-----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, KPTNaIrjI6IyjXk9OylPTtOo8yre+PV2Ci1dSPssELPA0rg0q3yx0IHMH5cgnovN DuGgPZBIElOtIJsrbvy2JA== 0000912057-01-003454.txt : 20010131 0000912057-01-003454.hdr.sgml : 20010131 ACCESSION NUMBER: 0000912057-01-003454 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001130 FILED AS OF DATE: 20010130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001074687 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-09151 FILM NUMBER: 1519312 BUSINESS ADDRESS: STREET 1: C/O EATON VANCE STREET 2: 24 FEDERAL STREET CITY: BOSTON STATE: MA ZIP: 02110 N-30D 1 a2034844zn-30d.txt N-30D PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2000 PORTFOLIO OF INVESTMENTS TAX-EXEMPT INVESTMENTS -- 98.1%
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ------------------------------------------------------------------------ Assisted Living -- 0.8% - ------------------------------------------------------------------------ $ 400 Delaware IDA, (Glen Riddle), (AMT), 8.625%, 9/1/25 $ 427,836 - ------------------------------------------------------------------------ $ 427,836 - ------------------------------------------------------------------------ Certificates of Participation -- 0.8% - ------------------------------------------------------------------------ $ 500 Cliff House Trust (AMT), 6.625%, 6/1/27 $ 451,010 - ------------------------------------------------------------------------ $ 451,010 - ------------------------------------------------------------------------ Cogeneration -- 1.7% - ------------------------------------------------------------------------ $ 500 Pennsylvania EDA, (Northampton Generating), (AMT), 6.50%, 1/1/13 $ 485,335 500 Pennsylvania EDA, (Resource Recovery-Colver), (AMT), 7.05%, 12/1/10 508,040 - ------------------------------------------------------------------------ $ 993,375 - ------------------------------------------------------------------------ Education -- 8.1% - ------------------------------------------------------------------------ $1,500 Pennsylvania Higher Educational Facilities Authority, (Drexel University), 6.00%, 5/1/29 $ 1,519,185 3,000 Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania), 4.625%, 7/15/30 2,549,400 600 Philadelphia HEFA, (Chestnut Hill College), 6.00%, 10/1/29 542,748 - ------------------------------------------------------------------------ $ 4,611,333 - ------------------------------------------------------------------------ Electric Utilities -- 0.7% - ------------------------------------------------------------------------ $ 450 Puerto Rico Electric Power Authority, 5.00%, 7/1/28 $ 419,553 - ------------------------------------------------------------------------ $ 419,553 - ------------------------------------------------------------------------ Escrowed / Prerefunded -- 1.3% - ------------------------------------------------------------------------ $2,000 Westmoreland County Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19 $ 712,980 - ------------------------------------------------------------------------ $ 712,980 - ------------------------------------------------------------------------ Gas Utilities -- 1.9% - ------------------------------------------------------------------------ $1,325 Philadelphia Natural Gas Works, Variable Rate, 7/1/28(1) $ 1,095,894 - ------------------------------------------------------------------------ $ 1,095,894 - ------------------------------------------------------------------------ General Obligations -- 2.4% - ------------------------------------------------------------------------ $1,500 Puerto Rico, Variable Rate, 7/1/27(1)(2) $ 1,352,235 - ------------------------------------------------------------------------ $ 1,352,235 - ------------------------------------------------------------------------ PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ------------------------------------------------------------------------ Health Care-Miscellaneous -- 2.5% - ------------------------------------------------------------------------ $1,500 Chester County HEFA, (Devereux Foundation), 6.00%, 11/1/29 $ 1,426,035 - ------------------------------------------------------------------------ $ 1,426,035 - ------------------------------------------------------------------------ Hospital -- 1.0% - ------------------------------------------------------------------------ $ 550 Montgomery County HEFA, (Montgomery Hospital), 6.375%, 7/1/07 $ 547,569 - ------------------------------------------------------------------------ $ 547,569 - ------------------------------------------------------------------------ Industrial Development Revenue -- 7.3% - ------------------------------------------------------------------------ $ 500 Carbon County IDA, (Panther Creek Partners), 6.65%, 5/1/10 $ 506,765 1,000 New Morgan IDA, (New Morgan Landfill), (AMT), 6.50%, 4/1/19 917,830 1,000 Pennsylvania Solid Waste Disposal, (USG Corp.), (AMT), 6.00%, 6/1/31 688,640 600 Philadelphia IDA, (Franklin Institute), 5.20%, 6/15/26 503,406 1,550 Puerto Rico Port Authority, (American Airlines), (AMT), 6.30%, 6/1/23 1,569,747 - ------------------------------------------------------------------------ $ 4,186,388 - ------------------------------------------------------------------------ Insured-Education -- 18.4% - ------------------------------------------------------------------------ $1,000 Northampton County HEFA, (Lafayette College), (MBIA), 5.00%, 11/1/27 $ 927,110 1,000 Pennsylvania HEFA, (Bryn Mawr College), (AMBAC), 5.125%, 12/1/29 943,880 2,000 Pennsylvania HEFA, (State System Higher Education), (FSA), 5.00%, 6/15/24 1,867,560 3,000 Pennsylvania HEFA, (Temple University), (MBIA), 5.00%, 4/1/29 2,771,520 750 University of Pittsburgh, (FGIC), 5.125%, 6/1/22 717,975 1,500 University of Pittsburgh, (MBIA), 5.00%, 6/1/21 1,411,095 2,000 Washington County Authority, (Girard College), (MBIA), 5.00%, 5/15/28 1,850,060 - ------------------------------------------------------------------------ $10,489,200 - ------------------------------------------------------------------------ Insured-General Obligations -- 8.6% - ------------------------------------------------------------------------ $1,825 Hopewell School District, (FSA), 0.00%, 9/1/25 $ 451,852 1,150 Philadelphia School District, (MBIA), 4.75%, 4/1/27 1,013,679 3,000 Philadelphia, (FSA), 5.00%, 3/15/28 2,773,140 250 Southeast Delco Area School District, (MBIA), 0.00%, 2/1/24 67,770 700 Spring Ford School District, (FGIC), 4.75%, 3/1/25 622,804 - ------------------------------------------------------------------------ $ 4,929,245 - ------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 27 PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2000 PORTFOLIO OF INVESTMENTS CONT'D
PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ------------------------------------------------------------------------ Insured-Hospital -- 21.4% - ------------------------------------------------------------------------ $3,000 Beaver County Hospital Authority, (Valley Health Systems, Inc.), (AMBAC), 5.00%, 5/15/28 $ 2,705,250 1,000 Berks County Municipal Authority, (Reading Hospital and Medical Center), (FSA), 6.00%, 11/1/29 1,047,700 1,000 Dauphin County General Authority, (Pinnacle Health System), (MBIA), 5.50%, 5/15/27 975,610 1,000 Delaware County Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26 867,380 1,500 Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (MBIA), 5.25%, 7/1/29 1,394,295 3,000 Montgomery County HEFA, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 2,704,350 1,000 Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), (FSA), 5.00%, 8/1/29 917,040 1,750 Sharon Health System Authority, (Sharon Regional Health System), (MBIA), 5.00%, 12/1/28 1,576,015 - ------------------------------------------------------------------------ $12,187,640 - ------------------------------------------------------------------------ Insured-Special Tax Revenue -- 5.4% - ------------------------------------------------------------------------ $1,550 Pennsylvania Turnpike Commission Oil Franchise, (AMBAC), Variable Rate, 12/1/27(1)(2) $ 1,199,514 500 Pittsburgh and Allegheny County Public Auditorium Authority, (AMBAC), 5.00%, 2/1/24 467,500 1,000 Pittsburgh and Allegheny County Public Auditorium Authority, (AMBAC), 5.00%, 2/1/24 936,240 595 Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28(3) 502,906 - ------------------------------------------------------------------------ $ 3,106,160 - ------------------------------------------------------------------------ Insured-Transportation -- 4.1% - ------------------------------------------------------------------------ $2,450 Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29 $ 2,354,058 - ------------------------------------------------------------------------ $ 2,354,058 - ------------------------------------------------------------------------ Insured-Water and Sewer -- 4.3% - ------------------------------------------------------------------------ $1,000 Allegheny County Sanitation and Sewer Authority, (MBIA), 5.50%, 12/1/24 $ 1,001,300 500 Delaware County IDA, (Water Facilities), (FGIC), (AMT), 6.00%, 6/1/29 511,070 1,000 Pittsburgh Water and Sewer Authority, (FSA), 5.10%, 9/1/24 942,300 - ------------------------------------------------------------------------ $ 2,454,670 - ------------------------------------------------------------------------ PRINCIPAL AMOUNT (000'S OMITTED) SECURITY VALUE - ------------------------------------------------------------------------ Life Care -- 1.6% - ------------------------------------------------------------------------ $ 925 Montgomery County HEFA, (Faulkeways at Gwynedd), 6.75%, 11/15/30 $ 901,894 - ------------------------------------------------------------------------ $ 901,894 - ------------------------------------------------------------------------ Nursing Home -- 2.7% - ------------------------------------------------------------------------ $ 500 Clarion County IDA, (Beverly Enterprises, Inc.), 5.875%, 5/1/07 $ 470,465 500 Crawford County Hospital Authority, (Wesbury United Methodist Community), 6.25%, 8/15/29 450,960 685 Cumberland County IDA, (Beverly Enterprises, Inc.), 5.50%, 10/1/08 623,521 - ------------------------------------------------------------------------ $ 1,544,946 - ------------------------------------------------------------------------ Transportation -- 3.1% - ------------------------------------------------------------------------ $ 495 Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09 $ 471,695 500 Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/16 469,395 800 Puerto Rico Highway and Transportation Authority, Variable Rate, 7/1/26(2)(3) 816,880 - ------------------------------------------------------------------------ $ 1,757,970 - ------------------------------------------------------------------------ Total Tax-Exempt Investments -- 98.1% (identified cost $58,735,177) $55,949,991 - ------------------------------------------------------------------------ Other Assets, Less Liabilities -- 1.9% $ 1,071,426 - ------------------------------------------------------------------------ Net Assets -- 100.0% $57,021,417 - ------------------------------------------------------------------------
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2000, 64.8% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by financial institutions ranged from 4.6% to 23.2% of total investments. (1) Security has been issued as an inverse floater bond. (2) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. (3) Security has been issued as a leveraged inverse floater bond. SEE NOTES TO FINANCIAL STATEMENTS 28 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS STATEMENTS OF ASSETS AND LIABILITIES AS OF NOVEMBER 30, 2000
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST - ---------------------------------------------------------------------------------------------------------- Assets - ---------------------------------------------------------------------------------------------------------- Investments -- Identified cost $153,985,740 $93,579,212 $55,705,380 $46,120,770 Unrealized depreciation (3,419,170) (3,918,044) (2,735,021) (2,034,401) - ---------------------------------------------------------------------------------------------------------- INVESTMENTS, AT VALUE $150,566,570 $89,661,168 $52,970,359 $44,086,369 - ---------------------------------------------------------------------------------------------------------- Cash $ 7,432 $ -- $ 43,968 $ 78,728 Receivable for investments sold -- 892,898 -- -- Interest and dividends receivable 2,575,754 1,175,682 1,024,448 602,470 Prepaid expenses 1,935 920 1,110 564 - ---------------------------------------------------------------------------------------------------------- TOTAL ASSETS $153,151,691 $91,730,668 $54,039,885 $44,768,131 - ---------------------------------------------------------------------------------------------------------- Liabilities - ---------------------------------------------------------------------------------------------------------- Payable for daily variation margin on financial futures contracts $ 32,980 $ 18,139 $ -- $ -- Due to bank -- 878,159 -- -- Payable to affiliate for Trustees' fees -- -- -- 477 Accrued expenses 43,608 34,183 34,525 33,186 - ---------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES $ 76,588 $ 930,481 $ 34,525 $ 33,663 - ---------------------------------------------------------------------------------------------------------- NET ASSETS $153,075,103 $90,800,187 $54,005,360 $44,734,468 - ---------------------------------------------------------------------------------------------------------- Sources of Net Assets - ---------------------------------------------------------------------------------------------------------- Auction Preferred Shares, $0.01 par value, unlimited number of shares authorized $ 59,000,000 $35,500,000 $21,500,000 $17,500,000 Common Shares, $0.01 par value, unlimited number of shares authorized 71,184 42,294 25,943 20,852 Additional paid-in capital 105,577,758 62,823,683 38,396,589 30,978,619 Accumulated net realized loss (computed on the basis of identified cost) (8,678,055) (3,867,240) (3,364,444) (1,818,130) Accumulated undistributed net investment income 523,386 219,494 182,293 87,528 Net unrealized depreciation (computed on the basis of identified cost) (3,419,170) (3,918,044) (2,735,021) (2,034,401) - ---------------------------------------------------------------------------------------------------------- NET ASSETS $153,075,103 $90,800,187 $54,005,360 $44,734,468 - ---------------------------------------------------------------------------------------------------------- Net assets applicable to preferred shareholders -- Auction Preferred Shares at liquidation value $ 59,000,000 $35,500,000 $21,500,000 $17,500,000 Cumulative undeclared dividends 25,866 3,893 4,609 1,919 - ---------------------------------------------------------------------------------------------------------- TOTAL NET ASSETS APPLICABLE TO PREFERRED SHARES $ 59,025,866 $35,503,893 $21,504,609 $17,501,919 - ---------------------------------------------------------------------------------------------------------- Net assets applicable to common shares $ 94,049,237 $55,296,294 $32,500,751 $27,232,549 - ---------------------------------------------------------------------------------------------------------- TOTAL NET ASSETS $153,075,103 $90,800,187 $54,005,360 $44,734,468 - ---------------------------------------------------------------------------------------------------------- Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) - ---------------------------------------------------------------------------------------------------------- 2,360 1,420 860 700 - ---------------------------------------------------------------------------------------------------------- Common Shares Outstanding - ---------------------------------------------------------------------------------------------------------- 7,118,405 4,229,355 2,594,255 2,085,197 - ---------------------------------------------------------------------------------------------------------- Net Asset Value Per Common Share - ---------------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES DIVIDED BY COMMON SHARES ISSUED AND OUTSTANDING $ 13.21 $ 13.07 $ 12.53 $ 13.06 - ----------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 29 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D STATEMENTS OF ASSETS AND LIABILITIES AS OF NOVEMBER 30, 2000
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST - ------------------------------------------------------------------------------------------------------- Assets - ------------------------------------------------------------------------------------------------------- Investments -- Identified cost $94,626,567 $113,519,251 $61,489,593 $58,735,177 Unrealized depreciation (2,402,383) (1,937,300) (3,022,010) (2,785,186) - ------------------------------------------------------------------------------------------------------- INVESTMENTS, AT VALUE $92,224,184 $111,581,951 $58,467,583 $55,949,991 - ------------------------------------------------------------------------------------------------------- Cash $ 701,822 $ -- $ 541,604 $ 171,145 Receivable for investments sold -- 1,620,072 10,000 -- Interest and dividends receivable 2,003,238 2,011,478 1,177,229 949,374 Prepaid expenses 1,002 1,057 709 642 - ------------------------------------------------------------------------------------------------------- TOTAL ASSETS $94,930,246 $115,214,558 $60,197,125 $57,071,152 - ------------------------------------------------------------------------------------------------------- Liabilities - ------------------------------------------------------------------------------------------------------- Payable for investments purchased $ -- $ -- $ 996,078 $ -- Payable for daily variation margin on financial futures contracts -- 48,750 32,500 12,367 Payable for when-issued securities -- 1,490,270 -- -- Due to bank -- 113,554 -- -- Payable to affiliate for Trustees' fees -- 660 1,481 477 Accrued expenses 31,064 38,757 45,948 36,891 - ------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES $ 31,064 $ 1,691,991 $ 1,076,007 $ 49,735 - ------------------------------------------------------------------------------------------------------- NET ASSETS $94,899,182 $113,522,567 $59,121,118 $57,021,417 - ------------------------------------------------------------------------------------------------------- Sources of Net Assets - ------------------------------------------------------------------------------------------------------- Auction Preferred Shares, $0.01 par value, unlimited number of shares authorized $38,000,000 $ 44,500,000 $23,500,000 $22,500,000 Common Shares, $0.01 par value, unlimited number of shares authorized 44,847 52,999 27,774 26,632 Additional paid-in capital 66,615,059 78,674,036 41,259,934 39,565,735 Accumulated net realized loss (computed on the basis of identified cost) (7,613,372) (7,959,408) (2,719,114) (2,401,307) Accumulated undistributed net investment income 255,031 280,973 133,689 115,543 Net unrealized depreciation (computed on the basis of identified cost) (2,402,383) (2,026,033) (3,081,165) (2,785,186) - ------------------------------------------------------------------------------------------------------- NET ASSETS $94,899,182 $113,522,567 $59,121,118 $57,021,417 - ------------------------------------------------------------------------------------------------------- Net assets applicable to preferred shareholders -- Auction Preferred Shares at liquidation value $38,000,000 $ 44,500,000 $23,500,000 $22,500,000 Cumulative undeclared dividends 16,660 -- 7,808 7,399 - ------------------------------------------------------------------------------------------------------- TOTAL NET ASSETS APPLICABLE TO PREFERRED SHARES $38,016,660 $ 44,500,000 $23,507,808 $22,507,399 - ------------------------------------------------------------------------------------------------------- Net assets applicable to common shares $56,882,522 $ 69,022,567 $35,613,310 $34,514,018 - ------------------------------------------------------------------------------------------------------- TOTAL NET ASSETS $94,899,182 $113,522,567 $59,121,118 $57,021,417 - ------------------------------------------------------------------------------------------------------- Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) - ------------------------------------------------------------------------------------------------------- 1,520 1,780 940 900 - ------------------------------------------------------------------------------------------------------- Common Shares Outstanding - ------------------------------------------------------------------------------------------------------- 4,484,712 5,299,922 2,777,424 2,663,243 - ------------------------------------------------------------------------------------------------------- Net Asset Value Per Common Share - ------------------------------------------------------------------------------------------------------- NET ASSETS APPLICABLE TO COMMON SHARES DIVIDED BY COMMON SHARES ISSUED AND OUTSTANDING $ 12.68 $ 13.02 $ 12.82 $ 12.96 - -------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 30 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D STATEMENTS OF OPERATIONS FOR THE YEAR ENDED NOVEMBER 30, 2000
CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST - -------------------------------------------------------------------------------------------------------------- Investment Income - -------------------------------------------------------------------------------------------------------------- Interest $ 8,792,744 $ 5,309,745 $ 3,213,765 $2,594,758 Dividends -- -- 14,387 -- - -------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT INCOME $ 8,792,744 $ 5,309,745 $ 3,228,152 $2,594,758 - -------------------------------------------------------------------------------------------------------------- Expenses - -------------------------------------------------------------------------------------------------------------- Investment adviser fee $ 1,011,318 $ 600,967 $ 359,019 $ 297,428 Administration fee 287,075 172,685 102,567 84,962 Trustees fees and expenses 8,376 7,092 2,150 2,382 Legal and accounting services 35,367 32,661 29,584 26,925 Printing and postage 21,065 13,152 7,732 9,588 Custodian fee 56,552 37,979 24,931 21,886 Transfer and dividend disbursing agent 86,452 56,708 37,887 32,878 Preferred shares remarketing agent fee 147,904 91,283 53,897 44,943 Miscellaneous 34,763 28,153 26,976 27,416 - -------------------------------------------------------------------------------------------------------------- TOTAL EXPENSES $ 1,688,872 $ 1,040,680 $ 644,743 $ 548,408 - -------------------------------------------------------------------------------------------------------------- Deduct -- Reduction of custodian fee $ 56,552 $ 37,979 $ 24,931 $ 21,886 Reduction of investment adviser fee -- 38,341 -- 7,712 - -------------------------------------------------------------------------------------------------------------- TOTAL EXPENSE REDUCTIONS $ 56,552 $ 76,320 $ 24,931 $ 29,598 - -------------------------------------------------------------------------------------------------------------- NET EXPENSES $ 1,632,320 $ 964,360 $ 619,812 $ 518,810 - -------------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME $ 7,160,424 $ 4,345,385 $ 2,608,340 $2,075,948 - -------------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) - -------------------------------------------------------------------------------------------------------------- Net realized gain (loss) -- Investment transactions (identified cost basis) $(2,007,510) $(1,645,957) $(1,739,252) $ (624,509) Financial futures contracts (231,941) (131,579) -- -- - -------------------------------------------------------------------------------------------------------------- NET REALIZED LOSS $(2,239,451) $(1,777,536) $(1,739,252) $ (624,509) - -------------------------------------------------------------------------------------------------------------- Change in unrealized appreciation (depreciation) -- Investments (identified cost basis) $13,512,983 $ 7,369,709 $ 4,488,382 $3,223,898 - -------------------------------------------------------------------------------------------------------------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $13,512,983 $ 7,369,709 $ 4,488,382 $3,223,898 - -------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN $11,273,532 $ 5,592,173 $ 2,749,130 $2,599,389 - -------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM OPERATIONS $18,433,956 $ 9,937,558 $ 5,357,470 $4,675,337 - --------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 31 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D STATEMENTS OF OPERATIONS FOR THE YEAR ENDED NOVEMBER 30, 2000
NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST - ---------------------------------------------------------------------------------------------------------- Investment Income - ---------------------------------------------------------------------------------------------------------- Interest $ 5,397,731 $ 6,547,335 $3,524,697 $3,293,609 Dividends 189,019 -- -- -- - ---------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT INCOME $ 5,586,750 $ 6,547,335 $3,524,697 $3,293,609 - ---------------------------------------------------------------------------------------------------------- Expenses - ---------------------------------------------------------------------------------------------------------- Investment adviser fee $ 633,485 $ 759,067 $ 396,139 $ 378,709 Administration fee 181,441 216,229 113,612 109,042 Trustees fees and expenses 7,554 8,887 3,632 2,532 Legal and accounting services 38,460 36,944 29,610 25,770 Printing and postage 12,052 17,988 8,722 11,611 Custodian fee 44,505 50,324 24,246 27,731 Transfer and dividend disbursing agent 57,332 61,417 41,406 41,568 Preferred shares remarketing agent fee 95,259 111,553 75,382 57,478 Miscellaneous 26,195 29,082 26,103 27,811 - ---------------------------------------------------------------------------------------------------------- TOTAL EXPENSES $ 1,096,283 $ 1,291,491 $ 718,852 $ 682,252 - ---------------------------------------------------------------------------------------------------------- Deduct -- Reduction of custodian fee $ 44,505 $ 50,324 $ 24,246 $ 27,731 Reduction of investment adviser fee -- -- 25,325 60,023 - ---------------------------------------------------------------------------------------------------------- TOTAL EXPENSE REDUCTIONS $ 44,505 $ 50,324 $ 49,571 $ 87,754 - ---------------------------------------------------------------------------------------------------------- NET EXPENSES $ 1,051,778 $ 1,241,167 $ 669,281 $ 594,498 - ---------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME $ 4,534,972 $ 5,306,168 $2,855,416 $2,699,111 - ---------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) - ---------------------------------------------------------------------------------------------------------- Net realized gain (loss) -- Investment transactions (identified cost basis) $(3,180,441) $(1,768,356) $ (547,415) $ (719,228) Financial futures contracts -- (63,557) (37,007) (87,890) - ---------------------------------------------------------------------------------------------------------- NET REALIZED LOSS $(3,180,441) $(1,831,913) $ (584,422) $ (807,118) - ---------------------------------------------------------------------------------------------------------- Change in unrealized appreciation (depreciation) -- Investments (identified cost basis) $ 7,588,010 $ 8,498,984 $3,236,143 $3,855,447 Financial futures contracts -- (88,733) (59,155) -- - ---------------------------------------------------------------------------------------------------------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 7,588,010 $ 8,410,251 $3,176,988 $3,855,447 - ---------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN $ 4,407,569 $ 6,578,338 $2,592,566 $3,048,329 - ---------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM OPERATIONS $ 8,942,541 $11,884,506 $5,447,982 $5,747,440 - ----------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 32 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEAR ENDED NOVEMBER 30, 2000
INCREASE (DECREASE) IN NET ASSETS CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST - -------------------------------------------------------------------------------------------------------------- From operations -- Net investment income $ 7,160,424 $ 4,345,385 $ 2,608,340 $ 2,075,948 Net realized loss (2,239,451) (1,777,536) (1,739,252) (624,509) Net change in unrealized appreciation (depreciation) 13,512,983 7,369,709 4,488,382 3,223,898 - -------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM OPERATIONS $ 18,433,956 $ 9,937,558 $ 5,357,470 $ 4,675,337 - -------------------------------------------------------------------------------------------------------------- Distributions to shareholders -- Preferred Shareholders -- From net investment income $ (1,981,715) $(1,428,492) $ (740,116) $ (669,102) Common Shareholders -- From net investment income (5,151,264) (2,993,511) (1,862,133) (1,470,064) - -------------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (7,132,979) $(4,422,003) $(2,602,249) $(2,139,166) - -------------------------------------------------------------------------------------------------------------- Capital share transactions -- Reinvestment of distributions to shareholders $ 428,242 $ 51,302 $ 289,910 $ -- - -------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS $ 428,242 $ 51,302 $ 289,910 $ -- - -------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS $ 11,729,219 $ 5,566,857 $ 3,045,131 $ 2,536,171 - -------------------------------------------------------------------------------------------------------------- Net Assets - -------------------------------------------------------------------------------------------------------------- At beginning of year $141,345,884 $85,233,330 $50,960,229 $42,198,297 - -------------------------------------------------------------------------------------------------------------- AT END OF YEAR $153,075,103 $90,800,187 $54,005,360 $44,734,468 - -------------------------------------------------------------------------------------------------------------- Accumulated undistributed net investment income included in net assets - -------------------------------------------------------------------------------------------------------------- AT END OF YEAR $ 523,386 $ 219,494 $ 182,293 $ 87,528 - --------------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 33 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEAR ENDED NOVEMBER 30, 2000
INCREASE (DECREASE) IN NET ASSETS NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST - ----------------------------------------------------------------------------------------------------------- From operations -- Net investment income $ 4,534,972 $ 5,306,168 $ 2,855,416 $ 2,699,111 Net realized loss (3,180,441) (1,831,913) (584,422) (807,118) Net change in unrealized appreciation (depreciation) 7,588,010 8,410,251 3,176,988 3,855,447 - ----------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM OPERATIONS $ 8,942,541 $ 11,884,506 $ 5,447,982 $ 5,747,440 - ----------------------------------------------------------------------------------------------------------- Distributions to shareholders -- Preferred Shareholders -- From net investment income $(1,449,883) $ (1,594,844) $ (931,399) $ (885,222) Common Shareholders -- From net investment income (3,159,321) (3,813,105) (1,979,425) (1,885,576) - ----------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS $(4,609,204) $ (5,407,949) $(2,910,824) $(2,770,798) - ----------------------------------------------------------------------------------------------------------- Capital share transactions -- Reinvestment of distributions to shareholders $ 68,530 $ 199,822 $ 35,287 $ -- - ----------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS $ 68,530 $ 199,822 $ 35,287 $ -- - ----------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS $ 4,401,867 $ 6,676,379 $ 2,572,445 $ 2,976,642 - ----------------------------------------------------------------------------------------------------------- Net Assets - ----------------------------------------------------------------------------------------------------------- At beginning of year $90,497,315 $106,846,188 $56,548,673 $54,044,775 - ----------------------------------------------------------------------------------------------------------- AT END OF YEAR $94,899,182 $113,522,567 $59,121,118 $57,021,417 - ----------------------------------------------------------------------------------------------------------- Accumulated undistributed net investment income included in net assets - ----------------------------------------------------------------------------------------------------------- AT END OF YEAR $ 255,031 $ 280,973 $ 133,689 $ 115,543 - -----------------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 34 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D STATEMENTS OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED NOVEMBER 30, 1999(1)
INCREASE (DECREASE) IN NET ASSETS CALIFORNIA TRUST FLORIDA TRUST MASSACHUSETTS TRUST MICHIGAN TRUST - -------------------------------------------------------------------------------------------------------------- From operations -- Net investment income $ 5,383,612 $ 3,245,865 $ 1,960,579 $ 1,584,012 Net realized loss (6,438,604) (2,089,704) (1,625,192) (1,193,621) Net change in unrealized appreciation (depreciation) (16,932,153) (11,287,753) (7,223,403) (5,258,299) - -------------------------------------------------------------------------------------------------------------- NET DECREASE IN NET ASSETS FROM OPERATIONS $(17,987,145) $(10,131,592) $(6,888,016) $(4,867,908) - -------------------------------------------------------------------------------------------------------------- Distributions to shareholders -- Preferred Shareholders -- From net investment income $ (1,293,008) $ (833,015) $ (484,017) $ (392,700) Common Shareholders -- From net investment income (3,594,663) (2,116,738) (1,300,360) (1,040,566) - -------------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (4,887,671) $ (2,949,753) $(1,784,377) $(1,433,266) - -------------------------------------------------------------------------------------------------------------- Capital share transactions -- Proceeds from sale of preferred shares $ 59,000,000 $ 35,500,000 $21,500,000 $17,500,000 Proceeds from sale of common shares 105,225,000 62,962,500 37,950,000 31,050,000 Reinvestment of distributions to shareholders 766,603 280,332 406,440 114,549 Offering costs and preferred shares underwriting discounts (870,903) (528,157) (323,818) (265,078) - -------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS $164,120,700 $ 98,214,675 $59,532,622 $48,399,471 - -------------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS $141,245,884 $ 85,133,330 $50,860,229 $42,098,297 - -------------------------------------------------------------------------------------------------------------- Net Assets - -------------------------------------------------------------------------------------------------------------- At beginning of period $ 100,000 $ 100,000 $ 100,000 $ 100,000 - -------------------------------------------------------------------------------------------------------------- AT END OF PERIOD $141,345,884 $ 85,233,330 $50,960,229 $42,198,297 - -------------------------------------------------------------------------------------------------------------- Accumulated undistributed net investment income included in net assets - -------------------------------------------------------------------------------------------------------------- AT END OF PERIOD $ 495,941 $ 296,112 $ 176,202 $ 150,746 - --------------------------------------------------------------------------------------------------------------
(1) For the period from the start of business, January 29, 1999, to November 30, 1999. SEE NOTES TO FINANCIAL STATEMENTS 35 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D STATEMENTS OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED NOVEMBER 30, 1999(1)
INCREASE (DECREASE) IN NET ASSETS NEW JERSEY TRUST NEW YORK TRUST OHIO TRUST PENNSYLVANIA TRUST - ----------------------------------------------------------------------------------------------------------- From operations -- Net investment income $ 3,431,841 $ 4,063,903 $ 2,122,549 $ 2,048,098 Net realized loss (4,432,931) (6,127,495) (2,134,692) (1,594,189) Net change in unrealized appreciation (depreciation) (9,990,393) (10,436,284) (6,258,153) (6,640,633) - ----------------------------------------------------------------------------------------------------------- NET DECREASE IN NET ASSETS FROM OPERATIONS $(10,991,483) $(12,499,876) $(6,270,296) $(6,186,724) - ----------------------------------------------------------------------------------------------------------- Distributions to shareholders -- Preferred Shareholders -- From net investment income $ (861,719) $ (995,127) $ (542,305) $ (526,689) Common Shareholders -- From net investment income (2,234,623) (2,686,022) (1,391,147) (1,334,179) - ----------------------------------------------------------------------------------------------------------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (3,096,342) $ (3,681,149) $(1,933,452) $(1,860,868) - ----------------------------------------------------------------------------------------------------------- Capital share transactions -- Proceeds from sale of preferred shares $ 38,000,000 $ 44,500,000 $23,500,000 $22,500,000 Proceeds from sale of common shares 66,750,000 78,760,116 41,400,000 39,675,000 Reinvestment of distributions to shareholders 299,002 325,240 104,735 154,913 Offering costs and preferred shares underwriting discounts (563,862) (658,143) (352,314) (337,546) - ----------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS FROM CAPITAL TRANSACTIONS $104,485,140 $122,927,213 $64,652,421 $61,992,367 - ----------------------------------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS $ 90,397,315 $106,746,188 $56,448,673 $53,944,775 - ----------------------------------------------------------------------------------------------------------- Net Assets - ----------------------------------------------------------------------------------------------------------- At beginning of period $ 100,000 $ 100,000 $ 100,000 $ 100,000 - ----------------------------------------------------------------------------------------------------------- AT END OF PERIOD $ 90,497,315 $106,846,188 $56,548,673 $54,044,775 - ----------------------------------------------------------------------------------------------------------- Accumulated undistributed net investment income included in net assets - ----------------------------------------------------------------------------------------------------------- AT END OF PERIOD $ 335,499 $ 382,754 $ 189,097 $ 187,230 - -----------------------------------------------------------------------------------------------------------
(1) For the period from the start of business, January 29, 1999, to November 30, 1999. SEE NOTES TO FINANCIAL STATEMENTS 36 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
CALIFORNIA TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $11.630 $15.000 - ------------------------------------------------------------------- Income (loss) from operations - ------------------------------------------------------------------- Net investment income $ 1.008 $ 0.773 Net realized and unrealized gain (loss) 1.576 (3.322) - ------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.584 $(2.549) - ------------------------------------------------------------------- Less distributions - ------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.279) $(0.186) Common Shareholders -- From net investment income $(0.725) $(0.510) - ------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(1.004) $(0.696) - ------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $(0.040) - ------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $(0.085) - ------------------------------------------------------------------- NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $13.210 $11.630 - ------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $11.688 $11.438 - ------------------------------------------------------------------- TOTAL RETURN(3) 8.79% (20.70)% - -------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 37 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
CALIFORNIA TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Ratios/Supplemental Data+ ++ - ------------------------------------------------------------------- Net assets, end of year (000's omitted) $153,075 $141,346 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 1.99% 1.66%(5) Net expenses after custodian fee reduction(4) 1.92% 1.60%(5) Net investment income(4) 8.43% 6.83%(5) Portfolio Turnover 29% 146% + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 1.85%(5) Expenses after custodian fee reduction(4) 1.79%(5) Net investment income(4) 6.64%(5) Net investment income per share $ 0.752 - ------------------------------------------------------------------- ++ The ratios reported above are based on net assets attributable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.17% 1.06%(5) Net expenses after custodian fee reduction 1.13% 1.02%(5) Net investment income 4.97% 4.37%(5) + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.18%(5) Expenses after custodian fee reduction 1.14%(5) Net investment income 4.25%(5) - ------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 2,360 2,360 Asset coverage per preferred share(6) $ 64,862 $ 59,892 Involuntary liquidation preference per preferred share(7) $ 25,000 $ 25,000 Approximate market value per preferred share(7) $ 25,000 $ 25,000 - -------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (3) Total return is calculated assuming a purchase at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed reinvested at the net asset value on the reinvestment date. Total return is not computed on an annualized basis. (4) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets attributable to common shares reflect the Trust's leveraged capital structure. (5) Annualized. (6) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (7) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 38 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
FLORIDA TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $11.770 $15.000 - ------------------------------------------------------------------- Income (loss) from operations - ------------------------------------------------------------------- Net investment income $ 1.028 $ 0.779 Net realized and unrealized gain (loss) 1.318 (3.180) - ------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.346 $(2.401) - ------------------------------------------------------------------- Less distributions - ------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.338) $(0.200) Common Shareholders -- From net investment income $(0.708) $(0.502) - ------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(1.046) $(0.702) - ------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $(0.042) - ------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $(0.085) - ------------------------------------------------------------------- NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $13.070 $11.770 - ------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $10.500 $10.438 - ------------------------------------------------------------------- TOTAL RETURN(3) 7.20% (27.62)% - -------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 39 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
FLORIDA TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Ratios/Supplemental Data+ ++ - ------------------------------------------------------------------- Net assets, end of year (000's omitted) $90,800 $85,233 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 1.99% 1.74%(5) Net expenses after custodian fee reduction(4) 1.91% 1.68%(5) Net investment income(4) 8.59% 6.89%(5) Portfolio Turnover 20% 101% + The expenses of the Trust reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 2.07% 1.88%(5) Expenses after custodian fee reduction(4) 1.99% 1.82%(5) Net investment income(4) 8.51% 6.75%(5) Net investment income per share $ 1.018 $ 0.763 - ------------------------------------------------------------------- ++ The ratios reported above are based on net assets attributable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.16% 1.11%(5) Net expenses after custodian fee reduction 1.12% 1.07%(5) Net investment income 5.05% 4.39%(5) + The expenses of the Trust reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.20% 1.20%(5) Expenses after custodian fee reduction 1.16% 1.16%(5) Net investment income 5.01% 4.30%(5) - ------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 1,420 1,420 Asset coverage per preferred share(6) $63,944 $60,023 Involuntary liquidation preference per preferred share(7) $25,000 $25,000 Approximate market value per preferred share(7) $25,000 $25,000 - -------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (3) Total return is calculated assuming a purchase at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed reinvested at the net asset value on the reinvestment date. Total return is not computed on an annualized basis. (4) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets attributable to common shares reflect the Trust's leveraged capital structure. (5) Annualized. (6) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (7) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 40 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
MASSACHUSETTS TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $11.470 $15.000 - ------------------------------------------------------------------- Income (loss) from operations - ------------------------------------------------------------------- Net investment income $ 1.008 $ 0.779 Net realized and unrealized gain (loss) 1.058 (3.479) - ------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.066 $(2.700) - ------------------------------------------------------------------- Less distributions - ------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.286) $(0.192) Common Shareholders -- From net investment income $(0.720) $(0.510) - ------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(1.006) $(0.702) - ------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $(0.043) - ------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $(0.085) - ------------------------------------------------------------------- NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $12.530 $11.470 - ------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $10.813 $11.438 - ------------------------------------------------------------------- TOTAL RETURN(3) 0.69% (20.68)% - -------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 41 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
MASSACHUSETTS TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Ratios/Supplemental Data+ ++ - ------------------------------------------------------------------- Net assets, end of year (000's omitted) $54,005 $50,960 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 2.17% 1.98%(5) Net expenses after custodian fee reduction(4) 2.09% 1.91%(5) Net investment income(4) 8.80% 6.93%(5) Portfolio Turnover 32% 111% + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 2.01%(5) Expenses after custodian fee reduction(4) 1.94%(5) Net investment income(4) 6.90%(5) Net investment income per share $ 0.776 - ------------------------------------------------------------------- ++ The ratios reported above are based on net assets attributable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.26% 1.26%(5) Net expenses after custodian fee reduction 1.21% 1.21%(5) Net investment income 5.10% 4.41%(5) + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.28%(5) Expenses after custodian fee reduction 1.23%(5) Net investment income 4.39%(5) - ------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 860 860 Asset coverage per preferred share(6) $62,797 $59,256 Involuntary liquidation preference per preferred share(7) $25,000 $25,000 Approximate market value per preferred share(7) $25,000 $25,000 - -------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (3) Total return is calculated assuming a purchase at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed reinvested at the net asset value on the reinvestment date. Total return is not computed on an annualized basis. (4) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets attributable to common shares reflect the Trust's leveraged capital structure. (5) Annualized. (6) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (7) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 42 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
MICHIGAN TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $11.840 $15.000 - ------------------------------------------------------------------- Income (loss) from operations - ------------------------------------------------------------------- Net investment income $ 0.996 $ 0.771 Net realized and unrealized gain (loss) 1.250 (3.111) - ------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.246 $(2.340) - ------------------------------------------------------------------- Less distributions - ------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.321) $(0.191) Common Shareholders -- From net investment income $(0.705) $(0.500) - ------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(1.026) $(0.691) - ------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $(0.044) - ------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $(0.085) - ------------------------------------------------------------------- NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $13.060 $11.840 - ------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $10.438 $10.875 - ------------------------------------------------------------------- TOTAL RETURN(3) 2.30% (24.66)% - -------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 43 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
MICHIGAN TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Ratios/Supplemental Data+ ++ - ------------------------------------------------------------------- Net assets, end of year (000's omitted) $44,734 $42,198 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 2.18% 1.78%(5) Net expenses after custodian fee reduction(4) 2.09% 1.71%(5) Net investment income(4) 8.34% 6.77%(5) Portfolio Turnover 18% 90% + The expenses of the Trust reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 2.21% 2.06%(5) Expenses after custodian fee reduction(4) 2.12% 1.99%(5) Net investment income(4) 8.31% 6.49%(5) Net investment income per share $ 0.992 $ 0.738 - ------------------------------------------------------------------- ++ The ratios reported above are based on net assets attributable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.27% 1.14%(5) Net expenses after custodian fee reduction 1.22% 1.09%(5) Net investment income 4.90% 4.33%(5) + The expenses of the Trust reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.29% 1.32%(5) Expenses after custodian fee reduction 1.24% 1.27%(5) Net investment income 4.88% 4.15%(5) - ------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 700 700 Asset coverage per preferred share(6) $63,906 $60,283 Involuntary liquidation preference per preferred share(7) $25,000 $25,000 Approximate market value per preferred share(7) $25,000 $25,000 - -------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (3) Total return is calculated assuming a purchase at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed reinvested at the net asset value on the reinvestment date. Total return is not computed on an annualized basis. (4) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets attributable to common shares reflect the Trust's leveraged capital structure. (5) Annualized. (6) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (7) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 44 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
NEW JERSEY TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $11.720 $15.000 - ------------------------------------------------------------------- Income (loss) from operations - ------------------------------------------------------------------- Net investment income $ 1.012 $ 0.778 Net realized and unrealized gain (loss) 0.977 (3.235) - ------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 1.989 $(2.457) - ------------------------------------------------------------------- Less distributions - ------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.324) $(0.195) Common Shareholders -- From net investment income $(0.705) $(0.500) - ------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(1.029) $(0.695) - ------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $(0.042) - ------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $(0.086) - ------------------------------------------------------------------- NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $12.680 $11.720 - ------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $10.750 $10.875 - ------------------------------------------------------------------- TOTAL RETURN(3) 5.28% (24.64)% - -------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 45 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
NEW JERSEY TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Ratios/Supplemental Data+ ++ - ------------------------------------------------------------------- Net assets, end of year (000's omitted) $94,899 $90,497 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 2.08% 1.67%(5) Net expenses after custodian fee reduction(4) 2.00% 1.61%(5) Net investment income(4) 8.64% 6.83%(5) Portfolio Turnover 54% 114% + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 1.85%(5) Expenses after custodian fee reduction(4) 1.79%(5) Net investment income(4) 6.65%(5) Net investment income per share $ 0.757 - ------------------------------------------------------------------- ++ The ratios reported above are based on net assets attributable solely to common shares. The ratios based on the net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.21% 1.07%(5) Net expenses after custodian fee reduction 1.16% 1.03%(5) Net investment income 5.01% 4.35%(5) + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.18%(5) Expenses after custodian fee reduction 1.14%(5) Net investment income 4.24%(5) - ------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 1,520 1,520 Asset coverage per preferred share(6) $62,434 $59,538 Involuntary liquidation preference per preferred share(7) $25,000 $25,000 Approximate market value per preferred share(7) $25,000 $25,000 - -------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (3) Total return is calculated assuming a purchase at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed reinvested at the net asset value on the reinvestment date. Total return is not computed on an annualized basis. (4) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets attributable to common shares reflect the Trust's leveraged capital structure. (5) Annualized. (6) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (7) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 46 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
NEW YORK TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $11.800 $15.000 - ------------------------------------------------------------------- Income (loss) from operations - ------------------------------------------------------------------- Net investment income $ 1.002 $ 0.781 Net realized and unrealized gain (loss) 1.239 (3.153) - ------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.241 $(2.372) - ------------------------------------------------------------------- Less distributions - ------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.301) $(0.191) Common Shareholders -- From net investment income $(0.720) $(0.510) - ------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(1.021) $(0.701) - ------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $(0.041) - ------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $(0.086) - ------------------------------------------------------------------- NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $13.020 $11.800 - ------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $10.750 $10.813 - ------------------------------------------------------------------- TOTAL RETURN(3) 5.90% (25.00)% - -------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 47 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
NEW YORK TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Ratios/Supplemental Data+ ++ - ------------------------------------------------------------------- Net assets, end of year (000's omitted) $113,523 $106,846 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 2.03% 1.65%(5) Net expenses after custodian fee reduction(4) 1.95% 1.59%(5) Net investment income(4) 8.33% 6.86%(5) Portfolio Turnover 36% 139% + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 1.86%(5) Expenses after custodian fee reduction(4) 1.80%(5) Net investment income(4) 6.65%(5) Net investment income per share $ 0.757 - ------------------------------------------------------------------- ++ The ratios reported above are based on net assets attributable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.20% 1.05%(5) Net expenses after custodian fee reduction 1.15% 1.01%(5) Net investment income 4.91% 4.38%(5) + The expenses of the Trust may reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.18%(5) Expenses after custodian fee reduction 1.14%(5) Net investment income 4.25%(5) - ------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 1,780 1,780 Asset coverage per preferred share(6) $ 63,777 $ 60,026 Involuntary liquidation preference per preferred share(7) $ 25,000 $ 25,000 Approximate market value per preferred share(7) $ 25,000 $ 25,000 - -------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (3) Total return is calculated assuming a purchase at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed reinvested at the net asset value on the reinvestment date. Total return is not computed on an annualized basis. (4) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets attributable to common shares reflect the Trust's leveraged capital structure. (5) Annualized. (6) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (7) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 48 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
OHIO TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $11.910 $15.000 - ------------------------------------------------------------------- Income (loss) from operations - ------------------------------------------------------------------- Net investment income $ 1.028 $ 0.772 Net realized and unrealized gain (loss) 0.930 (3.035) - ------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 1.958 $(2.263) - ------------------------------------------------------------------- Less distributions - ------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.335) $(0.197) Common Shareholders -- From net investment income $(0.713) $(0.502) - ------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(1.048) $(0.699) - ------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $(0.043) - ------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $(0.085) - ------------------------------------------------------------------- NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $12.820 $11.910 - ------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $11.375 $11.250 - ------------------------------------------------------------------- TOTAL RETURN(3) 7.55% (22.06)% - -------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 49 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
OHIO TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Ratios/Supplemental Data+ ++ - ------------------------------------------------------------------- Net assets, end of year (000's omitted) $59,121 $56,549 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 2.08% 1.84%(5) Net expenses after custodian fee reduction(4) 2.01% 1.77%(5) Net investment income(4) 8.56% 6.74%(5) Portfolio Turnover 26% 136% + The expenses of the Trust reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 2.16% 1.96%(5) Expenses after custodian fee reduction(4) 2.09% 1.89%(5) Net investment income(4) 8.48% 6.62%(5) Net investment income per share $ 1.018 $ 0.758 - ------------------------------------------------------------------- ++ The ratios reported above are based on net assets attributable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.22% 1.17%(5) Net expenses after custodian fee reduction 1.18% 1.13%(5) Net investment income 5.02% 4.31%(5) + The expenses of the Trust reflect a reduction of the Investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.26% 1.25%(5) Expenses after custodian fee reduction 1.22% 1.21%(5) Net investment income 4.98% 4.23%(5) - ------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 940 940 Asset coverage per preferred share(6) $62,895 $60,158 Involuntary liquidation preference per preferred share(7) $25,000 $25,000 Approximate market value per preferred share(7) $25,000 $25,000 - -------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (3) Total return is calculated assuming a purchase at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed reinvested at the net asset value on the reinvestment date. Total return is not computed on an annualized basis. (4) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets attributable to common shares reflect the Trust's leveraged capital structure. (5) Annualized. (6) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from Trust's total assets, and dividing this by the number of preferred shares outstanding. (7) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 50 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
PENNSYLVANIA TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Net asset value -- Beginning of year (Common shares) $11.840 $15.000 - ------------------------------------------------------------------- Income (loss) from operations - ------------------------------------------------------------------- Net investment income $ 1.013 $ 0.780 Net realized and unrealized gain (loss) 1.147 (3.108) - ------------------------------------------------------------------- TOTAL INCOME (LOSS) FROM OPERATIONS $ 2.160 $(2.328) - ------------------------------------------------------------------- Less distributions - ------------------------------------------------------------------- Preferred Shareholders -- From net investment income $(0.332) $(0.201) Common Shareholders -- From net investment income $(0.708) $(0.502) - ------------------------------------------------------------------- TOTAL DISTRIBUTIONS $(1.040) $(0.703) - ------------------------------------------------------------------- PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ -- $(0.043) - ------------------------------------------------------------------- PREFERRED SHARES UNDERWRITING DISCOUNTS $ -- $(0.086) - ------------------------------------------------------------------- NET ASSET VALUE -- END OF YEAR (COMMON SHARES) $12.960 $11.840 - ------------------------------------------------------------------- MARKET VALUE -- END OF YEAR (COMMON SHARES) $10.625 $10.750 - ------------------------------------------------------------------- TOTAL RETURN(3) 5.29% (25.50)% - -------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS 51 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 FINANCIAL STATEMENTS CONT'D FINANCIAL HIGHLIGHTS SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED
PENNSYLVANIA TRUST --------------------------------- YEAR ENDED NOVEMBER 30, --------------------------------- 2000(1) 1999(1)(2) - ------------------------------------------------------------------- Ratios/Supplemental Data+ ++ - ------------------------------------------------------------------- Net assets, end of year (000's omitted) $57,021 $54,045 Ratios (As a percentage of average net assets attributable to common shares): Net expenses(4) 1.95% 1.77%(5) Net expenses after custodian fee reduction(4) 1.86% 1.70%(5) Net investment income(4) 8.46% 6.85%(5) Portfolio Turnover 19% 79% + The expenses of the Trust reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios and net investment income per share would have been as follows: Ratios (As a percentage of average net assets attributable to common shares): Expenses(4) 2.14% 1.98%(5) Expenses after custodian fee reduction(4) 2.05% 1.91%(5) Net investment income(4) 8.27% 6.64%(5) Net investment income per share $ 0.990 $ 0.756 - ------------------------------------------------------------------- ++ The ratios reported above are based on net assets attributable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows: Ratios (As a percentage of average total net assets): Net expenses 1.14% 1.13%(5) Net expenses after custodian fee reduction 1.09% 1.08%(5) Net investment income 4.96% 4.37%(5) + The expenses of the Trust reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows: Ratios (As a percentage of average total net assets): Expenses 1.25% 1.26%(5) Expenses after custodian fee reduction 1.20% 1.21%(5) Net investment income 4.85% 4.24%(5) - ------------------------------------------------------------------- Senior Securities: Total preferred shares outstanding 900 900 Asset coverage per preferred share(6) $63,357 $60,050 Involuntary liquidation preference per preferred share(7) $25,000 $25,000 Approximate market value per preferred share(7) $25,000 $25,000 - -------------------------------------------------------------------
(1) Computed using average common shares outstanding. (2) For the period from the start of business, January 29, 1999, to November 30, 1999. (3) Total return is calculated assuming a purchase at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed reinvested at the net asset value on the reinvestment date. Total return is not computed on an annualized basis. (4) Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets attributable to common shares reflect the Trust's leveraged capital structure. (5) Annualized. (6) Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding. (7) Plus accumulated and unpaid dividends. SEE NOTES TO FINANCIAL STATEMENTS 52 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 NOTES TO FINANCIAL STATEMENTS 1 Significant Accounting Policies - ------------------------------------------- Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Florida Municipal Income Trust (Florida Trust), Eaton Vance Massachusetts Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust), and Eaton Vance Pennsylvania Municipal Income Trust (Pennsylvania Trust), (individually referred to as the Trust or collectively the Trusts) are registered under the Investment Company Act of 1940, as amended, as non-diversified, closed-end management investment companies. The Trusts were organized under the laws of the Commonwealth of Massachusetts by an Agreement and Declaration of Trust dated December 10, 1998. Each Trust's investment objective is to achieve current income exempt from regular federal income taxes and taxes in its specified state. Each Trust seeks to achieve its objective by investing primarily in investment grade municipal obligations issued by its specified state. The following is a summary of significant accounting policies consistently followed by each Trust in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles. A Investment Valuation -- Municipal bonds are normally valued on the basis of valuations furnished by a pricing service. Taxable obligations, if any, for which price quotations are readily available are normally valued at the mean between the latest bid and asked prices. Futures contracts listed on the commodity exchanges are valued at closing settlement prices. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates fair value. Investments for which valuations or market quotations are unavailable are valued at fair value using methods determined in good faith by or at the direction of the Trustees. B Investment Transactions -- Investment transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined using the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the transaction date. The securities so purchased are subject to market fluctuations during this period. To the extent that when-issued or delayed delivery purchases are outstanding, the Trust instructs the custodian to segregate assets in a separate account, with a current value at least equal to the amount of its purchase commitments. C Income -- Interest income is determined on the basis of interest accrued adjusted for amortization of premium or discount on long-term debt securities when required for federal income tax purposes. Dividend income is recorded on the ex-dividend date. The Trusts will adopt the provisions of the AICPA Audit and Accounting Guide for Investment Companies, as revised, effective for fiscal years beginning after December 15, 2000. As required, the Trusts will begin accreting market discounts on debt securities effective January 1, 2001. Prior to this date, the Trusts did not accrete market discounts on debt securities. The cumulative effect of this accounting change will have no impact on the total net assets of each Trust. The impact of this accounting change has not been determined but will result in an increase to cost of securities and a corresponding increase in net unrealized depreciation based on securities held as of November 30, 2000. 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, 2000, the Trusts, for federal income tax purposes, had capital loss carryovers which will reduce taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryovers of each Trust are as follows:
FUND AMOUNT EXPIRES ----------------------------------------------------------------------------------------- California Trust $2,239,451 November 30, 2008 6,426,778 November 30, 2007 Florida Trust 1,777,536 November 30, 2008 2,089,704 November 30, 2007 Massachusetts Trust 1,739,252 November 30, 2008 1,625,192 November 30, 2007 Michigan Trust 624,509 November 30, 2008 1,193,621 November 30, 2007 New Jersey Trust 3,178,038 November 30, 2008 4,426,695 November 30, 2007 New York Trust 1,920,646 November 30, 2008 6,127,495 November 30, 2007
53 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 NOTES TO FINANCIAL STATEMENTS CONT'D
FUND AMOUNT EXPIRES ----------------------------------------------------------------------------------------- Ohio Trust $ 643,577 November 30, 2008 2,126,380 November 30, 2007 Pennsylvania Trust 807,118 November 30, 2008 1,594,189 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. E Organization and Offering Costs -- Costs incurred by each Trust in connection with its organization have been expensed. Costs incurred by the Trust in connection with the offerings of the common shares and preferred shares were recorded as a reduction of capital paid in excess of par applicable to common shares. F Financial Futures Contracts -- Upon the entering of a financial futures contract, a Trust is required to deposit (initial margin) either in cash or securities an amount equal to a certain percentage of the purchase price indicated in the financial futures contract. Subsequent payments are made or received by a Trust (margin maintenance) each day, dependent on the daily fluctuations in the value of the underlying security, and are recorded for book purposes as unrealized gains or losses by a Trust. A Trust's investment in financial futures contracts is designed for both hedging against anticipated future changes in interest rates and investment purposes. Should interest rates move unexpectedly, a Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. G Options on Financial Futures Contracts -- Upon the purchase of a put option on a financial futures contract by a Trust, the premium paid is recorded as an investment, the value of which is marked-to-market daily. When a purchased option expires, a Trust will realize a loss in the amount of the cost of the option. When a Trust enters into a closing sale transaction, a Trust will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. When a Trust exercises a put option, settlement is made in cash. The risk associated with purchasing put options is limited to the premium originally paid. H Use of Estimates -- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates. I Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian of the Trusts. Pursuant to the respective custodian agreements, IBT receives a fee reduced by credits which are determined based on the daily average cash balances each Trust maintains with IBT. All significant credit balances used to reduce the Trusts' custodian fees are reported as a reduction of total expenses in the Statement of Operations. 2 Auction Preferred Shares (APS) - ------------------------------------------- Each Trust issued Auction Preferred Shares on March 1, 1999 in a public offering. The underwriting discounts and other offering costs were recorded as a reduction of capital of the common shares of each Trust. Dividends on the APS, which accrue daily, are cumulative at a rate which was established at the offering of each Trust's APS and have been reset every seven days thereafter by an auction. Auction Preferred Shares issued and outstanding as of November 30, 2000 and dividend rate ranges for the year ended November 30, 2000 are as indicated below:
PREFERRED SHARES DIVIDENDS RATE TRUST ISSUED AND OUTSTANDING RANGES ---------------------------------------------------------------------------------------- California Trust 2,360 2.00% - 4.25% Florida Trust 1,420 2.50% - 4.95% Massachusetts Trust 860 2.34% - 4.75% Michigan Trust 700 2.70% - 4.50% New Jersey Trust 1,520 2.40% - 4.75% New York Trust 1,780 2.45% - 4.55% Ohio Trust 940 2.65% - 4.88% Pennsylvania Trust 900 2.61% - 4.85%
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 54 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 NOTES TO FINANCIAL STATEMENTS CONT'D 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 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 the Auction Preferred Shares on November 30, 2000 was 4.00%, 4.00%, 2.61%, 4.00%, 4.00%, 3.68%, 4.10%, and 4.00%, for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively. For the year ended November 30, 2000, the amount of dividends each Trust paid to Auction Preferred shareholders and average APS dividend rates for such period were as follows:
DIVIDENDS PAID TO AVERAGE APS TRUST PREFERRED SHAREHOLDERS DIVIDEND RATES -------------------------------------------------------------------------------- California Trust $1,981,715 3.39% Florida Trust 1,428,492 3.97% Massachusetts Trust 740,116 3.44% Michigan Trust 669,102 3.78% New Jersey Trust 1,449,883 3.83% New York Trust 1,594,844 3.54% Ohio Trust 931,399 3.99% Pennsylvania Trust 885,222 3.95%
4 Investment Adviser Fee and Other Transactions with Affiliates - ------------------------------------------- The investment adviser fee, computed at an annual rate of 0.70% of each Trust's average weekly gross assets, was earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. Except for Trustees of each Trust who are not members of EVM's organization, officers and Trustees receive remuneration for their services to each Trust out of such investment adviser fee. For the year ended November 30, 2000, the fee was equivalent to 0.70% of each Trust's average weekly gross assets and amounted to $1,190,371, $600,967, $359,019, $297,428, $633,485, $759,067, $396,139, and $378,709, for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively. In order to enhance the net income of Florida Trust, Michigan Trust, Ohio Trust and Pennsylvania Trust, EVM waived a portion of its investment advisory fee in the amount of $38,341, $7,712, $25,325, and $60,023, respectively. EVM also serves as the administrator of each Trust. An administration fee, computed at the annual rate of 0.20% of the average weekly gross assets of each Trust is paid to EVM for administering business affairs of each Trust. For the year ended November 30, 2000, the administrative fee amounted to $287,075, $172,685, $102,567, $84,962, $181,441, $216,229, $113,612, and $109,042, for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively. Trustees of the Trusts that are not affiliated with the Investment Adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended November 30, 2000, no significant amounts have been deferred. Certain officers and one Trustee of each Trust are officers of the above organization. 5 Investments - ------------------------------------------- Purchases and sales of investments, other than U.S. Government securities and short-term obligations for the year ended November 30, 2000 were as follows:
CALIFORNIA TRUST ----------------------------------------------------- Purchases $41,348,011 Sales 40,947,917 FLORIDA TRUST ----------------------------------------------------- Purchases $17,083,705 Sales 18,027,696
55 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 NOTES TO FINANCIAL STATEMENTS CONT'D
MASSACHUSETTS TRUST ----------------------------------------------------- Purchases $16,481,402 Sales 16,297,949 MICHIGAN TRUST ----------------------------------------------------- Purchases $ 7,644,037 Sales 7,946,890 NEW JERSEY TRUST ----------------------------------------------------- Purchases $48,365,585 Sales 50,414,004 NEW YORK TRUST ----------------------------------------------------- Purchases $38,731,721 Sales 39,665,870 OHIO TRUST ----------------------------------------------------- Purchases $15,741,423 Sales 14,872,327 PENNSYLVANIA TRUST ----------------------------------------------------- Purchases $10,236,987 Sales 10,690,377
6 Federal Income Tax Basis of Investments - ------------------------------------------- The cost and unrealized depreciation in value of the investments owned by each Trust at November 30, 2000, as computed for Federal income tax purposes, were as follows:
CALIFORNIA TRUST ------------------------------------------------------ AGGREGATE COST $153,997,566 ------------------------------------------------------ Gross unrealized appreciation $ 1,992,902 Gross unrealized depreciation (5,423,898) ------------------------------------------------------ NET UNREALIZED DEPRECIATION $ (3,430,996) ------------------------------------------------------ FLORIDA TRUST ------------------------------------------------------ AGGREGATE COST $ 93,579,212 ------------------------------------------------------ Gross unrealized appreciation $ 1,051,484 Gross unrealized depreciation (4,969,528) ------------------------------------------------------ NET UNREALIZED DEPRECIATION $ (3,918,044) ------------------------------------------------------ MASSACHUSETTS TRUST ------------------------------------------------------ AGGREGATE COST $ 55,705,380 ------------------------------------------------------ Gross unrealized appreciation $ 719,571 Gross unrealized depreciation (3,454,592) ------------------------------------------------------ NET UNREALIZED DEPRECIATION $ (2,735,021) ------------------------------------------------------ MICHIGAN TRUST ------------------------------------------------------ AGGREGATE COST $ 46,120,770 ------------------------------------------------------ Gross unrealized appreciation $ 399,979 Gross unrealized depreciation (2,434,380) ------------------------------------------------------ NET UNREALIZED DEPRECIATION $ (2,034,401) ------------------------------------------------------ NEW JERSEY TRUST ------------------------------------------------------ AGGREGATE COST $ 94,628,970 ------------------------------------------------------ Gross unrealized appreciation $ 1,898,070 Gross unrealized depreciation (4,302,856) ------------------------------------------------------ NET UNREALIZED DEPRECIATION $ (2,404,786) ------------------------------------------------------ NEW YORK TRUST ------------------------------------------------------ AGGREGATE COST $113,519,251 ------------------------------------------------------ Gross unrealized appreciation $ 2,154,728 Gross unrealized depreciation (4,092,028) ------------------------------------------------------ NET UNREALIZED DEPRECIATION $ (1,937,300) ------------------------------------------------------ OHIO TRUST ------------------------------------------------------ AGGREGATE COST $ 61,497,905 ------------------------------------------------------ Gross unrealized appreciation $ 729,245 Gross unrealized depreciation (3,759,567) ------------------------------------------------------ NET UNREALIZED DEPRECIATION $ (3,030,322) ------------------------------------------------------ PENNSYLVANIA TRUST ------------------------------------------------------ AGGREGATE COST $ 58,735,177 ------------------------------------------------------ Gross unrealized appreciation $ 327,646 Gross unrealized depreciation (3,112,832) ------------------------------------------------------ NET UNREALIZED DEPRECIATION $ (2,785,186) ------------------------------------------------------
56 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 NOTES TO FINANCIAL STATEMENTS CONT'D 7 Shares of Beneficial Interest - ------------------------------------------- Each Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional $0.01 par value common shares. Transactions in common shares were as follows:
CALIFORNIA TRUST ------------------- YEAR ENDED NOVEMBER 30, ------------------- 2000 1999(1) ------------------------------------------------------------- Sales -- 7,015,000 Shares issued pursuant to the Trust's dividend reinvestment plan 38,649 58,089 ------------------------------------------------------------- NET INCREASE 38,649 7,073,089 ------------------------------------------------------------- FLORIDA TRUST ------------------- YEAR ENDED NOVEMBER 30, ------------------- 2000 1999(1) ------------------------------------------------------------- Sales -- 4,197,500 Shares issued pursuant to the Trust's dividend reinvestment plan 4,634 20,554 ------------------------------------------------------------- NET INCREASE 4,634 4,218,054 ------------------------------------------------------------- MASSACHUSETTS TRUST ------------------- YEAR ENDED NOVEMBER 30, ------------------- 2000 1999(1) ------------------------------------------------------------- Sales -- 2,530,000 Shares issued pursuant to the Trust's dividend reinvestment plan 26,104 31,484 ------------------------------------------------------------- NET INCREASE 26,104 2,561,484 ------------------------------------------------------------- MICHIGAN TRUST ------------------- YEAR ENDED NOVEMBER 30, ------------------- 2000 1999(1) ------------------------------------------------------------- Sales -- 2,070,000 Shares issued pursuant to the Trust's dividend reinvestment plan -- 8,530 ------------------------------------------------------------- NET INCREASE -- 2,078,530 ------------------------------------------------------------- NEW JERSEY TRUST ------------------- YEAR ENDED NOVEMBER 30, ------------------- 2000 1999(1) ------------------------------------------------------------- Sales -- 4,450,000 Shares issued pursuant to the Trust's dividend reinvestment plan 6,404 21,641 ------------------------------------------------------------- NET INCREASE 6,404 4,471,641 ------------------------------------------------------------- NEW YORK TRUST ------------------- YEAR ENDED NOVEMBER 30, ------------------- 2000 1999(1) ------------------------------------------------------------- Sales -- 5,250,000 Shares issued pursuant to the Trust's dividend reinvestment plan 17,962 25,293 ------------------------------------------------------------- NET INCREASE 17,962 5,275,293 ------------------------------------------------------------- OHIO TRUST ------------------- YEAR ENDED NOVEMBER 30, ------------------- 2000 1999(1) ------------------------------------------------------------- Sales -- 2,760,000 Shares issued pursuant to the Trust's dividend reinvestment plan 3,170 7,587 ------------------------------------------------------------- NET INCREASE 3,170 2,767,587 ------------------------------------------------------------- PENNSYLVANIA TRUST ------------------- YEAR ENDED NOVEMBER 30, ------------------- 2000 1999(1) ------------------------------------------------------------- Sales -- 2,645,000 Shares issued pursuant to the Trust's dividend reinvestment plan -- 11,576 ------------------------------------------------------------- NET INCREASE -- 2,656,576 -------------------------------------------------------------
(1) For the period from the start of business, January 29, 1999 to November 30, 1999. 57 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 NOTES TO FINANCIAL STATEMENTS CONT'D 8 Financial Instruments - ------------------------------------------- Each Trust regularly trades in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Trust has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at November 30, 2000 is as follows:
EXPIRATION NET UNREALIZED TRUST DATE CONTRACTS POSITION DEPRECIATION ------------------------------------------------------------------------------------------------ New York 3/01 60 US Treasury Bond Short $(88,733) Ohio 3/01 40 US Treasury Bond Short $(59,155)
At November 30, 2000, the Trusts had sufficient cash and/ or securities to cover margin requirements on open future contracts. 58 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES AND SHAREHOLDERS OF EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST, EATON VANCE FLORIDA MUNICIPAL INCOME TRUST, EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST, EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST, EATON VANCE NEW JERSEY MUNICIPAL INCOME TRUST, EATON VANCE NEW YORK MUNICIPAL INCOME TRUST, EATON VANCE OHIO MUNICIPAL INCOME TRUST, AND EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST: - --------------------------------------------- We have audited the accompanying statement of assets and liabilities, including the portfolios of investments, of Eaton Vance California Municipal Income Trust, Eaton Vance Florida Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust (the Trusts) as of November 30, 2000, the related statements of operations, and changes in net assets and the financial highlights for the year ended November 30, 2000 and for the period from the start of business, January 29, 1999, to November 30, 1999. These financial statements and financial highlights are the responsibility of the Trusts' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. Our procedures included confirmation of securities held as of November 30, 2000 by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements and financial highlights, referred to above, present fairly, in all material respects, the financial position of Eaton Vance California Municipal Income Trust, Eaton Vance Florida Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust at November 30, 2000, and the results of their operations, the changes in their net assets and their financial highlights for the respective stated periods, in conformity with accounting principles generally accepted in the United States of America. DELOITTE & TOUCHE LLP Boston, Massachusetts December 29, 2000 59 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 inquiries regarding the Plan can be directed to the Plan Agent, PFPC, Inc., at 1-800-331-1710. 60 APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan. The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan. ------------------------------------------------------ Please print exact name on account ------------------------------------------------------ Shareholder signature Date ------------------------------------------------------ Shareholder signature Date Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY. THIS AUTHORIZATION FORM, WHEN SIGNED, SHOULD BE MAILED TO THE FOLLOWING ADDRESS: Eaton Vance Municipal Income Trusts c/o PFPC, Inc. P.O. Box 8030 Boston, MA 02266-8030 800-331-1710 - -------------------------------------------------------------------------------- NUMBER OF EMPLOYEES Each Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end, nondiversified, management investment company and has no employees. NUMBER OF SHAREHOLDERS As of November 30, 2000, our records indicate that there are 82, 57, 64, 38, 58, 57, 64 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 2,700, 1,900, 1,200, 1,100, 1,900, 2,400, 1,400, and 1,400 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
61 EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2000 INVESTMENT MANAGEMENT EATON VANCE MUNICIPAL INCOME TRUSTS Officers Thomas J. Fetter President and Porfolio Manager of New York and Ohio Municipal Income Trusts James B. Hawkes Vice President and Trustee Robert B. MacIntosh Vice President and Portfolio Manager of Massachusetts and New Jersey Municipal Income Trusts Cynthia J. Clemson Vice President and Portfolio Manager of California, Florida and Pennsylvania Municipal Income Trusts William H. Ahern, Jr. Vice President and Portfolio Manager of Michigan Municipal Income Trust James L. O'Connor Treasurer Alan R. Dynner Secretary Trustees Jessica M. Bibliowicz President and Chief Executive Officer, National Financial Partners Donald R. Dwight President, Dwight Partners, Inc. Samuel L. Hayes, III Jacob H. Schiff Professor of Investment Banking Emeritus, Harvard University Graduate School of Business Administration Norton H. Reamer Chairman and Chief Operating Officer, Hellman, Jordan Management Co., Inc. President, Jordan Simmons Capital LLC and Unicorn Corporation Lynn A. Stout Professor of Law, Georgetown University Law Center Jack L. Treynor Investment Adviser and Consultant 62 -----END PRIVACY-ENHANCED MESSAGE-----