $ 545,781 $ 331,124 - ------------------------------------------------------------------------------------------------------------------------------- Auction preferred shares at liquidation value plus cumulative unpaid dividends $ 38,000,000 $ 44,505,602 $ 23,504,052 $ 22,500,000 - ------------------------------------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES $ 65,414,951 $ 80,003,386 $ 40,474,459 $ 38,956,737 - ------------------------------------------------------------------------------------------------------------------------------- SOURCES OF NET ASSETS Common Shares, $0.01 par value, unlimited number of shares authorized $ 45,891 $ 53,603 $ 28,144 $ 26,819 Additional paid-in capital 68,121,032 79,543,024 41,806,937 39,847,452 Accumulated net realized loss (computed on the basis of identified cost) (6,522,187) (3,215,049) (3,452,056) (3,422,350) Accumulated undistributed net investment income 830,992 1,128,436 583,867 666,871 Net unrealized appreciation (computed on the basis of identified cost) 2,939,223 2,493,372 1,507,567 1,837,945 - ------------------------------------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES $ 65,414,951 $ 80,003,386 $ 40,474,459 $ 38,956,737 - ------------------------------------------------------------------------------------------------------------------------------- AUCTION PREFERRED SHARES ISSUED AND OUTSTANDING (LIQUIDATION PREFERENCE OF $25,000 PER SHARE) 1,520 1,780 940 900 - ------------------------------------------------------------------------------------------------------------------------------- COMMON SHARES OUTSTANDING 4,589,099 5,360,320 2,814,442 2,681,940 - ------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE PER COMMON SHARE NET ASSETS APPLICABLE TO COMMON SHARES DIVIDED BY COMMON SHARES ISSUED AND OUTSTANDING $ 14.25 $ 14.93 $ 14.38 $ 14.53 - -------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 36 STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED MAY 31, 2004
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST - --------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME Interest $ 4,863,705 $ 2,913,295 $ 1,799,122 $ 1,447,184 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT INCOME $ 4,863,705 $ 2,913,295 $ 1,799,122 $ 1,447,184 - --------------------------------------------------------------------------------------------------------------------------------- EXPENSES Investment adviser fee $ 592,171 $ 354,279 $ 218,235 $ 172,776 Administration fee 169,192 101,222 62,353 49,365 Trustees fees and expenses 4,374 3,338 866 1,052 Legal and accounting services 15,696 13,167 12,877 13,633 Printing and postage 13,733 10,060 7,756 3,660 Custodian fee 35,267 23,783 18,052 15,333 Transfer and dividend disbursing agent 58,394 37,732 22,480 17,016 Preferred shares remarketing agent fee 73,952 44,496 26,949 21,934 Miscellaneous 7,042 9,936 8,466 21,010 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL EXPENSES $ 969,821 $ 598,013 $ 378,034 $ 315,779 - --------------------------------------------------------------------------------------------------------------------------------- Deduct -- Reduction of custodian fee $ -- $ -- $ 2,208 $ -- - --------------------------------------------------------------------------------------------------------------------------------- TOTAL EXPENSE REDUCTIONS $ -- $ -- $ 2,208 $ -- - --------------------------------------------------------------------------------------------------------------------------------- NET EXPENSES $ 969,821 $ 598,013 $ 375,826 $ 315,779 - --------------------------------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME $ 3,893,884 $ 2,315,282 $ 1,423,296 $ 1,131,405 - --------------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) -- Investment transactions (identified cost basis) $ 71,963 $ 37,306 $ 813,607 $ 37,035 Financial futures contracts (828,517) (535,940) 287,691 (63,060) - --------------------------------------------------------------------------------------------------------------------------------- NET REALIZED GAIN (LOSS) $ (756,554) $ (498,634) $ 1,101,298 $ (26,025) - --------------------------------------------------------------------------------------------------------------------------------- Change in unrealized appreciation (depreciation) -- Investments (identified cost basis) $ (4,830,160) $ (2,979,277) $ (2,927,846) $ (1,440,165) Financial futures contracts 968,119 536,642 (148,850) (12,072) - --------------------------------------------------------------------------------------------------------------------------------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ (3,862,041) $ (2,442,635) $ (3,076,696) $ (1,452,237) - --------------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED LOSS $ (4,618,595) $ (2,941,269) $ (1,975,398) $ (1,478,262) - --------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO PREFERRED SHAREHOLDERS FROM NET INVESTMENT INCOME $ (259,172) $ (161,968) $ (74,872) $ (81,396) - --------------------------------------------------------------------------------------------------------------------------------- NET DECREASE IN NET ASSETS FROM OPERATIONS $ (983,883) $ (787,955) $ (626,974) $ (428,253) - ---------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 37 FOR THE SIX MONTHS ENDED MAY 31, 2004
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST - ------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME Interest $ 3,119,268 $ 3,758,802 $ 1,934,886 $ 1,832,416 - ------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT INCOME $ 3,119,268 $ 3,758,802 $ 1,934,886 $ 1,832,416 - ------------------------------------------------------------------------------------------------------------------------------- EXPENSES Investment adviser fee $ 375,279 $ 451,800 $ 230,603 $ 221,001 Administration fee 107,223 129,086 65,887 63,143 Trustees fees and expenses 3,338 3,337 864 1,052 Legal and accounting services 13,969 11,168 14,381 13,633 Printing and postage 11,297 11,071 8,629 4,209 Custodian fee 24,811 27,422 17,162 18,119 Transfer and dividend disbursing agent 39,001 47,453 26,604 22,204 Preferred shares remarketing agent fee 47,629 55,777 29,376 28,202 Miscellaneous 9,623 8,598 8,930 21,010 - ------------------------------------------------------------------------------------------------------------------------------- TOTAL EXPENSES $ 632,170 $ 745,712 $ 402,436 $ 392,573 - ------------------------------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME $ 2,487,098 $ 3,013,090 $ 1,532,450 $ 1,439,843 - ------------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) -- Investment transactions (identified cost basis) $ 1,307,131 $ 2,846,731 $ (39,461) $ 81,200 Financial futures contracts 331,560 (48,698) (314,989) (306,191) - ------------------------------------------------------------------------------------------------------------------------------- NET REALIZED GAIN (LOSS) $ 1,638,691 $ 2,798,033 $ (354,450) $ (224,991) - ------------------------------------------------------------------------------------------------------------------------------- Change in unrealized appreciation (depreciation) -- Investments (identified cost basis) $ (5,639,748) $ (7,691,435) $ (1,930,144) $ (1,951,433) Financial futures contracts (205,300) 90,808 352,056 354,773 - ------------------------------------------------------------------------------------------------------------------------------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ (5,845,048) $ (7,600,627) $ (1,578,088) $ (1,596,660) - ------------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED LOSS $ (4,206,357) $ (4,802,594) $ (1,932,538) $ (1,821,651) - ------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO PREFERRED SHAREHOLDERS FROM NET INVESTMENT INCOME $ (152,988) $ (163,962) $ (110,225) $ (103,285) - ------------------------------------------------------------------------------------------------------------------------------- NET DECREASE IN NET ASSETS FROM OPERATIONS $ (1,872,247) $ (1,953,466) $ (510,313) $ (485,093) - -------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 38 STATEMENTS OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED MAY 31, 2004
INCREASE (DECREASE) IN NET ASSETS CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST - --------------------------------------------------------------------------------------------------------------------------------- From operations -- Net investment income $ 3,893,884 $ 2,315,282 $ 1,423,296 $ 1,131,405 Net realized gain (loss) on investment transactions and financial futures contracts (756,554) (498,634) 1,101,298 (26,025) Net change in unrealized appreciation (depreciation) on investments and financial futures contracts (3,862,041) (2,442,635) (3,076,696) (1,452,237) Distributions to preferred shareholders from net investment income (259,172) (161,968) (74,872) (81,396) - --------------------------------------------------------------------------------------------------------------------------------- NET DECREASE IN NET ASSETS FROM OPERATIONS $ (983,883) $ (787,955) $ (626,974) $ (428,253) - --------------------------------------------------------------------------------------------------------------------------------- Distributions to common shareholders -- From net investment income $ (3,671,269) $ (2,196,918) $ (1,367,770) $ (1,083,672) - --------------------------------------------------------------------------------------------------------------------------------- Capital share transactions -- Reinvestment of distributions to common shareholders $ -- 36,497 $ 193,993 $ 103,683 - --------------------------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS $ -- 36,497 $ 193,993 $ 103,683 - --------------------------------------------------------------------------------------------------------------------------------- NET DECREASE IN NET ASSETS $ (4,655,152) $ (2,948,376) $ (1,800,751) $ (1,408,242) - --------------------------------------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES At beginning of period $ 109,991,254 $ 65,902,412 $ 41,035,207 $ 31,963,228 - --------------------------------------------------------------------------------------------------------------------------------- AT END OF PERIOD $ 105,336,102 $ 62,954,036 $ 39,234,456 $ 30,554,986 - --------------------------------------------------------------------------------------------------------------------------------- ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS APPLICABLE TO COMMON SHARES AT END OF PERIOD $ 1,396,488 $ 852,693 $ 563,659 $ 387,485 - ---------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 39 FOR THE SIX MONTHS ENDED MAY 31, 2004
INCREASE (DECREASE) IN NET ASSETS NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST - ------------------------------------------------------------------------------------------------------------------------------- From operations -- Net investment income $ 2,487,098 $ 3,013,090 $ 1,532,450 $ 1,439,843 Net realized gain (loss) on investment transactions and financial futures contracts 1,638,691 2,798,033 (354,450) (224,991) Net change in unrealized appreciation (depreciation) on investments and financial futures contracts (5,845,048) (7,600,627) (1,578,088) (1,596,660) Distributions to preferred shareholders from net investment income (152,988) (163,962) (110,225) (103,285) - ------------------------------------------------------------------------------------------------------------------------------- NET DECREASE IN NET ASSETS FROM OPERATIONS $ (1,872,247) $ (1,953,466) $ (510,313) $ (485,093) - ------------------------------------------------------------------------------------------------------------------------------- Distributions to common shareholders -- From net investment income $ (2,447,260) $ (2,787,377) $ (1,418,286) $ (1,343,463) - ------------------------------------------------------------------------------------------------------------------------------- Capital share transactions -- Reinvestment of distributions to common shareholders $ 234,008 $ -- $ 99,520 $ 115,392 - ------------------------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS $ 234,008 $ -- $ 99,520 $ 115,392 - ------------------------------------------------------------------------------------------------------------------------------- NET DECREASE IN NET ASSETS $ (4,085,499) $ (4,740,843) $ (1,829,079) $ (1,713,164) - ------------------------------------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES At beginning of period $ 69,500,450 $ 84,744,229 $ 42,303,538 $ 40,669,901 - ------------------------------------------------------------------------------------------------------------------------------- AT END OF PERIOD $ 65,414,951 $ 80,003,386 $ 40,474,459 $ 38,956,737 - ------------------------------------------------------------------------------------------------------------------------------- ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS APPLICABLE TO COMMON SHARES AT END OF PERIOD $ 830,992 $ 1,128,436 $ 583,867 $ 666,871 - -------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 40 FOR THE YEAR ENDED NOVEMBER 30, 2003
INCREASE (DECREASE) IN NET ASSETS CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST - --------------------------------------------------------------------------------------------------------------------------------- From operations -- Net investment income $ 7,746,314 $ 4,645,253 $ 2,894,337 $ 2,284,352 Net realized gain (loss) on investment transactions and financial futures contracts (50,699) 321,597 475,279 (522,224) Net change in unrealized appreciation (depreciation) on investments and financial futures contracts 4,995,119 2,962,320 2,136,914 2,199,007 Distributions to preferred shareholders from net investment income (490,647) (321,534) (186,866) (150,383) - --------------------------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM OPERATIONS $ 12,200,087 $ 7,607,636 $ 5,319,664 $ 3,810,752 - --------------------------------------------------------------------------------------------------------------------------------- Distributions to common shareholders -- From net investment income $ (6,911,900) $ (4,215,934) $ (2,579,286) $ (2,053,986) - --------------------------------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (6,911,900) $ (4,215,934) $ (2,579,286) $ (2,053,986) - --------------------------------------------------------------------------------------------------------------------------------- Capital share transactions -- Reinvestment of distributions to common shareholders $ -- $ 208,467 $ 500,292 $ 142,090 - --------------------------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS $ -- $ 208,467 $ 500,292 $ 142,090 - --------------------------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS $ 5,288,187 $ 3,600,169 $ 3,240,670 $ 1,898,856 - --------------------------------------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES At beginning of year $ 104,703,067 $ 62,302,243 $ 37,794,537 $ 30,064,372 - --------------------------------------------------------------------------------------------------------------------------------- AT END OF YEAR $ 109,991,254 $ 65,902,412 $ 41,035,207 $ 31,963,228 - --------------------------------------------------------------------------------------------------------------------------------- ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS APPLICABLE TO COMMON SHARES AT END OF YEAR $ 1,433,045 $ 896,297 $ 583,005 $ 421,148 - ---------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 41 FOR THE YEAR ENDED NOVEMBER 30, 2003
INCREASE (DECREASE) IN NET ASSETS NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST - ------------------------------------------------------------------------------------------------------------------------------- From operations -- Net investment income $ 5,105,052 $ 5,933,440 $ 3,041,093 $ 2,907,709 Net realized gain (loss) on investment transactions and financial futures contracts (484,005) 1,336,457 260,447 45,691 Net change in unrealized appreciation (depreciation) on investments and financial futures contracts 5,507,623 3,662,367 2,281,037 2,311,357 Distributions to preferred shareholders from net investment income (323,091) (363,142) (215,153) (214,431) - ------------------------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM OPERATIONS $ 9,805,579 $ 10,569,122 $ 5,367,424 $ 5,050,326 - ------------------------------------------------------------------------------------------------------------------------------- Distributions to common shareholders -- From net investment income $ (4,638,616) $ (5,495,212) $ (2,796,900) $ (2,517,299) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (4,638,616) $ (5,495,212) $ (2,796,900) $ (2,517,299) - ------------------------------------------------------------------------------------------------------------------------------- Capital share transactions -- Reinvestment of distributions to common shareholders $ 530,236 $ 81,456 $ 225,669 $ 109,497 - ------------------------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS $ 530,236 $ 81,456 $ 225,669 $ 109,497 - ------------------------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS $ 5,697,199 $ 5,155,366 $ 2,796,193 $ 2,642,524 - ------------------------------------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES At beginning of year $ 63,803,251 $ 79,588,863 $ 39,507,345 $ 38,027,377 - ------------------------------------------------------------------------------------------------------------------------------- AT END OF YEAR $ 69,500,450 $ 84,744,229 $ 42,303,538 $ 40,669,901 - ------------------------------------------------------------------------------------------------------------------------------- ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS APPLICABLE TO COMMON SHARES AT END OF YEAR $ 944,142 $ 1,066,685 $ 579,928 $ 673,776 - -------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 42 FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
CALIFORNIA TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- Net asset value -- Beginning of period (Common shares) $ 15.320 $ 14.590 $ 14.410 $ 13.210 $ 11.630 $ 15.000 - ------------------------------------------------------------------------------------------------------------------------------- INCOME (LOSS) FROM OPERATIONS Net investment income $ 0.543 $ 1.079 $ 1.069 $ 1.035 $ 1.008 $ 0.773 Net realized and unrealized gain (loss) (0.635) 0.682 0.155 1.120 1.576 (3.322) Distributions to preferred shareholders from net investment income (0.036) (0.068) (0.110) (0.222) (0.279) (0.186) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.128) $ 1.693 $ 1.114 $ 1.933 $ 2.305 $ (2.735) - ------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income $ (0.512) $ (0.963) $ (0.934) $ (0.733) $ (0.725) $ (0.510) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.512) $ (0.963) $ (0.934) $ (0.733) $ (0.725) $ (0.510) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $ -- $ -- $ -- $ -- $ (0.040) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $ -- $ -- $ -- $ -- $ (0.085) - ------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.680 $ 15.320 $ 14.590 $ 14.410 $ 13.210 $ 11.630 - ------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.110 $ 14.950 $ 13.660 $ 14.320 $ 11.688 $ 11.438 - ------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN(4) (2.33)% 17.06% 1.84% 29.65% 8.79% (20.70)% - -------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 43 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
CALIFORNIA TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA+ ++ Net assets applicable to common shares, end of period (000's omitted) $ 105,336 $ 109,991 $ 104,703 $ 102,664 $ 94,049 $ 82,333 Ratios (As a percentage of average net assets applicable to common shares): Net expenses(5) 1.76%(6) 1.78% 1.82% 1.83% 1.99% 1.66%(6) Net expenses after custodian fee reduction(5) 1.76%(6) 1.78% 1.80% 1.76% 1.92% 1.60%(6) Net investment income(5) 7.07%(6) 7.17% 7.44% 7.32% 8.43% 6.83%(6) Portfolio Turnover 2% 9% 11% 47% 29% 146% + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets applicable to common shares): Expenses(5) 1.85%(6) Expenses after custodian fee reduction(5) 1.79%(6) Net investment income(5) 6.64%(6) Net investment income per share $ 0.752 ++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.15%(6) 1.15% 1.16% 1.15% 1.17% 1.06%(6) Net expenses after custodian fee reduction 1.15%(6) 1.15% 1.15% 1.11% 1.13% 1.02%(6) Net investment income 4.60%(6) 4.64% 4.73% 4.62% 4.97% 4.37%(6) + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.18%(6) Expenses after custodian fee reduction 1.14%(6) Net investment income 4.25%(6) Senior Securities: Total preferred shares outstanding 2,360 2,360 2,360 2,360 2,360 2,360 Asset coverage per preferred share(7) $ 69,636 $ 71,608 $ 69,366 $ 68,507 $ 64,862 $ 59,892 Involuntary liquidation preference per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 Approximate market value per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
(1) Computed using average common shares outstanding. (2) The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.012, decrease net realized and unrealized gains per share by $0.012, increase the ratio of net investment income to average net assets applicable to common shares from 7.36% to 7.44%, and increase the ratio of net investment income to average total net assets from 4.68% to 4.73%. Per share data and ratios for the period prior to December 1, 2001 have not been restated to reflect this change in presentation. (3) For the period from the start of business, January 29, 1999, to November 30, 1999. (4) Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis. (5) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure. (6) Annualized. (7) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (8) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 44 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
FLORIDA TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- Net asset value -- Beginning of period (Common shares) $ 15.530 $ 14.730 $ 14.340 $ 13.070 $ 11.770 $ 15.000 - ------------------------------------------------------------------------------------------------------------------------------- INCOME (LOSS) FROM OPERATIONS Net investment income $ 0.545 $ 1.096 $ 1.103 $ 1.056 $ 1.028 $ 0.779 Net realized and unrealized gain (loss) (0.689) 0.775 0.358 1.162 1.318 (3.180) Distributions to preferred shareholders from net investment income (0.038) (0.076) (0.118) (0.243) (0.338) (0.200) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.182) $ 1.795 $ 1.343 $ 1.975 $ 2.008 $ (2.601) - ------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income $ (0.518) $ (0.995) $ (0.953) $ (0.705) $ (0.708) $ (0.502) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.518) $ (0.995) $ (0.953) $ (0.705) $ (0.708) $ (0.502) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $ -- $ -- $ -- $ -- $ (0.042) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $ -- $ -- $ -- $ -- $ (0.085) - ------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.830 $ 15.530 $ 14.730 $ 14.340 $ 13.070 $ 11.770 - ------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE -- END OF PERIOD (COMMON SHARES) $ 13.800 $ 15.455 $ 14.400 $ 13.380 $ 10.500 $ 10.438 - ------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN(4) (7.59)% 14.67% 15.18% 34.91% 7.20% (27.62)% - -------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 45 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
FLORIDA TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA+ ++ Net assets applicable to common shares, end of period (000's omitted) $ 62,954 $ 65,902 $ 62,302 $ 60,646 $ 55,296 $ 49,715 Ratios (As a percentage of average net assets applicable to common shares): Net expenses(5) 1.82%(6) 1.83% 1.87% 1.90% 1.99% 1.74%(6) Net expenses after custodian fee reduction(5) 1.82%(6) 1.82% 1.86% 1.82% 1.91% 1.68%(6) Net investment income(5) 7.05%(6) 7.20% 7.61% 7.46% 8.59% 6.89%(6) Portfolio Turnover 1% 15% 14% 24% 20% 101% + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets applicable to common shares): Expenses(5) 2.07% 1.88%(6) Expenses after custodian fee reduction(5) 1.99% 1.82%(6) Net investment income(5) 8.51% 6.75%(6) Net investment income per share $ 1.018 $ 0.763 ++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.18%(6) 1.18% 1.18% 1.19% 1.16% 1.11%(6) Net expenses after custodian fee reduction 1.18%(6) 1.18% 1.18% 1.14% 1.12% 1.07%(6) Net investment income 4.58%(6) 4.64% 4.82% 4.68% 5.05% 4.39%(6) + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.20% 1.20%(6) Expenses after custodian fee reduction 1.16% 1.16%(6) Net investment income 5.01% 4.30%(6) Senior Securities: Total preferred shares outstanding 1,420 1,420 1,420 1,420 1,420 1,420 Asset coverage per preferred share(7) $ 69,338 $ 71,412 $ 68,878 $ 67,695 $ 63,944 $ 60,023 Involuntary liquidation preference per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 Approximate market value per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
(1) Computed using average common shares outstanding. (2) The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for year ended November 30, 2002 was to increase net investment income per share by $0.002, decrease net realized and unrealized gains per share by $0.002, increase the ratio of net investment income to average net assets applicable to common shares from 7.60% to 7.61%, and increase the ratio of net investment income to average total net assets from 4.81% to 4.82%. Per share data and ratios for the period prior to December 1, 2001 have not been restated to reflect this change in presentation. (3) For the period from the start of business, January 29, 1999, to November 30, 1999. (4) Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis. (5) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure. (6) Annualized. (7) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (8) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 46 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
MASSACHUSETTS TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- Net asset value -- Beginning of period (Common shares) $ 15.380 $ 14.350 $ 14.110 $ 12.530 $ 11.470 $ 15.000 - ------------------------------------------------------------------------------------------------------------------------------- INCOME (LOSS) FROM OPERATIONS Net investment income $ 0.532 $ 1.091 $ 1.065 $ 1.044 $ 1.008 $ 0.779 Net realized and unrealized gain (loss) (0.732) 0.982 0.218 1.486 1.058 (3.479) Distributions to preferred shareholders from net investment income (0.028) (0.070) (0.106) (0.227) (0.286) (0.192) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.228) $ 2.003 $ 1.177 $ 2.303 $ 1.780 $ (2.892) - ------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income $ (0.512) $ (0.973) $ (0.937) $ (0.723) $ (0.720) $ (0.510) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.512) $ (0.973) $ (0.937) $ (0.723) $ (0.720) $ (0.510) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $ -- $ -- $ -- $ -- $ (0.043) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $ -- $ -- $ -- $ -- $ (0.085) - ------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.640 $ 15.380 $ 14.350 $ 14.110 $ 12.530 $ 11.470 - ------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.550 $ 15.400 $ 15.510 $ 14.370 $ 10.813 $ 11.438 - ------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN(4) (2.31)% 5.91% 15.16% 40.54% 0.69% (20.68)% - -------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 47 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
MASSACHUSETTS TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA+ ++ Net assets applicable to common shares, end of period (000's omitted) $ 39,234 $ 41,035 $ 37,795 $ 36,634 $ 32,501 $ 29,458 Ratios (As a percentage of average net assets applicable to common shares): Net expenses(5) 1.85%(6) 1.86% 1.97% 1.97% 2.17% 1.98%(6) Net expenses after custodian fee reduction(5) 1.84%(6) 1.86% 1.94% 1.88% 2.09% 1.91%(6) Net investment income(5) 6.97%(6) 7.27% 7.55% 7.60% 8.80% 6.93%(6) Portfolio Turnover 23% 26% 7% 13% 32% 111% + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets applicable to common shares): Expenses(5) 2.01%(6) Expenses after custodian fee reduction(5) 1.94%(6) Net investment income(5) 6.90%(6) Net investment income per share $ 0.776 ++ The ratios reported above are based on net assets solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.22%(6) 1.21% 1.24% 1.23% 1.26% 1.26%(6) Net expenses after custodian fee reduction 1.21%(6) 1.21% 1.22% 1.17% 1.21% 1.21%(6) Net investment income 4.57%(6) 4.72% 4.77% 4.74% 5.10% 4.41%(6) + The expenses of the Trust may reflect a voluntary reduction of the investment advisor fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.28%(6) Expenses after custodian fee reduction 1.23%(6) Net investment income 4.39%(6) Senior Securities: Total preferred shares outstanding 860 860 860 860 860 860 Asset coverage per preferred share(7) $ 70,623 $ 72,719 $ 68,951 $ 67,602 $ 62,797 $ 59,256 Involuntary liquidation preference per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 Approximate market value per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
(1) Computed using average common shares outstanding. (2) The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.005, decrease net realized and unrealized gains per share by $0.005, increase the ratio of net investment income to average net assets applicable to common shares from 7.51% to 7.55%, and increase the ratio of net investment income to average total net assets from 4.75% to 4.77%. Per share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation. (3) For the period from the start of business, January 29, 1999, to November 30, 1999. (4) Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis. (5) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure. (6) Annualized. (7) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (8) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 48 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
MICHIGAN TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- Net asset value -- Beginning of period (Common shares) $ 15.240 $ 14.400 $ 14.490 $ 13.060 $ 11.840 $ 15.000 - ------------------------------------------------------------------------------------------------------------------------------- INCOME (LOSS) FROM OPERATIONS Net investment income $ 0.539 $ 1.092 $ 1.085 $ 1.045 $ 0.996 $ 0.771 Net realized and unrealized gain (loss) (0.704) 0.802 (0.109) 1.317 1.250 (3.111) Distributions to preferred shareholders from net investment income (0.039) (0.072) (0.113) (0.242) (0.321) (0.191) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.204) $ 1.822 $ 0.863 $ 2.120 $ 1.925 $ (2.531) - ------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income $ (0.516) $ (0.982) $ (0.953) $ (0.690) $ (0.705) $ (0.500) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.516) $ (0.982) $ (0.953) $ (0.690) $ (0.705) $ (0.500) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $ -- $ -- $ -- $ -- $ (0.044) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $ -- $ -- $ -- $ -- $ (0.085) - ------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.520 $ 15.240 $ 14.400 $ 14.490 $ 13.060 $ 11.840 - ------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE -- END OF PERIOD (COMMON SHARES) $ 15.240 $ 15.635 $ 13.940 $ 13.000 $ 10.438 $ 10.875 - ------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN(4) 0.82% 19.82% 14.72% 31.69% 2.30% (24.66)% - -------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 49 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
MICHIGAN TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA+ ++ Net assets applicable to common shares, end of period (000's omitted) $ 30,555 $ 31,963 $ 30,064 $ 30,213 $ 27,233 $ 24,691 Ratios (As a percentage of average net assets applicable to common shares): Net expenses(5) 1.98%(6) 1.97% 2.00% 1.99% 2.18% 1.78%(6) Net expenses after custodian fee reduction(5) 1.98%(6) 1.97% 1.99% 1.90% 2.09% 1.71%(6) Net investment income(5) 7.10%(6) 7.31% 7.54% 7.36% 8.34% 6.77%(6) Portfolio Turnover 2% 8% 13% 33% 18% 90% + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets applicable to common shares): Expenses(5) 2.21% 2.06%(6) Expenses after custodian fee reduction(5) 2.12% 1.99%(6) Net investment income(5) 8.31% 6.49%(6) Net investment income per share $ 0.992 $ 0.738 ++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.28%(6) 1.26% 1.27% 1.25% 1.27% 1.14%(6) Net expenses after custodian fee reduction 1.28%(6) 1.26% 1.26% 1.19% 1.22% 1.09%(6) Net investment income 4.59%(6) 4.69% 4.76% 4.63% 4.90% 4.33%(6) + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.29% 1.32%(6) Expenses after custodian fee reduction 1.24% 1.27%(6) Net investment income 4.88% 4.15%(6) Senior Securities: Total preferred shares outstanding 700 700 700 700 700 700 Asset coverage per preferred share(7) $ 68,654 $ 70,664 $ 67,952 $ 68,163 $ 63,906 $ 60,283 Involuntary liquidation preference per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 Approximate market value per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
(1) Computed using average common shares outstanding. (2) The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.005, increase net realized and unrealized losses per share by $0.005, increase the ratio of net investment income to average net assets applicable to common shares from 7.51% to 7.54% and increase the ratio of net investment income to average total net assets from 4.74% to 4.76%. Per share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation. (3) For the period from the start of business, January 29, 1999, to November 30, 1999. (4) Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis. (5) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure. (6) Annualized. (7) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (8) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 50 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
NEW JERSEY TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- Net asset value -- Beginning of period (Common shares) $ 15.190 $ 14.060 $ 13.880 $ 12.680 $ 11.720 $ 15.000 - ------------------------------------------------------------------------------------------------------------------------------- INCOME (LOSS) FROM OPERATIONS Net investment income $ 0.543 $ 1.120 $ 1.098 $ 1.057 $ 1.012 $ 0.778 Net realized and unrealized gain (loss) (0.916) 1.099 0.163 1.089 0.977 (3.235) Distributions to preferred shareholders from net investment income (0.033) (0.071) (0.105) (0.234) (0.324) (0.195) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.406) $ 2.148 $ 1.156 $ 1.912 $ 1.665 $ (2.652) - ------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income $ (0.534) $ (1.018) $ (0.976) $ (0.712) $ (0.705) $ (0.500) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.534) $ (1.018) $ (0.976) $ (0.712) $ (0.705) $ (0.500) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $ -- $ -- $ -- $ -- $ (0.042) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $ -- $ -- $ -- $ -- $ (0.086) - ------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.250 $ 15.190 $ 14.060 $ 13.880 $ 12.680 $ 11.720 - ------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.240 $ 15.415 $ 14.400 $ 13.340 $ 10.750 $ 10.875 - ------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN(4) (4.30)% 14.75% 15.70% 31.34% 5.28% (24.64)% - -------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 51 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
NEW JERSEY TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA+ ++ Net assets applicable to common shares, end of period (000's omitted) $ 65,415 $ 69,500 $ 63,803 $ 62,237 $ 56,883 $ 52,490 Ratios (As a percentage of average net assets applicable to common shares): Net expenses(5) 1.83%(6) 1.84% 1.89% 1.95% 2.08% 1.67%(6) Net expenses after custodian fee reduction(5) 1.83%(6) 1.84% 1.88% 1.90% 2.00% 1.61%(6) Net investment income(5) 7.19%(6) 7.64% 7.80% 7.64% 8.64% 6.83%(6) Portfolio Turnover 17% 28% 25% 35% 54% 114% + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets applicable to common shares): Expenses(5) 1.85%(6) Expenses after custodian fee reduction(5) 1.79%(6) Net investment income(5) 6.65%(6) Net investment income per share $ 0.757 ++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to to preferred shares are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.18%(6) 1.18% 1.19% 1.21% 1.21% 1.07%(6) Net expenses after custodian fee reduction 1.18%(6) 1.18% 1.18% 1.18% 1.16% 1.03%(6) Net investment income 4.64%(6) 4.87% 4.88% 4.74% 5.01% 4.35%(6) + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the rations would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.18%(6) Expenses after custodian fee reduction 1.14%(6) Net investment income 4.24%(6) Senior Securities: Total preferred shares outstanding 1,520 1,520 1,520 1,520 1,520 1,520 Asset coverage per preferred share(7) $ 68,036 $ 70,724 $ 66,976 $ 65,951 $ 62,434 $ 59,538 Involuntary liquidation preference per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 Approximate market value per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
(1) Computed using average common shares outstanding. (2) The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.003, decrease net realized and unrealized gains per share by $0.003, increase the ratio of net investment income to average net assets applicable to common shares from 7.78% to 7.80% and increase the ratio of net investment income to average total net assets from 4.87% to 4.88%. Per share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation. (3) For the period from the start of business, January 29, 1999, to November 30, 1999. (4) Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis. (5) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure. (6) Annualized. (7) Calculated by subtracting the Trust's liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (8) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 52 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
NEW YORK TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- Net asset value -- Beginning of period (Common shares) $ 15.810 $ 14.860 $ 14.280 $ 13.020 $ 11.800 $ 15.000 - ------------------------------------------------------------------------------------------------------------------------------- INCOME (LOSS) FROM OPERATIONS Net investment income $ 0.562 $ 1.108 $ 1.114 $ 1.057 $ 1.002 $ 0.781 Net realized and unrealized gain (loss) (0.891) 0.936 0.553 1.150 1.239 (3.153) Distributions to preferred shareholders from net investment income (0.031) (0.068) (0.103) (0.220) (0.301) (0.191) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.360) $ 1.976 $ 1.564 $ 1.987 $ 1.940 $ (2.563) - ------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income $ (0.520) $ (1.026) $ (0.984) $ (0.727) $ (0.720) $ (0.510) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.520) $ (1.026) $ (0.984) $ (0.727) $ (0.720) $ (0.510) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $ -- $ -- $ -- $ -- $ (0.041) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $ -- $ -- $ -- $ -- $ (0.086) - ------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.930 $ 15.810 $ 14.860 $ 14.280 $ 13.020 $ 11.800 - ------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.000 $ 15.460 $ 13.990 $ 14.050 $ 10.750 $ 10.813 - ------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN(4) (6.31)% 18.34% 6.56% 38.30% 5.90% (25.00)% - -------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 53 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
NEW YORK TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA+ ++ Net assets applicable to common shares, end of period (000's omitted) $ 80,003 $ 84,744 $ 79,589 $ 75,658 $ 69,023 $ 62,327 Ratios (As a percentage of average net assets applicable to common shares): Net expenses(5) 1.76%(6) 1.77% 1.86% 1.88% 2.03% 1.65%(6) Net expenses after custodian fee reduction(5) 1.76%(6) 1.77% 1.86% 1.86% 1.95% 1.59%(6) Net investment income(5) 7.13%(6) 7.21% 7.64% 7.45% 8.33% 6.86%(6) Portfolio Turnover 21% 19% 8% 21% 36% 139% + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets applicable to common shares): Expenses(5) 1.86%(6) Expenses after custodian fee reduction(5) 1.80%(6) Net investment income(5) 6.65%(6) Net investment income per share $ 0.757 ++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.16%(6) 1.15% 1.18% 1.19% 1.20% 1.05%(6) Net expenses after custodian fee reduction 1.16%(6) 1.15% 1.18% 1.17% 1.15% 1.01%(6) Net investment income 4.67%(6) 4.68% 4.84% 4.68% 4.91% 4.38%(6) + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.18%(6) Expenses after custodian fee reduction 1.14%(6) Net investment income 4.25%(6) Senior Securities: Total preferred shares outstanding 1,780 1,780 1,780 1,780 1,780 1,780 Asset coverage per preferred share(7) $ 69,949 $ 72,603 $ 69,714 $ 67,506 $ 63,777 $ 60,026 Involuntary liquidation preference per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 Approximate market value per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
(1) Computed using average common shares outstanding. (2) The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.002, decrease net realized and unrealized gains per share by $0.002, increase the ratio of net investment income to average net assets applicable to common shares from 7.62% to 7.64% and increase the ratio of net investment income to average total net assets from 4.83% to 4.84%. Per share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation. (3) For the period from the start of business, January 29, 1999, to November 30, 1999. (4) Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis. (5) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure. (6) Annualized. (7) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (8) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 54 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
OHIO TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- Net asset value -- Beginning of period (Common shares) $ 15.070 $ 14.150 $ 14.070 $ 12.820 $ 11.910 $ 15.000 - ------------------------------------------------------------------------------------------------------------------------------- INCOME (LOSS) FROM OPERATIONS Net investment income $ 0.545 $ 1.083 $ 1.107 $ 1.068 $ 1.028 $ 0.772 Net realized and unrealized gain (loss) (0.691) 0.913 0.036 1.134 0.930 (3.035) Distributions to preferred shareholders from net investment income (0.039) (0.077) (0.109) (0.242) (0.335) (0.197) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.185) $ 1.919 $ 1.034 $ 1.960 $ 1.623 $ (2.460) - ------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income $ (0.505) $ (0.999) $ (0.954) $ (0.710) $ (0.713) $ (0.502) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.505) $ (0.999) $ (0.954) $ (0.710) $ (0.713) $ (0.502) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $ -- $ -- $ -- $ -- $ (0.043) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $ -- $ -- $ -- $ -- $ (0.085) - ------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.380 $ 15.070 $ 14.150 $ 14.070 $ 12.820 $ 11.910 - ------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.370 $ 15.715 $ 14.730 $ 13.620 $ 11.375 $ 11.250 - ------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN(4) (5.46)% 14.12% 15.59% 26.39% 7.55% (22.06)% - -------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 55 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
OHIO TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA+ ++ Net assets applicable to common shares, end of period (000's omitted) $ 40,474 $ 42,304 $ 39,507 $ 39,072 $ 35,613 $ 33,049 Ratios (As a percentage of average net assets applicable to common shares): Net expenses(5) 1.90%(6) 1.90% 1.96% 1.99% 2.08% 1.84%(6) Net expenses after custodian fee reduction(5) 1.90%(6) 1.88% 1.87% 1.90% 2.01% 1.77%(6) Net investment income(5) 7.23%(6) 7.37% 7.84% 7.69% 8.56% 6.74%(6) Portfolio Turnover 3% 23% 8% 26% 26% 136% + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets applicable to common shares): Expenses(5) 2.16% 1.96%(6) Expenses after custodian fee reduction(5) 2.09% 1.89%(6) Net investment income(5) 8.48% 6.62%(6) Net investment income per share $ 1.018 $ 0.758 ++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.22%(6) 1.21% 1.23% 1.24% 1.22% 1.17%(6) Net expenses after custodian fee reduction 1.22%(6) 1.20% 1.17% 1.18% 1.18% 1.13%(6) Net investment income 4.65%(6) 4.69% 4.91% 4.78% 5.02% 4.31%(6) + The expenses of the Trust may reflect a voluntary reduction of the investment advisor fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.26% 1.25%(6) Expenses after custodian fee reduction 1.22% 1.21%(6) Net investment income 4.98% 4.23%(6) Senior Securities: Total preferred shares outstanding 940 940 940 940 940 940 Asset coverage per preferred share(7) $ 68,062 $ 70,007 $ 67,032 $ 66,569 $ 62,895 $ 60,158 Involuntary liquidation preference per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 Approximate market value per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
(1) Computed using average common shares outstanding. (2) The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.005, decrease net realized and unrealized gains per share by $0.005, increase the ratio of net investment income to average net assets applicable to common shares from 7.80% to 7.84% and increase the ratio of net investment income to average total net assets from 4.88% to 4.91%. Per share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation. (3) For the period from the start of business, January 29, 1999, to November 30, 1999. (4) Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis. (5) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure. (6) Annualized. (7) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (8) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 56 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
PENNSYLVANIA TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- Net asset value -- Beginning of period (Common shares) $ 15.210 $ 14.260 $ 14.160 $ 12.960 $ 11.840 $ 15.000 - ------------------------------------------------------------------------------------------------------------------------------- INCOME (LOSS) FROM OPERATIONS Net investment income $ 0.537 $ 1.089 $ 1.059 $ 1.015 $ 1.013 $ 0.780 Net realized and unrealized gain (loss) (0.677) 0.884 0.039 1.107 1.147 (3.108) Distributions to preferred shareholders from net investment income (0.039) (0.080) (0.111) (0.244) (0.332) (0.201) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ (0.179) $ 1.893 $ 0.987 $ 1.878 $ 1.828 $ (2.529) - ------------------------------------------------------------------------------------------------------------------------------- LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income $ (0.501) $ (0.943) $ (0.887) $ (0.678) $ (0.708) $ (0.502) - ------------------------------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.501) $ (0.943) $ (0.887) $ (0.678) $ (0.708) $ (0.502) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $ -- $ -- $ -- $ -- $ (0.043) - ------------------------------------------------------------------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $ -- $ -- $ -- $ -- $ (0.086) - ------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.530 $ 15.210 $ 14.260 $ 14.160 $ 12.960 $ 11.840 - ------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE -- END OF PERIOD (COMMON SHARES) $ 14.000 $ 15.980 $ 13.960 $ 12.750 $ 10.625 $ 10.750 - ------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN(4) (9.41)% 22.05% 16.77% 26.88% 5.29% (25.50)% - -------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 57 SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING THE PERIODS STATED
PENNSYLVANIA TRUST --------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED NOVEMBER 30, MAY 31, 2004 ----------------------------------------------------------- (UNAUDITED)(1) 2003(1) 2002(1)(2) 2001(1) 2000(1) 1999(1)(3) - ------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA+ ++ Net assets applicable to common shares, end of period (000's omitted) $ 38,957 $ 40,670 $ 38,027 $ 37,723 $ 34,514 $ 31,543 Ratios (As a percentage of average net assets applicable to common shares): Net expenses(5) 1.93%(6) 1.92% 1.95% 1.97% 1.95% 1.77%(6) Net expenses after custodian fee reduction(5) 1.93%(6) 1.92% 1.95% 1.94% 1.86% 1.70%(6) Net investment income(5) 7.09%(6) 7.35% 7.48% 7.26% 8.46% 6.85%(6) Portfolio Turnover 1% 6% 20% 34% 19% 79% + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets applicable to common shares): Expenses(5) 2.14% 1.98%(6) Expenses after custodian fee reduction(5) 2.05% 1.91%(6) Net investment income(5) 8.27% 6.64%(6) Net investment income per share $ 0.990 $ 0.756 ++ The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.24%(6) 1.23% 1.22% 1.23% 1.14% 1.13%(6) Net expenses after custodian fee reduction 1.24%(6) 1.23% 1.22% 1.20% 1.09% 1.08%(6) Net investment income 4.56%(6) 4.69% 4.68% 4.53% 4.96% 4.37%(6) + The expenses of the Trust may reflect a voluntary reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.25% 1.26%(6) Expenses after custodian fee reduction 1.20% 1.21%(6) Net investment income 4.85% 4.24%(6) Senior Securities: Total preferred shares outstanding 900 900 900 900 900 900 Asset coverage per preferred share(7) $ 68,285 $ 70,193 $ 67,257 $ 66,920 $ 63,357 $ 60,050 Involuntary liquidation preference per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 Approximate market value per preferred share(8) $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
(1) Computed using average common shares outstanding. (2) The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums of fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.003, decrease net realized and unrealized gains per share by $0.003, increase the ratio of net investment income to average net assets applicable to common shares from 7.45% to 7.48% and increase the ratio of net investment income to average total net assets from 4.67% to 4.68%. Per share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation. (3) For the period from the start of business, January 29, 1999, to November 30, 1999. (4) Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis. (5) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure. (6) Annualized. (7) Calculated by subtracting the Trust's total liabilites (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (8) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 58 EATON VANCE MUNICIPAL INCOME TRUSTS as of May 31, 2004 NOTES TO FINANCIAL STATEMENTS (Unaudited) 1 SIGNIFICANT ACCOUNTING POLICIES Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Florida Municipal Income Trust (Florida Trust), Eaton Vance Massachusetts Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust), and Eaton Vance Pennsylvania Municipal Income Trust (Pennsylvania Trust), (individually referred to as the Trust or collectively the Trusts) are registered under the Investment Company Act of 1940, as amended, as non-diversified, closed-end management investment companies. The Trusts were organized under the laws of the Commonwealth of Massachusetts by an Agreement and Declaration of Trust dated December 10, 1998. Each Trust's investment objective is to provide current income exempt from regular federal income taxes and taxes in its specified state. Each Trust seeks to achieve its objective by investing primarily in investment grade municipal obligations issued by its specified state. The following is a summary of significant accounting policies consistently followed by each Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America. A INVESTMENT VALUATION -- Municipal bonds are normally valued on the basis of valuations furnished by a pricing service. Taxable obligations, if any, for which price quotations are readily available are normally valued at the mean between the latest bid and asked prices. Futures contracts and options on futures contracts listed on commodity exchanges are valued at closing settlement prices. Over-the-counter options on futures contracts are normally valued at the mean between the latest bid and asked prices. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates value. Investments for which valuations or market quotations are not readily available are valued at fair value using methods determined in good faith by or at the direction of the Trustees. B INVESTMENT TRANSACTIONS -- Investment transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined using the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the transaction date. The securities so purchased are subject to market fluctuations during this period. To the extent that when-issued or delayed delivery purchases are outstanding, the Trust instructs the custodian to segregate assets in a separate account, with a current value at least equal to the amount of its purchase commitments. C INCOME -- Interest income is determined on the basis of interest accrued, adjusted for amortization of premium or discount. D FEDERAL TAXES -- Each Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year all of its taxable, if any, and tax-exempt income, including any net realized gain on investments. Therefore, no provision for federal income or excise tax is necessary. At November 30, 2003, the Trusts, for federal income tax purposes, had capital loss carryovers which will reduce taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryovers of each Trust are as follows:
TRUST AMOUNT EXPIRES -------------------------------------------------------- California $ 2,239,451 November 30, 2008 5,832,093 November 30, 2007 Florida 160,909 November 30, 2009 1,777,536 November 30, 2008 1,207,714 November 30, 2007 Massachusetts 343,176 November 30, 2010 39,627 November 30, 2009 1,739,252 November 30, 2008 950,140 November 30, 2007 Michigan 443,883 November 30, 2011 475,985 November 30, 2010 165,469 November 30, 2009 624,509 November 30, 2008 1,193,621 November 30, 2007 New Jersey 177,350 November 30, 2011 262,308 November 30, 2009 3,178,038 November 30, 2008 4,271,328 November 30, 2007 New York 70,059 November 30, 2009 1,920,646 November 30, 2008 3,885,856 November 30, 2007 Ohio 850,745 November 30, 2009 643,577 November 30, 2008 1,531,618 November 30, 2007
59
TRUST AMOUNT EXPIRES -------------------------------------------------------- Pennsylvania $ 41,331 November 30, 2010 844,973 November 30, 2009 807,118 November 30, 2008 1,395,577 November 30, 2007
In addition, each Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income taxes when received by each Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item for investors. E FINANCIAL FUTURES CONTRACTS -- Upon the entering of a financial futures contract, a Trust is required to deposit (initial margin) either in cash or securities an amount equal to a certain percentage of the purchase price indicated in the financial futures contract. Subsequent payments are made or received by a Trust (margin maintenance) each day, dependent on the daily fluctuations in the value of the underlying security, and are recorded for book purposes as unrealized gains or losses by a Trust. A Trust's investment in financial futures contracts is designed for both hedging against anticipated future changes in interest rates and investment purposes. Should interest rates move unexpectedly, a Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. F OPTIONS ON FINANCIAL FUTURES CONTRACTS -- Upon the purchase of a put option on a financial futures contract by a Trust, the premium paid is recorded as an investment, the value of which is marked-to-market daily. When a purchased option expires, a Trust will realize a loss in the amount of the cost of the option. When a Trust enters into a closing sale transaction, a Trust will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. When a Trust exercises a put option, settlement is made in cash. The risk associated with purchasing put options is limited to the premium originally paid. G USE OF ESTIMATES -- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates. H INDEMNIFICATIONS -- Under each Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Trust and shareholders are indemnified against personal liability for the obligations of each Trust. Additionally, in the normal course of business, each Trust enters into agreements with service providers that may contain indemnification clauses. Each Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred. I EXPENSE REDUCTION -- Investors Bank & Trust Company (IBT) serves as custodian of the Trusts. Pursuant to the respective custodian agreements, IBT receives a fee reduced by credits which are determined based on the average daily cash balances each Trust maintains with IBT. All significant credit balances used to reduce the Trusts' custodian fees are reported as a reduction of total expenses in the Statement of Operations. J INTERIM FINANCIAL STATEMENTS -- The interim financial statements relating to May 31, 2004 and for the six months then ended have not been audited by independent certified public accountants, but in the opinion of the Trusts' management reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements. 2 AUCTION PREFERRED SHARES (APS) Each Trust issued Auction Preferred Shares on March 1, 1999 in a public offering. The underwriting discounts and other offering costs were recorded as a reduction of capital of the common shares of each Trust. Dividends on the APS, which accrue daily, are cumulative at a rate which was established at the offering of each Trust's APS and have been reset every seven days thereafter by an auction. Auction Preferred Shares issued and outstanding as of May 31, 2004 and dividend rate ranges for the six months ended May 31, 2004 are as indicated below:
PREFERRED SHARES DIVIDENDS RATE TRUST ISSUED AND OUTSTANDING RANGES ------------------------------------------------------------ California 2,360 0.40% - 1.40% Florida 1,420 0.45% - 1.20% Massachusetts 860 0.36% - 1.05% Michigan 700 0.60% - 1.25% New Jersey 1,520 0.40% - 1.10% New York 1,780 0.40% - 1.20% Ohio 940 0.45% - 1.20% Pennsylvania 900 0.45% - 1.28%
60 The APS are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if any Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS shall remain unpaid in an amount equal to two full years' dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the Common Shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. Each Trust is required to maintain certain asset coverage with respect to the APS as defined in each Trust's By-Laws and the Investment Company Act of 1940. Each Trust pays an annual fee equivalent to 0.25% of the preferred shares liquidation value for the remarketing efforts associated with the preferred auction. 3 DISTRIBUTIONS TO SHAREHOLDERS Each Trust intends to make monthly distributions of net investment income, after payment of any dividends on any outstanding Auction Preferred Shares. Distributions are recorded on the ex-dividend date. Distributions of any realized capital gains, if any, are made at least annually. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. Each dividend payment period for the Auction Preferred Shares is generally seven days. The applicable dividend rate for Auction Preferred Shares on May 31, 2004 are listed below. For the six months ended May 31, 2004, the amount of dividends each Trust paid to Auction Preferred shareholders and average APS dividend rates for such period were as follows:
DIVIDENDS PAID TO PREFERRED SHAREHOLDERS AVERAGE APS APS FROM NET INVESTMENT DIVIDEND RATES DIVIDEND RATES INCOME FOR THE FOR THE AS OF SIX MONTHS ENDED SIX MONTHS ENDED TRUST MAY 31, 2004 MAY 31, 2004 MAY 31, 2004 -------------------------------------------------------------------------------- California 0.976% $ 259,172 0.88% Florida 1.15% 161,968 0.92% Massachusetts 0.36% 74,872 0.70% Michigan 1.15% 81,396 0.93% New Jersey 1.05% 152,988 0.81% New York 1.15% 163,962 0.74% Ohio 1.05% 110,225 0.94% Pennsylvania 1.10% 103,285 0.92%
The Trusts distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. These differences relate primarily to the method for amortizing premiums. 4 INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES The investment adviser fee, computed at an annual rate of 0.70% of each Trust's average weekly gross assets, was earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. Except for Trustees of each Trust who are not members of EVM's organization, officers and Trustees receive remuneration for their services to each Trust out of such investment adviser fee. For the six months ended May 31, 2004, the fee was equivalent to 0.70% (annualized) of each Trust's average weekly gross assets and amounted to $592,171, $354,279, $218,235, $172,776, $375,279, $451,800, $230,603, and $221,001, for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively. EVM also serves as the administrator of each Trust. An administration fee, computed at the annual rate of 0.20% of the average weekly gross assets of each Trust is paid to EVM for administering business affairs of each Trust. For the six months ended May 31, 2004, the administrative fee amounted to $169,192, $101, 222, $62,353 $49,365, $107,223, $129,086, $65,887, and $63,143, for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively. Certain officers and one Trustee of each Trust are officers of the above organization. During the six months ended May 31, 2004, New Jersey Trust engaged in a purchase transaction in the amount of $596,640 with a Portfolio which utilizes Boston Management and Research, a wholly-owned subsidiary of EVM, as an investment adviser. This purchase transaction complied with Rule 17a-7 under the Investment Company Act of 1940. 61 5 INVESTMENTS Purchases and sales of investments, other than U.S. Government securities and short-term obligations for the six months ended May 31, 2004 were as follows: CALIFORNIA TRUST Purchases $ 4,632,375 Sales 3,087,240 FLORIDA TRUST Purchases $ 1,021,040 Sales 1,776,575 MASSACHUSETTS TRUST Purchases $ 14,368,994 Sales 14,154,638 MICHIGAN TRUST Purchases $ 1,013,151 Sales 833,313 NEW JERSEY TRUST Purchases $ 19,781,102 Sales 17,552,118 NEW YORK TRUST Purchases $ 29,621,291 Sales 27,069,472 OHIO Purchases $ 2,546,006 Sales 1,713,404 PENNSYLVANIA TRUST Purchases $ 1,005,100 Sales 547,261
6 FEDERAL INCOME TAX BASIS OF UNREALIZED APPRECIATION (DEPRECIATION) The cost and unrealized appreciation (depreciation) in value of the investments owned by each Trust at May 31, 2004, as computed for Federal income tax purposes, were as follows: CALIFORNIA TRUST AGGREGATE COST $ 157,196,050 ---------------------------------------------------------- Gross unrealized appreciation $ 5,977,047 Gross unrealized depreciation (605,409) ---------------------------------------------------------- NET UNREALIZED APPRECIATION $ 5,371,638 ---------------------------------------------------------- FLORIDA TRUST AGGREGATE COST $ 93,715,431 ---------------------------------------------------------- Gross unrealized appreciation $ 3,069,883 Gross unrealized depreciation (979,975) ---------------------------------------------------------- NET UNREALIZED APPRECIATION $ 2,089,908 ---------------------------------------------------------- MASSACHUSETTS TRUST AGGREGATE COST $ 58,287,549 ---------------------------------------------------------- Gross unrealized appreciation $ 2,191,711 Gross unrealized depreciation (1,093,726) ---------------------------------------------------------- NET UNREALIZED APPRECIATION $ 1,097,985 ---------------------------------------------------------- MICHIGAN TRUST AGGREGATE COST $ 45,642,673 ---------------------------------------------------------- Gross unrealized appreciation $ 2,173,303 Gross unrealized depreciation (343,368) ---------------------------------------------------------- NET UNREALIZED APPRECIATION $ 1,829,935 ---------------------------------------------------------- NEW JERSEY TRUST AGGREGATE COST $ 101,452,779 ---------------------------------------------------------- Gross unrealized appreciation $ 4,213,901 Gross unrealized depreciation (1,333,437) ---------------------------------------------------------- NET UNREALIZED APPRECIATION $ 2,880,464 ----------------------------------------------------------
62 NEW YORK TRUST AGGREGATE COST $ 124,415,068 ---------------------------------------------------------- Gross unrealized appreciation $ 4,489,688 Gross unrealized depreciation (2,219,792) ---------------------------------------------------------- NET UNREALIZED APPRECIATION $ 2,269,896 ---------------------------------------------------------- OHIO AGGREGATE COST $ 62,067,754 ---------------------------------------------------------- Gross unrealized appreciation $ 2,467,257 Gross unrealized depreciation (1,375,137) ---------------------------------------------------------- NET UNREALIZED APPRECIATION $ 1,092,120 ---------------------------------------------------------- PENNSYLVANIA TRUST AGGREGATE COST $ 59,095,576 ---------------------------------------------------------- Gross unrealized appreciation $ 2,275,272 Gross unrealized depreciation (895,143) ---------------------------------------------------------- NET UNREALIZED APPRECIATION $ 1,380,129 ----------------------------------------------------------
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:
FLORIDA TRUST ----------------------------------- SIX MONTHS ENDED MAY 31, 2004 YEAR ENDED (UNAUDITED) NOVEMBER 30, 2003 ------------------------------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan 2,313 13,428 ------------------------------------------------------------------------------- NET INCREASE 2,313 13,428 ------------------------------------------------------------------------------- MASSACHUSETTS TRUST ----------------------------------- SIX MONTHS ENDED MAY 31, 2004 YEAR ENDED (UNAUDITED) NOVEMBER 30, 2003 ------------------------------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan 12,566 33,291 ------------------------------------------------------------------------------- NET INCREASE 12,566 33,291 ------------------------------------------------------------------------------- MICHIGAN TRUST ----------------------------------- SIX MONTHS ENDED MAY 31, 2004 YEAR ENDED (UNAUDITED) NOVEMBER 30, 2003 ------------------------------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan 6,793 9,339 ------------------------------------------------------------------------------- NET INCREASE 6,793 9,339 ------------------------------------------------------------------------------- NEW JERSEY TRUST ----------------------------------- SIX MONTHS ENDED MAY 31, 2004 YEAR ENDED (UNAUDITED) NOVEMBER 30, 2003 ------------------------------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan 15,149 36,133 ------------------------------------------------------------------------------- NET INCREASE 15,149 36,133 ------------------------------------------------------------------------------- NEW YORK TRUST ----------------------------------- SIX MONTHS ENDED MAY 31, 2004 YEAR ENDED (UNAUDITED) NOVEMBER 30, 2003 ------------------------------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan -- 5,262 ------------------------------------------------------------------------------- NET INCREASE -- 5,262 ------------------------------------------------------------------------------- OHIO ----------------------------------- SIX MONTHS ENDED MAY 31, 2004 YEAR ENDED (UNAUDITED) NOVEMBER 30, 2003 ------------------------------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan 6,440 15,227 ------------------------------------------------------------------------------- NET INCREASE 6,440 15,227 ------------------------------------------------------------------------------- PENNSYLVANIA TRUST ----------------------------------- SIX MONTHS ENDED MAY 31, 2004 YEAR ENDED (UNAUDITED) NOVEMBER 30, 2003 ------------------------------------------------------------------------------- Shares issued pursuant to the Trust's dividend reinvestment plan 7,358 7,289 ------------------------------------------------------------------------------- NET INCREASE 7,358 7,289 -------------------------------------------------------------------------------
63 8 FINANCIAL INSTRUMENTS Each Trust regularly trades in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Trust has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at May 31, 2004 is as follows:
EXPIRATION NET UNREALIZED TRUST DATE CONTRACTS POSITION APPRECIATION --------------------------------------------------------------------------------------- California 6/04 305 U.S. Treasury Bond Short $ 1,369,641 Florida 6/04 185 U.S. Treasury Bond Short 763,589 Massachusetts 9/04 140 U.S Treasury Bond Short 43,155 Michigan 6/04 108 U.S. Treasury Bond Short 91,086 New Jersey 9/04 240 U.S Treasury Bond Short 73,980 New York 6/04 210 U.S. Treasury Bond Short 252,004 Ohio 6/04 90 U.S. Treasury Bond Short 467,196 Pennsylvania 6/04 120 U.S. Treasury Bond Short 503,162
At May 31, 2004, each Trust had sufficient cash and/or securities to cover margin requirements on open future contracts. 9 ANNUAL MEETING OF SHAREHOLDERS Each Trust held its Annual Meeting of Shareholders on March 19, 2004. The following action was taken by the shareholders of each Trust: ITEM 1: The election of James B. Hawkes and Samuel L. Hayes, III as Class II Trustees of the Trust for a three-year term expiring in 2007. Mr. Hayes was designated the Nominee to be elected solely by APS shareholders:
NOMINEE FOR CLASS II NOMINEE FOR CLASS II TRUSTEE ELECTED BY TRUSTEE ELECTED BY APS SHAREHOLDERS: ALL SHAREHOLDERS: TRUST SAMUEL L. HAYES, III JAMES B. HAWKES ---------------------------------------------------------------------------- California Trust For 2,323 6,813,939 Withheld 2 113,910 Florida Trust For 1,386 3,950,805 Withheld 1 40,903 Massachusetts Trust For 704 2,430,446 Withheld 39 16,607 Michigan Trust For 673 1,985,764 Withheld 0 22,039 New Jersey Trust For 1,366 4,436,504 Withheld 16 42,326 New York Trust For 1,773 5,013,318 Withheld 4 38,598 Ohio Trust For 801 2,368,421 Withheld 18 25,605 Pennsylvania Trust For 778 2,566,363 Withheld 1 19,137
64 EATON VANCE MUNICIPAL INCOME TRUSTS DIVIDEND REINVESTMENT PLAN Each Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders automatically have dividends and capital gains distributions reinvested in common shares (the Shares) of the same Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested. If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with each Trust's transfer agent, PFPC Inc., or you will not be able to participate. The Plan Agent's service fee for handling distributions will be paid by each Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases. Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds. If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent. Any inquires regarding the Plan can be directed to the Plan Agent, PFPC Inc., at 1-800-331-1710. 65 EATON VANCE MUNICIPAL INCOME TRUSTS APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan. The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan. -------------------------------------------------- Please print exact name on account -------------------------------------------------- Shareholder signature Date -------------------------------------------------- Shareholder signature Date Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign. YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY. THIS AUTHORIZATION FORM, WHEN SIGNED, SHOULD BE MAILED TO THE FOLLOWING ADDRESS: Eaton Vance Municipal Income Trusts c/o PFPC Inc. P.O. Box 43027 Providence, RI 02940-3027 800-331-1710 NUMBER OF EMPLOYEES Each Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end, nondiversified, management investment company and has no employees. NUMBER OF SHAREHOLDERS As of May 31, 2004 our records indicate that there are 67, 49, 64, 34, 72, 61, 59 and 68 registered shareholders for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively, and approximately 3,000, 2,100, 1,400, 1,200, 2,300, 2,800, 1,600 and 1,500 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively. If you are a street name shareholder and wish to receive Trust reports directly, which contain important information about a Trust, please write or call: Eaton Vance Distributors, Inc. The Eaton Vance Building 255 State Street Boston, MA 02109 1-800-225-6265 AMERICAN STOCK EXCHANGE SYMBOLS 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
66 EATON VANCE MUNICIPAL INCOME TRUSTS INVESTMENT MANAGEMENT EATON VANCE MUNICIPAL INCOME TRUSTS OFFICERS Thomas J. Fetter President and Portfolio Manager of New York and Ohio Municipal Income Trusts James B. Hawkes Vice President and Trustee Robert B. MacIntosh Vice President and Portfolio Manager of Massachusetts and New Jersey Municipal Income Trusts Cynthia J. Clemson Vice President and Portfolio Manager of California, Florida and Pennsylvania Municipal Income Trusts William H. Ahern, Jr. Vice President and Portfolio Manager of Michigan Municipal Income Trust James L. O'Connor Treasurer Alan R. Dynner Secretary TRUSTEES Samuel L. Hayes, III William H. Park Ronald A. Pearlman Norton H. Reamer Lynn A. Stout 67 THIS PAGE INTENTIONALLY LEFT BLANK THIS PAGE INTENTIONALLY LEFT BLANK INVESTMENT ADVISER AND ADMINISTRATOR OF EATON VANCE MUNICIPAL INCOME TRUSTS EATON VANCE MANAGEMENT THE EATON VANCE BUILDING 255 STATE STREET BOSTON, MA 02109 CUSTODIAN INVESTORS BANK & TRUST COMPANY 200 CLARENDON STREET BOSTON, MA 02116 TRANSFER AGENT AND DIVIDEND DISBURSING AGENT PFPC INC. P.O. BOX 43027 PROVIDENCE, RI 02940-3027 (800) 331-1710 EATON VANCE MUNICIPAL INCOME TRUSTS THE EATON VANCE BUILDING 255 STATE STREET BOSTON, MA 02109 147-7/04 CE-MUNISRC ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The registrant's Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm). Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation ("UAM") (a holding company owning institutional investment management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds). ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not required in this filing ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not required in this filing. ITEM 6. SCHEDULE OF INVESTMENTS Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the "Fund Policy"), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund's investment adviser and adopted the investment adviser's proxy voting policies and procedures (the "Policies") which are described below. The Trustees will review the Fund's proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board of the Fund except as contemplated under the Fund Policy. The Board's Special Committee will instruct the investment adviser on the appropriate course of action. The Policies are designed to promote accountability of a company's management to its shareholders and to align the interests of management with those shareholders. The investment adviser will generally support company management on proposals relating to environmental and social policy issues and on matters regarding the state of organization of the company. On all other matters, the investment adviser will take management's proposals under advisement but will consider each matter in light of the guidelines set forth in the Policies. Except in the instance of routine matters related to corporate administration which are not expected to have a significant economic impact on the company or its shareholders (on which the investment adviser will routinely vote with management), the investment adviser will review each matter on a case-by-case basis and reserves the right to deviate from the Policies guidelines when it believes the situation warrants such a deviation. The Policy includes voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote. In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser's personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the investment adviser's general counsel or chief equity investment officer. The general counsel or chief equity investment officer will determine if a conflict exists. If a conflict does exist, the proxy will either be voted strictly in accordance with the Policy or the investment adviser will seek instruction on how to vote from the Board. Effective August 31, 2004, information on how the Fund voted proxies relating to portfolio securities during the 12 month period ended June 30, 2004 [is/will be] available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission's website at http://www.sec.gov. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not required in this filing. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Effective February 9, 2004, the Governance Committee of the Board of Trustees formalized the procedures by which a Fund's shareholders may recommend nominees to the registrant's Board of Trustees. The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains sufficient background information concerning the candidate, and is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund). Shareholders shall be directed to address any such recommendations to the attention of the Governance Committee, c/o the Secretary of the Fund. ITEM 10. CONTROLS AND PROCEDURES (a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. (b) There have been no changes in the registrant's internal controls over financial reporting during the period that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting. ITEM 11. EXHIBITS (a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2). (a)(2)(i) Treasurer's Section 302 certification. (a)(2)(ii) President's Section 302 certification. (b) Combined Section 906 certification. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ James L. O'Connor --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The registrant's Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm). Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation ("UAM") (a holding company owning institutional investment management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds). ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not required in this filing ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not required in this filing. ITEM 6. SCHEDULE OF INVESTMENTS Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the "Fund Policy"), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund's investment adviser and adopted the investment adviser's proxy voting policies and procedures (the "Policies") which are described below. The Trustees will review the Fund's proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board of the Fund except as contemplated under the Fund Policy. The Board's Special Committee will instruct the investment adviser on the appropriate course of action. The Policies are designed to promote accountability of a company's management to its shareholders and to align the interests of management with those shareholders. The investment adviser will generally support company management on proposals relating to environmental and social policy issues and on matters regarding the state of organization of the company. On all other matters, the investment adviser will take management's proposals under advisement but will consider each matter in light of the guidelines set forth in the Policies. Except in the instance of routine matters related to corporate administration which are not expected to have a significant economic impact on the company or its shareholders (on which the investment adviser will routinely vote with management), the investment adviser will review each matter on a case-by-case basis and reserves the right to deviate from the Policies guidelines when it believes the situation warrants such a deviation. The Policy includes voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote. In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser's personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the investment adviser's general counsel or chief equity investment officer. The general counsel or chief equity investment officer will determine if a conflict exists. If a conflict does exist, the proxy will either be voted strictly in accordance with the Policy or the investment adviser will seek instruction on how to vote from the Board. Effective August 31, 2004, information on how the Fund voted proxies relating to portfolio securities during the 12 month period ended June 30, 2004 [is/will be] available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission's website at http://www.sec.gov. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not required in this filing. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Effective February 9, 2004, the Governance Committee of the Board of Trustees formalized the procedures by which a Fund's shareholders may recommend nominees to the registrant's Board of Trustees. The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains sufficient background information concerning the candidate, and is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund). Shareholders shall be directed to address any such recommendations to the attention of the Governance Committee, c/o the Secretary of the Fund. ITEM 10. CONTROLS AND PROCEDURES (a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. (b) There have been no changes in the registrant's internal controls over financial reporting during the period that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting. ITEM 11. EXHIBITS (a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2). (a)(2)(i) Treasurer's Section 302 certification. (a)(2)(ii) President's Section 302 certification. (b) Combined Section 906 certification. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EATON VANCE FLORIDA MUNICIPAL INCOME TRUST By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ James L. O'Connor --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The registrant's Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm). Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation ("UAM") (a holding company owning institutional investment management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds). ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not required in this filing ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not required in this filing. ITEM 6. SCHEDULE OF INVESTMENTS Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the "Fund Policy"), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund's investment adviser and adopted the investment adviser's proxy voting policies and procedures (the "Policies") which are described below. The Trustees will review the Fund's proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board of the Fund except as contemplated under the Fund Policy. The Board's Special Committee will instruct the investment adviser on the appropriate course of action. The Policies are designed to promote accountability of a company's management to its shareholders and to align the interests of management with those shareholders. The investment adviser will generally support company management on proposals relating to environmental and social policy issues and on matters regarding the state of organization of the company. On all other matters, the investment adviser will take management's proposals under advisement but will consider each matter in light of the guidelines set forth in the Policies. Except in the instance of routine matters related to corporate administration which are not expected to have a significant economic impact on the company or its shareholders (on which the investment adviser will routinely vote with management), the investment adviser will review each matter on a case-by-case basis and reserves the right to deviate from the Policies guidelines when it believes the situation warrants such a deviation. The Policy includes voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote. In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser's personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the investment adviser's general counsel or chief equity investment officer. The general counsel or chief equity investment officer will determine if a conflict exists. If a conflict does exist, the proxy will either be voted strictly in accordance with the Policy or the investment adviser will seek instruction on how to vote from the Board. Effective August 31, 2004, information on how the Fund voted proxies relating to portfolio securities during the 12 month period ended June 30, 2004 [is/will be] available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission's website at http://www.sec.gov. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not required in this filing. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Effective February 9, 2004, the Governance Committee of the Board of Trustees formalized the procedures by which a Fund's shareholders may recommend nominees to the registrant's Board of Trustees. The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains sufficient background information concerning the candidate, and is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund). Shareholders shall be directed to address any such recommendations to the attention of the Governance Committee, c/o the Secretary of the Fund. ITEM 10. CONTROLS AND PROCEDURES (a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. (b) There have been no changes in the registrant's internal controls over financial reporting during the period that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting. ITEM 11. EXHIBITS (a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2). (a)(2)(i) Treasurer's Section 302 certification. (a)(2)(ii) President's Section 302 certification. (b) Combined Section 906 certification. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ James L. O'Connor --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The registrant's Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm). Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation ("UAM") (a holding company owning institutional investment management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds). ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not required in this filing ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not required in this filing. ITEM 6. SCHEDULE OF INVESTMENTS Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the "Fund Policy"), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund's investment adviser and adopted the investment adviser's proxy voting policies and procedures (the "Policies") which are described below. The Trustees will review the Fund's proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board of the Fund except as contemplated under the Fund Policy. The Board's Special Committee will instruct the investment adviser on the appropriate course of action. The Policies are designed to promote accountability of a company's management to its shareholders and to align the interests of management with those shareholders. The investment adviser will generally support company management on proposals relating to environmental and social policy issues and on matters regarding the state of organization of the company. On all other matters, the investment adviser will take management's proposals under advisement but will consider each matter in light of the guidelines set forth in the Policies. Except in the instance of routine matters related to corporate administration which are not expected to have a significant economic impact on the company or its shareholders (on which the investment adviser will routinely vote with management), the investment adviser will review each matter on a case-by-case basis and reserves the right to deviate from the Policies guidelines when it believes the situation warrants such a deviation. The Policy includes voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote. In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser's personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the investment adviser's general counsel or chief equity investment officer. The general counsel or chief equity investment officer will determine if a conflict exists. If a conflict does exist, the proxy will either be voted strictly in accordance with the Policy or the investment adviser will seek instruction on how to vote from the Board. Effective August 31, 2004, information on how the Fund voted proxies relating to portfolio securities during the 12 month period ended June 30, 2004 [is/will be] available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission's website at http://www.sec.gov. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not required in this filing. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Effective February 9, 2004, the Governance Committee of the Board of Trustees formalized the procedures by which a Fund's shareholders may recommend nominees to the registrant's Board of Trustees. The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains sufficient background information concerning the candidate, and is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund). Shareholders shall be directed to address any such recommendations to the attention of the Governance Committee, c/o the Secretary of the Fund. ITEM 10. CONTROLS AND PROCEDURES (a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. (b) There have been no changes in the registrant's internal controls over financial reporting during the period that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting. ITEM 11. EXHIBITS (a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2). (a)(2)(i) Treasurer's Section 302 certification. (a)(2)(ii) President's Section 302 certification. (b) Combined Section 906 certification. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST By: /S/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /S/ James L. O'Connor --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The registrant's Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm). Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation ("UAM") (a holding company owning institutional investment management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds). ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not required in this filing ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not required in this filing. ITEM 6. SCHEDULE OF INVESTMENTS Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the "Fund Policy"), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund's investment adviser and adopted the investment adviser's proxy voting policies and procedures (the "Policies") which are described below. The Trustees will review the Fund's proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board of the Fund except as contemplated under the Fund Policy. The Board's Special Committee will instruct the investment adviser on the appropriate course of action. The Policies are designed to promote accountability of a company's management to its shareholders and to align the interests of management with those shareholders. The investment adviser will generally support company management on proposals relating to environmental and social policy issues and on matters regarding the state of organization of the company. On all other matters, the investment adviser will take management's proposals under advisement but will consider each matter in light of the guidelines set forth in the Policies. Except in the instance of routine matters related to corporate administration which are not expected to have a significant economic impact on the company or its shareholders (on which the investment adviser will routinely vote with management), the investment adviser will review each matter on a case-by-case basis and reserves the right to deviate from the Policies guidelines when it believes the situation warrants such a deviation. The Policy includes voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote. In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser's personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the investment adviser's general counsel or chief equity investment officer. The general counsel or chief equity investment officer will determine if a conflict exists. If a conflict does exist, the proxy will either be voted strictly in accordance with the Policy or the investment adviser will seek instruction on how to vote from the Board. Effective August 31, 2004, information on how the Fund voted proxies relating to portfolio securities during the 12 month period ended June 30, 2004 [is/will be] available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission's website at http://www.sec.gov. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not required in this filing. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Effective February 9, 2004, the Governance Committee of the Board of Trustees formalized the procedures by which a Fund's shareholders may recommend nominees to the registrant's Board of Trustees. The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains sufficient background information concerning the candidate, and is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund). Shareholders shall be directed to address any such recommendations to the attention of the Governance Committee, c/o the Secretary of the Fund. ITEM 10. CONTROLS AND PROCEDURES (a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. (b) There have been no changes in the registrant's internal controls over financial reporting during the period that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting. ITEM 11. EXHIBITS (a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2). (a)(2)(i) Treasurer's Section 302 certification. (a)(2)(ii) President's Section 302 certification. (b) Combined Section 906 certification. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EATON VANCE NEW JERSEY MUNICIPAL INCOME TRUST By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ James L. O'Connor --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The registrant's Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm). Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation ("UAM") (a holding company owning institutional investment management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds). ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not required in this filing ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not required in this filing. ITEM 6. SCHEDULE OF INVESTMENTS Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the "Fund Policy"), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund's investment adviser and adopted the investment adviser's proxy voting policies and procedures (the "Policies") which are described below. The Trustees will review the Fund's proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board of the Fund except as contemplated under the Fund Policy. The Board's Special Committee will instruct the investment adviser on the appropriate course of action. The Policies are designed to promote accountability of a company's management to its shareholders and to align the interests of management with those shareholders. The investment adviser will generally support company management on proposals relating to environmental and social policy issues and on matters regarding the state of organization of the company. On all other matters, the investment adviser will take management's proposals under advisement but will consider each matter in light of the guidelines set forth in the Policies. Except in the instance of routine matters related to corporate administration which are not expected to have a significant economic impact on the company or its shareholders (on which the investment adviser will routinely vote with management), the investment adviser will review each matter on a case-by-case basis and reserves the right to deviate from the Policies guidelines when it believes the situation warrants such a deviation. The Policy includes voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote. In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser's personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the investment adviser's general counsel or chief equity investment officer. The general counsel or chief equity investment officer will determine if a conflict exists. If a conflict does exist, the proxy will either be voted strictly in accordance with the Policy or the investment adviser will seek instruction on how to vote from the Board. Effective August 31, 2004, information on how the Fund voted proxies relating to portfolio securities during the 12 month period ended June 30, 2004 [is/will be] available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission's website at http://www.sec.gov. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not required in this filing. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Effective February 9, 2004, the Governance Committee of the Board of Trustees formalized the procedures by which a Fund's shareholders may recommend nominees to the registrant's Board of Trustees. The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains sufficient background information concerning the candidate, and is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund). Shareholders shall be directed to address any such recommendations to the attention of the Governance Committee, c/o the Secretary of the Fund. ITEM 10. CONTROLS AND PROCEDURES (a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. (b) There have been no changes in the registrant's internal controls over financial reporting during the period that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting. ITEM 11. EXHIBITS (a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2). (a)(2)(i) Treasurer's Section 302 certification. (a)(2)(ii) President's Section 302 certification. (b) Combined Section 906 certification. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EATON VANCE NEW YORK MUNICIPAL INCOME TRUST By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ James L. O'Connor --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The registrant's Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm). Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation ("UAM") (a holding company owning institutional investment management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds). ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not required in this filing ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not required in this filing. ITEM 6. SCHEDULE OF INVESTMENTS Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the "Fund Policy"), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund's investment adviser and adopted the investment adviser's proxy voting policies and procedures (the "Policies") which are described below. The Trustees will review the Fund's proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board of the Fund except as contemplated under the Fund Policy. The Board's Special Committee will instruct the investment adviser on the appropriate course of action. The Policies are designed to promote accountability of a company's management to its shareholders and to align the interests of management with those shareholders. The investment adviser will generally support company management on proposals relating to environmental and social policy issues and on matters regarding the state of organization of the company. On all other matters, the investment adviser will take management's proposals under advisement but will consider each matter in light of the guidelines set forth in the Policies. Except in the instance of routine matters related to corporate administration which are not expected to have a significant economic impact on the company or its shareholders (on which the investment adviser will routinely vote with management), the investment adviser will review each matter on a case-by-case basis and reserves the right to deviate from the Policies guidelines when it believes the situation warrants such a deviation. The Policy includes voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote. In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser's personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the investment adviser's general counsel or chief equity investment officer. The general counsel or chief equity investment officer will determine if a conflict exists. If a conflict does exist, the proxy will either be voted strictly in accordance with the Policy or the investment adviser will seek instruction on how to vote from the Board. Effective August 31, 2004, information on how the Fund voted proxies relating to portfolio securities during the 12 month period ended June 30, 2004 [is/will be] available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission's website at http://www.sec.gov. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not required in this filing. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Effective February 9, 2004, the Governance Committee of the Board of Trustees formalized the procedures by which a Fund's shareholders may recommend nominees to the registrant's Board of Trustees. The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains sufficient background information concerning the candidate, and is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund). Shareholders shall be directed to address any such recommendations to the attention of the Governance Committee, c/o the Secretary of the Fund. ITEM 10. CONTROLS AND PROCEDURES (a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. (b) There have been no changes in the registrant's internal controls over financial reporting during the period that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting. ITEM 11. EXHIBITS (a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2). (a)(2)(i) Treasurer's Section 302 certification. (a)(2)(ii) President's Section 302 certification. (b) Combined Section 906 certification. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EATON VANCE OHIO MUNICIPAL INCOME TRUST By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ James L. O'Connor --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- By: /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The registrant's Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm). Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation ("UAM") (a holding company owning institutional investment management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds). ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not required in this filing ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not required in this filing. ITEM 6. SCHEDULE OF INVESTMENTS Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the "Fund Policy"), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund's investment adviser and adopted the investment adviser's proxy voting policies and procedures (the "Policies") which are described below. The Trustees will review the Fund's proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board of the Fund except as contemplated under the Fund Policy. The Board's Special Committee will instruct the investment adviser on the appropriate course of action. The Policies are designed to promote accountability of a company's management to its shareholders and to align the interests of management with those shareholders. The investment adviser will generally support company management on proposals relating to environmental and social policy issues and on matters regarding the state of organization of the company. On all other matters, the investment adviser will take management's proposals under advisement but will consider each matter in light of the guidelines set forth in the Policies. Except in the instance of routine matters related to corporate administration which are not expected to have a significant economic impact on the company or its shareholders (on which the investment adviser will routinely vote with management), the investment adviser will review each matter on a case-by-case basis and reserves the right to deviate from the Policies guidelines when it believes the situation warrants such a deviation. The Policy includes voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote. In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund's shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser's personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the investment adviser's general counsel or chief equity investment officer. The general counsel or chief equity investment officer will determine if a conflict exists. If a conflict does exist, the proxy will either be voted strictly in accordance with the Policy or the investment adviser will seek instruction on how to vote from the Board. Effective August 31, 2004, information on how the Fund voted proxies relating to portfolio securities during the 12 month period ended June 30, 2004 [is/will be] available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission's website at http://www.sec.gov. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not required in this filing. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Effective February 9, 2004, the Governance Committee of the Board of Trustees formalized the procedures by which a Fund's shareholders may recommend nominees to the registrant's Board of Trustees. The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains sufficient background information concerning the candidate, and is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund). Shareholders shall be directed to address any such recommendations to the attention of the Governance Committee, c/o the Secretary of the Fund. ITEM 10. CONTROLS AND PROCEDURES (a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. (b) There have been no changes in the registrant's internal controls over financial reporting during the period that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting. ITEM 11. EXHIBITS (a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2). (a)(2)(i) Treasurer's Section 302 certification. (a)(2)(ii) President's Section 302 certification. (b) Combined Section 906 certification. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST By: /S/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /S/ James L. O'Connor --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- By: /S/ Thomas J. Fetter -------------------- Thomas J. Fetter President Date: July 20, 2004 ------------- EX-99.CERT 2 a2139380zex-99_cert.txt EX-99.CERT Exhibit 99.cert EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(i) CERTIFICATION I, James L. O'Connor, certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance California Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: July 20, 2004 /s/ James L O'Connor ---------------------------- James L. O'Connor Treasurer EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(ii) CERTIFICATION I, Thomas J. Fetter certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance California Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 20, 2004 /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Exhibit 99.cert EATON VANCE FLORIDA MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(i) CERTIFICATION I, James L. O'Connor, certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance Florida Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: July 20, 2004 /s/ James L. O'Connor --------------------- James L. O'Connor Treasurer EATON VANCE FLORIDA MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(ii) CERTIFICATION I, Thomas J. Fetter certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance Florida Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 20, 2004 /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Exhibit 99.cert EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(i) CERTIFICATION I, James L. O'Connor, certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance Massachusetts Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: July 20, 2004 /s/ James L. O'Connor -------------------------- James L. O'Connor Treasurer EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(ii) CERTIFICATION I, Thomas J. Fetter certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance Massachusetts Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 20, 2004 /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Exhibit 99.cert EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(i) CERTIFICATION I, James L. O'Connor, certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance Michigan Municipal Income trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: July 20, 2004 /S/ James L. O'Connor --------------------- James L. O'Connor Treasurer EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(ii) CERTIFICATION I, Thomas J. Fetter certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance Michigan Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 20, 2004 /S/ Thomas J. Fetter -------------------- Thomas J. Fetter President Exhibit 99.cert EATON VANCE NEW JERSEY MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(i) CERTIFICATION I, James L. O'Connor, certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance New Jersey Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: July 20, 2004 /s/ James L. O'Connor --------------------- James L. O'Connor Treasurer EATON VANCE NEW JERSEY MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(ii) CERTIFICATION I, Thomas J. Fetter certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance New Jersey Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 20, 2004 /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Exhibit 99.cert EATON VANCE NEW YORK MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(i) CERTIFICATION I, James L. O'Connor, certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance New York Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: July 20, 2004 /s/ James L. O'Connor --------------------- James L. O'Connor Treasurer EATON VANCE NEW YORK MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(ii) CERTIFICATION I, Thomas J. Fetter certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance New York Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 20, 2004 /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Exhibit 99.cert EATON VANCE OHIO MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(i) CERTIFICATION I, James L. O'Connor, certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance Ohio Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: July 20, 2004 /s/ James L. O'Connor --------------------- James L. O'Connor Treasurer EATON VANCE OHIO MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(ii) CERTIFICATION I, Thomas J. Fetter certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance Ohio Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 20, 2004 /s/ Thomas J. Fetter -------------------- Thomas J. Fetter President Exhibit 99.cert EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(i) CERTIFICATION I, James L. O'Connor, certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance Pennsylvania Municipal Income trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: July 20, 2004 /S/ James L. O'Connor --------------------- James L. O'Connor Treasurer EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST FORM N-CSR EXHIBIT 11(a)(2)(ii) CERTIFICATION I, Thomas J. Fetter certify that: 1. I have reviewed this report on Form N-CSR of Eaton Vance Pennsylvania Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [omitted]; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 20, 2004 /S/ Thomas J. Fetter -------------------- Thomas J. Fetter President EX-99.CERT.906 3 a2139380zex-99_cert906.txt EX-99.CERT.906 Exhibit 99.cert.906 FORM N-CSR ITEM 11(b) EXHIBIT CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned hereby certify in their capacity as Treasurer and President, respectively, of EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST (the "Fund"), that: (a) the Semi-Annual Report of the Fund on Form N-CSR for the period ended May 31, 2004 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and (b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906 HAS BEEN PROVIDED TO THE FUND AND WILL BE RETAINED BY THE FUND AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST. Date: July 20, 2004 ------------- /s/ James L. O'Connor - --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- /s/ Thomas J. Fetter - -------------------- Thomas J. Fetter President Exhibit 99.cert.906 FORM N-CSR ITEM 11(b) EXHIBIT CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned hereby certify in their capacity as Treasurer and President, respectively, of EATON VANCE FLORIDA MUNICIPAL INCOME TRUST (the "Fund"), that: (a) the Semi-Annual Report of the Fund on Form N-CSR for the period ended May 31, 2004 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and (b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906 HAS BEEN PROVIDED TO THE FUND AND WILL BE RETAINED BY THE FUND AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST. Date: July 20, 2004 ------------- /s/ James L. O'Connor - --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- /s/ Thomas J. Fetter - -------------------- Thomas J. Fetter President Exhibit 99.cert.906 FORM N-CSR ITEM 11(b) EXHIBIT CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned hereby certify in their capacity as Treasurer and President, respectively, of EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST (the "Fund"), that: (a) the Semi-Annual Report of the Fund on Form N-CSR for the period ended May 31, 2004 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and (b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906 HAS BEEN PROVIDED TO THE FUND AND WILL BE RETAINED BY THE FUND AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST. Date: July 20, 2004 ------------- /s/ James L. O'Connor - --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- /s/ Thomas J. Fetter - -------------------- Thomas J. Fetter President Exhibit 99.cert.906 FORM N-CSR ITEM 11(b) EXHIBIT CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance Michigan Municipal Income Trust (the "Fund"), that: (a) the Semi-Annual Report of the Fund on Form N-CSR for the period ended May 30, 2004 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and (b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906 HAS BEEN PROVIDED TO THE FUND AND WILL BE RETAINED BY THE FUND AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST. Date: July 20, 2004 ------------- /S/ James L. O'Connor - --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- /S/ Thomas J. Fetter - -------------------- Thomas J. Fetter President Exhibit 99.cert.906 FORM N-CSR ITEM 11(b) EXHIBIT CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned hereby certify in their capacity as Treasurer and President, respectively, of EATON VANCE NEW JERSEY MUNICIPAL INCOME TRUST (the "Fund"), that: (a) the Semi-Annual Report of the Fund on Form N-CSR for the period ended May 31, 2004 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and (b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906 HAS BEEN PROVIDED TO THE FUND AND WILL BE RETAINED BY THE FUND AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST. Date: July 20, 2004 ------------- /s/ James L. O'Connor - --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- /s/ Thomas J. Fetter - -------------------- Thomas J. Fetter President Exhibit 99.cert.906 FORM N-CSR ITEM 11(b) EXHIBIT CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned hereby certify in their capacity as Treasurer and President, respectively, of EATON VANCE NEW YORK MUNICIPAL INCOME TRUST (the "Fund"), that: (a) the Semi-Annual Report of the Fund on Form N-CSR for the period ended May 31, 2004 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and (b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906 HAS BEEN PROVIDED TO THE FUND AND WILL BE RETAINED BY THE FUND AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST. Date: July 20, 2004 ------------- /s/ James L. O'Connor - --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- /s/ Thomas J. Fetter - -------------------- Thomas J. Fetter President Exhibit 99.cert.906 FORM N-CSR ITEM 11(b) EXHIBIT CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned hereby certify in their capacity as Treasurer and President, respectively, of EATON VANCE OHIO MUNICIPAL INCOME TRUST (the "Fund"), that: (a) the Semi-Annual Report of the Fund on Form N-CSR for the period ended May 31, 2004 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and (b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906 HAS BEEN PROVIDED TO THE FUND AND WILL BE RETAINED BY THE FUND AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST. Date: July 20, 2004 ------------- /s/ James L. O'Connor - --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- /s/ Thomas J. Fetter - -------------------- Thomas J. Fetter President Exhibit 99.cert.906 FORM N-CSR ITEM 11(b) EXHIBIT CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance Pennsylvania Municipal Income Trust (the "Fund"), that: (a) the Semi-Annual Report of the Fund on Form N-CSR for the period ended May 31, 2004 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and (b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906 HAS BEEN PROVIDED TO THE FUND AND WILL BE RETAINED BY THE FUND AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST. Date: July 20, 2004 ------------- /S/ James L. O'Connor - --------------------- James L. O'Connor Treasurer Date: July 20, 2004 ------------- /S/ Thomas J. Fetter - -------------------- Thomas J. Fetter President -----END PRIVACY-ENHANCED MESSAGE-----