<DOCUMENT>
<TYPE>N-30D
<SEQUENCE>1
<FILENAME>a2068300zn-30d.txt
<DESCRIPTION>N-30D
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<Page>
[Eaton Vance
Logo]                                                               EDUCATION


Annual Report November 30, 2001


[PHOTO
OF                    EATON VANCE                                    California
HIGHWAY]               MUNICIPAL                                        Florida
                        INCOME                                    Massachusetts
                        TRUSTS                                         Michigan
                                                                     New Jersey
                                                                       New York
                                                                           Ohio
                                                                   Pennsylvania


[PHOTO OF BRIDGE]
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS as of November 30, 2001
--------------------------------------------------------------------------------
L E T T E R   T O   S H A R E H O L D E R S
--------------------------------------------------------------------------------

[PHOTO OF           As a major financing mechanism for local and state public
THOMAS J. FETTER]   initiatives, the municipal bond market is among the most
                    complex areas of the fixed-income investment universe. More
                    than 50,000 state and local entities issue municipal
Thomas J. Fetter    securities, with 1.5 million separate bond issues
President           outstanding. Not surprisingly, given the complexity and
                    diversity of this market, professional trading expertise
provides a distinct advantage to mutual fund investors. As part of our
continuing series, we thought it might be helpful to discuss some of the trading
fundamentals within this dynamic market.

THE MUNICIPAL BOND MARKET:
A $1.5 TRILLION OVER-THE-COUNTER
FINANCIAL MARKETPLACE...

Unlike the stock market, which features exchanges that oversee trading in
specific stocks, the $1.5 trillion municipal bond market is traded entirely
over-the-counter. The primary market presents opportunities in new issues
brought to market by underwriters. Typically, the underwriters will indicate a
date on which the bonds will be priced in line with prevailing interest rates.
This notice gives institutional investors time to study the issue as to its
suitability for their needs, while giving the underwriters a fairly accurate
indication of interest from the investment community.

The secondary market features trading in already-outstanding issues. While many
bonds are actively traded, others trade infrequently. This naturally places a
premium on strong research capabilities, with a clear line of communication
between the research and trading areas. Under SEC disclosure rules adopted in
1994, bond issuers must list financial information and data in the Official
Statement of the primary offering and update that information annually, as well
as provide ongoing notice of material events. These regulations were designed to
improve the availability of information, increasing market transparency and
benefiting all municipal investors. A strong research effort keeps the trading
desk up-to-date for any changes in a bond issuer's fundamentals.

BOND PRICES AND YIELDS ARE INFLUENCED
BY MANY FUNDAMENTAL AND TECHNICAL
FACTORS...

Bond prices and yields are based on a variety of important criteria,
incorporating interest rate levels. Key considerations used to evaluate bond
prices include:
     -    Coupon;
     -    Maturity of the bond;
     -    Call provisions;
     -    Trading characteristics of similar, bellwether bonds;
     -    Supply and demand for the bond;
     -    Creditworthiness of the issuer;
     -    Frequency of bond issuance by issuer; and
     -    Trading volume of the issue;

By examining these characteristics and comparing a prospective bond with
bellwether issues, a trader can fairly ascertain at what level an issue is
reasonably priced.

EXPERIENCE, SUPPORT AND MARKET
PRESENCE CAN PROVIDE AN ADVANTAGE...

At Eaton Vance, we have been prominent participants in the municipal market and
have developed a broad trading expertise, as well as a wealth of market
contacts. For example, Eaton Vance has three traders dedicated solely to the
municipal market and backed by a full support staff and a complete range of
research capabilities necessary to meet any market challenge.

The tax-exempt market has historically been a primary engine of public works and
economic development. We remain confident that the future will present
additional opportunities and believe that our trading and research commitments
demonstrate our faith in this exciting market.

                             Sincerely,

                             /s/ Thomas J. Fetter

                             Thomas J. Fetter
                             President
                             January 10, 2002

                                        2
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS as of November 30, 2001
--------------------------------------------------------------------------------
M A R K E T   R E C A P
--------------------------------------------------------------------------------

The U.S. economy weakened significantly in 2001, marking the end of the longest
economic expansion in the nation's history. The pace of job layoffs quickened in
the first half of the year, especially in the technology, telecom and
manufacturing sectors. Then, the tragic events of September 11 exacerbated an
already-difficult situation, and by November, the nation's unemployment rate
rose to 5.7%, its highest level in six years.

WITH JOB LOSSES MOUNTING, GROSS DOMESTIC PRODUCT
CONTRACTED IN THE THIRD QUARTER OF 2001...

In the wake of September 11, consumer sentiment took a decided turn for the
worse, resulting in a much wider economic slump. The heretofore-resilient
retailing, lodging, leisure and airline sectors felt the impact of consumers'
lingering uncertainties and a widespread move to curtail travel plans. As job
cuts mounted and the corporate earnings outlook deteriorated, the nation's Gross
Domestic Product contracted 1.3% in the third quarter of 2001, the first such
quarterly decline since 1991. Echoing the discouraging anecdotal evidence, in
early December the National Bureau of Economic Research -- the agency
responsible for dating economic cycles -- officially pronounced the U.S. economy
to be in a recession. At this writing, it is anticipated that the Commerce
Department will report that GDP declined again in the fourth quarter.

TO BOOST THE ECONOMY, THE FEDERAL RESERVE
LOWERED SHORT-TERM INTEREST RATES ON ELEVEN
OCCASIONS IN 2001...

In an effort to stimulate economic activity, the Federal Reserve continued the
accommodative monetary policy it began in January. By year-end, the Fed had
lowered its benchmark Federal Funds rate -- a key short-term interest rate
barometer -- on eleven occasions by a total of 475 basis points (4.75%). Through
much of the year, the bond market -- which typically moves in the opposite
direction of interest rates -- benefited by the rate cuts, as well as by a
flight to quality by worried investors. In the fourth quarter, however, the
market gave up some of those gains, as investors anticipated an end to the Fed's
interest rate cuts. The Lehman Brothers Municipal Bond Index -- a broad-based,

--------------------------------------------------------------------------------
Municipal bond yields exceeded Treasury yields

<Table>
<S>                                         <C>
         5.31%                                      8.72%
30-YEAR AAA RATED                           TAXABLE EQUIVALENT YIELD
GENERAL OBLIGATION (GO) BONDS*              IN 39.1% TAX BRACKET

         5.28%

30-YEAR TREASURY BOND
</Table>

PRINCIPAL AND INTEREST PAYMENTS OF TREASURY SECURITIES ARE GUARANTEED BY THE
U.S. GOVERNMENT.

*GO YIELDS ARE A COMPILATION OF A REPRESENTATIVE VARIETY OF GENERAL OBLIGATIONS
AND ARE NOT NECESSARILY REPRESENTATIVE OF THE TRUSTS' YIELDS. STATISTICS AS OF
NOVEMBER 30, 2001.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
SOURCE: BLOOMBERG, L.P.
--------------------------------------------------------------------------------

unmanaged index of municipal bonds -- posted a total return of 8.75% for the
year ended November 30, 2001.* Interestingly, Eaton Vance Municipal Income
Trusts benefited additionally from lower rates, as the lower interest rates paid
on their adjustable rate preferred debt allowed the Trusts to raise their
dividends several times during the year.

AMID CONTINUING UNCERTAINTY, MUNICIPAL BONDS
OFFER QUALITY AND A REFUGE FROM VOLATILITY...

In the wake of the tumult of 2001, there is, understandably, a good deal of
uncertainty about the economic and geopolitical future, concerns that are likely
to be reflected in the fixed-income markets in the coming year. However, it is
noteworthy that, amid the frenzy of the past year, the municipal market has
demonstrated considerably less volatility than the Treasury market or the
corporate bond market.

The extent and length of the current recession remain major questions for
investors, as does the impact of the slowdown on state and municipal finances. A
weaker economy could result in lower revenues for states and municipalities, and
possibly increased funding needs, especially for areas such as New York City.

Interestingly, some indicators have suggested that the worst of the recession
may already be behind us. Whatever direction the economy takes in the coming
year, we believe that municipal bonds will continue to pose a quality
alternative for fixed-income investors, while making a major contribution to our
recovery.

          *It is not possible to invest directly in an Index.

                                       3

<Page>
EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST as of November 30, 2001
--------------------------------------------------------------------------------
M A N A G E M E N T   U P D A T E
--------------------------------------------------------------------------------
                    MANAGEMENT DISCUSSION
                    -----------------------------------------------------------

[PHOTO OF           -    California's economy slowed during the past year, with
CYNTHIA J. CLEMSON]      the electronics and construction sectors each featuring
                         significant job losses. A sharp dropoff in technology
                         shipments was attributed to worsening consumer
Cynthia J. Clemson       confidence and slower business demand. California's
Portfolio Manager        jobless rate was 6.0% in November 2001, up from 4.8% a
                         year ago.

-    Insured* transportation bonds constituted the largest sector commitment of
     the Trust at November 30, 2001. The state has upgraded its port and airport
     facilities to adjust to shifting economic requirements. The Trust's
     holdings included, among others, issues for the Port of Oakland and San
     Francisco's Bay Area Rapid Transportation.

-    Insured* general obligations bonds were again a major investment focus. A
     large exposure to high-quality bonds boosted performance, as a decline in
     interest rates generated a strong market rally during much of the fiscal
     year.

-    Special tax revenue bonds were among the Trust's largest sector weightings.
     These issues provide California municipalities an alternative financing
     method for the infrastructure, utilities and transportation projects that
     are needed to support California's rapid population growth.

-    Call protection was an important consideration. Management continued to
     focus on non-callable bonds as well as issues with more attractive
     characteristics, thereby enhancing the Trust's appreciation potential.

<Table>
<Caption>
TRUST STATISTICS(1)
--------------------------------------------------------------------------------
<S>                                        <C>
-   Number of Issues:                      76
-   Effective Maturity:                    16.7 years
-   Average Rating:                        AA-
-   Average Call:                          10.3 years
-   Average Dollar Price:                  $92.16
</Table>

THE TRUST
--------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR

-    Based on share price (traded on the American Stock Exchange), the Trust had
     a total return of 29.65% for the year ended November 30, 2001. That return
     was the result of an increase in share price from $11.688 on November 30,
     2000 to $14.32 on November 30, 2001, and the reinvestment of $0.733 in
     regular monthly dividends.(2)

-    Based on net asset value, the Trust had a total return of 15.43% for the
     year ended November 30, 2001. That return was the result of an increase in
     net asset value from $13.21 on November 30, 2000 to $14.41 on November 30,
     2001, and the reinvestment of all distributions.

-    Based on the most recent dividend and a share price of $14.32 the Trust had
     a market yield of 5.87% at November 30, 2001.(3) The Trust's market yield
     is equivalent to a taxable yield of 10.72%.(4)

RATING DISTRIBUTION(1)
--------------------------------------------------------------------------------
By total investments

[EDGAR REPRESENTATION OF PIE CHART]

<Table>
<S>                        <C>
AAA                        58.0%
AA                          6.8%
A                           9.7%
BBB                         7.5%
Non-Rated                  18.0%
</Table>

--------------------------------------------------------------------------------
Shares of the Trust are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are subject
to investment risks, including possible loss of principal invested. Yields will
vary.
--------------------------------------------------------------------------------

TRUST INFORMATION
AS OF NOVEMBER 30, 2001

Performance(5)
<Table>
<Caption>
--------------------------------------------------------------------------------
Average Annual Total Returns (by market value, American Stock Exchange)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             29.65%
Life of Trust (1/29/99)               4.02

<Caption>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             15.43%
Life of Trust (1/29/99)               4.25
</Table>

For federal income tax purposes, 100% of the total dividends paid by the Trust
from net investment income during the year ended November 30, 2001 was
designated as an exempt interest dividend.

5 Largest Categories(1)
--------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF BAR CHART]

<Table>
<S>                                 <C>
Insured - Transportation*           13.6%
Special Tax Revenues                13.3%
Insured - General Obligations*      12.8%
Insured - Electric Utilities*        9.9%
Insured - Water & Sewer*             9.4%
</Table>

(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject
    to change. Rating Distribution is determined by dividing the total market
    value of the issues by the total investments of the Trust.

(2) A portion of the Trust's income may be subject to federal and state income
    tax and/or federal alternative minimum tax.

(3) The Trust's market yield is calculated by dividing the most recent dividend
    per share by the share price at the end of the period and annualizing the
    result.

(4) Taxable-equivalent yield assumes maximum 45.22% combined federal and state
    income tax rate. A lower rate would result in a lower tax-equivalent figure.

(5) Returns are historical and are calculated by determining the percentage
    change in share price or net asset value with all distributions reinvested.

* Private insurance does not remove the risk of loss of principal associated
  with insured investments, due to changes in market conditions.

  Past performance is no guarantee of future results. Investment return and
  market price will fluctuate so that shares, when sold, may be worth more or
  less than their original cost.

                                       4
<Page>
EATON VANCE FLORIDA MUNICIPAL INCOME TRUST as of November 30, 2001
--------------------------------------------------------------------------------
M A N A G E M E N T   U P D A T E
--------------------------------------------------------------------------------

                         MANAGEMENT DISCUSSION
                         ------------------------------------------------------

[PHOTO OF                -    Florida's tourist-related businesses have slowed
CYNTHIA J. CLEMSON]           in recent months, weakening significantly
                              following the September 11 attacks. Cruise ships
                              and air travel have been especially weak. The
Cynthia J. Clemson            construction sector has seen strong job growth, as
Portfolio Manager             demand for housing has remained fairly robust. The
                              state's jobless rate was 5.0% in November 2001, up
                              from 3.6% a year ago.

-    Insured* special tax revenue bonds represented the Trust's largest sector
     weighting at November 30, 2001. These issues provided a financing
     alternative for a diverse range of facilities for Florida cities and towns
     faced with the infrastructure needs of growing communities.

-    The Trust found good opportunities in water and sewer bonds. Insured* and
     backed by water system bill payments, these issues financed projects to
     upgrade the water facilities for many Florida communities and represented
     high-quality investments.

-    Management also found some opportunities in Puerto Rico bonds. The Trust's
     Puerto Rico holdings included issues for infrastructure repair, electric
     utilities, highways and transportation.

-    Management continued its efforts to provide attractive long-term call
     protection. With the sharp decline of interest rates from last year's
     cyclical highs, call protection has therefore become an increasingly
     important strategic consideration.

<Table>
<Caption>
TRUST STATISTICS(1)
--------------------------------------------------------------------------------
<S>                            <C>
- Number of Issues:            63
- Effective Maturity:          19.7 years
- Average Rating:              AA
- Average Call:                7.8 years
- Average Dollar Price:        $98.17
</Table>

THE TRUST
--------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR

- Based on share price (traded on the American Stock Exchange), the Trust had a
  total return of 34.91% for the year ended November 30, 2001. That return was
  the result of an increase in share price from $10.50 on November 30, 2000 to
  $13.38 on November 30, 2001, and the reinvestment of $0.705 in regular monthly
  dividends.(2)

- Based on net asset value, the Trust had a total return of 16.16% for the year
  ended November 30, 2001. That return was the result of an increase in net
  asset value from $13.07 on November 30, 2000 to $14.34 on November 30, 2001,
  and the reinvestment of all distributions.

- Based on the most recent dividend and a share price of $13.38 the Trust had a
  market yield of 6.03% at November 30, 2001.(3) The Trust's market yield is
  equivalent to a taxable yield of 9.90%.(4)

RATING DISTRIBUTION(1)
--------------------------------------------------------------------------------
By total investments

[EDGAR REPRESENTATION OF PIE CHART]
<Table>
<S>                        <C>
AAA                        61.7%
AA                         11.6%
A                           5.9%
BBB                         2.5%
BB                          0.6%
Non-Rated                  17.7%
</Table>

--------------------------------------------------------------------------------
Shares of the Trust are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are subject
to investment risks, including possible loss of principal invested. Yields will
vary.
--------------------------------------------------------------------------------
TRUST INFORMATION
AS OF NOVEMBER 30, 2001

Performance(5)
<Table>
<Caption>
Average Annual Total Returns (by market value, American Stock Exchange)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             34.91%
Life of Trust (1/29/99)               1.62

<Caption>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             16.16%
Life of Trust (1/29/99)               4.13
</Table>

For federal income tax purposes, 100% of the total dividends paid by the Trust
from net investment income during the year ended November 30, 2001 was
designated as an exempt interest dividend.

5 Largest Categories(1)
--------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF BAR CHART]
<Table>
<S>                                 <C>
Insured - Special Tax Revenues*     16.1%
Insured - Water & Sewer*            11.5%
Insured - Transportation*            9.1%
Insured - Electric Utilities*        8.3%
Insured - Special Tax Revenue        6.7%
</Table>

(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject
    to change. Rating Distribution is determined by dividing the total market
    value of the issues by the total investments of the Trust.

(2) A portion of the Trust's income may be subject to federal and state income
    tax and/or federal alternative minimum tax.

(3) The Trust's market yield is calculated by dividing the most recent dividend
    per share by the share price at the end of the period and annualizing the
    result.

(4) Taxable-equivalent yield assumes maximum 39.10% combined federal and state
    intangibles tax rate. A lower rate would result in a lower tax-equivalent
    figure.

(5) Returns are historical and are calculated by determining the percentage
    change in share price or net asset value with all distributions reinvested.

* Private insurance does not remove the risk of loss of principal associated
  with insured investments, due to changes in market conditions.

Past performance is no guarantee of future results. Investment return and
market price will fluctuate so that shares, when sold, may be worth more or
less than their original cost.

5
<Page>
EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST as of November 30, 2001
--------------------------------------------------------------------------------
M A N A G E M E N T   U P D A T E
--------------------------------------------------------------------------------

                         MANAGEMENT DISCUSSION
                         ------------------------------------------------------
[PHOTO OF                - The Massachusetts economy felt the impact of slower
ROBERT B. MACINTOSH]       sales in technology, a sector characterized by
                           uncertainty and increasing job losses. The financial
                           services sector, for years a stalwart of the local
Robert B. MacIntosh        economy, also featured some layoffs, as weak
Portfolio Manager          financial markets sent some investors to the
                           sidelines. The November 2001 jobless rate was 4.3%,
                           up from 2.5% a year ago.

- Education and insured* education bonds represented the largest weightings in
  the Trust at November 30, 2001. Management focused on issues of well-regarded
  colleges and secondary schools, including Brandeis University, Wellesley
  College, Massachusetts Institute of Technology and Belmont Hill School.

- In a challenging health care climate, the Trust remained very selective with
  respect to the hospital sector, continuing to focus on well-positioned
  institutions in niche markets. The Trust added an attractive issue for UMass
  Medical Center in Worcester.

- The Trust found new opportunities within the transportation sector.
  Investments included an insured* issue for the Massachusetts Port Authority.
  The issue helped finance construction of a new Delta Airlines terminal at
  Boston's Logan Airport.

- Management used selected Puerto Rico bonds to adjust coupon distribution and
  improve call protection. Improving the Trust's call protection was an
  important consideration, given the year's dramatic decline in interest rates.

<Table>
<Caption>
TRUST STATISTICS(1)
--------------------------------------------------------------------------------
<S>                                 <C>
-   Number of Issues:               55
-   Effective Maturity:             21.3 years
-   Average Rating:                 AA-
-   Average Call:                   8.0 years
-   Average Dollar Price:           $95.15
</Table>

THE TRUST
--------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR

- Based on share price (traded on the American Stock Exchange), the Trust had a
  total return of 40.54% for the year ended November 30, 2001. That return was
  the result of an increase in share price from $10.813 on November 30, 2000 to
  $14.37 on November 30, 2001, and the reinvestment of $0.723 in regular monthly
  dividends.(2)

- Based on net asset value, the Trust had a total return of 19.08% for the year
  ended November 30, 2001. That return was the result of an increase in net
  asset value from $12.53 on November 30, 2000 to $14.11 on November 30, 2001,
  and the reinvestment of all distributions.

- Based on the most recent dividend and a share price of $14.37, the Trust had a
  market yield of 5.78% at November 30, 2001.(3) The Trust's market yield is
  equivalent to a taxable yield of 10.14.%.(4)

RATING DISTRIBUTION(1)
--------------------------------------------------------------------------------
By total investments

[EDGAR REPRESENTATION OF PIE CHART]
<Table>
<S>                        <C>
AAA                        54.0%
AA                          5.7%
A                          14.8%
BBB                        16.8%
BB                          1.1%
Non-Rated                   7.6%
</Table>

--------------------------------------------------------------------------------
Shares of the Trust are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are subject
to investment risks, including possible loss of principal invested. Yields will
vary.
--------------------------------------------------------------------------------
TRUST INFORMATION
AS OF NOVEMBER 30, 2001

Performance(5)
<Table>
<Caption>
Average Annual Total Returns (by market value, American Stock Exchange)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             40.54%
Life of Trust (1/29/99)               4.15

<Caption>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             19.08%
Life of Trust (1/29/99)               3.48
</Table>

For federal income tax purposes, 100% of the total dividends paid by the Trust
from net investment income during the year ended November 30, 2001 was
designated as an exempt interest dividend.

5 Largest Categories(1)
--------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF BAR CHART]

<Table>
<S>                                 <C>
Education                           21.3%
Insured - Education*                13.8%
Hospital                            9.5%
Insured - Transportation*           8.4%
Insured - Hospital*                 6.1%
</Table>

(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject
    to change. Rating Distribution is determined by dividing the total market
    value of the issues by the total investments of the Trust.

(2) A portion of the Trust's income may be subject to federal and state income
    tax and/or federal alternative minimum tax.

(3) The Trust's market yield is calculated by dividing the most recent dividend
    per share by the share price at the end of the period and annualizing the
    result.

(4) Taxable-equivalent yield assumes maximum 42.98% combined federal and state
    income tax rate. A lower rate would result in a lower tax-equivalent figure.

(5) Returns are historical and are calculated by determining the percentage
    change in share price or net asset value with all distributions reinvested.

* Private insurance does not remove the risk of loss of principal associated
  with insured investments, due to changes in market conditions.

Past performance is no guarantee of future results. Investment return and market
price will fluctuate so that shares, when sold, may be worth more or less than
their original cost.

6
<Page>
EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST as of November 30, 2001
--------------------------------------------------------------------------------
M A N A G E M E N T   U P D A T E
--------------------------------------------------------------------------------

                         MANAGEMENT DISCUSSION
                         ------------------------------------------------------
[PHOTO OF                - The Michigan economy has suffered from slower
WILLIAM H. AHERN]          manufacturing activity, as the weak global economy
                           has resulted in weaker export demand. While
                           Detroit's auto sales remained brisk, incentives
                           drove Big Three profits lower, threatening further
William H. Ahern           job cuts. The state's November jobless rate rose to
Portfolio Manager          5.7% from 3.8% a year ago.

- Hospital bonds were the largest sector weighting of the Trust at November 30,
  2001. The Trust emphasized high quality institutions with dominant market
  share. Meanwhile, in a weak economic climate, management severely limited the
  Trust's exposure to industrial development bonds.

- Insured* general obligations were among the Trust's largest sector weightings.
  A large exposure to high-quality bonds boosted performance as the market
  rallied in response to the sharp decline in interest rates.

- Selected Puerto Rico bonds afforded the Trust the opportunity for further
  diversification, as well as the ability to adjust coupon structure. The
  Trust's Puerto Rico holdings included issues for infrastructure repair,
  industrial development, highways and transportation.

- The Trust pursued a barbell approach, balancing insured* bonds for liquidity
  and performance with lower-rated bonds that provided attractive yields.
  Management continued to focus on bonds that have superior call protection. In
  a lower interest rate climate, call protection is likely to prove increasingly
  important to performance.

<Table>
<Caption>
TRUST STATISTICS(1)
--------------------------------------------------------------------------------
<S>                          <C>
-    Number of Issues:       54
-    Effective Maturity:     20.5 years
-    Average Rating:         AA
-    Average Call:           10.1 years
-    Average Dollar Price:   $97.86
</Table>

THE TRUST
--------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR

- Based on share price (traded on the American Stock Exchange), the Trust had a
  total return of 31.69% for the year ended November 30, 2001. That return was
  the result of an increase in share price from $10.438 on November 30, 2000 to
  $13.00 on November 30, 2001, and the reinvestment of $0.690 in regular monthly
  dividends.(2)

- Based on net asset value, the Trust had a total return of 17.31% for the year
  ended November 30, 2001. That return was the result of an increase in net
  asset value from $13.06 on November 30, 2000 to $14.49 on November 30, 2001,
  and the reinvestment of all distributions.

- Based on the most recent dividend and a share price of $13.00 the Trust had a
  market yield of 6.00% at November 30, 2001.(3) The Trust's market yield is
  equivalent to a taxable yield of 10.49%.(4)

RATING DISTRIBUTION(1)
--------------------------------------------------------------------------------
By total investments

[EDGAR REPRESENTATION OF PIE CHART]
<Table>
<S>                        <C>
AAA                        62.9%
AA                          5.9%
A                          14.7%
BBB                         5.7%
BB                          1.0%
Non-Rated                   9.8%
</Table>

--------------------------------------------------------------------------------
Shares of the Trust are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are subject
to investment risks, including possible loss of principal invested. Yields will
vary.
--------------------------------------------------------------------------------
TRUST INFORMATION
AS OF NOVEMBER 30, 2001

Performance(5)
<Table>
<Caption>
Average Annual Total Returns (by market value, American Stock Exchange)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             31.69%
Life of Trust (1/29/99)               0.52

<Caption>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             17.31%
Life of Trust (1/29/99)               4.44
</Table>

For federal income tax purposes, 100% of the total dividends paid by the Trust
from net investment income during the year ended November 30, 2001 was
designated as an exempt interest dividend.

5 Largest Categories(1)
--------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF BAR CHART]

<Table>
<S>                                 <C>
Hospital                            23.9%
Insured - General Obligations*      20.6%
General Obligations                  9.6%
Insured - Special Tax Revenue*       8.0%
Insured - Hospital*                  7.3%
</Table>

(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject
    to change. Rating Distribution is determined by dividing the total market
    value of the issues by the total investments of the Trust.

(2) A portion of the Trust's income may be subject to federal and state income
    tax and/or federal alternative minimum tax.

(3) The Trust's market yield is calculated by dividing the most recent dividend
    per share by the share price at the end of the period and annualizing the
    result.

(4) Taxable-equivalent yield assumes maximum 42.80% combined federal and state
    income tax rate. Income may also be subject to single business tax and city
    income tax. A lower rate would result in a lower tax-equivalent figure.

(5) Returns are historical and are calculated by determining the percentage
    change in share price or net asset value with all distributions reinvested.

* Private insurance does not remove the risk of loss of principal associated
  with insured investments, due to changes in market conditions.

Past performance is no guarantee of future results. Investment return and
market price will fluctuate so that shares, when sold, may be worth more or
less than their original cost.

7
<Page>
EATON VANCE NEW JERSEY MUNICIPAL INCOME TRUST as of November 30, 2001
--------------------------------------------------------------------------------
M A N A G E M E N T   U P D A T E
--------------------------------------------------------------------------------

                         MANAGEMENT DISCUSSION
                         ------------------------------------------------------
[PHOTO OF                - New Jersey has reflected the weaker regional
ROBERT B. MACINTOSH]       economy, especially in the aftermath of the
                           September 11 attacks. However, while retail activity
                           has tapered, the construction sector has remained
Robert B. MacIntosh        strong, especially in northern New Jersey. The
Portfolio Manager          state's jobless rate was 4.7% in November 2001,
                           up from 3.8% a year ago.

- In a difficult economic climate, insured* transportation bonds constituted the
  Trust's largest sector weighting at November 30, 2001. The Trust's investments
  included high-quality issuers, such as the Port Authority of New York and New
  Jersey and the Delaware River Port Authority.

- Management took advantage of the opportunity to add attractive new bonds to
  the Trust as they came to market. The Trust's new issues included a Salem
  County issue used to finance pollution control facilities for the Public
  Service Enterprise Group utility.

- As interest rates declined significantly during the fiscal year, management
  continued to adjust the Trust's average coupon and call protection. Selected
  Puerto Rico bonds gave the Trust additional flexibility to refresh the coupon
  structure, as well as to add bonds with more attractive call provisions.

- The Trust remained very selective with respect to the hospital sector.
  Management used the strong market rally as an opportunity to sell hospital
  issues that had performed especially well or had been upgraded.

<Table>
<Caption>
TRUST STATISTICS(1)
--------------------------------------------------------------------------------
<S>                            <C>
-   Number of Issues:          56
-   Effective Maturity:        15.2 years
-   Average Rating:            AA-
-   Average Call:              8.0 years
-   Average Dollar Price:      $100.36
</Table>
THE TRUST
--------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR

- Based on share price (traded on the American Stock Exchange), the Trust had a
  total return of 31.34% for the year ended November 30, 2001. That return was
  the result of a change in share price from $10.75 on November 30, 2000 to
  $13.34 on November 30, 2001, and the reinvestment of $0.712 in regular monthly
  dividends.(2)

- Based on net asset value, the Trust had a total return of 15.85% for the year
  ended November 30, 2001. That return was the result of an increase in net
  asset value from $12.68 on November 30, 2000 to $13.88 on November 30, 2001,
  and the reinvestment of all distributions.

- Based on the most recent dividend and a share price of $13.34 the Trust had a
  market yield of 6.21% at November 30, 2001.(3) The Trust's market yield is
  equivalent to a taxable yield of 10.98%.(4)

RATING DISTRIBUTION(1)
--------------------------------------------------------------------------------
By total investments

[EDGAR REPRESENTATION OF PIE CHART]
<Table>
<S>                        <C>
AAA                        56.1%
AA                          9.2%
A                           6.9%
BBB                        11.3%
BB                          3.3%
Non-Rated                  13.2%
</Table>

--------------------------------------------------------------------------------
Shares of the Trust are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are subject
to investment risks, including possible loss of principal invested. Yields will
vary.
--------------------------------------------------------------------------------
TRUST INFORMATION
AS OF NOVEMBER 30, 2001

Performance(5)
<Table>
<Caption>
Average Annual Total Returns (by market value, American Stock Exchange)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             31.34%
Life of Trust (1/29/99)               1.46

<Caption>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             15.85%
Life of Trust (1/29/99)               2.89
</Table>

For federal income tax purposes, 100% of the total dividends paid by the Trust
from net investment income during the year ended November 30, 2001 was
designated as an exempt interest dividend.

5 Largest Categories(1)
--------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF BAR CHART]

<Table>
<S>                                 <C>
Insured - Transportation*           17.3%
Hospital                            11.0%
Industrial Development Revenue      10.7%
Transportation                      10.6%
Insured - Education*                 8.3%
</Table>

(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject
    to change. Rating Distribution is determined by dividing the total market
    value of the issues by the total investments of the Trust.

(2) A portion of the Trust'sincome may be subject to federal and state income
    tax and/or federal alternative minimum tax.

(3) The Trust's market yield is calculated by dividing the most recent dividend
    per share by the share price at the end of the period and annualizing the
    result.

(4) Taxable-equivalent yield assumes maximum 43.45% combined federal and state
    income tax rate. A lower rate would result in a lower tax-equivalent figure.

(5) Returns are historical and are calculated by determining the percentage
    change in share price or net asset value with all distributions reinvested.

* Private insurance does not remove the risk of loss of principal associated
  with insured investments, due to changes in market conditions.

Past performance is no guarantee of future results. Investment return and market
price will fluctuate so that shares, when sold, may be worth more or less than
their original cost.

8
<Page>
EATON VANCE NEW YORK MUNICIPAL INCOME TRUST as of November 30, 2001
--------------------------------------------------------------------------------
M A N A G E M E N T   U P D A T E
--------------------------------------------------------------------------------

                         MANAGEMENT DISCUSSION
                         ------------------------------------------------------
[PHOTO OF                - The New York economy was dealt a severe blow in
THOMAS J. FETTER]          September, with New York City expected to lose
                           68,000 jobs alone as a direct result of the
                           terrorist attacks. New York has witnessed a decline
Thomas J. Fetter           in tourism and retail activity, while the financial
Portfolio Manager          services sector has suffered layoffs and weaker
                           profits. The state's jobless rate was 5.4% in
                           November 2001, up from 4.5% a year ago.

- Following the events of September 11, management maintained a large exposure
  to essential services bonds, including insured* transportation bonds, the
  Trust's largest sector weighting. These issues receive revenues from fees and
  tolls, which tend to be more stable in a slow economic environment.

- Insured* hospital bonds again represented a major commitment for the Trust.
  The Trust's hospital investments were well-diversified throughout the state
  and included some of the most prominent health care institutions, such as
  Lenox Hill Hospital and Sloan-Kettering Cancer Center.

- Education and insured* education bonds were attractive in a slow economy, as
  they tend to be immune to economic cycles. Investments included issues for
  such institutions as Cornell University, Rockefeller University, Cooper Union
  and New York University.

- Management continued its efforts to upgrade the Trust's call protection. The
  Trust sold bonds with approaching call dates in favor of high quality,
  non-callable bonds and bonds with more attractive call characteristics.

<Table>
<Caption>
TRUST STATISTICS(1)
--------------------------------------------------------------------------------
<S>                                <C>
-    Number of Issues:             57
-    Effective Maturity:           14.7 years
-    Average Rating:               AA-
-    Average Call:                 9.0 years
-    Average Dollar Price:         $102.11
</Table>

THE TRUST
--------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR

- Based on share price (traded on the American Stock Exchange), the Trust had a
  total return of 38.30% for the year ended November 30, 2001. That return was
  the result of an increase in share price from $10.75 on November 30, 2000 to
  $14.05 on November 30, 2001, and the reinvestment of $0.727 in regular monthly
  dividends.(2)

- Based on net asset value, the Trust had a total return of 16.06% for the year
  ended November 30, 2001. That return was the result of an increase in net
  asset value from $13.02 on November 30, 2000 to $14.28 on November 30, 2001,
  and the reinvestment of distributions.

- Based on the most recent dividend and a share price of $14.05 the Trust had a
  market yield of 6.00% at November 30, 2001.(3) The Trust's market yield is
  equivalent to a taxable yield of 10.66%.(4)

RATING DISTRIBUTION(1)
--------------------------------------------------------------------------------
By total investments

[EDGAR REPRESENTATION OF PIE CHART]

<Table>
<S>                        <C>
AAA                        44.8%
AA                         18.3%
A                          18.7%
BBB                         4.9%
B                           0.5%
Non-Rated                  12.0%
</Table>

--------------------------------------------------------------------------------
Shares of the Trust are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are subject
to investment risks, including possible loss of principal invested. Yields will
vary.
--------------------------------------------------------------------------------
TRUST INFORMATION
AS OF NOVEMBER 30, 2001

Performance(5)
<Table>
<Caption>
Average Annual Total Returns (by market value, American Stock Exchange)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             38.30%
Life of Trust (1/29/99)               3.36

<Caption>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             16.06%
Life of Trust (1/29/99)               3.96
</Table>

For federal income tax purposes, 100% of the total dividends paid by the Trust
from net investment income during the year ended November 30, 2001 was
designated as an exempt interest dividend.

5 Largest Categories(1)
--------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF BAR CHART]

<Table>
<S>                                 <C>
Insured - Transportation*           17.4%
Education                           10.3%
Insured - Hospital*                  9.9%
Hospital                             9.1%
Electric Utility                     7.3%
</Table>

(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject
    to change. Rating Distribution is determined by dividing the total market
    value of the issues by the total investments of the Trust.

(2) A portion of the Trust's income may be subject to federal and state income
    tax and/or federal alternative minimum tax.

(3) The Trust's market yield is calculated by dividing the most recent dividend
    per share by the share price at the end of the period and annualizing the
    result.

(4) Taxable-equivalent yield assumes maximum 43.74% combined federal and state
    income tax rate. New York City residents may be subject to New York City
    personal income tax. A lower rate would result in a lower tax-equivalent
    figure.

(5) Returns are historical and are calculated by determining the percentage
    change in share price or net asset value with all distributions reinvested.

* Private insurance does not remove the risk of loss of principal associated
  with insured investments due, to changes in market conditions.

Past performance is no guarantee of future results. Investment return and market
price will fluctuate so that shares, when sold, may be worth more or less than
their original cost.

9
<Page>
EATON VANCE OHIO MUNICIPAL INCOME TRUST as of November 30, 2001
--------------------------------------------------------------------------------
M A N A G E M E N T   U P D A T E
--------------------------------------------------------------------------------

                         MANAGEMENT DISCUSSION
                         ------------------------------------------------------
[PHOTO OF                - Ohio's manufacturing sector weakened significantly
THOMAS J. FETTER]          in 2001. As demand for steel and fabricated metal
                           products softened, steel plant utilization fell well
                           below optimal capacity. Demand for temporary
Thomas J. Fetter           business help, however, increased somewhat. Ohio's
Portfolio Manager          jobless rate was 4.7% in November 2001, up from 4.0%
                           a year ago.

- Industrial development revenue bonds remained the Trust's largest sector
  weighting at November 30, 2001. In a weaker economy, management closely
  monitored companies for signs of deteriorating fundamentals. The Trust's
  investments included non-manufacturing investments, such as Anheuser-Busch,
  the nation's leading brewer.

- Insured* general obligations and general obligations were among the Trust's
  largest sector weightings. A large exposure to these high-quality bonds
  contributed to performance, as lower interest rates during the year generated
  a strong bond rally.

- Hospital bonds represented a significant investment for the Trust during the
  fiscal year. In the competitive Ohio hospital market, the Trust focused on
  those institutions with sound financial structures, good management and a
  favorable demographic base.

- Management continued its efforts to upgrade the Trust's call protection. The
  Trust sold bonds with approaching call dates in favor of bonds - including
  non-callable bonds - with more attractive call characteristics.

<Table>
<Caption>
TRUST STATISTICS(1)
--------------------------------------------------------------------------------
<S>                                   <C>
-   Number of Issues:                 47
-   Effective Maturity:               17.0 years
-   Average Rating:                   AA-
-   Average Call:                     9.6 years
-   Average Dollar Price:             $98.55
</Table>

THE TRUST
--------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR

- Based on share price (traded on the American Stock Exchange), the Trust had a
  total return of 26.39% for the year ended November 30, 2001. That return was
  the result of an increase in share price from $11.375 on November 30, 2000 to
  $13.62 on November 30, 2001, and the reinvestment of $0.710 in regular monthly
  dividends.(2)

- Based on net asset value, the Trust had a total return of 15.87% for the year
  ended November 30, 2001. That return was the result of an increase in net
  asset value from $12.82 on November 30, 2000 to $14.07 on November 30, 2001,
  and the reinvestment of all distributions.

- Based on the most recent dividend and a share price of $13.62 the Trust had a
  market yield of 5.78% at November 30, 2001.(3) The Trust's market yield is
  equivalent to a taxable yield of 10.35%.(4)

RATING DISTRIBUTION(1)
--------------------------------------------------------------------------------
By total investments

[EDGAR REPRESENTATION OF PIE CHART]

<Table>
<S>                        <C>
AAA                        46.6%
AA                         12.4%
A                          19.5%
BBB                         8.6%
Non-Rated                  12.9%
</Table>

--------------------------------------------------------------------------------
Shares of the Trust are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are subject
to investment risks, including possible loss of principal invested. Yields will
vary.
--------------------------------------------------------------------------------
TRUST INFORMATION
AS OF NOVEMBER 30, 2001

Performance(5)
<Table>
<Caption>
Average Annual Total Returns (by market value, American Stock Exchange)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             26.39%
Life of Trust (1/29/99)               2.05

<Caption>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             15.87%
Life of Trust (1/29/99)               3.24
</Table>

For federal income tax purposes, 100% of the total dividends paid by the Trust
from net investment income during the year ended November 30, 2001 was
designated as an exempt interest dividend.

5 Largest Categories(1)
--------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF BAR CHART]

<Table>
<S>                                 <C>
Industrial Development Revenue      16.0%
Insured - Special Tax Revenues*     12.6%
Insured - General Obligations*      10.4%
Hospital                            10.3%
Insured - Education*                 7.3%
</Table>

(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject
    to change. Rating Distribution is determined by dividing the total market
    value of the issues by the total investments of the Trust.

(2) A portion of the Trust's income may be subject to federal and state income
    tax and/or federal alternative minimum tax.

(3) The Trust's market yield is calculated by dividing the most recent dividend
    per share by the share price at the end of the period and annualizing the
    result.

(4) Taxable-equivalent yield assumes maximum 44.13% combined federal and state
    income tax rate. A lower rate would result in a lower tax-equivalent figure.

(5) Returns are historical and are calculated by determining the percentage
    change in share price or net asset value with all distributions reinvested.

* Private insurance does not remove the risk of loss of principal associated
  with insured investments, due to changes in market conditions.

Past performance is no guarantee of future results. Investment return and
market price will fluctuate so that shares, when sold, may be worth more or
less than their original cost.

10
<Page>
EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST as of November 30, 2001
--------------------------------------------------------------------------------
M A N A G E M E N T   U P D A T E
--------------------------------------------------------------------------------

                         MANAGEMENT DISCUSSION
                         ------------------------------------------------------
[PHOTO OF                - Pennsylvania job growth slowed significantly in
CYNTHIA J. CLEMSON]        the past six months, with the manufacturing sector
                           especially hard hit. Interestingly, the building
                           trades remained relatively strong, especially
Cynthia J. Clemson         compared to previous recessions. Pennsylvania's
Portfolio Manager          jobless rate was 5.0% in November 2001, up from the
                           4.3% pace of a year ago.

- The Trust had its largest concentration in insured* hospital bonds at November
  30, 2001, although management remained extremely selective, especially in the
  highly competitive Philadelphia market. Management found good value in sound
  institutions located in growing suburban and rural communities.

- Insured* education bonds played a significant role in the Trust. Education
  issues have non-cyclical characteristics, a distinct advantage in a weak
  economy. The Trust's investments included, among others, issues for Brwn Mawr
  College, Temple University and the University of Pittsburgh.

- With the economy growing weaker through the fiscal year, management maintained
  a signifcant focus on essential services bonds, including insured*
  transportation bonds. These bonds are backed, in part, by tolls and fee
  revenues, which tend to be more stable than other revenue sources in a slow
  economy.

- Management continued to provide attractive long-term call protection. With the
  decline of interest rates in the past year, many bonds are now approaching
  their call dates. Maintaining call protection helps avoid untimely calls,
  while enhancing appreciation potential.

<Table>
<Caption>
TRUST STATISTICS(1)
--------------------------------------------------------------------------------
<S>                                <C>
-  Number of Issues:               58
-  Effective Maturity:             19.5 years
-  Average Rating:                 AA
-  Average Call:                   7.4 years
-  Average Dollar Price:           $97.17
</Table>
THE TRUST
--------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST YEAR

- Based on share price (traded on the American Stock Exchange), the Trust had a
  total return of 26.88% for the year ended November 30, 2001. That return was
  the result of an increase in share price from $10.625 on November 30, 2000 to
  $12.75 on November 30, 2001, and the reinvestment of $0.678 in regular monthly
  dividends.(2)

- Based on net asset value, the Trust had a total return of 15.51% for the year
  ended November 30, 2001. That return was the result of an increase in net
  asset value from $12.96 on November 30, 2000 to $14.16 on November 30, 2001,
  and the reinvestment of all distributions.

- Based on the most recent dividend and a share price of $12.75 the Trust had a
  market yield of 5.67% at November 30, 2001.(3) The Trust's market yield is
  equivalent to a taxable yield of 9.66%.(4)

RATING DISTRIBUTION(1)
--------------------------------------------------------------------------------
By total investments

[EDGAR REPRESENTATION OF PIE CHART]

<Table>
<S>                        <C>
AAA                        69.0%
AA                          2.0%
A                           7.1%
BBB                        10.8%
BB                          2.2%
Non-Rated                   8.9%
</Table>

--------------------------------------------------------------------------------
Shares of the Trust are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are subject
to investment risks, including possible loss of principal invested. Yields will
vary.
--------------------------------------------------------------------------------
TRUST INFORMATION
AS OF NOVEMBER 30, 2001

Performance(5)
<Table>
<Caption>
Average Annual Total Returns (by market value, American Stock Exchange)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             26.88%
Life of Trust (1/29/99)              -0.17

<Caption>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S>                                  <C>
One Year                             15.51%
Life of Trust (1/29/99)               3.59
</Table>

For federal income tax purposes, 100% of the total dividends paid by the Trust
from net investment income during the year ended November 30, 2001 was
designated as an exempt interest dividend.

5 Largest Categories(1)
--------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF BAR CHART]

<Table>
<S>                                 <C>
Insured - Hospital*                 21.7%
Insured - Education*                15.9%
Insured - Transportation*           12.0%
Education                            6.4%
Insured - General Obligations*       6.3%
</Table>

(1) Trust Statistics, Rating Distribution and 5 Largest Categories are subject
    to change. Rating Distribution is determined by dividing the total market
    value of the issues by the total investments of the Trust.

(2) A portion of the Trust's income may be subject to federal and state income
    tax and/or federal alternative minimum tax.

(3) The Trust's market yield is calculated by dividing the most recent dividend
    per share by the share price at the end of the period and annualizing the
    result.

(4) Taxable-equivalent yield assumes maximum 41.29% combined federal and state
    income tax rate. A lower rate would result in a lower tax-equivalent figure.

(5) Returns are historical and are calculated by determining the percentage
    change in share price or net asset value with all distributions reinvested.

* Private insurance does not remove the risk of loss of principal associated
  with insured investments, due to changes in market conditions.

Past performance is no guarantee of future results. Investment return and
market price will fluctuate so that shares, when sold, may be worth more or
less than their original cost.

11
<Page>
CALIFORNIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS

TAX-EXEMPT INVESTMENTS -- 97.6%

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------
Certificates of Participation -- 1.0%
-------------------------------------------------------------------------
    $ 1,500        Santa Margarita Water District,
                   6.20%, 9/1/20                             $  1,559,115
-------------------------------------------------------------------------
                                                             $  1,559,115
-------------------------------------------------------------------------
Education -- 6.7%
-------------------------------------------------------------------------
    $ 1,000        California Educational Facilities
                   Authority, (Dominican University),
                   5.75%, 12/1/30                            $  1,027,920
      1,250        California Educational Facilities
                   Authority, (Pepperdine University),
                   5.00%, 11/1/29                               1,234,200
      1,850        California Educational Facilities
                   Authority, (Santa Clara University),
                   5.00%, 9/1/23                                1,880,654
      4,000        California Educational Facilities
                   Authority, (Stanford University),
                   5.125%, 1/1/31                               4,042,440
      2,500        California Educational Facilities
                   Authority, (University of Southern
                   California), 5.50%, 10/1/27                  2,631,925
-------------------------------------------------------------------------
                                                             $ 10,817,139
-------------------------------------------------------------------------
Hospital -- 6.6%
-------------------------------------------------------------------------
    $ 2,000        California Health Facilities Financing
                   Authority, (Cedars-Sinai Medical
                   Center), 6.25%, 12/1/34                   $  2,160,900
      1,750        California Statewide Communities
                   Development Authority, (Sonoma County
                   Indian Health), 6.40%, 9/1/29                1,644,300
      1,000        Stockton Health Facilities Authority,
                   (Dameron Hospital), 5.70%, 12/1/14           1,018,370
      2,000        Tahoe Forest Hospital District,
                   5.85%, 7/1/22                                1,890,260
      2,000        Torrance Hospital, (Torrance Memorial
                   Medical Center), 5.50%, 6/1/31               1,984,120
      2,000        Washington Township, Health Care
                   District, 5.25%, 7/1/29                      1,981,200
-------------------------------------------------------------------------
                                                             $ 10,679,150
-------------------------------------------------------------------------
Housing -- 6.1%
-------------------------------------------------------------------------
    $ 1,750        California Statewide Communities
                   Development Authority, (Chesapeake Bay
                   Apartments), 6.00%, 6/1/32                $  1,602,195
      1,000        California Statewide Communities
                   Development Authority, (Corporate Fund
                   for Housing), 6.50%, 12/1/29                   993,620
        500        California Statewide Communities
                   Development Authority, (Corporate Fund
                   for Housing), 7.25%, 12/1/34                   506,040
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------

Housing (continued)
-------------------------------------------------------------------------
    $ 1,750        California Statewide Communities
                   Development Authority, (Nantucket Bay
                   Apartments), 6.00%, 6/1/32                $  1,602,195
      1,700        California Statewide Communities
                   Development Authority, (Oaks at Sunset
                   Apartments), 6.00%, 6/1/36                   1,551,216
        800        Commerce, (Hermitage III Senior
                   Apartments), 6.50%, 12/1/29                    784,840
        450        Commerce, (Hermitage III Senior
                   Apartments), 6.85%, 12/1/29                    437,998
      2,765        Monterey County Housing Authority,
                   Multifamily, (Parkside Manor
                   Apartments), 5.00%, 1/1/29                   2,423,633
-------------------------------------------------------------------------
                                                             $  9,901,737
-------------------------------------------------------------------------
Industrial Development Revenue -- 0.8%
-------------------------------------------------------------------------
    $ 1,250        California Pollution Control Financing
                   Authority, (Mobil Oil Corp.), (AMT),
                   5.50%, 12/1/29                            $  1,301,900
-------------------------------------------------------------------------
                                                             $  1,301,900
-------------------------------------------------------------------------
Insured-Education -- 2.3%
-------------------------------------------------------------------------
    $ 3,770        California Educational Facilities
                   Authority, (Pooled College and
                   University), (MBIA), 5.10%, 4/1/23        $  3,800,688
-------------------------------------------------------------------------
                                                             $  3,800,688
-------------------------------------------------------------------------
Insured-Electric Utilities -- 9.9%
-------------------------------------------------------------------------
    $ 2,500        California Pollution Control Financing
                   Authority, (Pacific Gas and Electric),
                   (MBIA), (AMT), 5.35%, 12/1/16             $  2,587,975
      3,250        California Pollution Control Financing
                   Authority, (Southern California Edison
                   Co.), (MBIA), (AMT), 5.55%, 9/1/31           3,299,822
      2,975        Guam Power Authority, (MBIA),
                   5.125%, 10/1/29                              2,993,921
      6,250        Puerto Rico Electric Power Authority,
                   (FSA), Variable Rate, 7/1/29(1)(2)           6,489,937
        665        Puerto Rico Electric Power Authority,
                   (MBIA), Variable Rate, 7/1/29(2)(3)            703,291
-------------------------------------------------------------------------
                                                             $ 16,074,946
-------------------------------------------------------------------------
Insured-General Obligations -- 12.8%
-------------------------------------------------------------------------
    $ 3,650        Burbank Unified School District, (FGIC),
                   0.00%, 8/1/18                             $  1,534,861
      2,500        California RITES, (AMBAC), Variable
                   Rate, 5/1/26(1)(2)                           2,807,475
      6,425        Foothill-De Anza Community College
                   District, (MBIA), 0.00%, 8/1/20              2,391,192
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       12
<Page>
CALIFORNIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------

Insured-General Obligations (continued)
-------------------------------------------------------------------------
    $ 3,000        Foothill-De Anza Community College
                   District, (MBIA), 0.00%, 8/1/21           $  1,052,850
      3,750        Los Angeles Unified School District,
                   (FGIC), 5.375%, 7/1/25                       3,888,075
      5,000        Murrieta Valley Unified School District,
                   (FGIC), 0.00%, 9/1/20                        1,849,250
      4,545        Orchard School District, (FGIC),
                   0.00%, 8/1/22                                1,503,259
      9,635        San Ramon Valley Unified School
                   District, (FGIC), 0.00%, 7/1/18              4,069,150
      4,500        Ukiah Unified School District, (FGIC),
                   0.00%, 8/1/20                                1,671,705
-------------------------------------------------------------------------
                                                             $ 20,767,817
-------------------------------------------------------------------------
Insured-Hospital -- 3.0%
-------------------------------------------------------------------------
    $ 3,200        California Statewide Communities
                   Development Authority, (Children's
                   Hospital Los Angeles), (MBIA),
                   5.25%, 8/15/29                            $  3,266,848
      1,245        California Statewide Communities
                   Development Authority, (Sutter Health)
                   Residual Certificates, (FSA), Variable
                   Rate, 8/15/27(2)(3)                          1,509,376
-------------------------------------------------------------------------
                                                             $  4,776,224
-------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 4.2%
-------------------------------------------------------------------------
    $11,500        Anaheim Public Financing Authority,
                   (Public Improvements), (FSA),
                   0.00%, 9/1/28                             $  2,696,980
      9,000        Anaheim Public Financing Authority,
                   (Public Improvements), (FSA) ,
                   0.00%, 9/1/17                                4,018,230
-------------------------------------------------------------------------
                                                             $  6,715,210
-------------------------------------------------------------------------
Insured-Special Tax Revenue -- 2.1%
-------------------------------------------------------------------------
    $   250        Puerto Rico Infrastructure Financing
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(1)(2)                              $    249,308
        525        Puerto Rico Infrastructure Financing
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(3)                                      522,821
      2,500        Puerto Rico Infrastructure Financing
                   Authority, (FSA), Variable Rate,
                   7/1/27(2)(3)                                 2,657,125
-------------------------------------------------------------------------
                                                             $  3,429,254
-------------------------------------------------------------------------
Insured-Transportation -- 13.6%
-------------------------------------------------------------------------
    $ 5,130        Foothills/Eastern Transportation
                   Corridor Agency, (FSA), 0.00%, 1/1/26     $  1,439,940
      2,500        Los Angeles County Metropolitan
                   Transportation Authority, (FGIC),
                   5.25%, 7/1/30                                2,557,550
      2,300        Port Oakland, CA, (MBIA), (AMT),
                   5.375%, 11/1/25                              2,341,423
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------

Insured-Transportation (continued)
-------------------------------------------------------------------------
    $ 2,515        Puerto Rico Highway and Transportation
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(2)(3)                              $  2,504,663
      2,000        Puerto Rico Highway and Transportation
                   Authority, (FSA), 4.75%, 7/1/38              1,892,300
      5,000        San Francisco City and County Airports,
                   (International Airport), (FGIC), (AMT),
                   5.25%, 5/1/30                                5,041,700
      6,000        San Francisco, (Bay Area Rapid
                   Transportation District), (FGIC),
                   5.50%, 7/1/34                                6,289,860
-------------------------------------------------------------------------
                                                             $ 22,067,436
-------------------------------------------------------------------------
Insured-Water and Sewer -- 9.4%
-------------------------------------------------------------------------
    $ 5,000        Contra Costa County, Water District,
                   (MBIA), 5.00%, 10/1/24                    $  5,009,250
      6,250        East Bay Municipal Utilities District
                   Water System, (MBIA), 5.00%, 6/1/38          6,224,000
      4,000        Metropolitan Water District, (Southern
                   California Waterworks), (MBIA), Variable
                   Rate, 7/1/27(2)(3)                           3,956,560
-------------------------------------------------------------------------
                                                             $ 15,189,810
-------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 5.1%
-------------------------------------------------------------------------
    $ 1,500        Duarte, Certificates of Participation,
                   5.25%, 4/1/24                             $  1,412,505
      4,000        Sacramento City, Financing Authority,
                   5.40%, 11/1/20                               4,211,720
      2,500        San Diego County, Certificates of
                   Participation, 5.375%, 10/1/41               2,547,250
-------------------------------------------------------------------------
                                                             $  8,171,475
-------------------------------------------------------------------------
Special Tax Revenue -- 13.3%
-------------------------------------------------------------------------
    $ 1,500        Bonita Canyon Public Facilities
                   Financing Authority, 5.375%, 9/1/28       $  1,443,300
        885        Brentwood Infrastructure Financing
                   Authority, 5.625%, 9/2/29                      848,963
      1,000        Brentwood Infrastructure Financing
                   Authority, 6.00%, 9/1/29                     1,029,430
      1,750        Capistrano Unified School District,
                   5.75%, 9/1/29                                1,734,250
      1,750        Corona, Public Financing Authority,
                   5.80%, 9/1/20                                1,748,425
      1,000        Corona-Norco Unified School District
                   Public Financing Authority,
                   6.125%, 9/1/31                                 996,350
      1,590        Fontana Redevelopment Agency, (Jurupa
                   Hills), 5.60%, 10/1/27                       1,613,166
        750        Irvine, Improvement Bond Act of 1915,
                   5.50%, 9/2/22                                  734,040
      1,000        Irvine, Improvement Bond Act of 1915,
                   6.00%, 9/2/23                                1,022,580
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       13
<Page>
CALIFORNIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------

Special Tax Revenue (continued)
-------------------------------------------------------------------------
    $ 1,485        Lincoln Public Financing Authority,
                   Improvement Bond Act of 1915 (Twelve
                   Bridges), 6.20%, 9/2/25                   $  1,511,240
        600        Manteca Unified School District,
                   5.80%, 9/1/24                                  594,180
      2,465        Oakland Joint Powers Financing
                   Authority, 5.40%, 9/2/18                     2,549,969
        995        Oakland Joint Powers Financing
                   Authority, 5.50%, 9/2/24                     1,024,810
        700        Rancho Cucamonga Public Financing
                   Authority, 6.00%, 9/2/20                       716,793
      1,245        Roseville Special Tax, 6.30%, 9/1/25         1,285,214
      1,325        San Pablo Redevelopment Agency,
                   5.65%, 12/1/23                               1,328,909
        250        Santaluz Community Facilities District
                   No. 2, 6.10%, 9/1/21                           254,808
        500        Santaluz Community Facilities District
                   No. 2, 6.20%, 9/1/30                           509,685
        500        Turlock Public Financing Authority,
                   5.45%, 9/1/24                                  485,180
-------------------------------------------------------------------------
                                                             $ 21,431,292
-------------------------------------------------------------------------
Transportation -- 0.7%
-------------------------------------------------------------------------
    $ 1,170        Port Redwood City, (AMT), 5.125%, 6/1/30  $  1,059,014
-------------------------------------------------------------------------
                                                             $  1,059,014
-------------------------------------------------------------------------
Total Tax-Exempt Investments -- 97.6%
   (identified cost $153,325,207)                            $157,742,207
-------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.4%                       $  3,934,193
-------------------------------------------------------------------------
Net Assets -- 100.0%                                         $161,676,400
-------------------------------------------------------------------------
</Table>

 AMT - Interest earned from these securities may be considered a tax
 preference item for purposes of the Federal Alternative Minimum Tax.

 The Trust invests primarily in debt securities issued by California
 municipalities. The ability of the issuers of the debt securities to meet
 their obligations may be affected by economic developments in a specific
 industry or municipality. In order to reduce the risk associated with such
 economic developments, at November 30, 2001, 58.8% of the securities in the
 portfolio of investments are backed by bond insurance of various financial
 institutions and financial guaranty assurance agencies. The aggregate
 percentage insured by financial institutions ranged from 3.9% to 23.9% of
 total investments.
 (1)  Security has been issued as an inverse floater bond.
 (2)  Security exempt from registration under Rule 144A of the Securities Act
      of 1933. These securities may be resold in transactions exempt from
      registration, normally to qualified institutional buyers.
 (3)  Security has been issued as a leveraged inverse floater bond.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       14
<Page>
FLORIDA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS

TAX-EXEMPT INVESTMENTS -- 98.6%

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------
Education -- 1.1%
------------------------------------------------------------------------
     $1,000        Volusia County Educational Facilities
                   Authority, (Embry Riddle Aeronautical),
                   5.75%, 10/15/29                           $ 1,011,350
------------------------------------------------------------------------
                                                             $ 1,011,350
------------------------------------------------------------------------
Electric Utilities -- 2.0%
------------------------------------------------------------------------
     $2,000        Jacksonville Electric Authority,
                   Variable Rate, 10/1/32(1)(2)              $ 1,938,600
------------------------------------------------------------------------
                                                             $ 1,938,600
------------------------------------------------------------------------
Escrowed / Prerefunded -- 2.8%
------------------------------------------------------------------------
     $2,500        Escambia County, FL, Health Facilities
                   Authority, (Charity Obligation Group),
                   Prerefunded to 11/1/10, 5.00%, 11/1/28    $ 2,644,625
------------------------------------------------------------------------
                                                             $ 2,644,625
------------------------------------------------------------------------
General Obligations -- 4.2%
------------------------------------------------------------------------
     $3,000        Florida Board of Education,
                   4.75%, 6/1/28                             $ 2,799,210
      1,250        Florida General Obligation, Variable
                   Rate, 7/1/27(1)(2)                          1,203,875
------------------------------------------------------------------------
                                                             $ 4,003,085
------------------------------------------------------------------------
Hospital -- 4.9%
------------------------------------------------------------------------
     $2,250        Highlands County Health Facilities
                   Authority, (Adventist Health System),
                   5.25%, 11/15/28                           $ 2,052,630
      1,250        Jacksonville, EDA, (Mayo Clinic),
                   5.50%, 11/15/36                             1,242,462
      1,400        West Orange Health Care District,
                   5.80%, 2/1/31                               1,414,546
------------------------------------------------------------------------
                                                             $ 4,709,638
------------------------------------------------------------------------
Housing -- 3.6%
------------------------------------------------------------------------
     $1,750        Escambia County Housing Finance
                   Authority, SFM, (Multi-County Program),
                   (AMT), 5.50%, 10/1/31                     $ 1,753,500
        500        Florida Capital Projects Finance
                   Authority, Student Housing Revenue,
                   (Florida University), 7.75%, 8/15/20          503,925
        165        Florida Capital Projects Finance
                   Authority, Student Housing Revenue,
                   (Florida University), 9.50%, 8/15/05          165,183
      1,000        Muni Mae Tax-Exempt Bond, LLC, (AMT),
                   6.875%, 6/30/09                             1,024,090
------------------------------------------------------------------------
                                                             $ 3,446,698
------------------------------------------------------------------------
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------
Industrial Development Revenue -- 1.5%
------------------------------------------------------------------------
     $  965        Broward County IDR, (Lynxs Cargoport),
                   (AMT), 6.75%, 6/1/19                      $   875,950
        650        Puerto Rico Port Authority, (American
                   Airlines), (AMT), 6.25%, 6/1/26               536,386
------------------------------------------------------------------------
                                                             $ 1,412,336
------------------------------------------------------------------------
Insured-Electric Utilities -- 8.3%
------------------------------------------------------------------------
     $1,600        Burke County Development Authority
                   (Georgia Power Co.), (MBIA),
                   5.45%, 5/1/34                             $ 1,608,832
      1,100        Guam Power Authority, (MBIA),
                   5.125%, 10/1/29                             1,106,996
      1,250        Puerto Rico Electric Power Authority,
                   (FSA), Variable Rate, 7/1/29(1)(2)          1,297,988
      4,000        Sunrise Utilities Systems, (AMBAC),
                   5.00%, 10/1/28                              3,940,440
------------------------------------------------------------------------
                                                             $ 7,954,256
------------------------------------------------------------------------
Insured-General Obligations -- 2.3%
------------------------------------------------------------------------
     $2,500        Florida Board of Education, (MBIA),
                   4.50%, 6/1/28                             $ 2,236,900
------------------------------------------------------------------------
                                                             $ 2,236,900
------------------------------------------------------------------------
Insured-Hospital -- 4.8%
------------------------------------------------------------------------
     $1,000        Maricopa County IDA, (Mayo Clinic
                   Hospital), (AMBAC), 5.25%, 11/15/37       $ 1,010,520
      1,350        Miami Dade County Health Facilities
                   Authority, (Miami Children's Hospital),
                   (AMBAC), 5.125%, 8/15/26                    1,340,537
      2,500        Tampa, (Catholic Health System), (MBIA),
                   4.75%, 11/15/28                             2,312,600
------------------------------------------------------------------------
                                                             $ 4,663,657
------------------------------------------------------------------------
Insured-Housing -- 1.1%
------------------------------------------------------------------------
     $1,100        Broward County Housing Finance
                   Authority, Multifamily Housing, (Venice
                   Homes Apartments), (FSA), (AMT),
                   5.70%, 1/1/32                             $ 1,105,907
------------------------------------------------------------------------
                                                             $ 1,105,907
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 16.1%
------------------------------------------------------------------------
     $1,470        Dade County, Special Obligation Residual
                   Certificates, (AMBAC), Variable Rate,
                   10/1/35(2)(3)                             $ 1,373,215
      3,000        Jacksonville Capital Improvement,
                   (Stadium), (AMBAC), 4.75%, 10/1/25          2,822,400
      2,500        Jacksonville, Sales Tax, (AMBAC),
                   5.00%, 10/1/30                              2,453,025
      1,470        Miami Beach Resort Tax, (AMBAC),
                   6.25%, 10/1/22                              1,721,855
      4,000        Miami-Dade County, (Professional Sport
                   Franchise), (MBIA), 4.75%, 10/1/30          3,729,520
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       15
<Page>
FLORIDA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------

Insured-Special Tax Revenue (continued)
------------------------------------------------------------------------
     $1,395        Miami-Dade County, Special Obligation,
                   (MBIA), 5.00%, 10/1/37                    $ 1,359,944
        440        Puerto Rico Infrastructure Financing
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(3)                                     438,174
      1,500        Puerto Rico Infrastructure Financing
                   Authority, (FSA), Variable Rate,
                   7/1/27(2)(3)                                1,594,275
------------------------------------------------------------------------
                                                             $15,492,408
------------------------------------------------------------------------
Insured-Transportation -- 9.1%
------------------------------------------------------------------------
     $4,500        Florida Turnpike Authority, (Department
                   of Transportation), (FGIC),
                   4.50%, 7/1/27                             $ 4,039,335
      1,500        Greater Orlando Aviation Authority,
                   (FGIC), (AMT), Variable Rate,
                   10/1/18(2)(3)                               1,492,215
      1,000        Massachusetts Turnpike Authority,
                   Metropolitan Highway System, (MBIA),
                   5.50%, 1/1/37                                 957,750
      1,000        Orlando and Orange County Expressway
                   Authority, (FGIC), 5.00%, 7/1/28              982,630
      1,165        Puerto Rico Highway and Transportation
                   Authority, (MBIA), Variable Rate,
                   7/1/26(2)(3)                                1,302,598
------------------------------------------------------------------------
                                                             $ 8,774,528
------------------------------------------------------------------------
Insured-Utilities -- 2.8%
------------------------------------------------------------------------
     $2,750        Jupiter Island, Utility System, (South
                   Martin Regional Utility), (MBIA),
                   5.00%, 10/1/28                            $ 2,701,160
------------------------------------------------------------------------
                                                             $ 2,701,160
------------------------------------------------------------------------
Insured-Water and Sewer -- 11.5%
------------------------------------------------------------------------
     $1,500        Miami Beach Storm Water, (FGIC),
                   5.375%, 9/1/30                            $ 1,533,000
      1,000        Okeechobee Utility Authority, (FSA),
                   5.00%, 10/1/25                                985,550
      1,250        Saint Petersburg Public Utilities,
                   (FSA), 5.00%, 10/1/28                       1,227,800
      1,250        Tampa Bay Water Utility System, (FGIC),
                   5.75%, 10/1/29                              1,406,338
      2,000        Tampa Bay Water Utility System, (FGIC),
                   Variable Rate, 10/1/27(1)(2)                1,749,800
      4,400        Winter Haven Utilities System, (MBIA),
                   4.75%, 10/1/28                              4,113,736
------------------------------------------------------------------------
                                                             $11,016,224
------------------------------------------------------------------------
Nursing Home -- 3.9%
------------------------------------------------------------------------
     $  800        Alachua County Health Facilities
                   Authority, (Beverly Enterprises Inc. ),
                   6.75%, 4/1/10                             $   787,920
      1,500        Lee County IDA, (Shell Point Village),
                   5.50%, 11/15/29                             1,334,130
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------

Nursing Home (continued)
------------------------------------------------------------------------
     $  850        Okaloosa County Retirement Rental
                   Housing, (Encore Retirement Partners),
                   6.125%, 2/1/14                            $   750,244
        265        Orange County Health Facilities
                   Authority, (Westminster Community Care),
                   6.60%, 4/1/24                                 243,047
        735        Orange County Health Facilities
                   Authority, (Westminster Community Care),
                   6.75%, 4/1/34                                 645,837
------------------------------------------------------------------------
                                                             $ 3,761,178
------------------------------------------------------------------------
Pooled Loans -- 0.5%
------------------------------------------------------------------------
     $  500        Osceola County IDA Community Provider
                   Pooled Loan, 7.75%, 7/1/17                $   511,825
------------------------------------------------------------------------
                                                             $   511,825
------------------------------------------------------------------------
Special Tax -- 0.8%
------------------------------------------------------------------------
     $  765        Waterlefe Community Development
                   District, 6.95%, 5/1/31                   $   774,264
------------------------------------------------------------------------
                                                             $   774,264
------------------------------------------------------------------------
Special Tax Revenue -- 6.7%
------------------------------------------------------------------------
     $  785        Fleming Island Plantation Community
                   Development District, 6.30%, 2/1/05       $   794,663
        900        Heritage Springs Community Development
                   District, 6.75%, 5/1/21                       914,652
        975        Longleaf Community Development District,
                   6.65%, 5/1/20                                 896,074
        795        North Springs Improvement District,
                   (Heron Bay), 7.00%, 5/1/19                    833,128
      1,000        Northern Palm Beach County Improvement
                   District, (Water Control and
                   Improvement), 6.00%, 8/1/25                 1,008,300
        500        Stoneybrook West Community Development
                   District, 7.00%, 5/1/32                       510,840
        975        University Square Community Development
                   District, 6.75%, 5/1/20                     1,003,304
        500        Vista Lakes Community Development
                   District, 7.20%, 5/1/32                       519,065
------------------------------------------------------------------------
                                                             $ 6,480,026
------------------------------------------------------------------------
Transportation -- 5.3%
------------------------------------------------------------------------
     $2,250        Florida Ports Financing Commission,
                   5.50%, 10/1/29                            $ 2,279,678
        650        Lee County Airport, 6.00%, 10/1/29            693,459
      2,000        Puerto Rico Highway and Transportation
                   Authority, 5.50%, 7/1/36                    2,081,100
------------------------------------------------------------------------
                                                             $ 5,054,237
------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       16
<Page>
FLORIDA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------
Water and Sewer -- 5.3%
------------------------------------------------------------------------
     $2,000        Jacksonville, Water and Sewer,
                   5.375%, 10/1/29                           $ 2,019,320
      3,000        Seminole County, Water and Sewer,
                   5.375%, 10/1/22                             3,063,240
------------------------------------------------------------------------
                                                             $ 5,082,560
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.6%
   (identified cost $93,638,062)                             $94,775,462
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.4%                       $ 1,373,696
------------------------------------------------------------------------
Net Assets -- 100.0%                                         $96,149,158
------------------------------------------------------------------------
</Table>

 AMT - Interest earned from these securities may be considered a tax
 preference item for purposes of the Federal Alternative Minimum Tax.

 The Trust invests primarily in debt securities issued by Florida
 municipalities. The ability of the issuers of the debt securities to meet
 their obligations may be affected by economic developments in a specific
 industry or municipality. In order to reduce the risk associated with such
 economic developments, at November 30, 2001, 56.9% of the securities in the
 portfolio of investments are backed by bond insurance of various financial
 institutions and financial guaranty assurance agencies. The aggregate
 percentage insured by financial institutions ranged from 6.6% to 22.6% of
 total investments.
 (1)  Security has been issued as an inverse floater bond.
 (2)  Security exempt from registration under Rule 144A of the Securities Act
      of 1933. These securities may be resold in transactions exempt from
      registration, normally to qualified institutional buyers.
 (3)  Security has been issued as a leveraged inverse floater bond.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       17
<Page>
MASSACHUSETTS MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS

TAX-EXEMPT INVESTMENTS -- 97.9%

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------
Education -- 21.3%
------------------------------------------------------------------------
     $  500        Massachusetts Development Finance
                   Agency, (Belmont Hill School),
                   5.00%, 9/1/31                             $   472,980
      2,500        Massachusetts Development Finance
                   Agency, (Boston University),
                   5.45%, 5/15/59                              2,421,225
      1,000        Massachusetts Development Finance
                   Agency, (Clark University),
                   5.00%, 7/1/28                                 944,250
      1,250        Massachusetts Development Finance
                   Agency, (Eastern Nazarene College),
                   5.625%, 4/1/29                              1,084,512
      1,000        Massachusetts Development Finance
                   Agency, (Suffolk University),
                   5.85%, 7/1/29                               1,009,950
      1,500        Massachusetts Development Finance
                   Agency, (Wheeler School),
                   6.50%, 12/1/29                              1,563,765
      1,000        Massachusetts Development Finance
                   Agency, (Xaverian Brothers High School),
                   5.65%, 7/1/29                                 982,120
      2,500        Massachusetts HEFA, (Massachusetts
                   Institute of Technology), 4.75%, 1/1/28     2,372,725
        650        Massachusetts HEFA, (Wellesley College),
                   5.125%, 7/1/39                                643,012
        500        Massachusetts IFA, (Babson College),
                   5.25%, 10/1/27                                497,720
        400        Massachusetts IFA, (Belmont Hill
                   School), 5.25%, 9/1/28                        389,316
------------------------------------------------------------------------
                                                             $12,381,575
------------------------------------------------------------------------
Electric Utilities -- 1.1%
------------------------------------------------------------------------
     $  600        Massachusetts IFA, (Devens Electric
                   System), 6.00%, 12/1/30                   $   610,674
------------------------------------------------------------------------
                                                             $   610,674
------------------------------------------------------------------------
Escrowed / Prerefunded -- 3.1%
------------------------------------------------------------------------
     $  100        Massachusetts Turnpike Authority,
                   (MBIA), Escrowed to Maturity,
                   5.00%, 1/1/20                             $   101,728
      1,450        Rail Connections, Inc., (Route 128
                   Parking), (ACA), Prerefunded to 7/1/09,
                   0.00%, 7/1/20                                 529,018
      3,720        Rail Connections, Inc., (Route 128
                   Parking), (ACA), Prerefunded to 7/1/09,
                   0.00%, 7/1/22                               1,190,549
------------------------------------------------------------------------
                                                             $ 1,821,295
------------------------------------------------------------------------
Health Care-Miscellaneous -- 4.9%
------------------------------------------------------------------------
     $  700        Massachusetts Development Finance
                   Agency, (Biomedical Research Corp.),
                   5.75%, 2/1/29                             $   655,319
      1,000        Massachusetts Development Finance
                   Agency, (Biomedical Research Corp.),
                   6.25%, 8/1/20                               1,059,090
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------

Health Care-Miscellaneous (continued)
------------------------------------------------------------------------
     $  600        Massachusetts Development Finance
                   Agency, (MCHSP Human Services),
                   6.60%, 8/15/29                            $   544,362
        700        Massachusetts HEFA, (Learning Center for
                   Deaf Children), 6.125%, 7/1/29                610,281
------------------------------------------------------------------------
                                                             $ 2,869,052
------------------------------------------------------------------------
Hospital -- 9.5%
------------------------------------------------------------------------
     $  175        Massachusetts HEFA, (Central New England
                   Health Systems), 6.30%, 8/1/18            $   159,043
      1,000        Massachusetts HEFA,
                   (Milford-Whitinsville Hospital),
                   5.25%, 7/15/18                                881,420
        125        Massachusetts HEFA,
                   (Milford-Whitinsville Hospital),
                   5.375%, 7/15/28                               106,320
      1,375        Massachusetts HEFA, (Partners Healthcare
                   System), 5.25%, 7/1/29                      1,319,835
      2,000        Massachusetts HEFA, (South Shore
                   Hospital), 5.75%, 7/1/29                    2,005,000
      1,000        Massachusetts HEFA, (Winchester
                   Hospital), 6.75%, 7/1/30                    1,031,940
------------------------------------------------------------------------
                                                             $ 5,503,558
------------------------------------------------------------------------
Industrial Development Revenue -- 1.3%
------------------------------------------------------------------------
     $  750        Massachusetts IFA, (American Hingham
                   Water Co.), (AMT), 6.60%, 12/1/15         $   778,515
------------------------------------------------------------------------
                                                             $   778,515
------------------------------------------------------------------------
Insured-Education -- 13.8%
------------------------------------------------------------------------
     $  850        Massachusetts HEFA, (Berklee College of
                   Music), (MBIA), Variable Rate,
                   10/1/27(1)(2)                             $   850,280
      2,350        Massachusetts HEFA, (Brandeis
                   University), (MBIA), 4.75%, 10/1/28         2,181,105
      1,000        Massachusetts HEFA, (Northeastern
                   University), (MBIA), 5.00%, 10/1/29           978,600
        500        Massachusetts HEFA, (UMass-Worcester
                   Campus), (FGIC), 5.25%, 10/1/31               503,975
      1,000        Massachusetts IFA, (Merrimack College),
                   (MBIA), 5.00%, 7/1/27                         981,550
      2,700        Massachusetts IFA, (Tufts University),
                   (MBIA), 4.75%, 2/15/28                      2,510,217
------------------------------------------------------------------------
                                                             $ 8,005,727
------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       18
<Page>
MASSACHUSETTS MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------
Insured-Electric Utilities -- 1.3%
------------------------------------------------------------------------
     $  750        Puerto Rico Electric Power Authority,
                   (FSA), 5.25%, 7/1/29                      $   764,393
------------------------------------------------------------------------
                                                             $   764,393
------------------------------------------------------------------------
Insured-General Obligations -- 3.0%
------------------------------------------------------------------------
     $1,715        Westfield General Obligation, (FGIC),
                   5.00%, 5/1/20                             $ 1,721,157
------------------------------------------------------------------------
                                                             $ 1,721,157
------------------------------------------------------------------------
Insured-Hospital -- 6.1%
------------------------------------------------------------------------
     $1,000        Massachusetts HEFA, (Harvard Pilgrim
                   Health), (FSA), 5.00%, 7/1/28             $   961,570
      2,000        Massachusetts HEFA, (Southcoast Health
                   System), (MBIA), 4.75%, 7/1/27              1,839,460
        750        Massachusetts HEFA, (UMass Medical
                   Center), (AMBAC), 5.00%, 7/1/28               724,298
------------------------------------------------------------------------
                                                             $ 3,525,328
------------------------------------------------------------------------
Insured-Industrial Development Revenue -- 3.9%
------------------------------------------------------------------------
     $1,250        Massachusetts Port Authority, (Delta
                   Airlines), (AMBAC), (AMT), 5.00%, 1/1/27  $ 1,190,738
      1,000        Massachusetts Port Authority, (US
                   Airways), (MBIA), (AMT), 6.00%, 9/1/21      1,059,550
------------------------------------------------------------------------
                                                             $ 2,250,288
------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 3.1%
------------------------------------------------------------------------
     $1,850        Plymouth County, (Plymouth County
                   Correctional Facility), (AMBAC),
                   5.00%, 4/1/22                             $ 1,809,448
------------------------------------------------------------------------
                                                             $ 1,809,448
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 4.3%
------------------------------------------------------------------------
     $  800        Puerto Rico Infrastructure Financing
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(1)(2)                              $   797,784
        735        Puerto Rico Infrastructure Financing
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(3)                                     731,950
        900        Puerto Rico Infrastructure Financing
                   Authority, (FSA), Variable Rate,
                   7/1/27(1)(3)                                  956,565
------------------------------------------------------------------------
                                                             $ 2,486,299
------------------------------------------------------------------------
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------

Insured-Transportation -- 8.4%
------------------------------------------------------------------------
     $1,000        Massachusetts Port Authority, (FGIC),
                   (AMT), 5.00%, 7/1/28                      $   942,500
      1,100        Massachusetts Turnpike Authority,
                   Metropolitan Highway System, (MBIA),
                   Variable Rate, 1/1/37(1)(3)                   960,575
      2,000        Massachusetts Turnpike Authority,
                   Metropolitan Highway System, (MBIA),
                   5.25%, 1/1/29                               2,006,360
      1,000        Puerto Rico Highway and Transportation
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(1)(3)                                  995,890
------------------------------------------------------------------------
                                                             $ 4,905,325
------------------------------------------------------------------------
Insured-Water and Sewer -- 2.4%
------------------------------------------------------------------------
     $1,500        Massachusetts Water Pollution Abatement
                   Trust, (FGIC), 4.75%, 2/1/26              $ 1,399,815
------------------------------------------------------------------------
                                                             $ 1,399,815
------------------------------------------------------------------------
Nursing Home -- 1.9%
------------------------------------------------------------------------
     $  575        Massachusetts Development Finance
                   Agency, (Odd Fellows Home of
                   Massachusetts), 6.25%, 1/1/15             $   530,524
        600        Massachusetts HEFA, (Christopher House),
                   6.875%, 1/1/29                                565,992
------------------------------------------------------------------------
                                                             $ 1,096,516
------------------------------------------------------------------------
Senior Living / Life Care -- 3.1%
------------------------------------------------------------------------
     $1,500        Massachusetts Development Finance
                   Agency, (Berkshire Retirement),
                   5.625%, 7/1/29                            $ 1,291,620
        500        Massachusetts IDA, (Alzheimers Center),
                   (FHA), 6.00%, 2/1/37                          524,860
------------------------------------------------------------------------
                                                             $ 1,816,480
------------------------------------------------------------------------
Special Tax Revenue -- 0.6%
------------------------------------------------------------------------
     $  300        Puerto Rico Infrastructure Financing
                   Authority, Variable Rate, 10/1/34(1)(3)   $   343,905
------------------------------------------------------------------------
                                                             $   343,905
------------------------------------------------------------------------
Transportation -- 2.2%
------------------------------------------------------------------------
     $1,350        Massachusetts Bay Transportation
                   Authority, Variable Rate, 3/1/27(1)(2)    $ 1,275,467
------------------------------------------------------------------------
                                                             $ 1,275,467
------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       19
<Page>
MASSACHUSETTS MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------
Water and Sewer -- 2.6%
------------------------------------------------------------------------
     $1,500        Massachusetts Water Pollution Abatement
                   Trust, PCR, 5.375%, 8/1/27                $ 1,529,445
------------------------------------------------------------------------
                                                             $ 1,529,445
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 97.9%
   (identified cost $55,735,225)                             $56,894,262
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.1%                       $ 1,243,785
------------------------------------------------------------------------
Net Assets -- 100.0%                                         $58,138,047
------------------------------------------------------------------------
</Table>

 AMT - Interest earned from these securities may be considered a tax
 preference item for purposes of the Federal Alternative Minimum Tax.

 The Trust invests primarily in debt securities issued by Massachusetts
 municipalities. The ability of the issuers of the debt securities to meet
 their obligations may be affected by economic developments in a specific
 industry or municipality. In order to reduce the risk associated with such
 economic developments, at November 30, 2001, 48.7% of the securities in the
 portfolio of investments are backed by bond insurance of various financial
 institutions and financial guaranty assurance agencies. The aggregate
 percentage insured by financial institutions ranged from 3.0% to 23.7% of
 total investments.
 (1)  Security exempt from registration under Rule 144A of the Securities Act
      of 1933. These securities may be resold in transactions exempt from
      registration, normally to qualified institutional buyers.
 (2)  Security has been issued as an inverse floater bond.
 (3)  Security has been issued as a leveraged inverse floater bond.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       20
<Page>
MICHIGAN MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS

TAX-EXEMPT INVESTMENTS -- 100.8%

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------
Electric Utilities -- 2.1%
------------------------------------------------------------------------
     $1,000        Michigan Strategic Fund, (Detroit Edison
                   Pollution Control), 5.45%, 9/1/29         $   996,360
------------------------------------------------------------------------
                                                             $   996,360
------------------------------------------------------------------------
General Obligations -- 9.6%
------------------------------------------------------------------------
     $  500        East Grand Rapids Public Schools,
                   5.00%, 5/1/25                             $   491,510
        500        Garden City School District,
                   5.00%, 5/1/26                                 489,965
      5,335        Grand Rapids and Kent County Joint
                   Building Authority, 0.00%, 12/1/29(1)       1,148,679
      1,000        Manistee Area Public Schools,
                   5.00%, 5/1/24                                 984,720
        470        Saranac Community School District,
                   5.00%, 5/1/31                                 457,968
      1,000        White Cloud Public Schools,
                   5.125%, 5/1/31                                992,440
------------------------------------------------------------------------
                                                             $ 4,565,282
------------------------------------------------------------------------
Health Care -- 1.7%
------------------------------------------------------------------------
     $  750        Michigan Hospital Finance Authority,
                   (Ascension Health Care),
                   6.125%, 11/15/26                          $   790,102
------------------------------------------------------------------------
                                                             $   790,102
------------------------------------------------------------------------
Hospital -- 23.9%
------------------------------------------------------------------------
     $  500        Allegan Hospital Finance Authority,
                   (Allegan General Hospital),
                   7.00%, 11/15/21                           $   496,790
      1,000        Dickinson County Healthcare Systems,
                   5.80%, 11/1/24                                924,930
      1,000        Flint Hospital Building Authority,
                   (Hurley Medical Center), 5.375%, 7/1/20       906,580
        445        John Tolfree Health System Corp.,
                   6.00%, 9/15/23                                403,851
        500        Kent Hospital Finance Authority,
                   (Spectrum Health), 5.50%, 1/15/31             500,165
        500        Mecosta County, (Michigan General
                   Hospital), 6.00%, 5/15/18                     464,040
      1,000        Michigan Health Facilities Authority,
                   (Henry Ford Health), 5.25%, 11/15/25          966,260
      2,275        Michigan Health Facilities Authority,
                   (McLaren Obligated Group),
                   4.50%, 10/15/21                             1,929,814
      1,000        Michigan Hospital Finance Authority,
                   (Henry Ford Health), 5.25%, 11/15/20          973,640
        750        Michigan Hospital Finance Authority,
                   (Memorial Healthcare Center),
                   5.875%, 11/15/21                              723,112
        750        Michigan Hospital Finance Authority,
                   (Sparrow Obligation Goup),
                   5.625%, 11/15/36                              727,252
        750        Michigan Hospital Finance Authority,
                   (Trinity Health), 6.00%, 12/1/27              780,660
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------

Hospital (continued)
------------------------------------------------------------------------
     $  750        Royal Oak Hospital Finance Authority,
                   (William Beaumont Hospital),
                   5.25%, 1/1/20                             $   748,665
        800        Saginaw Hospital Finance Authority,
                   (Covenant Medical Center),
                   6.50%, 7/1/30                                 851,512
------------------------------------------------------------------------
                                                             $11,397,271
------------------------------------------------------------------------
Housing -- 2.1%
------------------------------------------------------------------------
     $1,000        Multifamily Housing, (AMT),
                   6.00%, 11/1/33                            $ 1,010,380
------------------------------------------------------------------------
                                                             $ 1,010,380
------------------------------------------------------------------------
Industrial Development Revenue -- 4.9%
------------------------------------------------------------------------
     $1,000        Detroit Local Development Finance
                   Authority, (Chrysler Corp.),
                   5.375%, 5/1/21                            $ 1,001,160
        800        Michigan Strategic Fund, (S.D. Warren),
                   (AMT), 7.375%, 1/15/22                        814,664
        625        Puerto Rico Port Authority, (American
                   Airlines), (AMT), 6.25%, 6/1/26               515,756
------------------------------------------------------------------------
                                                             $ 2,331,580
------------------------------------------------------------------------
Insured-Education -- 1.0%
------------------------------------------------------------------------
     $  500        Central Michigan University, (FGIC),
                   5.00%, 10/1/27                            $   489,175
------------------------------------------------------------------------
                                                             $   489,175
------------------------------------------------------------------------
Insured-Electric Utilities -- 2.1%
------------------------------------------------------------------------
     $1,000        Michigan Strategic Fund, (Detroit Edison
                   Co.), (MBIA), (AMT), 5.55%, 9/1/29        $ 1,020,060
------------------------------------------------------------------------
                                                             $ 1,020,060
------------------------------------------------------------------------
Insured-General Obligations -- 20.6%
------------------------------------------------------------------------
     $1,000        Central Montcalm Public Schools, (MBIA),
                   6.00%, 5/1/29                             $ 1,072,510
        250        Chelsea School District, (FGIC),
                   5.00%, 5/1/25                                 245,423
      2,250        Detroit School District, (FGIC),
                   4.75%, 5/1/28                               2,090,723
      1,250        Eaton Rapids Public Schools, (MBIA),
                   4.75%, 5/1/25                               1,169,625
      2,000        Fenton Area Public Schools, (FGIC),
                   5.00%, 5/1/24                               1,966,820
      1,250        Lincoln Park School District, (FGIC),
                   5.00%, 5/1/26                               1,224,913
      2,000        Novi Building Authority, (FSA),
                   5.50%, 10/1/25(2)                           2,071,720
------------------------------------------------------------------------
                                                             $ 9,841,734
------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       21
<Page>
MICHIGAN MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------
Insured-Hospital -- 7.3%
------------------------------------------------------------------------
     $1,000        Lenawee County Hospital Finance,
                   (Lenawee Health Alliance), (AMBAC),
                   5.00%, 7/1/28                             $   962,950
        500        Michigan Health Facilities Authority,
                   (Detroit Medical Group), (AMBAC),
                   5.25%, 8/15/27                                497,790
      1,000        Royal Oak Hospital Finance Authority,
                   (William Beaumont Hospital), (MBIA),
                   5.25%, 11/15/35                               992,920
      1,000        Saginaw Hospital Finance Authority,
                   (Covenant Medical Center), (MBIA),
                   5.50%, 7/1/24                               1,018,780
------------------------------------------------------------------------
                                                             $ 3,472,440
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 8.0%
------------------------------------------------------------------------
     $1,100        Detroit Downtown Development, (MBIA),
                   4.75%, 7/1/25                             $ 1,029,578
        600        Puerto Rico Infrastructure Financing
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(3)(4)                                  598,338
        455        Puerto Rico Infrastructure Financing
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(5)                                     453,112
        700        Puerto Rico Infrastructure Financing
                   Authority, (FSA), Variable Rate,
                   7/1/27(3)(5)                                  743,995
      1,000        Wayne Charter County, (Airport
                   Hotel-Detroit Metroplitan Airport),
                   (MBIA), 5.00%, 12/1/30                        975,330
------------------------------------------------------------------------
                                                             $ 3,800,353
------------------------------------------------------------------------
Insured-Student Loan -- 2.1%
------------------------------------------------------------------------
     $1,000        Michigan Higher Education Student Loan
                   Authority Revenue, (AMBAC), (AMT),
                   5.50%, 6/1/25                             $ 1,000,000
------------------------------------------------------------------------
                                                             $ 1,000,000
------------------------------------------------------------------------
Insured-Transportation -- 6.6%
------------------------------------------------------------------------
     $  670        Puerto Rico Highway and Transportation
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(3)(5)                              $   667,246
        600        Puerto Rico Highway and Transportation
                   Authority, (MBIA), Variable Rate,
                   7/1/26(3)(5)                                  670,866
      2,000        Wayne Charter County Airport, Residual
                   Certificates, (MBIA), (AMT), Variable
                   Rate, 12/1/28(3)(4)                         1,803,940
------------------------------------------------------------------------
                                                             $ 3,142,052
------------------------------------------------------------------------
Insured-Water and Sewer -- 5.5%
------------------------------------------------------------------------
     $1,750        Detroit Water Supply System, (FGIC),
                   5.00%, 7/1/30                             $ 1,699,390
      1,000        Grand Rapids Sanitary Sewer System,
                   (FGIC), 4.75%, 1/1/28                         930,030
------------------------------------------------------------------------
                                                             $ 2,629,420
------------------------------------------------------------------------
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 1.1%
------------------------------------------------------------------------
     $  300        Michigan Building Authority,
                   4.75%, 10/15/21                           $   283,629
        250        Puerto Rico, (Guaynabo Municipal
                   Government Center Lease),
                   5.625%, 7/1/22                                240,845
------------------------------------------------------------------------
                                                             $   524,474
------------------------------------------------------------------------
Miscellaneous -- 0.8%
------------------------------------------------------------------------
     $  400        Pittsfield Township EDC, (Arbor
                   Hospice), 7.875%, 8/15/27                 $   388,784
------------------------------------------------------------------------
                                                             $   388,784
------------------------------------------------------------------------
Transportation -- 1.4%
------------------------------------------------------------------------
     $  750        Kent County Airport Facility, Variable
                   Rate, 1/1/25(3)(4)                        $   692,528
------------------------------------------------------------------------
                                                             $   692,528
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.8%
   (identified cost $47,207,867)                             $48,091,995
------------------------------------------------------------------------
Other Assets, Less Liabilities -- (0.8)%                     $  (377,830)
------------------------------------------------------------------------
Net Assets -- 100.0%                                         $47,714,165
------------------------------------------------------------------------
</Table>

 AMT - Interest earned from these securities may be considered a tax
 preference item for purposes of the Federal Alternative Minimum Tax.

 The Trust invests primarily in debt securities issued by Michigan
 municipalities. The ability of the issuers of the debt securities to meet
 their obligations may be affected by economic developments in a specific
 industry or municipality. In order to reduce the risk associated with such
 economic developments, at November 30, 2001, 52.8% of the securities in the
 portfolio of investments are backed by bond insurance of various financial
 institutions and financial guaranty assurance agencies. The aggregate
 percentage insured by financial institutions ranged from 5.9% to 20.3% of
 total investments.
 (1)  When-issued security.
 (2)  Security (or a portion thereof) has been segregated to cover when-
      issued securities.
 (3)  Security exempt from registration under Rule 144A of the Securities Act
      of 1933. These securities may be resold in transactions exempt from
      registration, normally to qualified institutional buyers.
 (4)  Security has been issued as an inverse floater bond.
 (5)  Security has been issued as a leveraged inverse floater bond.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       22
<Page>
NEW JERSEY MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS

TAX-EXEMPT INVESTMENTS -- 97.7%

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------
Cogeneration -- 3.4%
-------------------------------------------------------------------------
     $2,290        New Jersey EDA, (Vineland Cogeneration),
                   (AMT), 7.875%, 6/1/19                     $  2,339,464
      1,000        Port Authority of New York and New
                   Jersey, (KIAC), (AMT), 6.75%, 10/1/19        1,027,920
-------------------------------------------------------------------------
                                                             $  3,367,384
-------------------------------------------------------------------------
Education -- 5.5%
-------------------------------------------------------------------------
     $1,500        New Jersey Educational Facilities
                   Authority, (Bloomfield College),
                   6.85%, 7/1/30                             $  1,572,240
      3,935        New Jersey Educational Facilities
                   Authority, (Princeton University),
                   5.00%, 7/1/20                                3,944,365
-------------------------------------------------------------------------
                                                             $  5,516,605
-------------------------------------------------------------------------
Electric Utility -- 1.0%
-------------------------------------------------------------------------
     $1,000        Salem County Pollution Control Financing
                   Authority, (Public Service Enterprise
                   Group, Inc.), (AMT), 5.75%, 4/1/31        $    993,320
-------------------------------------------------------------------------
                                                             $    993,320
-------------------------------------------------------------------------
Hospital -- 11.0%
-------------------------------------------------------------------------
     $  550        New Jersey Health Care Facilities
                   Financing Authority, (Burdette Tomlin
                   Memorial Hospital), 5.50%, 7/1/29         $    552,024
      2,150        New Jersey Health Care Facilities
                   Financing Authority, (Capital Health
                   System), 5.25%, 7/1/27                       1,719,849
      1,000        New Jersey Health Care Facilities
                   Financing Authority, (Deborah Heart and
                   Lung Center), 6.30%, 7/1/23                    996,420
      2,000        New Jersey Health Care Facilities
                   Financing Authority, (Hackensack
                   University Medical Center),
                   6.00%, 1/1/34                                2,056,960
      2,000        New Jersey Health Care Facilities
                   Financing Authority, (Robert Wood
                   Johnson University Hospital),
                   5.75%, 7/1/31                                2,070,400
      1,000        New Jersey Health Care Facilities
                   Financing Authority, (Saint Peters
                   University Hospital), (AMT),
                   6.875%, 7/1/20                               1,060,730
      2,000        New Jersey Health Care Facilities
                   Financing Authority, (St. Elizabeth
                   Hospital), 6.00%, 7/1/20                     1,924,120
        600        New Jersey Health Care Facilities
                   Financing Authority, (Trinitas
                   Hospital), 7.50%, 7/1/30                       644,472
-------------------------------------------------------------------------
                                                             $ 11,024,975
-------------------------------------------------------------------------
Industrial Development Revenue -- 10.7%
-------------------------------------------------------------------------
     $1,000        Gloucester County, Improvements
                   Authority, (Waste Management, Inc.),
                   (AMT), 7.00%, 12/1/29                     $  1,124,270
        650        Middlesex County Pollution Control
                   Financing Authority, (Amerada Hess
                   Corp.), 6.875%, 12/1/22                        665,541
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------

Industrial Development Revenue (continued)
-------------------------------------------------------------------------
     $1,000        New Jersey EDA, (American Airlines),
                   (AMT), 7.10%, 11/1/31                     $    902,320
      1,000        New Jersey EDA, (Anheuser-Busch), (AMT),
                   5.85%, 12/1/30                               1,030,710
      2,500        New Jersey EDA, (Continental Airlines),
                   (AMT), 6.25%, 9/15/29                        1,931,250
      1,000        New Jersey EDA, (Glimcher Properties
                   REIT), (AMT), 6.00%, 11/1/28                   968,830
      3,700        New Jersey EDA, (The Seeing Eye, Inc.),
                   6.20%, 12/1/24                               4,077,696
-------------------------------------------------------------------------
                                                             $ 10,700,617
-------------------------------------------------------------------------
Insured-Education -- 8.3%
-------------------------------------------------------------------------
     $1,305        New Jersey Educational Facilities
                   Authority, (NJ Institute of Technology),
                   (MBIA), 5.00%, 7/1/26                     $  1,296,726
      1,000        New Jersey Educational Facilities
                   Authority, (NJ Institute of Technology),
                   (MBIA), 4.75%, 7/1/31                          951,920
      1,730        New Jersey Educational Facilities
                   Authority, (Ramapo College), (AMBAC),
                   4.625%, 7/1/28                               1,612,948
      1,750        New Jersey Educational Facilities
                   Authority, (Ramapo College), (MBIA),
                   5.75%, 7/1/29                                1,858,973
      1,000        New Jersey Educational Facilities
                   Authority, (Rowan University), (FGIC),
                   5.25%, 7/1/20                                1,022,370
      1,600        Puerto Rico Industrial Tourist
                   Educational, Medical and Environmental,
                   (University Plaza Project), Residual
                   Certificates, (MBIA), Variable Rate,
                   7/1/33(1)(2)                                 1,565,840
-------------------------------------------------------------------------
                                                             $  8,308,777
-------------------------------------------------------------------------
Insured-General Obligations -- 4.3%
-------------------------------------------------------------------------
     $1,000        Branchburg Township Board of Education,
                   (FSA), 5.00%, 2/1/26                      $    993,690
        500        Hazlet Township School District, (FSA),
                   5.00%, 2/1/30                                  500,510
      1,000        Montgomery Township Board of Education,
                   (MBIA), 5.00%, 8/1/25                          993,750
        500        Montgomery Township Board of Education,
                   (MBIA), 5.00%, 4/1/27                          498,825
      1,230        West Deptford Township, (FGIC),
                   5.50%, 9/1/24                                1,284,145
-------------------------------------------------------------------------
                                                             $  4,270,920
-------------------------------------------------------------------------
Insured-Hospital -- 4.7%
-------------------------------------------------------------------------
     $1,130        New Jersey Health Care Facilities
                   Financing Authority, (CentraState
                   Medical Center), (AMBAC), 4.50%, 7/1/28   $  1,020,910
      4,105        New Jersey Health Care Facilities,
                   (Virtua Health), (FSA), 4.50%, 7/1/28        3,708,703
-------------------------------------------------------------------------
                                                             $  4,729,613
-------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       23
<Page>
NEW JERSEY MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------
Insured-Housing -- 4.4%
-------------------------------------------------------------------------
     $3,535        New Jersey Housing and Mortgage Finance
                   Agency, (MBIA), (AMT), 5.90%, 10/1/29     $  3,653,140
        750        New Jersey Housing and Mortgage Finance
                   Agency, Multifamily Housing, (FSA),
                   5.75%, 5/1/25                                  784,290
-------------------------------------------------------------------------
                                                             $  4,437,430
-------------------------------------------------------------------------
Insured-Industrial Development Revenue -- 1.7%
-------------------------------------------------------------------------
     $1,580        New Jersey EDA, (FSA), Variable Rate,
                   5/1/17(2)(3)                              $  1,704,188
-------------------------------------------------------------------------
                                                             $  1,704,188
-------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 4.2%
-------------------------------------------------------------------------
     $4,500        New Brunswick Housing Authority,
                   (Rutgers University), (FGIC),
                   4.625%, 7/1/24                            $  4,229,460
-------------------------------------------------------------------------
                                                             $  4,229,460
-------------------------------------------------------------------------
Insured-Special Tax Revenue -- 3.7%
-------------------------------------------------------------------------
     $3,945        New Jersey Sports and Exposition
                   Authority, (MBIA), 4.50%, 9/1/20          $  3,690,508
-------------------------------------------------------------------------
                                                             $  3,690,508
-------------------------------------------------------------------------
Insured-Transportation -- 17.3%
-------------------------------------------------------------------------
     $4,000        Delaware River and Bay Authority,
                   (AMBAC), 5.75%, 1/1/29                    $  4,275,080
      1,000        Delaware River Port Authority, (FSA),
                   5.625%, 1/1/26                               1,050,940
      3,250        Delaware River Port Authority, (FSA),
                   5.75%, 1/1/26                                3,453,645
      1,500        New Jersey Turnpike Authority, RITES,
                   (MBIA), Variable Rate, 1/1/30(1)(2)          1,673,715
      1,200        Port Authority of New York and New
                   Jersey, (AMBAC), 4.75%, 1/15/26              1,130,112
      4,000        Port Authority of New York and New
                   Jersey, (MBIA), (AMT), 5.75%, 12/1/25        4,100,800
      1,630        Puerto Rico Highway and Transportation
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(1)(2)                                 1,623,301
-------------------------------------------------------------------------
                                                             $ 17,307,593
-------------------------------------------------------------------------
Insured-Water and Sewer -- 1.5%
-------------------------------------------------------------------------
     $1,500        Bordentown Sewer Authority, (FGIC),
                   5.375%, 12/1/20                           $  1,550,820
-------------------------------------------------------------------------
                                                             $  1,550,820
-------------------------------------------------------------------------
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------
Life Care -- 1.0%
-------------------------------------------------------------------------
     $1,100        New Jersey EDA, (United Methodist
                   Homes), 5.75%, 7/1/29                     $    999,955
-------------------------------------------------------------------------
                                                             $    999,955
-------------------------------------------------------------------------
Nursing Home -- 2.0%
-------------------------------------------------------------------------
     $1,000        New Jersey EDA, (Masonic Charity
                   Foundation), 5.50%, 6/1/31                $  1,024,420
      1,000        New Jersey EDA, (Victoria Health),
                   5.20%, 12/20/36                                998,360
-------------------------------------------------------------------------
                                                             $  2,022,780
-------------------------------------------------------------------------
Special Tax Revenue -- 2.4%
-------------------------------------------------------------------------
     $1,250        New Jersey EDA, (Kapkowski Mall),
                   6.375%, 4/1/31                            $  1,307,050
      1,000        Puerto Rico Infrastructure Financing
                   Authority, Variable Rate, 10/1/34(1)(2)      1,146,350
-------------------------------------------------------------------------
                                                             $  2,453,400
-------------------------------------------------------------------------
Transportation -- 10.6%
-------------------------------------------------------------------------
     $4,000        New Jersey Highway Authority, (Garden
                   State Parkway), 5.625%, 1/1/30            $  4,222,680
      1,500        New Jersey Transportation Trust Fund
                   Authority, Variable Rate, 6/15/17(2)(3)      1,529,025
      2,550        Port Authority of New York and New
                   Jersey, 4.75%, 8/1/33                        2,276,691
      1,600        Port Authority of New York and New
                   Jersey, Variable Rate, 3/1/19(1)             1,618,432
      1,000        Port Authority of New York and New
                   Jersey, (AMT), 5.125%, 1/15/36                 952,050
-------------------------------------------------------------------------
                                                             $ 10,598,878
-------------------------------------------------------------------------
Total Tax-Exempt Investments -- 97.7%
   (identified cost $95,193,725)                             $ 97,907,223
-------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.3%                       $  2,338,769
-------------------------------------------------------------------------
Net Assets -- 100.0%                                         $100,245,992
-------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       24
<Page>
NEW JERSEY MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

 AMT - Interest earned from these securities may be considered a tax
 preference item for purposes of the Federal Alternative Minimum Tax.

 The Trust invests primarily in debt securities issued by New Jersey
 municipalities. The ability of the issuers of the debt securities to meet
 their obligations may be affected by economic developments in a specific
 industry or municipality. In order to reduce the risk associated with such
 economic developments, at November 30, 2001, 51.4% of the securities in the
 portfolio of investments are backed by bond insurance of various financial
 institutions and financial guaranty assurance agencies. The aggregate
 percentage insured by financial institutions ranged from 8.3% to 20.8% of
 total investments.
 (1)  Security has been issued as a leveraged inverse floater bond.
 (2)  Security exempt from registration under Rule 144A of the Securities Act
      of 1933. These securities may be resold in transactions exempt from
      registration, normally to qualified institutional buyers.
 (3)  Security has been issued as an inverse floater bond.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       25
<Page>
NEW YORK MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS

TAX-EXEMPT INVESTMENTS -- 98.0%

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------
Cogeneration -- 1.7%
-------------------------------------------------------------------------
     $1,000        Port Authority of New York and New
                   Jersey, (KIAC), (AMT), 6.75%, 10/1/19     $  1,027,920
      1,150        Suffolk County IDA, (Nissequogue
                   Cogeneration Partners Facility), (AMT),
                   5.50%, 1/1/23                                1,037,806
-------------------------------------------------------------------------
                                                             $  2,065,726
-------------------------------------------------------------------------
Education -- 10.3%
-------------------------------------------------------------------------
     $1,500        New York City IDA, (Polytechnic
                   University), 6.125%, 11/1/30              $  1,563,600
      4,275        New York Dormitory Authority,
                   (Rockefeller University), 4.75%, 7/1/37      3,982,034
      4,500        New York Dormitory Authority, (State
                   University Educational Facilities),
                   4.75%, 5/15/28                               4,144,545
      2,500        Tompkins County IDA, (Cornell
                   University), 5.75%, 7/1/30                   2,668,575
-------------------------------------------------------------------------
                                                             $ 12,358,754
-------------------------------------------------------------------------
Electric Utility -- 7.3%
-------------------------------------------------------------------------
     $2,000        Long Island Power Authority,
                   5.50%, 12/1/23                            $  2,038,740
      1,000        Long Island Power Authority,
                   5.50%, 12/1/29                               1,012,460
      1,655        Long Island Power Authority, Electric
                   System Revenue, 5.25%, 12/1/26               1,649,290
      4,100        New York Power Authority,
                   5.25%, 11/15/40                              4,110,332
-------------------------------------------------------------------------
                                                             $  8,810,822
-------------------------------------------------------------------------
General Obligations -- 4.4%
-------------------------------------------------------------------------
     $4,935        New York City, 6.00%, 8/1/16              $  5,240,082
-------------------------------------------------------------------------
                                                             $  5,240,082
-------------------------------------------------------------------------
Health Care-Miscellaneous -- 2.2%
-------------------------------------------------------------------------
     $2,600        Westchester County IDA, (Children's
                   Village), 5.375%, 3/15/19                 $  2,613,000
-------------------------------------------------------------------------
                                                             $  2,613,000
-------------------------------------------------------------------------
Hospital -- 9.1%
-------------------------------------------------------------------------
     $  250        Chautauqua County IDA, (Womans Christian
                   Association), 6.35%, 11/15/17             $    231,805
        500        Chautauqua County IDA, (Womans Christian
                   Association), 6.40%, 11/15/29                  448,270
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------

Hospital (continued)
-------------------------------------------------------------------------
     $1,250        Fulton County IDA, (Nathan Littauer
                   Hospital), 6.00%, 11/1/18                 $  1,102,312
        400        Nassau County, IDA, Civic Facility
                   Revenue, (North Shore Health System),
                   6.25%, 11/1/21                                 395,712
      3,300        New York City Health and Hospital Corp.,
                   5.25%, 2/15/17                               3,240,435
      1,500        New York City IDA, (Ohel Children's
                   Home), 6.00%, 8/15/22                        1,320,660
      1,500        New York Dormitory Authority Revenue,
                   (Lenox Hill Hospital), 5.50%, 7/1/30         1,502,910
      1,250        Oneida County IDA, (St. Elizabeth
                   Hospital), 5.75%, 12/1/19                    1,100,750
      1,500        Yonkers, IDA, (Johns Riverside
                   Hospital), 7.125%, 7/1/31                    1,547,655
-------------------------------------------------------------------------
                                                             $ 10,890,509
-------------------------------------------------------------------------
Industrial Development Revenue -- 2.7%
-------------------------------------------------------------------------
     $2,500        Onondaga County IDA, (Anheuser-Busch),
                   (AMT), 6.25%, 12/1/34                     $  2,672,250
        550        Port Authority of New York and New
                   Jersey, (Continental/Eastern Project),
                   (AMT), 9.125%, 12/1/15                         554,955
-------------------------------------------------------------------------
                                                             $  3,227,205
-------------------------------------------------------------------------
Insured-Education -- 5.3%
-------------------------------------------------------------------------
     $1,200        New York Dormitory Authority, (Cooper
                   Union), (MBIA), 6.25%, 7/1/29             $  1,327,128
      4,500        New York Dormitory Authority, (New York
                   University), (MBIA), 5.75%, 7/1/27           4,997,925
-------------------------------------------------------------------------
                                                             $  6,325,053
-------------------------------------------------------------------------
Insured-Hospital -- 9.9%
-------------------------------------------------------------------------
     $5,000        New York Dormitory Authority, (Memorial
                   Sloan Kettering Cancer Center), (MBIA),
                   5.50%, 7/1/23(1)                          $  5,358,500
      1,465        New York Dormitory Authority, (Mental
                   Health Services Facility Improvements),
                   (FSA), 5.25%, 8/15/30                        1,467,417
      5,500        New York Dormitory Authority, (Municipal
                   Health Facilities Improvement), (FSA),
                   4.75%, 1/15/29                               5,085,630
-------------------------------------------------------------------------
                                                             $ 11,911,547
-------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       26
<Page>
NEW YORK MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 0.8%
-------------------------------------------------------------------------
     $1,000        New York Dormitory Authority,
                   (Department Health), (MBIA),
                   5.50%, 7/1/25                             $  1,021,810
-------------------------------------------------------------------------
                                                             $  1,021,810
-------------------------------------------------------------------------
Insured-Miscellaneous -- 1.5%
-------------------------------------------------------------------------
     $1,580        New York City, Trust for Cultural
                   Resources, (AMBAC), Variable Rate,
                   7/1/29(2)(3)                              $  1,765,129
-------------------------------------------------------------------------
                                                             $  1,765,129
-------------------------------------------------------------------------
Insured-Nursing Home -- 0.2%
-------------------------------------------------------------------------
     $  250        New York Dormitory Authority, (Augustana
                   Lutheran Nursing Home), (MBIA),
                   5.40%, 2/1/31                             $    252,845
-------------------------------------------------------------------------
                                                             $    252,845
-------------------------------------------------------------------------
Insured-Special Tax Revenue -- 4.6%
-------------------------------------------------------------------------
     $1,250        New York Local Government Assistance
                   Corp., (AMBAC), 6.00%, 4/1/24             $  1,346,937
      1,175        Puerto Rico Infrastructure Financing
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(2)(3)                                 1,171,745
      1,190        Puerto Rico Infrastructure Financing
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(4)                                    1,185,061
      1,750        Puerto Rico Infrastructure Financing
                   Authority, (FSA), Variable Rate,
                   7/1/27(2)(4)                                 1,859,988
-------------------------------------------------------------------------
                                                             $  5,563,731
-------------------------------------------------------------------------
Insured-Transportation -- 17.4%
-------------------------------------------------------------------------
     $1,500        Metropolitan Transportation Authority of
                   New York, (FGIC), 4.75%, 7/1/26           $  1,403,910
      1,400        Metropolitan Transportation Authority of
                   New York, (FGIC), 4.75%, 7/1/26              1,310,316
      1,000        Metropolitan Transportation Authority of
                   New York, (FGIC), 4.875%, 7/1/18               998,830
      4,005        Metropolitan Transportation Authority of
                   New York, (FSA), 5.25%, 4/1/23               4,077,170
      2,325        Monroe County Airport Authority, (MBIA),
                   (AMT), Variable Rate, 1/1/17(2)(3)           2,752,079
      3,750        New York Thruway Authority, (Highway and
                   Bridge), (AMBAC), 5.125%, 4/1/20             3,780,113
      2,735        Niagara Frontier Airport Authority,
                   (Buffalo Niagara International Airport),
                   (MBIA), (AMT), 5.625%, 4/1/29                2,816,831
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------

Insured-Transportation (continued)
-------------------------------------------------------------------------
     $1,750        Niagara Frontier Airport Authority,
                   (Buffalo Niagara International Airport),
                   (MBIA), (AMT), Variable Rate,
                   4/1/29(2)(3)                              $  1,854,738
      1,885        Puerto Rico Highway and Transportation
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(2)(4)                                 1,877,253
-------------------------------------------------------------------------
                                                             $ 20,871,240
-------------------------------------------------------------------------
Insured-Water and Sewer -- 1.7%
-------------------------------------------------------------------------
     $2,000        New York City Municipal Water Finance
                   Authority, (FGIC), 5.50%, 6/15/32         $  2,063,160
-------------------------------------------------------------------------
                                                             $  2,063,160
-------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 3.9%
-------------------------------------------------------------------------
     $4,385        New York Dormitory Authority, (Court
                   Facility), 6.00%, 5/15/39                 $  4,689,407
-------------------------------------------------------------------------
                                                             $  4,689,407
-------------------------------------------------------------------------
Life Care -- 1.8%
-------------------------------------------------------------------------
     $1,250        Mount Vernon IDA, (Wartburg Senior
                   Housing, Inc. - Meadowview),
                   6.20%, 6/1/29                             $  1,101,200
      1,000        Suffolk County IDA, (Jeffersons Ferry),
                   7.20%, 11/1/19                               1,053,510
-------------------------------------------------------------------------
                                                             $  2,154,710
-------------------------------------------------------------------------
Miscellaneous -- 0.4%
-------------------------------------------------------------------------
     $  260        Suffolk County IDA, Civic Facility
                   Revenue, (Alliance of LI), 7.50%, 9/1/15  $    269,565
        235        Suffolk County IDA, Civic Facility
                   Revenue, (Alliance of LI),
                   7.50%, 9/1/15                                  243,646
-------------------------------------------------------------------------
                                                             $    513,211
-------------------------------------------------------------------------
Senior Living / Life Care -- 0.8%
-------------------------------------------------------------------------
     $1,250        New York City IDA, (A Very Special
                   Place, Inc.), 5.75%, 1/1/29               $    977,738
-------------------------------------------------------------------------
                                                             $    977,738
-------------------------------------------------------------------------
Special Tax Revenue -- 6.2%
-------------------------------------------------------------------------
     $2,000        New York City Transitional Finance
                   Authority, 6.00%, 11/15/29                $  2,174,940
      3,000        New York City Transitional Finance
                   Authority , 6.00%, 8/15/29                   3,245,190
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       27
<Page>
NEW YORK MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
-------------------------------------------------------------------------

Special Tax Revenue (continued)
-------------------------------------------------------------------------
     $1,750        Puerto Rico Infrastructure Financing
                   Authority, Variable Rate, 10/1/32(2)(4)   $  2,011,135
-------------------------------------------------------------------------
                                                             $  7,431,265
-------------------------------------------------------------------------
Transportation -- 1.5%
-------------------------------------------------------------------------
     $1,800        Port Authority of New York and New
                   Jersey, Variable Rate, 3/1/19(4)          $  1,820,736
-------------------------------------------------------------------------
                                                             $  1,820,736
-------------------------------------------------------------------------
Water and Sewer -- 4.3%
-------------------------------------------------------------------------
     $1,500        New York City Municipal Water Finance
                   Authority, 5.25%, 6/15/29                 $  1,504,485
      3,500        New York City Municipal Water Finance
                   Authority, 5.75%, 6/15/29                    3,651,795
-------------------------------------------------------------------------
                                                             $  5,156,280
-------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.0%
   (identified cost $113,533,820)                            $117,723,960
-------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.0%                       $  2,435,911
-------------------------------------------------------------------------
Net Assets -- 100.0%                                         $120,159,871
-------------------------------------------------------------------------
</Table>

 AMT - Interest earned from these securities may be considered a tax
 preference item for purposes of the Federal Alternative Minimum Tax.

 The Trust invests primarily in debt securities issued by New York
 municipalities. The ability of the issuers of the debt securities to meet
 their obligations may be affected by economic developments in a specific
 industry or municipality. In order to reduce the risk associated with such
 economic developments, at November 30, 2001, 42.3% of the securities in the
 portfolio of investments are backed by bond insurance of various financial
 institutions and financial guaranty assurance agencies. The aggregate
 percentage insured by financial institutions ranged from 4.9% to 17.3% of
 total investments.
 (1)  Security (or a portion thereof) has been segregated to cover margin
      requirements on open financial futures contracts.
 (2)  Security exempt from registration under Rule 144A of the Securities Act
      of 1933. These securities may be resold in transactions exempt from
      registration, normally to qualified institutional buyers.
 (3)  Security has been issued as an inverse floater bond.
 (4)  Security has been issued as a leveraged inverse floater bond.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       28
<Page>
OHIO MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS

TAX-EXEMPT INVESTMENTS -- 98.9%

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------
Cogeneration -- 0.6%
------------------------------------------------------------------------
     $  400        Ohio Water Development Authority, Solid
                   Waste Disposal, (Bay Shore Power),
                   (AMT), 5.875%, 9/1/20                     $   368,208
------------------------------------------------------------------------
                                                             $   368,208
------------------------------------------------------------------------
Education -- 2.3%
------------------------------------------------------------------------
     $1,500        Ohio Higher Educational Facilities,
                   (Oberlin College), Variable Rate,
                   10/1/27(1)(2)                             $ 1,434,075
------------------------------------------------------------------------
                                                             $ 1,434,075
------------------------------------------------------------------------
Electric Utilities -- 3.7%
------------------------------------------------------------------------
     $  500        Clyde Electric System Revenue, (AMT),
                   6.00%, 11/15/14                           $   510,570
      1,750        Ohio Water Development Authority,
                   Pollution Control Facilities, (Cleveland
                   Electric), (AMT), 6.10%, 8/1/20             1,781,955
------------------------------------------------------------------------
                                                             $ 2,292,525
------------------------------------------------------------------------
General Obligations -- 4.3%
------------------------------------------------------------------------
     $1,000        Delaware County, 6.00%, 12/1/25           $ 1,097,640
      1,530        Hamilton City School District,
                   5.625%, 12/1/24                             1,605,995
------------------------------------------------------------------------
                                                             $ 2,703,635
------------------------------------------------------------------------
Hospital -- 10.3%
------------------------------------------------------------------------
     $2,000        Franklin County, (Childrens Hospital),
                   5.20%, 5/1/29                             $ 1,966,900
        635        Highland County, (Joint Township
                   Hospital District), 6.75%, 12/1/29            587,210
      1,250        Parma Community General Hospital
                   Association, 5.35%, 11/1/18                 1,210,087
      1,750        Parma Community General Hospital
                   Association, 5.375%, 11/1/29                1,646,505
      1,000        Richland County Hospital Facilities,
                   (Medcentral Health Systems),
                   6.375%, 11/15/22                            1,048,910
------------------------------------------------------------------------
                                                             $ 6,459,612
------------------------------------------------------------------------
Housing -- 1.6%
------------------------------------------------------------------------
     $1,000        Multifamily Housing, (AMT),
                   6.00%, 11/1/33                            $ 1,010,380
------------------------------------------------------------------------
                                                             $ 1,010,380
------------------------------------------------------------------------
Industrial Development Revenue -- 16.0%
------------------------------------------------------------------------
     $1,250        Cleveland Airport, (Continental
                   Airlines), (AMT), 5.70%, 12/1/19          $   875,362
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------

Industrial Development Revenue (continued)
------------------------------------------------------------------------
     $1,300        Dayton Special Facilities Revenue,
                   (Emery Air Freight), 5.625%, 2/1/18       $   983,892
      3,000        Moraine Solid Waste Disposal, (General
                   Motors Corp.), (AMT), 5.65%, 7/1/24         3,180,090
      2,500        Ohio Enviromental Facilities, (Ford
                   Motor Co.), (AMT), 5.95%, 9/1/29            2,618,150
      2,250        Ohio Water Development Authority,
                   (Anheuser-Busch), (AMT), 6.00%, 8/1/29      2,347,290
------------------------------------------------------------------------
                                                             $10,004,784
------------------------------------------------------------------------
Insured-Certificates of Participation -- 2.4%
------------------------------------------------------------------------
     $1,500        Cleveland, Certificates of
                   Participation, (Cleveland Stadium),
                   (AMBAC), 5.25%, 11/15/22                  $ 1,515,990
------------------------------------------------------------------------
                                                             $ 1,515,990
------------------------------------------------------------------------
Insured-Education -- 7.3%
------------------------------------------------------------------------
     $1,000        Ohio Higher Educational Facilities,
                   (Dayton University), (AMBAC),
                   5.50%, 12/1/30                            $ 1,036,990
      2,000        University of Akron, (FGIC), Variable
                   Rate, 1/1/29(1)(2)                          2,239,200
      1,250        University of Cincinnati, (FGIC),
                   5.25%, 6/1/24                               1,265,612
------------------------------------------------------------------------
                                                             $ 4,541,802
------------------------------------------------------------------------
Insured-Electric Utilities -- 2.2%
------------------------------------------------------------------------
     $2,000        Ohio Municipal Electric Generation
                   Agency, (MBIA), 0.00%, 2/15/25            $   570,320
      3,000        Ohio Municipal Electric Generation
                   Agency, (MBIA), 0.00%, 2/15/26                808,560
------------------------------------------------------------------------
                                                             $ 1,378,880
------------------------------------------------------------------------
Insured-General Obligations -- 10.4%
------------------------------------------------------------------------
     $1,000        Lima City School District, (AMBAC),
                   5.50%, 12/1/22                            $ 1,046,660
        500        Lima City School District, (AMBAC),
                   6.00%, 12/1/22                                552,875
      2,150        South-Western City School District,
                   Franklin and Pickway Counties, (AMBAC),
                   4.75%, 12/1/26                              2,010,078
      2,860        Springfield City School District Clark
                   County, (FGIC), 5.20%, 12/1/23              2,888,257
------------------------------------------------------------------------
                                                             $ 6,497,870
------------------------------------------------------------------------
Insured-Hospital -- 5.3%
------------------------------------------------------------------------
     $1,000        Akron Bath Copley Township Hospital
                   District, (Childrens Hospital Center),
                   (FSA), 5.00%, 11/15/31                    $   971,990
      1,750        Cuyahoga County, (Cleveland Clinic),
                   (MBIA), 5.125%, 1/1/29                      1,739,762
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       29
<Page>
OHIO MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------

Insured-Hospital (continued)
------------------------------------------------------------------------
     $  665        Hamilton County, (Childrens Hospital
                   Medical Center), (MBIA), 4.75%, 5/15/28   $   616,655
------------------------------------------------------------------------
                                                             $ 3,328,407
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 12.6%
------------------------------------------------------------------------
     $1,000        Deerfield Township Tax Increment
                   Revenue, (MBIA), 5.00%, 12/1/25           $   985,020
      2,500        Delaware County, Sewer District, (MBIA),
                   4.75%, 12/1/24                              2,351,025
      2,000        Hamiliton County Sales Tax Revenue,
                   (AMBAC), 5.25%, 12/1/32                     2,015,120
        875        Puerto Rico Infrastructure Financing
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(2)(1)                                  872,576
        615        Puerto Rico Infrastructure Financing
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(3)                                     612,448
      1,000        Puerto Rico Infrastructure Financing
                   Authority, (FSA), Variable Rate,
                   7/1/27(2)(3)                                1,062,850
------------------------------------------------------------------------
                                                             $ 7,899,039
------------------------------------------------------------------------
Insured-Transportation -- 7.1%
------------------------------------------------------------------------
     $1,325        Cleveland Airport System Revenue, (FSA),
                   5.00%, 1/1/31                             $ 1,292,220
      1,000        Ohio Turnpike Commission, (FGIC),
                   5.50%, 2/15/24                              1,072,820
      1,000        Ohio Turnpike Commission, (FGIC),
                   5.50%, 2/15/26                              1,074,800
      1,000        Puerto Rico Highway and Transportation
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(2)(3)                                  995,890
------------------------------------------------------------------------
                                                             $ 4,435,730
------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 2.1%
------------------------------------------------------------------------
     $1,300        Union County, (Pleasant Valley Joint
                   Fire District), 6.125%, 12/1/19           $ 1,337,687
------------------------------------------------------------------------
                                                             $ 1,337,687
------------------------------------------------------------------------
Nursing Home -- 0.9%
------------------------------------------------------------------------
     $  650        Ohio HFA, Retirement Rental Housing,
                   (Encore Retirement Partners),
                   6.75%, 3/1/19                             $   559,936
------------------------------------------------------------------------
                                                             $   559,936
------------------------------------------------------------------------
Other Revenue -- 1.6%
------------------------------------------------------------------------
     $1,100        Toledo-Lucas County Port Authority,
                   5.40%, 5/15/19                            $ 1,001,022
------------------------------------------------------------------------
                                                             $ 1,001,022
------------------------------------------------------------------------
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------
Senior Living / Life Care -- 3.8%
------------------------------------------------------------------------
     $1,755        Cuyahoga County, Health Care Facilities,
                   (Benjamin Rose Institute),
                   5.50%, 12/1/28(4)                         $ 1,528,991
      1,000        Summit County Healthcare Facilities,
                   (Village at Saint Edward),
                   5.75%, 12/1/25                                859,800
------------------------------------------------------------------------
                                                             $ 2,388,791
------------------------------------------------------------------------
Special Tax Revenue -- 4.4%
------------------------------------------------------------------------
     $1,425        Cuyahoga County, Economic Development,
                   (Shaker Square), 6.75%, 12/1/30           $ 1,577,846
      1,000        Puerto Rico Infrastructure Financing
                   Authority, Variable Rate, 10/1/32(2)(3)     1,149,220
------------------------------------------------------------------------
                                                             $ 2,727,066
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.9%
   (identified cost $60,932,484)                             $61,885,439
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.1%                       $   689,626
------------------------------------------------------------------------
Net Assets -- 100.0%                                         $62,575,065
------------------------------------------------------------------------
</Table>

 AMT - Interest earned from these securities may be considered a tax
 preference item for purposes of the Federal Alternative Minimum Tax.

 The Trust invests primarily in debt securities issued by Ohio municipali-
 ties. The ability of the issuers of the debt securities to meet their
 obligations may be affected by economic developments in a specific industry
 or municipality. In order to reduce the risk associated with such economic
 developments, at November 30, 2001, 47.8% of the securities in the portfolio
 of investments are backed by bond insurance of various financial institutions
 and financial guaranty assurance agencies. The aggregate percentage insured
 by financial institutions ranged from 5.4% to 17.2% of total investments.
 (1)  Security has been issued as an inverse floater bond.
 (2)  Security exempt from registration under Rule 144A of the Securities Act
      of 1933. These securities may be resold in transactions exempt from
      registration, normally to qualified institutional buyers.
 (3)  Security has been issued as a leveraged inverse floater bond.
 (4)  Security (or a portion thereof) has been segregated to cover margin
      requirements on open financial futures contracts.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       30
<Page>
PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS

TAX-EXEMPT INVESTMENTS -- 98.7%

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------
Cogeneration -- 2.6%
------------------------------------------------------------------------
     $  500        Carbon County IDA, (Panther Creek
                   Partners), (AMT), 6.65%, 5/1/10           $   531,385
        500        Pennsylvania EDA, (Northampton
                   Generating), (AMT), 6.50%, 1/1/13             506,925
        500        Pennsylvania EDA, (Resource
                   Recovery-Colver), (AMT), 7.05%, 12/1/10       522,180
------------------------------------------------------------------------
                                                             $ 1,560,490
------------------------------------------------------------------------
Education -- 6.4%
------------------------------------------------------------------------
     $1,500        Pennsylvania HEFA, (Drexel University),
                   6.00%, 5/1/29                             $ 1,576,305
      1,300        Pennsylvania HEFA, (University of
                   Pennsylvania), 4.625%, 7/15/30              1,165,424
        600        Philadelphia HEFA, (Chestnut Hill
                   College), 6.00%, 10/1/29                      573,048
        600        Philadelphia IDA, (Franklin Institute),
                   5.20%, 6/15/26                                531,714
------------------------------------------------------------------------
                                                             $ 3,846,491
------------------------------------------------------------------------
Electric Utilities -- 1.0%
------------------------------------------------------------------------
     $  600        York County, IDA, Pollution Control,
                   (Public Service Enterprise Group, Inc.),
                   5.50%, 9/1/20                             $   596,406
------------------------------------------------------------------------
                                                             $   596,406
------------------------------------------------------------------------
Escrowed / Prerefunded -- 1.3%
------------------------------------------------------------------------
     $2,000        Westmoreland County Municipal Authority,
                   (FGIC), Escrowed to Maturity,
                   0.00%, 8/15/19                            $   798,880
------------------------------------------------------------------------
                                                             $   798,880
------------------------------------------------------------------------
Health Care-Miscellaneous -- 2.5%
------------------------------------------------------------------------
     $1,500        Chester County HEFA, (Devereux
                   Foundation), 6.00%, 11/1/29               $ 1,527,375
------------------------------------------------------------------------
                                                             $ 1,527,375
------------------------------------------------------------------------
Hospital -- 3.6%
------------------------------------------------------------------------
     $  500        Allegheny County Hospital Development
                   Authority, (West Pennsylvania Allegheny
                   Health System) , 9.25%, 11/15/30          $   524,545
        750        Chester County HEFA, (Chester Hospital),
                   6.75%, 7/1/31                                 789,352
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------

Hospital (continued)
------------------------------------------------------------------------
     $  850        Pennsylvania HEFA, (UPMC Health System),
                   6.00%, 1/15/31                            $   878,925
------------------------------------------------------------------------
                                                             $ 2,192,822
------------------------------------------------------------------------
Industrial Development Revenue -- 5.7%
------------------------------------------------------------------------
     $  600        Allegheny County, IDA, (Residential
                   Resources, Inc.), 6.50%, 9/1/21           $   586,884
        500        New Morgan IDA, (New Morgan Landfill),
                   (AMT), 6.50%, 4/1/19                          492,900
      1,000        Pennsylvania, IDA, (Sun Co.), (AMT),
                   7.60%, 12/1/24                              1,072,640
      1,550        Puerto Rico Port Authority, (American
                   Airlines), (AMT), 6.30%, 6/1/23             1,299,582
------------------------------------------------------------------------
                                                             $ 3,452,006
------------------------------------------------------------------------
Insured-Education -- 15.9%
------------------------------------------------------------------------
     $  650        Delaware County, (Villanova University),
                   (MBIA), 5.00%, 12/1/28                    $   635,492
      1,000        Northampton County HEFA, (Lafayette
                   College), (MBIA), 5.00%, 11/1/27              976,810
      1,000        Pennsylvania HEFA, (Bryn Mawr College),
                   (AMBAC), 5.125%, 12/1/29                      994,110
      2,000        Pennsylvania HEFA, (State System Higher
                   Education), (FSA), 5.00%, 6/15/24           1,969,380
      3,000        Pennsylvania HEFA, (Temple University),
                   (MBIA), 5.00%, 4/1/29                       2,932,020
        600        Puerto Rico Industrial Tourist
                   Educational, Medical and Environmental,
                   (University Plaza Project), Residual
                   Certificates, (MBIA), Variable Rate,
                   7/1/33(1)(2)                                  587,190
      1,500        University of Pittsburgh, (MBIA),
                   5.00%, 6/1/21                               1,475,235
------------------------------------------------------------------------
                                                             $ 9,570,237
------------------------------------------------------------------------
Insured-Electric Utilities -- 1.8%
------------------------------------------------------------------------
     $1,000        Puerto Rico Electric Power Authority,
                   (MBIA), Variable Rate, 7/1/29(1)(2)       $ 1,057,580
------------------------------------------------------------------------
                                                             $ 1,057,580
------------------------------------------------------------------------
Insured-Gas Utilities -- 2.1%
------------------------------------------------------------------------
     $1,325        Philadelphia Natural Gas Works, (FSA),
                   Variable Rate, 7/1/28(3)                  $ 1,248,998
------------------------------------------------------------------------
                                                             $ 1,248,998
------------------------------------------------------------------------
Insured-General Obligations -- 6.3%
------------------------------------------------------------------------
     $1,825        Hopewell School District, (FSA),
                   0.00%, 9/1/25                             $   501,838
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       31
<Page>
PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

<Table>
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------

Insured-General Obligations (continued)
------------------------------------------------------------------------
     $1,000        McKeesport Area School District, (FGIC),
                   0.00%, 10/1/31                            $   191,680
      2,000        Philadelphia General Obligation, (FSA),
                   5.00%, 3/15/28                              1,943,700
      1,150        Philadelphia School District, (MBIA),
                   4.75%, 4/1/27                               1,072,455
        250        Southeast Delco Area School District,
                   (MBIA), 0.00%, 2/1/24                          75,085
------------------------------------------------------------------------
                                                             $ 3,784,758
------------------------------------------------------------------------
Insured-Hospital -- 21.7%
------------------------------------------------------------------------
     $3,000        Beaver County Hospital Authority,
                   (Valley Health Systems, Inc.), (AMBAC),
                   5.00%, 5/15/28                            $ 2,893,740
      1,000        Berks County Municipal Authority,
                   (Reading Hospital and Medical Center),
                   (FSA), 6.00%, 11/1/29                       1,150,300
      1,000        Dauphin County General Authority,
                   (Pinnacle Health System), (MBIA),
                   5.50%, 5/15/27                              1,014,680
      1,000        Delaware County Authority, (Catholic
                   Health East), (AMBAC), 4.875%, 11/15/26       933,010
      1,500        Lehigh County General Purpose Authority,
                   (Lehigh Valley Health Network), (MBIA),
                   5.25%, 7/1/29                               1,498,845
      3,000        Montgomery County HEFA, (Abington
                   Memorial Hospital), (AMBAC),
                   5.00%, 6/1/28                               2,893,740
      1,000        Pennsylvania Higher Educational
                   Facilities Authority, (UPMC Health
                   System), (FSA), 5.00%, 8/1/29                 970,050
      1,750        Sharon Health System Authority, (Sharon
                   Regional Health System), (MBIA),
                   5.00%, 12/1/28                              1,686,247
------------------------------------------------------------------------
                                                             $13,040,612
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 4.4%
------------------------------------------------------------------------
     $1,000        Pittsburgh and Allegheny County Public
                   Auditorium Authority, (AMBAC),
                   5.00%, 2/1/24                             $   984,780
        595        Puerto Rico Infrastructure Financing
                   Authority, (AMBAC), Variable Rate,
                   7/1/28(1)                                     592,531
      1,000        Puerto Rico Infrastructure Financing
                   Authority, (FSA), Variable Rate,
                   7/1/27(1)(2)                                1,062,850
------------------------------------------------------------------------
                                                             $ 2,640,161
------------------------------------------------------------------------
Insured-Transportation -- 12.0%
------------------------------------------------------------------------
     $1,000        Allegheny County Port Authority, (FGIC),
                   5.00%, 3/1/29                             $   977,360
      3,100        Pennsylvania Turnpike Commision Oil
                   Franchise, (AMBAC), 4.75%, 12/1/27          2,888,146
      2,450        Philadelphia Parking Authority, (AMBAC),
                   5.25%, 2/15/29                              2,461,956
<Caption>
PRINCIPAL AMOUNT
(000'S OMITTED)    SECURITY                                  VALUE
<C>                <S>                                       <C>
------------------------------------------------------------------------

Insured-Transportation (continued)
------------------------------------------------------------------------
     $  800        Puerto Rico Highway and Transportation
                   Authority, (MBIA), Variable Rate,
                   7/1/26(1)(2)                              $   894,488
------------------------------------------------------------------------
                                                             $ 7,221,950
------------------------------------------------------------------------
Insured-Water and Sewer -- 4.2%
------------------------------------------------------------------------
     $1,000        Allegheny County Sanitation and Sewer
                   Authority, (MBIA), 5.50%, 12/1/24         $ 1,038,060
        500        Delaware County IDA, (Water Facilities),
                   (FGIC), (AMT), 6.00%, 6/1/29                  530,910
      1,000        Philadelphia Water and Wastewater,
                   (FGIC), 5.00%, 11/1/31                        976,150
------------------------------------------------------------------------
                                                             $ 2,545,120
------------------------------------------------------------------------
Nursing Home -- 1.4%
------------------------------------------------------------------------
     $  500        Clarion County IDA, (Beverly
                   Enterprises, Inc.), 5.875%, 5/1/07        $   485,885
        400        Cumberland County IDA, (Beverly
                   Enterprises, Inc.), 5.50%, 10/1/08            377,216
------------------------------------------------------------------------
                                                             $   863,101
------------------------------------------------------------------------
Senior Living / Life Care -- 3.8%
------------------------------------------------------------------------
     $  490        Cliff House Trust (AMT), 6.625%, 6/1/27   $   450,913
        500        Crawford County Hospital Authority,
                   (Wesbury United Methodist Community),
                   6.25%, 8/15/29                                464,665
        400        Delaware IDA, (Glen Riddle), (AMT),
                   8.625%, 9/1/25                                427,992
        925        Montgomery County HEFA, (Faulkeways at
                   Gwynedd), 6.75%, 11/15/30                     959,022
------------------------------------------------------------------------
                                                             $ 2,302,592
------------------------------------------------------------------------
Transportation -- 2.0%
------------------------------------------------------------------------
     $  445        Erie Municipal Airport Authority, (AMT),
                   5.50%, 7/1/09                             $   441,307
        500        Erie Municipal Airport Authority, (AMT),
                   5.875%, 7/1/16                                491,330
        250        Pennsylvania EDA, (Amtrak), (AMT),
                   6.25%, 11/1/31                                254,388
------------------------------------------------------------------------
                                                             $ 1,187,025
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.7%
   (identified cost $58,418,459)                             $59,436,604
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.3%                       $   791,040
------------------------------------------------------------------------
Net Assets -- 100.0%                                         $60,227,644
------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       32
<Page>
PENNSYLVANIA MUNICIPAL INCOME TRUST AS OF NOVEMBER 30, 2001

PORTFOLIO OF INVESTMENTS CONT'D

 AMT - Interest earned from these securities may be considered a tax
 preference item for purposes of the Federal Alternative Minimum Tax.

 The Trust invests primarily in debt securities issued by Pennsylvania
 municipalities. The ability of the issuers of the debt securities to meet
 their obligations may be affected by economic developments in a specific
 industry or municipality. In order to reduce the risk associated with such
 economic developments, at November 30, 2001, 70.5% of the securities in the
 portfolio of investments are backed by bond insurance of various financial
 institutions and financial guaranty assurance agencies. The aggregate
 percentage insured by financial institutions ranged from 5.8% to 25.1% of
 total investments.
 (1)  Security has been issued as a leveraged inverse floater bond.
 (2)  Security exempt from registration under Rule 144A of the Securities Act
      of 1933. These securities may be resold in transactions exempt from
      registration, normally to qualified institutional buyers.
 (3)  Security has been issued as an inverse floater bond.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       33
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS

STATEMENTS OF ASSETS AND LIABILITIES

AS OF NOVEMBER 30, 2001

<Table>
<Caption>
                                CALIFORNIA TRUST  FLORIDA TRUST  MASSACHUSETTS TRUST  MICHIGAN TRUST
<S>                             <C>               <C>            <C>                  <C>
----------------------------------------------------------------------------------------------------
Assets
----------------------------------------------------------------------------------------------------
Investments --
   Identified cost                $153,325,207     $93,638,062       $55,735,225       $47,207,867
   Unrealized appreciation           4,417,000       1,137,400         1,159,037           884,128
----------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE             $157,742,207     $94,775,462       $56,894,262       $48,091,995
----------------------------------------------------------------------------------------------------
Cash                              $  1,320,338     $    71,500       $   166,080       $    67,034
Interest receivable                  2,657,689       1,308,674         1,103,443           719,023
Receivable for daily variation
   margin on closed financial
   futures contracts                        --          22,400                --                --
Prepaid expenses                           865             534               325               256
----------------------------------------------------------------------------------------------------
TOTAL ASSETS                      $161,721,099     $96,178,570       $58,164,110       $48,878,308
----------------------------------------------------------------------------------------------------
Liabilities
----------------------------------------------------------------------------------------------------
Payable for when-issued
   securities                     $         --     $        --       $        --       $ 1,141,530
Payable to affiliate for
   Trustees' fees                        1,711           1,293               349               352
Accrued expenses                        42,988          28,119            25,714            22,261
----------------------------------------------------------------------------------------------------
TOTAL LIABILITIES                 $     44,699     $    29,412       $    26,063       $ 1,164,143
----------------------------------------------------------------------------------------------------
NET ASSETS                        $161,676,400     $96,149,158       $58,138,047       $47,714,165
----------------------------------------------------------------------------------------------------
Sources of Net Assets
----------------------------------------------------------------------------------------------------
Auction Preferred Shares,
   $0.01 par value, unlimited
   number of shares authorized    $ 59,000,000     $35,500,000       $21,500,000       $17,500,000
Common Shares, $0.01 par
   value, unlimited number of
   shares authorized                    71,250          42,294            25,968            20,852
Additional paid-in capital         105,674,683      62,823,683        38,433,214        30,978,619
Accumulated net realized loss
   (computed on the basis of
   identified cost)                 (8,575,146)     (4,028,451)       (3,404,643)       (1,992,514)
Accumulated undistributed net
   investment income                 1,088,613         674,232           424,471           323,080
Net unrealized appreciation
   (computed on the basis of
   identified cost)                  4,417,000       1,137,400         1,159,037           884,128
----------------------------------------------------------------------------------------------------
NET ASSETS                        $161,676,400     $96,149,158       $58,138,047       $47,714,165
----------------------------------------------------------------------------------------------------
Net assets applicable to
   preferred shareholders --
   Auction Preferred Shares at
      liquidation value           $ 59,000,000     $35,500,000       $21,500,000       $17,500,000
   Cumulative undeclared
      dividends                         12,524           3,306             4,005             1,630
----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS APPLICABLE TO
   PREFERRED SHARES               $ 59,012,524     $35,503,306       $21,504,005       $17,501,630
----------------------------------------------------------------------------------------------------
Net assets applicable to
   common shares                  $102,663,876     $60,645,852       $36,634,042       $30,212,535
----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS                  $161,676,400     $96,149,158       $58,138,047       $47,714,165
----------------------------------------------------------------------------------------------------
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
----------------------------------------------------------------------------------------------------
                                         2,360           1,420               860               700
----------------------------------------------------------------------------------------------------
Common Shares Outstanding
----------------------------------------------------------------------------------------------------
                                     7,125,044       4,229,355         2,596,842         2,085,197
----------------------------------------------------------------------------------------------------
Net Asset Value Per Common Share
----------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
   COMMON SHARES  DIVIDED BY
   COMMON SHARES ISSUED AND
   OUTSTANDING                    $      14.41     $     14.34       $     14.11       $     14.49
----------------------------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       34
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS

STATEMENTS OF ASSETS AND LIABILITIES

AS OF NOVEMBER 30, 2001

<Table>
<Caption>
                                NEW JERSEY TRUST  NEW YORK TRUST  OHIO TRUST   PENNSYLVANIA TRUST
<S>                             <C>               <C>             <C>          <C>
-------------------------------------------------------------------------------------------------
Assets
-------------------------------------------------------------------------------------------------
Investments --
   Identified cost                $ 95,193,725     $113,533,820   $60,932,484     $58,418,459
   Unrealized appreciation           2,713,498        4,190,140       952,955       1,018,145
-------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE             $ 97,907,223     $117,723,960   $61,885,439     $59,436,604
-------------------------------------------------------------------------------------------------
Cash                              $    240,067     $    265,287   $        --     $        --
Receivable for investments
   sold                                     --               --         5,000              --
Interest receivable                  2,140,367        2,210,834     1,304,076       1,097,324
Receivable for daily variation
   margin on open financial
   futures contracts                        --            4,375           656              --
Prepaid expenses                           558              678           349             325
-------------------------------------------------------------------------------------------------
TOTAL ASSETS                      $100,288,215     $120,205,134   $63,195,520     $60,534,253
-------------------------------------------------------------------------------------------------
Liabilities
-------------------------------------------------------------------------------------------------
Due to bank                       $         --     $         --   $   594,482     $   277,358
Payable to affiliate for
   Trustees' fees                        1,292              497           350             352
Accrued expenses                        40,931           44,766        25,623          28,899
-------------------------------------------------------------------------------------------------
TOTAL LIABILITIES                 $     42,223     $     45,263   $   620,455     $   306,609
-------------------------------------------------------------------------------------------------
NET ASSETS                        $100,245,992     $120,159,871   $62,575,065     $60,227,644
-------------------------------------------------------------------------------------------------
Sources of Net Assets
-------------------------------------------------------------------------------------------------
Auction Preferred Shares,
   $0.01 par value, unlimited
   number of shares authorized    $ 38,000,000     $ 44,500,000   $23,500,000     $22,500,000
Common Shares, $0.01 par
   value, unlimited number of
   shares authorized                    44,847           52,999        27,774          26,632
Additional paid-in capital          66,615,059       78,674,036    41,259,934      39,565,735
Accumulated net realized loss
   (computed on the basis of
   identified cost)                 (7,877,587)      (8,109,856)   (3,618,465)     (3,246,285)
Accumulated undistributed net
   investment income                   750,175          864,234       454,619         363,417
Net unrealized appreciation
   (computed on the basis of
   identified cost)                  2,713,498        4,178,458       951,203       1,018,145
-------------------------------------------------------------------------------------------------
NET ASSETS                        $100,245,992     $120,159,871   $62,575,065     $60,227,644
-------------------------------------------------------------------------------------------------
Net assets applicable to
   preferred shareholders --
   Auction Preferred Shares at
      liquidation value           $ 38,000,000     $ 44,500,000   $23,500,000     $22,500,000
   Cumulative undeclared
      dividends                          8,848            1,703         3,283           4,191
-------------------------------------------------------------------------------------------------
TOTAL NET ASSETS APPLICABLE TO
   PREFERRED SHARES               $ 38,008,848     $ 44,501,703   $23,503,283     $22,504,191
-------------------------------------------------------------------------------------------------
Net assets applicable to
   common shares                  $ 62,237,144     $ 75,658,168   $39,071,782     $37,723,453
-------------------------------------------------------------------------------------------------
TOTAL NET ASSETS                  $100,245,992     $120,159,871   $62,575,065     $60,227,644
-------------------------------------------------------------------------------------------------
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
-------------------------------------------------------------------------------------------------
                                         1,520            1,780           940             900
-------------------------------------------------------------------------------------------------
Common Shares Outstanding
-------------------------------------------------------------------------------------------------
                                     4,484,712        5,299,922     2,777,424       2,663,243
-------------------------------------------------------------------------------------------------
Net Asset Value Per Common Share
-------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
   COMMON SHARES  DIVIDED BY
   COMMON SHARES ISSUED AND
   OUTSTANDING                    $      13.88     $      14.28   $     14.07     $     14.16
-------------------------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       35
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED NOVEMBER 30, 2001

<Table>
<Caption>
                                CALIFORNIA TRUST  FLORIDA TRUST  MASSACHUSETTS TRUST  MICHIGAN TRUST
<S>                             <C>               <C>            <C>                  <C>
----------------------------------------------------------------------------------------------------
Investment Income
----------------------------------------------------------------------------------------------------
Interest                          $ 9,132,783      $5,556,247        $3,377,224         $2,739,672
----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME           $ 9,132,783      $5,556,247        $3,377,224         $2,739,672
----------------------------------------------------------------------------------------------------

Expenses
----------------------------------------------------------------------------------------------------
Investment adviser fee            $ 1,116,930      $  667,234        $  399,708         $  329,503
Administration fee                    314,055         190,639           114,202             94,144
Trustees fees and expenses             10,858           9,182             2,468              1,993
Legal and accounting services          45,659          39,068            35,834             32,712
Printing and postage                   12,120          10,074             7,597              3,032
Custodian fee                          78,135          48,571            32,161             28,834
Transfer and dividend
   disbursing agent                    90,992          55,664            34,202             31,337
Preferred shares remarketing
   agent fee                          146,344          84,791            53,110             40,806
Miscellaneous                          19,609          33,690            22,757             27,378
----------------------------------------------------------------------------------------------------
TOTAL EXPENSES                    $ 1,834,702      $1,138,913        $  702,039         $  589,739
----------------------------------------------------------------------------------------------------
Deduct --
   Reduction of custodian fee     $    66,279      $   48,571        $   32,161         $   28,587
----------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS          $    66,279      $   48,571        $   32,161         $   28,587
----------------------------------------------------------------------------------------------------

NET EXPENSES                      $ 1,768,423      $1,090,342        $  669,878         $  561,152
----------------------------------------------------------------------------------------------------

NET INVESTMENT INCOME             $ 7,364,360      $4,465,905        $2,707,346         $2,178,520
----------------------------------------------------------------------------------------------------

Realized and Unrealized Gain (Loss)
----------------------------------------------------------------------------------------------------
Net realized gain (loss) --
   Investment transactions
      (identified cost basis)     $   116,830      $ (152,737)       $  (40,199)        $ (174,384)
   Financial futures contracts        (13,921)         (8,474)               --                 --
----------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS)          $   102,909      $ (161,211)       $  (40,199)        $ (174,384)
----------------------------------------------------------------------------------------------------
Change in unrealized
   appreciation (depreciation)
   --
   Investments (identified
      cost basis)                 $ 7,836,170      $5,055,444        $3,894,058         $2,918,529
----------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED
   APPRECIATION (DEPRECIATION)    $ 7,836,170      $5,055,444        $3,894,058         $2,918,529
----------------------------------------------------------------------------------------------------

NET REALIZED AND UNREALIZED
   GAIN                           $ 7,939,079      $4,894,233        $3,853,859         $2,744,145
----------------------------------------------------------------------------------------------------

NET INCREASE IN NET ASSETS
   FROM OPERATIONS                $15,303,439      $9,360,138        $6,561,205         $4,922,665
----------------------------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       36
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED NOVEMBER 30, 2001

<Table>
<Caption>
                                NEW JERSEY TRUST  NEW YORK TRUST  OHIO TRUST  PENNSYLVANIA TRUST
<S>                             <C>               <C>             <C>         <C>
------------------------------------------------------------------------------------------------
Investment Income
------------------------------------------------------------------------------------------------
Interest                           $5,920,663      $ 6,996,963    $3,697,362      $3,422,115
------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME            $5,920,663      $ 6,996,963    $3,697,362      $3,422,115
------------------------------------------------------------------------------------------------

Expenses
------------------------------------------------------------------------------------------------
Investment adviser fee             $  701,653      $   835,773    $  436,237      $  417,840
Administration fee                    200,473          238,792       124,657         119,383
Trustees fees and expenses              9,181            7,727         2,481           1,993
Legal and accounting services          39,034           35,217        35,836          32,735
Printing and postage                   10,121           12,024         8,822           5,731
Custodian fee                          65,596           64,470        35,345          36,355
Transfer and dividend
   disbursing agent                    57,919           76,163        38,037          39,622
Preferred shares remarketing
   agent fee                           94,258          111,226        58,290          52,092
Miscellaneous                          32,414           32,454        27,104          28,182
------------------------------------------------------------------------------------------------
TOTAL EXPENSES                     $1,210,649      $ 1,413,846    $  766,809      $  733,933
------------------------------------------------------------------------------------------------
Deduct --
   Reduction of custodian fee      $   29,643      $    18,072    $   35,345      $   14,487
------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS           $   29,643      $    18,072    $   35,345      $   14,487
------------------------------------------------------------------------------------------------

NET EXPENSES                       $1,181,006      $ 1,395,774    $  731,464      $  719,446
------------------------------------------------------------------------------------------------

NET INVESTMENT INCOME              $4,739,657      $ 5,601,189    $2,965,898      $2,702,669
------------------------------------------------------------------------------------------------

Realized and Unrealized Gain (Loss)
------------------------------------------------------------------------------------------------
Net realized gain (loss) --
   Investment transactions
      (identified cost basis)      $ (264,215)     $  (235,068)   $ (951,137)     $ (840,136)
   Financial futures contracts             --           84,620        51,786          (4,842)
------------------------------------------------------------------------------------------------
NET REALIZED LOSS                  $ (264,215)     $  (150,448)   $ (899,351)     $ (844,978)
------------------------------------------------------------------------------------------------
Change in unrealized
   appreciation (depreciation)
   --
   Investments (identified
      cost basis)                  $5,115,881      $ 6,127,440    $3,974,965      $3,803,331
   Financial futures contracts             --           77,051        57,403              --
------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED
   APPRECIATION (DEPRECIATION)     $5,115,881      $ 6,204,491    $4,032,368      $3,803,331
------------------------------------------------------------------------------------------------

NET REALIZED AND UNREALIZED
   GAIN                            $4,851,666      $ 6,054,043    $3,133,017      $2,958,353
------------------------------------------------------------------------------------------------

NET INCREASE IN NET ASSETS
   FROM OPERATIONS                 $9,591,323      $11,655,232    $6,098,915      $5,661,022
------------------------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       37
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED NOVEMBER 30, 2001

<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS  CALIFORNIA TRUST  FLORIDA TRUST  MASSACHUSETTS TRUST  MICHIGAN TRUST
<S>                                <C>               <C>            <C>                  <C>
-------------------------------------------------------------------------------------------------------
From operations --
   Net investment income             $  7,364,360     $ 4,465,905       $ 2,707,346       $ 2,178,520
   Net realized gain (loss)               102,909        (161,211)          (40,199)         (174,384)
   Net change in unrealized
      appreciation (depreciation)       7,836,170       5,055,444         3,894,058         2,918,529
-------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
   OPERATIONS                        $ 15,303,439     $ 9,360,138       $ 6,561,205       $ 4,922,665
-------------------------------------------------------------------------------------------------------
Distributions to shareholders --
   Preferred Shareholders --
      From net investment income     $ (1,581,200)    $(1,029,471)      $  (589,521)      $  (504,182)
   Common Shareholders --
      From net investment income       (5,217,933)     (2,981,696)       (1,875,647)       (1,438,786)
-------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO
   SHAREHOLDERS                      $ (6,799,133)    $(4,011,167)      $(2,465,168)      $(1,942,968)
-------------------------------------------------------------------------------------------------------
Capital share transactions --
   Reinvestment of distributions
      to shareholders                $     96,991     $        --       $    36,650       $        --
-------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
   CAPITAL SHARE TRANSACTIONS        $     96,991     $        --       $    36,650       $        --
-------------------------------------------------------------------------------------------------------

NET INCREASE IN NET ASSETS           $  8,601,297     $ 5,348,971       $ 4,132,687       $ 2,979,697
-------------------------------------------------------------------------------------------------------

Net Assets
-------------------------------------------------------------------------------------------------------
At beginning of year                 $153,075,103     $90,800,187       $54,005,360       $44,734,468
-------------------------------------------------------------------------------------------------------
AT END OF YEAR                       $161,676,400     $96,149,158       $58,138,047       $47,714,165
-------------------------------------------------------------------------------------------------------

Accumulated undistributed net
investment income included in net assets
-------------------------------------------------------------------------------------------------------
AT END OF YEAR                       $  1,088,613     $   674,232       $   424,471       $   323,080
-------------------------------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       38
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED NOVEMBER 30, 2001

<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS  NEW JERSEY TRUST  NEW YORK TRUST  OHIO TRUST   PENNSYLVANIA TRUST
<S>                                <C>               <C>             <C>          <C>
----------------------------------------------------------------------------------------------------
From operations --
   Net investment income                 $4,739,657   $  5,601,189   $ 2,965,898          $2,702,669
   Net realized loss                      (264,215)       (150,448)     (899,351)          (844,978)
   Net change in unrealized
      appreciation (depreciation)         5,115,881      6,204,491     4,032,368           3,803,331
----------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
   OPERATIONS                            $9,591,323   $ 11,655,232   $ 6,098,915          $5,661,022
----------------------------------------------------------------------------------------------------
Distributions to shareholders --
   Preferred Shareholders --
      From net investment income       $(1,051,398)   $ (1,164,885)  $  (672,941)         $(649,116)
   Common Shareholders --
      From net investment income        (3,193,115)     (3,853,043)   (1,972,027)        (1,805,679)
----------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO
   SHAREHOLDERS                        $(4,244,513)   $ (5,017,928)  $(2,644,968)       $(2,454,795)
----------------------------------------------------------------------------------------------------

NET INCREASE IN NET ASSETS               $5,346,810   $  6,637,304   $ 3,453,947          $3,206,227
----------------------------------------------------------------------------------------------------

Net Assets
----------------------------------------------------------------------------------------------------
At beginning of year                    $94,899,182   $113,522,567   $59,121,118         $57,021,417
----------------------------------------------------------------------------------------------------
AT END OF YEAR                         $100,245,992   $120,159,871   $62,575,065         $60,227,644
----------------------------------------------------------------------------------------------------

Accumulated undistributed net
investment income included in net assets
----------------------------------------------------------------------------------------------------
AT END OF YEAR                             $750,175   $    864,234   $   454,619            $363,417
----------------------------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       39
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED NOVEMBER 30, 2000

<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS  CALIFORNIA TRUST  FLORIDA TRUST  MASSACHUSETTS TRUST  MICHIGAN TRUST
<S>                                <C>               <C>            <C>                  <C>
-------------------------------------------------------------------------------------------------------
From operations --
   Net investment income             $  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
-------------------------------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       40
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED NOVEMBER 30, 2000

<Table>
<Caption>
INCREASE (DECREASE) IN NET ASSETS  NEW JERSEY TRUST  NEW YORK TRUST  OHIO TRUST   PENNSYLVANIA TRUST
<S>                                <C>               <C>             <C>          <C>
----------------------------------------------------------------------------------------------------
From operations --
   Net investment income             $ 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
----------------------------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       41
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                  CALIFORNIA TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
   of year (Common shares)          $13.210        $11.630           $15.000
----------------------------------------------------------------------------------

Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income               $ 1.035        $ 1.008           $ 0.773
Net realized and unrealized
   gain (loss)                        1.120          1.576            (3.322)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
   OPERATIONS                       $ 2.155        $ 2.584           $(2.549)
----------------------------------------------------------------------------------

Less distributions
----------------------------------------------------------------------------------
Preferred Shareholders --
   From net investment income       $(0.222)       $(0.279)          $(0.186)
Common Shareholders --
   From net investment income       $(0.733)       $(0.725)          $(0.510)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS                 $(0.955)       $(1.004)          $(0.696)
----------------------------------------------------------------------------------

PREFERRED AND COMMON SHARES
   OFFERING COSTS CHARGED TO
   PAID-IN CAPITAL                  $    --        $    --           $(0.040)
----------------------------------------------------------------------------------

PREFERRED SHARES UNDERWRITING
   DISCOUNTS                        $    --        $    --           $(0.085)
----------------------------------------------------------------------------------

NET ASSET VALUE -- END OF YEAR
   (COMMON SHARES)                  $14.410        $13.210           $11.630
----------------------------------------------------------------------------------

MARKET VALUE -- END OF YEAR
   (COMMON SHARES)                  $14.320        $11.688           $11.438
----------------------------------------------------------------------------------

TOTAL RETURN(3)                       29.65%          8.79%           (20.70)%
----------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       42
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                  CALIFORNIA TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------

Ratios/Supplemental Data+ ++
----------------------------------------------------------------------------------
Net assets, end of year (000's
   omitted)                        $161,676       $153,075           $141,346
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Net expenses(4)                     1.83%          1.99%              1.66%(5)
   Net expenses after
      custodian fee
      reduction(4)                     1.76%          1.92%              1.60%(5)
   Net investment income(4)            7.32%          8.43%              6.83%(5)
Portfolio Turnover                       47%            29%               146%
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios and net investment income per
   share would have been as follows:
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Expenses(4)                                                           1.85%(5)
   Expenses after custodian
      fee reduction(4)                                                   1.79%(5)
   Net investment income(4)                                              6.64%(5)
   Net investment income per
      share                                                          $  0.752
----------------------------------------------------------------------------------
++ The ratios reported above are based on net assets attributable solely to common
   shares. The ratios based on net assets, including amounts related to preferred
   shares, are as follows:
Ratios (As a percentage of
   average total net assets):
   Net expenses                        1.15%          1.17%              1.06%(5)
   Net expenses after
      custodian fee reduction          1.11%          1.13%              1.02%(5)
   Net investment income               4.62%          4.97%              4.37%(5)
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios would have been as follows:
Ratios (As a percentage of
   average total net assets):
   Expenses                                                              1.18%(5)
   Expenses after custodian
      fee reduction                                                      1.14%(5)
   Net investment income                                                 4.25%(5)
----------------------------------------------------------------------------------
Senior Securities:
   Total preferred shares
      outstanding                     2,360          2,360              2,360
   Asset coverage per
      preferred share(6)           $ 68,507       $ 64,862           $ 59,892
   Involuntary liquidation
      preference per preferred
      share(7)                     $ 25,000       $ 25,000           $ 25,000
   Approximate market value
      per preferred share(7)       $ 25,000       $ 25,000           $ 25,000
----------------------------------------------------------------------------------
</Table>

 (1)  Computed using average common shares outstanding.
 (2)  For the period from the start of business, January 29, 1999, to
      November 30, 1999.
 (3)  Total return is calculated assuming a purchase at the current market
      price on the first day and a sale at the current market price on the
      last day of each period reported. Dividends and distributions, if any,
      are assumed reinvested at the net asset value on the reinvestment date.
      Total return is not computed on an annualized basis.
 (4)  Ratios do not reflect the effect of dividend payments to preferred
      shareholders. Ratios to average net assets attributable to common shares
      reflect the Trust's leveraged capital structure.
 (5)  Annualized.
 (6)  Calculated by subtracting the Trust's total liabilities (not including
      the preferred shares) from the Trust's total assets, and dividing this
      by the number of preferred shares outstanding.
 (7)  Plus accumulated and unpaid dividends.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       43
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                  FLORIDA TRUST
                                  ---------------------------------------------
                                             YEAR ENDED NOVEMBER 30,
                                  ---------------------------------------------
                                    2001(1)      2000(1)         1999(1)(2)
<S>                               <C>            <C>         <C>
-------------------------------------------------------------------------------
Net asset value -- Beginning
   of year (Common shares)          $13.070      $11.770          $15.000
-------------------------------------------------------------------------------

Income (loss) from operations
-------------------------------------------------------------------------------
Net investment income               $ 1.056      $ 1.028          $ 0.779
Net realized and unrealized
   gain (loss)                        1.162        1.318           (3.180)
-------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
   OPERATIONS                       $ 2.218      $ 2.346          $(2.401)
-------------------------------------------------------------------------------

Less distributions
-------------------------------------------------------------------------------
Preferred Shareholders --
   From net investment income       $(0.243)     $(0.338)         $(0.200)
Common Shareholders--
   From net investment income       $(0.705)     $(0.708)         $(0.502)
-------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS                 $(0.948)     $(1.046)         $(0.702)
-------------------------------------------------------------------------------

PREFERRED AND COMMON SHARES
   OFFERING COSTS CHARGED TO
   PAID-IN CAPITAL                  $    --      $    --          $(0.042)
-------------------------------------------------------------------------------

PREFERRED SHARES UNDERWRITING
   DISCOUNTS                        $    --      $    --          $(0.085)
-------------------------------------------------------------------------------

NET ASSET VALUE -- END OF YEAR
   (COMMON SHARES)                  $14.340      $13.070          $11.770
-------------------------------------------------------------------------------

MARKET VALUE -- END OF YEAR
   (COMMON SHARES)                  $13.380      $10.500          $10.438
-------------------------------------------------------------------------------

TOTAL RETURN(3)                       34.91%        7.20%          (27.62)%
-------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       44
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                   FLORIDA TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------

Ratios/Supplemental Data+ ++
----------------------------------------------------------------------------------
Net assets, end of year (000's
   omitted)                         $96,149        $90,800           $85,233
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Net expenses(4)                     1.90%          1.99%             1.74%(5)
   Net expenses after
      custodian fee
      reduction(4)                     1.82%          1.91%             1.68%(5)
   Net investment income(4)            7.46%          8.59%             6.89%(5)
Portfolio Turnover                       24%            20%              101%
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios and net investment income per
   share would have been as follows:
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Expenses(4)                                        2.07%             1.88%(5)
   Expenses after custodian
      fee reduction(4)                                1.99%             1.82%(5)
   Net investment income(4)                           8.51%             6.75%(5)
   Net investment income per
      share                                        $ 1.018           $ 0.763
----------------------------------------------------------------------------------
++ The ratios reported above are based on net assets attributable solely to common
   shares. The ratios based on net assets, including amounts related to preferred
   shares, are as follows:
Ratios (As a percentage of
   average total net assets):
   Net expenses                        1.19%          1.16%             1.11%(5)
   Net expenses after
      custodian fee reduction          1.14%          1.12%             1.07%(5)
   Net investment income               4.68%          5.05%             4.39%(5)
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios would have been as follows:
Ratios (As a percentage of
   average total net assets):
   Expenses                                           1.20%             1.20%(5)
   Expenses after custodian
      fee reduction                                   1.16%             1.16%(5)
   Net investment income                              5.01%             4.30%(5)
----------------------------------------------------------------------------------
Senior Securities:
   Total preferred shares
      outstanding                     1,420          1,420             1,420
   Asset coverage per
      preferred share(6)            $67,695        $63,944           $60,023
   Involuntary liquidation
      preference per preferred
      share(7)                      $25,000        $25,000           $25,000
   Approximate market value
      per preferred share(7)        $25,000        $25,000           $25,000
----------------------------------------------------------------------------------
</Table>

 (1)  Computed using average common shares outstanding.
 (2)  For the period from the start of business, January 29, 1999, to November
      30, 1999.
 (3)  Total return is calculated assuming a purchase at the current market
      price on the first day and a sale at the current market price on the
      last day of each period reported. Dividends and distributions, if any,
      are assumed reinvested at the net asset value on the reinvestment date.
      Total return is not computed on an annualized basis.
 (4)  Ratios do not reflect the effect of dividend payments to preferred
      shareholders. Ratios to average net assets attributable to common shares
      reflect the Trust's leveraged capital structure.
 (5)  Annualized.
 (6)  Calculated by subtracting the Trust's total liabilities (not including
      the preferred shares) from the Trust's total assets, and dividing this
      by the number of preferred shares outstanding.
 (7)  Plus accumulated and unpaid dividends.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       45
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                MASSACHUSETTS TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
   of year (Common shares)          $12.530        $11.470           $15.000
----------------------------------------------------------------------------------

Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income               $ 1.044        $ 1.008           $ 0.779
Net realized and unrealized
   gain (loss)                        1.486          1.058            (3.479)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
   OPERATIONS                       $ 2.530        $ 2.066           $(2.700)
----------------------------------------------------------------------------------

Less distributions
----------------------------------------------------------------------------------
Preferred Shareholders --
   From net investment income       $(0.227)       $(0.286)          $(0.192)
Common Shareholders --
   From net investment income       $(0.723)       $(0.720)          $(0.510)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS                 $(0.950)       $ 1.006           $(0.702)
----------------------------------------------------------------------------------

PREFERRED AND COMMON SHARES
   OFFERING COSTS CHARGED TO
   PAID-IN CAPITAL                  $    --        $    --           $(0.043)
----------------------------------------------------------------------------------

PREFERRED SHARES UNDERWRITING
   DISCOUNTS                        $    --        $    --           $(0.085)
----------------------------------------------------------------------------------

NET ASSET VALUE -- END OF YEAR
   (COMMON SHARES)                  $14.110        $12.530           $11.470
----------------------------------------------------------------------------------

MARKET VALUE -- END OF YEAR
   (COMMON SHARES)                  $14.370        $10.813           $11.438
----------------------------------------------------------------------------------

TOTAL RETURN(3)                       40.54%          0.69%           (20.68)%
----------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       46
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                MASSACHUSETTS TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------

Ratios/Supplemental Data+ ++
----------------------------------------------------------------------------------
Net assets, end of year (000's
   omitted)                         $58,138        $54,005           $50,960
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Net expenses(4)                     1.97%          2.17%             1.98%(5)
   Net expenses after
      custodian fee
      reduction(4)                     1.88%          2.09%             1.91%(5)
   Net investment income(4)            7.60%          8.80%             6.93%(5)
Portfolio Turnover                       13%            32%              111%
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios and net investment income per
   share would have been as follows:
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Expenses(4)                                                          2.01%(5)
   Expenses after custodian
      fee reduction(4)                                                  1.94%(5)
   Net investment income(4)                                             6.90%(5)
   Net investment income per
      share                                                          $ 0.776
----------------------------------------------------------------------------------
++ The ratios reported above are based on net assets attributable solely to common
   shares. The ratios based on net assets, including amounts related to preferred
   shares, are as follows:
Ratios (As a percentage of
   average total net assets):
   Net expenses                        1.23%          1.26%             1.26%(5)
   Net expenses after
      custodian fee reduction          1.17%          1.21%             1.21%(5)
   Net investment income               4.74%          5.10%             4.41%(5)
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios would have been as follows:
Ratios (As a percentage of
   average total net assets):
   Expenses                                                             1.28%(5)
   Expenses after custodian
      fee reduction                                                     1.23%(5)
   Net investment income                                                4.39%(5)
----------------------------------------------------------------------------------
Senior Securities:
   Total preferred shares
      outstanding                       860            860               860
   Asset coverage per
      preferred share(6)            $67,602        $62,797           $59,256
   Involuntary liquidation
      preference per preferred
      share(7)                      $25,000        $25,000           $25,000
   Approximate market value
      per preferred share(7)        $25,000        $25,000           $25,000
----------------------------------------------------------------------------------
</Table>

 (1)  Computed using average common shares outstanding.
 (2)  For the period from the start of business, January 29, 1999, to November
      30, 1999.
 (3)  Total return is calculated assuming a purchase at the current market
      price on the first day and a sale at the current market price on the
      last day of each period reported. Dividends and distributions, if any,
      are assumed reinvested at the net asset value on the reinvestment date.
      Total return is not computed on an annualized basis.
 (4)  Ratios do not reflect the effect of dividend payments to preferred
      shareholders. Ratios to average net assets attributable to common shares
      reflect the Trust's leveraged capital structure.
 (5)  Annualized.
 (6)  Calculated by subtracting the Trust's total liabilities (not including
      the preferred shares) from the Trust's total assets, and dividing this
      by the number of preferred shares outstanding.
 (7)  Plus accumulated and unpaid dividends.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       47
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                   MICHIGAN TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
   of year (Common shares)          $13.060        $11.840           $15.000
----------------------------------------------------------------------------------

Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income               $ 1.045        $ 0.996           $ 0.771
Net realized and unrealized
   gain (loss)                        1.317          1.250            (3.111)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
   OPERATIONS                       $ 2.362        $ 2.246           $(2.340)
----------------------------------------------------------------------------------

Less distributions
----------------------------------------------------------------------------------
Preferred Shareholders --
   From net investment income       $(0.242)       $(0.321)          $(0.191)
Common Shareholders--
   From net investment income       $(0.690)       $(0.705)          $(0.500)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS                 $(0.932)       $(1.026)          $(0.691)
----------------------------------------------------------------------------------

PREFERRED AND COMMON SHARES
   OFFERING COSTS CHARGED TO
   PAID-IN CAPITAL                  $    --        $    --           $(0.044)
----------------------------------------------------------------------------------

PREFERRED SHARES UNDERWRITING
   DISCOUNTS                        $    --        $    --           $(0.085)
----------------------------------------------------------------------------------

NET ASSET VALUE -- END OF YEAR
   (COMMON SHARES)                  $14.490        $13.060           $11.840
----------------------------------------------------------------------------------

MARKET VALUE -- END OF YEAR
   (COMMON SHARES)                  $13.000        $10.438           $10.875
----------------------------------------------------------------------------------

TOTAL RETURN(3)                       31.69%          2.30%           (24.66)%
----------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       48
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                   MICHIGAN TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------

Ratios/Supplemental Data+ ++
----------------------------------------------------------------------------------
Net assets, end of year (000's
   omitted)                         $47,714        $44,734           $42,198
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Net expenses(4)                     1.99%          2.18%             1.78%(5)
   Net expenses after
      custodian fee
      reduction(4)                     1.90%          2.09%             1.71%(5)
   Net investment income(4)            7.36%          8.34%             6.77%(5)
Portfolio Turnover                       33%            18%               90%
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios and net investment income per
   share would have been as follows:
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Expenses(4)                                        2.21%             2.06%(5)
   Expenses after custodian
      fee reduction(4)                                2.12%             1.99%(5)
   Net investment income(4)                           8.31%             6.49%(5)
   Net investment income per
      share                                        $ 0.992           $ 0.738
----------------------------------------------------------------------------------
++ The ratios reported above are based on net assets attributable solely to common
   shares. The ratios based on net assets, including amounts related to preferred
   shares, are as follows:
Ratios (As a percentage of
   average total net assets):
   Net expenses                        1.25%          1.27%             1.14%(5)
   Net expenses after
      custodian fee reduction          1.19%          1.22%             1.09%(5)
   Net investment income               4.63%          4.90%             4.33%(5)
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios would have been as follows:
Ratios (As a percentage of
   average total net assets):
   Expenses                                           1.29%             1.32%(5)
   Expenses after custodian
      fee reduction                                   1.24%             1.27%(5)
   Net investment income                              4.88%             4.15%(5)
----------------------------------------------------------------------------------
Senior Securities:
   Total preferred shares
      outstanding                       700            700               700
   Asset coverage per
      preferred share(6)            $68,163        $63,906           $60,283
   Involuntary liquidation
      preference per preferred
      share(7)                      $25,000        $25,000           $25,000
   Approximate market value
      per preferred share(7)        $25,000        $25,000           $25,000
----------------------------------------------------------------------------------
</Table>

 (1)  Computed using average common shares outstanding.
 (2)  For the period from the start of business, January 29, 1999, to November
      30, 1999.
 (3)  Total return is calculated assuming a purchase at the current market
      price on the first day and a sale at the current market price on the
      last day of each period reported. Dividends and distributions, if any,
      are assumed reinvested at the net asset value on the reinvestment date.
      Total return is not computed on an annualized basis.
 (4)  Ratios do not reflect the effect of dividend payments to preferred
      shareholders. Ratios to average net assets attributable to common shares
      reflect the Trust's leveraged capital structure.
 (5)  Annualized.
 (6)  Calculated by subtracting the Trust's total liabilities (not including
      the preferred shares) from the Trust's total assets, and dividing this
      by the number of preferred share outstanding.
 (7)  Plus accumulated and unpaid dividends.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       49
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                  NEW JERSEY TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
   of year (Common shares)          $12.680        $11.720           $15.000
----------------------------------------------------------------------------------

Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income               $ 1.057        $ 1.012           $ 0.778
Net realized and unrealized
   gain (loss)                        1.089          0.977            (3.235)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
   OPERATIONS                       $ 2.146        $ 1.989           $(2.457)
----------------------------------------------------------------------------------

Less distributions
----------------------------------------------------------------------------------
Preferred Shareholders --
   From net investment income       $(0.234)       $(0.324)          $(0.195)
Common Shareholders --
   From net investment income       $(0.712)       $(0.705)          $(0.500)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS                 $(0.946)       $(1.029)          $(0.695)
----------------------------------------------------------------------------------

PREFERRED AND COMMON SHARES
   OFFERING COSTS CHARGED TO
   PAID-IN CAPITAL                  $    --        $    --           $(0.042)
----------------------------------------------------------------------------------

PREFERRED SHARES UNDERWRITING
   DISCOUNTS                        $    --        $    --           $(0.086)
----------------------------------------------------------------------------------

NET ASSET VALUE -- END OF YEAR
   (COMMON SHARES)                  $13.880        $12.680           $11.720
----------------------------------------------------------------------------------

MARKET VALUE -- END OF YEAR
   (COMMON SHARES)                  $13.340        $10.750           $10.875
----------------------------------------------------------------------------------

TOTAL RETURN(3)                       31.34%          5.28%           (24.64)%
----------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       50
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                  NEW JERSEY TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------

Ratios/Supplemental Data+ ++
----------------------------------------------------------------------------------
Net assets, end of year (000's
   omitted)                        $100,246        $94,899           $90,497
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Net expenses(4)                     1.95%          2.08%             1.67%(5)
   Net expenses after
      custodian fee
      reduction(4)                     1.90%          2.00%             1.61%(5)
   Net investment income(4)            7.64%          8.64%             6.83%(5)
Portfolio Turnover                       35%            54%              114%
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios and net investment income per
   share would have been as follows:
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Expenses(4)                                                          1.85%(5)
   Expenses after custodian
      fee reduction(4)                                                  1.79%(5)
   Net investment income(4)                                             6.65%(5)
   Net investment income per
      share                                                          $ 0.757
----------------------------------------------------------------------------------
++ The ratios reported above are based on net assets attributable solely to common
   shares. The ratios based on net assets, including amounts related to preferred
   shares are as follows:
Ratios (As a percentage of
   average total net assets):
   Net expenses                        1.21%          1.21%             1.07%(5)
   Net expenses after
      custodian fee reduction          1.18%          1.16%             1.03%(5)
   Net investment income               4.74%          5.01%             4.35%(5)
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios would have been as follows:
Ratios (As a percentage of
   average total net assets):
   Expenses                                                             1.18%(5)
   Expenses after custodian
      fee reduction                                                     1.14%(5)
   Net investment income                                                4.24%(5)
----------------------------------------------------------------------------------
Senior Securities:
   Total preferred shares
      outstanding                     1,520          1,520             1,520
   Asset coverage per
      preferred share(6)           $ 65,951        $62,434           $59,538
   Involuntary liquidation
      preference per preferred
      share(7)                     $ 25,000        $25,000           $25,000
   Approximate market value
      per preferred share(7)       $ 25,000        $25,000           $25,000
----------------------------------------------------------------------------------
</Table>

 (1)  Computed using average common shares outstanding.
 (2)  For the period from the start of business, January 29, 1999, to November
      30, 1999.
 (3)  Total return is calculated assuming a purchase at the current market
      price on the first day and a sale at the current market price on the
      last day of each period reported. Dividends and distributions, if any,
      are assumed reinvested at the net asset value on the reinvestment date.
      Total return is not computed on an annualized basis.
 (4)  Ratios do not reflect the effect of dividend payments to preferred
      shareholders. Ratios to average net assets attributable to common shares
      reflect the Trust's leveraged capital structure.
 (5)  Annualized.
 (6)  Calculated by subtracting the Trust's total liabilities (not including
      the preferred shares) from the Trust's total assets, and dividing this
      by the number of preferred shares outstanding.
 (7)  Plus accumulated and unpaid dividends.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       51
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                   NEW YORK TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
   of year (Common shares)          $13.020        $11.800           $15.000
----------------------------------------------------------------------------------

Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income               $ 1.057        $ 1.002           $ 0.781
Net realized and unrealized
   gain (loss)                        1.150          1.239            (3.153)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
   OPERATIONS                       $ 2.207        $ 2.241           $(2.372)
----------------------------------------------------------------------------------

Less distributions
----------------------------------------------------------------------------------
Preferred Shareholders --
   From net investment income       $(0.220)       $(0.301)          $(0.191)
Common Shareholders --
   From net investment income       $(0.727)       $(0.720)          $(0.510)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS                 $(0.947)       $(1.021)          $(0.701)
----------------------------------------------------------------------------------

PREFERRED AND COMMON SHARES
   OFFERING COSTS CHARGED TO
   PAID-IN CAPITAL                  $    --        $    --           $(0.041)
----------------------------------------------------------------------------------

PREFERRED SHARES UNDERWRITING
   DISCOUNTS                        $    --        $    --           $(0.086)
----------------------------------------------------------------------------------

NET ASSET VALUE -- END OF YEAR
   (COMMON SHARES)                  $14.280        $13.020           $11.800
----------------------------------------------------------------------------------

MARKET VALUE -- END OF YEAR
   (COMMON SHARES)                  $14.050        $10.750           $10.813
----------------------------------------------------------------------------------

TOTAL RETURN(3)                       38.30%          5.90%           (25.00)%
----------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       52
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                   NEW YORK TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------

Ratios/Supplemental Data+ ++
----------------------------------------------------------------------------------
Net assets, end of year (000's
   omitted)                        $120,160       $113,523           $106,846
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Net expenses(4)                     1.88%          2.03%              1.65%(5)
   Net expenses after
      custodian fee
      reduction(4)                     1.86%          1.95%              1.59%(5)
   Net investment income(4)            7.45%          8.33%              6.86%(5)
Portfolio Turnover                       21%            36%               139%
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios and net investment income per
   share would have been as follows:
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Expenses(4)                                                           1.86%(5)
   Expenses after custodian
      fee reduction(4)                                                   1.80%(5)
   Net investment income(4)                                              6.65%(5)
   Net investment income per
      share                                                          $  0.757
----------------------------------------------------------------------------------
++ The ratios reported above are based on net assets attributable solely to common
   shares. The ratios based on net assets, including amounts related to preferred
   shares, are as follows:
Ratios (As a percentage of
   average total net assets):
   Net expenses                        1.19%          1.20%              1.05%(5)
   Net expenses after
      custodian fee reduction          1.17%          1.15%              1.01%(5)
   Net investment income               4.68%          4.91%              4.38%(5)
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios would have been as follows:
Ratios (As a percentage of
   average total net assets):
   Expenses                                                              1.18%(5)
   Expenses after custodian
      fee reduction                                                      1.14%(5)
   Net investment income                                                 4.25%(5)
----------------------------------------------------------------------------------
Senior Securities:
   Total preferred shares
      outstanding                     1,780          1,780              1,780
   Asset coverage per
      preferred share(6)           $ 67,506       $ 63,777           $ 60,026
   Involuntary liquidation
      preference per preferred
      share(7)                     $ 25,000       $ 25,000           $ 25,000
   Approximate market value
      per preferred share(7)       $ 25,000       $ 25,000           $ 25,000
----------------------------------------------------------------------------------
</Table>

 (1)  Computed using average common shares outstanding.
 (2)  For the period from the start of business, January 29, 1999, to November
      30, 1999.
 (3)  Total return is calculated assuming a purchase at the current market
      price on the first day and a sale at the current market price on the
      last day of each period reported. Dividends and distributions, if any,
      are assumed reinvested at the net asset value on the reinvestment date.
      Total return is not computed on an annualized basis.
 (4)  Ratios do not reflect the effect of dividend payments to preferred
      shareholders. Ratios to average net assets attributable to common shares
      reflect the Trust's leveraged capital structure.
 (5)  Annualized.
 (6)  Calculated by subtracting the Trust's total liabilities (not including
      the preferred shares) from the Trust's total assets, and dividing this
      by the number of preferred shares outstanding.
 (7)  Plus accumulated and unpaid dividends.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       53
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                     OHIO TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
   of year (Common shares)          $12.820        $11.910           $15.000
----------------------------------------------------------------------------------

Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income               $ 1.068        $ 1.028           $ 0.772
Net realized and unrealized
   gain (loss)                        1.134          0.930            (3.035)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
   OPERATIONS                       $ 2.202        $ 1.958           $(2.263)
----------------------------------------------------------------------------------

Less distributions
----------------------------------------------------------------------------------
Preferred Shareholders --
   From net investment income       $(0.242)       $(0.335)          $(0.197)
Common Shareholders--
   From net investment income       $(0.710)       $(0.713)          $(0.502)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS                 $(0.952)       $(1.048)          $(0.699)
----------------------------------------------------------------------------------

PREFERRED AND COMMON SHARES
   OFFERING COSTS CHARGED TO
   PAID-IN CAPITAL                  $    --        $    --           $(0.043)
----------------------------------------------------------------------------------

PREFERRED SHARES UNDERWRITING
   DISCOUNTS                        $    --        $    --           $(0.085)
----------------------------------------------------------------------------------

NET ASSET VALUE -- END OF YEAR
   (COMMON SHARES)                  $14.070        $12.820           $11.910
----------------------------------------------------------------------------------

MARKET VALUE -- END OF YEAR
   (COMMON SHARES)                  $13.620        $11.375           $11.250
----------------------------------------------------------------------------------

TOTAL RETURN(3)                       26.39%          7.55%           (22.06)%
----------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       54
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                     OHIO TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------

Ratios/Supplemental Data+ ++
----------------------------------------------------------------------------------
Net assets, end of year (000's
   omitted)                         $62,575        $59,121           $56,549
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Net expenses(4)                     1.99%          2.08%             1.84%(5)
   Net expenses after
      custodian fee
      reduction(4)                     1.90%          2.01%             1.77%(5)
   Net investment income(4)            7.69%          8.56%             6.74%(5)
Portfolio Turnover                       26%            26%              136%
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios and net investment income per
   share would have been as follows:
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Expenses(4)                                        2.16%             1.96%(5)
   Expenses after custodian
      fee reduction(4)                                2.09%             1.89%(5)
   Net investment income(4)                           8.48%             6.62%(5)
   Net investment income per
      share                                        $ 1.018           $ 0.758
----------------------------------------------------------------------------------
++ The ratios reported above are based on net assets attributable solely to common
   shares. The ratios based on net assets, including amounts related to preferred
   shares, are as follows:
Ratios (As a percentage of
   average total net assets):
   Net expenses                        1.24%          1.22%             1.17%(5)
   Net expenses after
      custodian fee reduction          1.18%          1.18%             1.13%(5)
   Net investment income               4.78%          5.02%             4.31%(5)
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios would have been as follows:
Ratios (As a percentage of
   average total net assets):
   Expenses                                           1.26%             1.25%(5)
   Expenses after custodian
      fee reduction                                   1.22%             1.21%(5)
   Net investment income                              4.98%             4.23%(5)
----------------------------------------------------------------------------------
Senior Securities:
   Total preferred shares
      outstanding                       940            940               940
   Asset coverage per
      preferred share(6)            $66,569        $62,895           $60,158
   Involuntary liquidation
      preference per preferred
      share(7)                      $25,000        $25,000           $25,000
   Approximate market value
      per preferred share(7)        $25,000        $25,000           $25,000
----------------------------------------------------------------------------------
</Table>

 (1)  Computed using average common shares outstanding.
 (2)  For the period from the start of business, January 29, 1999, to November
      30, 1999.
 (3)  Total return is calculated assuming a purchase at the current market
      price on the first day and a sale at the current market price on the
      last day of each period reported. Dividends and distributions, if any,
      are assumed reinvested at the net asset value on the reinvestment date.
      Total return is not computed on an annualized basis.
 (4)  Ratios do not reflect the effect of dividend payments to preferred
      shareholders. Ratios to average net assets attributable to common shares
      reflect the Trust's leveraged capital structure.
 (5)  Annualized.
 (6)  Calculated by subtracting the Trust's total liablilities (not including
      the preferred shares) from the Trust's total assets, and dividing this
      by the number of preferred shares outstanding.
 (7)  Plus accumulated and unpaid dividends.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       55
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                 PENNSYLVANIA TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------
Net asset value -- Beginning
   of year (Common shares)          $12.960        $11.840           $15.000
----------------------------------------------------------------------------------

Income (loss) from operations
----------------------------------------------------------------------------------
Net investment income               $ 1.015        $ 1.013           $ 0.780
Net realized and unrealized
   gain (loss)                        1.107          1.147            (3.108)
----------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
   OPERATIONS                       $ 2.122        $ 2.160           $(2.328)
----------------------------------------------------------------------------------

Less distributions
----------------------------------------------------------------------------------
Preferred Shareholders --
   From net investment income       $(0.244)       $(0.332)          $(0.201)
Common Shareholders--
   From net investment income       $(0.678)       $(0.708)          $(0.502)
----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS                 $(0.922)       $(1.040)          $(0.703)
----------------------------------------------------------------------------------

PREFERRED AND COMMON SHARES
   OFFERING COSTS CHARGED TO
   PAID-IN CAPITAL                  $    --        $    --           $(0.043)
----------------------------------------------------------------------------------

PREFERRED SHARES UNDERWRITING
   DISCOUNTS                        $    --        $    --           $(0.086)
----------------------------------------------------------------------------------

NET ASSET VALUE -- END OF YEAR
   (COMMON SHARES)                  $14.160        $12.960           $11.840
----------------------------------------------------------------------------------

MARKET VALUE -- END OF YEAR
   (COMMON SHARES)                  $12.750        $10.625           $10.750
----------------------------------------------------------------------------------

TOTAL RETURN(3)                       26.88%          5.29%           (25.50)%
----------------------------------------------------------------------------------
</Table>

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       56
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

FINANCIAL STATEMENTS CONT'D

FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING DURING PERIODS STATED

<Table>
<Caption>
                                                 PENNSYLVANIA TRUST
                                  ------------------------------------------------
                                              YEAR ENDED NOVEMBER 30,
                                  ------------------------------------------------
                                    2001(1)        2000(1)          1999(1)(2)
<S>                               <C>            <C>            <C>
----------------------------------------------------------------------------------

Ratios/Supplemental Data+ ++
----------------------------------------------------------------------------------
Net assets, end of year (000's
   omitted)                         $60,228        $57,021           $54,045
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Net expenses(4)                     1.97%          1.95%             1.77%(5)
   Net expenses after
      custodian fee
      reduction(4)                     1.94%          1.86%             1.70%(5)
   Net investment income(4)            7.26%          8.46%             6.85%(5)
Portfolio Turnover                       34%            19%               79%
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios and net investment income per
   share would have been as follows:
Ratios (As a percentage of
   average net assets
   attributable to common
   shares):
   Expenses(4)                                        2.14%             1.98%(5)
   Expenses after custodian
      fee reduction(4)                                2.05%             1.91%(5)
   Net investment income(4)                           8.27%             6.64%(5)
   Net investment income per
      share                                        $ 0.990           $ 0.756
----------------------------------------------------------------------------------
++ The ratios reported above are based on net assets attributable solely to common
   shares. The ratios based on net assets, including amounts related to preferred
   shares, are as follows:
Ratios (As a percentage of
   average total net assets):
   Net expenses                        1.23%          1.14%             1.13%(5)
   Net expenses after
      custodian fee reduction          1.20%          1.09%             1.08%(5)
   Net investment income               4.53%          4.96%             4.37%(5)
+  The expenses of the Trust may reflect a reduction of the investment adviser
   fee. Had such action not been taken, the ratios would have been as follows:
Ratios (As a percentage of
   average total net assets):
   Expenses                                           1.25%             1.26%(5)
   Expenses after custodian
      fee reduction                                   1.20%             1.21%(5)
   Net investment income                              4.85%             4.24%(5)
----------------------------------------------------------------------------------
Senior Securities:
   Total preferred shares
      outstanding                       900            900               900
   Asset coverage per
      preferred share(6)            $66,920        $63,357           $60,050
   Involuntary liquidation
      preference per preferred
      share(7)                      $25,000        $25,000           $25,000
   Approximate market value
      per preferred share(7)        $25,000        $25,000           $25,000
----------------------------------------------------------------------------------
</Table>

 (1)  Computed using average common shares outstanding.
 (2)  For the period from the start of business, January 29, 1999, to November
      30, 1999.
 (3)  Total return is calculated assuming a purchase at the current market
      price on the first day and a sale at the current market price on the
      last day of each period reported. Dividends and distributions, if any,
      are assumed reinvested at the net asset value on the reinvestment date.
      Total return is not computed on an annualized basis.
 (4)  Ratios do not reflect the effect of dividend payments to preferred
      shareholders. Ratios to average net assets attributable to common shares
      reflect the Trust's leveraged capital structure.
 (5)  Annualized.
 (6)  Calculated by subtracting the Trust's total liabilities (not including
      the preferred shares) from the Trust's total assets, and dividing this
      by the number of preferred shares outstanding.
 (7)  Plus accumulated and unpaid dividends.

                       SEE NOTES TO FINANCIAL STATEMENTS

                                       57
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

NOTES TO FINANCIAL STATEMENTS

1 Significant Accounting Policies
-------------------------------------------
   Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance
   Florida Municipal Income Trust (Florida Trust), Eaton Vance Massachusetts
   Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal
   Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust
   (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York
   Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust), and Eaton Vance
   Pennsylvania Municipal Income Trust (Pennsylvania Trust), (individually
   referred to as the Trust or collectively the Trusts) are registered under the
   Investment Company Act of 1940, as amended, as non-diversified, closed-end
   management investment companies. The Trusts were organized under the laws of
   the Commonwealth of Massachusetts by an Agreement and Declaration of Trust
   dated December 10, 1998. Each Trust's investment objective is to achieve
   current income exempt from regular federal income taxes and taxes in its
   specified state. Each Trust seeks to achieve its objective by investing
   primarily in investment grade municipal obligations issued by its specified
   state.

   The following is a summary of significant accounting policies consistently
   followed by each Trust in the preparation of its financial statements. The
   policies are in conformity with accounting principles generally accepted in
   the United States of America.

 A Investment Valuation -- Municipal bonds are normally valued on the basis of
   valuations furnished by a pricing service. Futures contracts listed on the
   commodity exchanges are valued at closing settlement prices. Short-term
   obligations, maturing in sixty days or less, are valued at amortized cost,
   which approximates fair value. Investments for which valuations or market
   quotations are unavailable are valued at fair value using methods determined
   in good faith by or at the direction of the Trustees.

 B Investment Transactions -- Investment transactions are recorded on a trade
   date basis. Realized gains and losses from such transactions are determined
   using the specific identification method. Securities purchased or sold on a
   when-issued or delayed delivery basis may be settled a month or more after
   the transaction date. The securities so purchased are subject to market
   fluctuations during this period. To the extent that when-issued or delayed
   delivery purchases are outstanding, the Trust instructs the custodian to
   segregate assets in a separate account, with a current value at least equal
   to the amount of its purchase commitments.

 C Income -- Interest income is determined on the basis of interest accrued
   adjusted for amortization of premium or discount on long-term debt securities
   when required for federal income tax purposes. The Trusts will adopt the
   provisions of the AICPA Audit and Accounting Guide for Investment Companies,
   as revised, effective for fiscal years beginning after December 15, 2000. As
   required, the Trusts will begin accreting market discounts on debt securities
   effective December 1, 2001. Prior to this date, the Trusts did not accrete
   market discounts on debt securities. The cumulative effect of this accounting
   change will have no impact on the total net assets of each Trust. The impact
   of this accounting change has not been determined but will result in an
   increase to cost of securities and a corresponding decrease in net unrealized
   appreciation based on securities held as of November 30, 2001.

 D Federal Taxes -- Each Trust's policy is to comply with the provisions of the
   Internal Revenue Code applicable to regulated investment companies and to
   distribute to shareholders each year all of its taxable, if any, and
   tax-exempt income, including any net realized gain on investments. Therefore,
   no provision for federal income or excise tax is necessary. At November 30,
   2001, the Trusts, for federal income tax purposes, had capital loss
   carryovers which will reduce taxable income arising from future net realized
   gain on investments, if any, to the extent permitted by the Internal Revenue
   Code, and thus will reduce the amount of the distributions to shareholders
   which would otherwise be necessary to relieve the Trusts of any liability for
   federal income or excise tax. The amounts and expiration dates of the capital
   loss carryovers of each Trust are as follows:

<Table>
<Caption>
    FUND                                      AMOUNT      EXPIRES
    <S>                                       <C>         <C>
    -----------------------------------------------------------------------
    California Trust                          $6,335,695  November 30, 2007
                                               2,239,451  November 30, 2008
    Florida Trust                              2,089,704  November 30, 2007
                                               1,777,536  November 30, 2008
                                                 160,909  November 30, 2009
    Massachusetts Trust                        1,625,192  November 30, 2007
                                               1,739,252  November 30, 2008
                                                  39,627  November 30, 2009
    Michigan Trust                             1,193,621  November 30, 2007
                                                 624,509  November 30, 2008
                                                 165,469  November 30, 2009
    New Jersey Trust                           4,426,695  November 30, 2007
                                               3,178,038  November 30, 2008
                                                 262,308  November 30, 2009
</Table>

                                       58
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

NOTES TO FINANCIAL STATEMENTS CONT'D

<Table>
<Caption>
    FUND                                      AMOUNT      EXPIRES
    <S>                                       <C>         <C>
    -----------------------------------------------------------------------
    New York Trust                             6,127,495  November 30, 2007
                                               1,920,646  November 30, 2008
                                                  70,059  November 30, 2009
    Ohio Trust                                 2,126,380  November 30, 2007
                                                 643,577  November 30, 2008
                                                 850,745  November 30, 2009
    Pennsylvania Trust                         1,594,189  November 30, 2007
                                                 807,118  November 30, 2008
                                                 844,973  November 30, 2009
</Table>

   In addition, each Trust intends to satisfy conditions which will enable it to
   designate distributions from the interest income generated by its investments
   in municipal obligations, which are exempt from regular federal income taxes
   when received by each Trust, as exempt-interest dividends.

 E Financial Futures Contracts -- Upon the entering of a financial futures
   contract, a Trust is required to deposit (initial margin) either in cash or
   securities an amount equal to a certain percentage of the purchase price
   indicated in the financial futures contract. Subsequent payments are made or
   received by a Trust (margin maintenance) each day, dependent on the daily
   fluctuations in the value of the underlying security, and are recorded for
   book purposes as unrealized gains or losses by a Trust. A Trust's investment
   in financial futures contracts is designed for both hedging against
   anticipated future changes in interest rates and investment purposes. Should
   interest rates move unexpectedly, a Trust may not achieve the anticipated
   benefits of the financial futures contracts and may realize a loss.

 F Options on Financial Futures Contracts -- Upon the purchase of a put option
   on a financial futures contract by a Trust, the premium paid is recorded as
   an investment, the value of which is marked-to-market daily. When a purchased
   option expires, a Trust will realize a loss in the amount of the cost of the
   option. When a Trust enters into a closing sale transaction, a Trust will
   realize a gain or loss depending on whether the sales proceeds from the
   closing sale transaction are greater or less than the cost of the option.
   When a Trust exercises a put option, settlement is made in cash. The risk
   associated with purchasing put options is limited to the premium
   originally paid.

 G Use of Estimates -- The preparation of financial statements in conformity
   with accounting principles generally accepted in the United States of America
   requires management to make estimates and assumptions that affect the
   reported amounts of assets and liabilities at the date of the financial
   statements and the reported amounts of income and expense during the
   reporting period. Actual results could differ from those estimates.

 H Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
   of the Trusts. Pursuant to the respective custodian agreements, IBT receives
   a fee reduced by credits which are determined based on the average daily cash
   balances each Trust maintains with IBT. All significant credit balances used
   to reduce the Trusts' custodian fees are reported as a reduction of total
   expenses in the Statement of Operations.

2 Auction Preferred Shares (APS)
-------------------------------------------
   Each Trust issued Auction Preferred Shares on March 1, 1999 in a public
   offering. The underwriting discounts and other offering costs were recorded
   as a reduction of capital of the common shares of each Trust. Dividends on
   the APS, which accrue daily, are cumulative at a rate which was established
   at the offering of each Trust's APS and have been reset every seven days
   thereafter by an auction.

   Auction Preferred Shares issued and outstanding as of November 30, 2001 and
   dividend rate ranges for the year ended November 30, 2001 are as indicated
   below:

<Table>
<Caption>
                                                                            ANNUALIZED
                                                 PREFERRED SHARES         DIVIDENDS RATE
    TRUST                                     ISSUED AND OUTSTANDING          RANGES
    <S>                                       <C>                     <C>
    ----------------------------------------------------------------------------------------
    California Trust                                       2,360           1.55% - 4.91%
    Florida Trust                                          1,420           1.70% - 4.25%
    Massachusetts Trust                                      860           1.20% - 4.80%
    Michigan Trust                                           700           1.01% - 4.90%
    New Jersey Trust                                       1,520           1.60% - 4.90%
    New York Trust                                         1,780           1.35% - 5.00%
    Ohio Trust                                               940           1.65% - 5.13%
    Pennsylvania Trust                                       900           1.41% - 4.90%
</Table>

   The APS are redeemable at the option of each Trust at a redemption price
   equal to $25,000 per share, plus accumulated and unpaid dividends on any
   dividend payment date. The APS are also subject to mandatory redemption at a
   redemption price equal to $25,000 per share, plus accumulated and unpaid
   dividends, if any Trust is in default for an extended period on its asset
   maintenance requirements with respect to the APS. If the dividends on the APS
   shall remain unpaid in an amount equal to two full years' dividends, the
   holders of the APS as a class have the right to elect a majority of the Board
   of

                                       59
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

NOTES TO FINANCIAL STATEMENTS CONT'D

   Trustees. In general, the holders of the APS and the Common Shares have equal
   voting rights of one vote per share, except that the holders of the APS, as a
   separate class, have the right to elect at least two members of the Board of
   Trustees. The APS have a liquidation preference of $25,000 per share, plus
   accumulated and unpaid dividends. Each Trust is required to maintain certain
   asset coverage with respect to the APS as defined in each Trust's By-Laws and
   the Investment Company Act of 1940. Each Trust pays an annual fee equivalent
   to 0.25% of the preferred shares liquidation value for the remarketing
   efforts associated with the preferred auction.

3 Distributions to Shareholders
-------------------------------------------
   Each Trust intends to make monthly distributions of net investment income,
   after payment of any dividends on any outstanding Auction Preferred Shares.
   Distributions are recorded on the ex-dividend date. Distributions to
   preferred shareholders are recorded daily and are payable at the end of each
   dividend period. Each dividend payment period for the Auction Preferred
   Shares is generally seven days. The applicable annualized dividend rate for
   the Auction Preferred Shares on November 30, 2001 was 1.55%, 1.70%, 1.70%,
   1.70%, 1.70%, 1.40%, 1.70%, and 1.70%, for California Trust, Florida Trust,
   Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio
   Trust and Pennsylvania Trust, respectively. For the year ended November 30,
   2001, the amount of dividends each Trust paid to Auction Preferred
   shareholders and average APS dividend rates for such period were as follows:

<Table>
<Caption>
                                                DIVIDENDS PAID TO      AVERAGE APS
    TRUST                                     PREFERRED SHAREHOLDERS  DIVIDEND RATES
    <S>                                       <C>                     <C>
    --------------------------------------------------------------------------------
    California Trust                                $1,581,200               2.62%
    Florida Trust                                    1,029,471               2.85%
    Massachusetts Trust                                589,521               2.73%
    Michigan Trust                                     504,182               2.84%
    New Jersey Trust                                 1,051,398               2.73%
    New York Trust                                   1,164,885               2.58%
    Ohio Trust                                         672,941               2.89%
    Pennsylvania Trust                                 649,116               2.85%
</Table>

4 Investment Adviser Fee and Other Transactions with Affiliates
-------------------------------------------
   The investment adviser fee, computed at an annual rate of 0.70% of each
   Trust's average weekly gross assets, was earned by Eaton Vance Management
   (EVM) as compensation for investment advisory services rendered to each
   Trust. Except for Trustees of each Trust who are not members of EVM's
   organization, officers and Trustees receive remuneration for their services
   to each Trust out of such investment adviser fee. For the year ended
   November 30, 2001, the fee was equivalent to 0.70% of each Trust's average
   weekly gross assets and amounted to $1,116,930, $667,234, $399,708, $329,503,
   $701,653, $835,773, $436,237, and $417,840, for California Trust, Florida
   Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust,
   Ohio Trust and Pennsylvania Trust, respectively. EVM also serves as the
   administrator of each Trust. An administration fee, computed at the annual
   rate of 0.20% of the average weekly gross assets of each Trust is paid to EVM
   for administering business affairs of each Trust. For the year ended
   November 30, 2001, the administrative fee amounted to $314,055, $190,639,
   $114,202, $94,144, $200,473, $238,792, $124,657, and $119,383, for California
   Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust,
   New York Trust, Ohio Trust and Pennsylvania Trust, respectively.

   Trustees of the Trusts that are not affiliated with the Investment Adviser
   may elect to defer receipt of all or a percentage of their annual fees in
   accordance with the terms of the Trustees Deferred Compensation Plan. For the
   year ended November 30, 2001, no significant amounts have been deferred.

   Certain officers and one Trustee of each Trust are officers of the above
   organization.

5 Investments
-------------------------------------------
   Purchases and sales of investments, other than U.S. Government securities and
   short-term obligations for the year ended November 30, 2001 were as follows:

<Table>
<Caption>
    CALIFORNIA TRUST
    <S>                                       <C>
    -----------------------------------------------------
    Purchases                                 $73,796,088
    Sales                                      75,216,987

<Caption>
    FLORIDA TRUST
    <S>                                       <C>
    -----------------------------------------------------
    Purchases                                 $23,673,890
    Sales                                      22,691,247

<Caption>
    MASSACHUSETTS TRUST
    <S>                                       <C>
    -----------------------------------------------------
    Purchases                                 $ 7,074,081
    Sales                                       7,127,214
</Table>

                                       60
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

NOTES TO FINANCIAL STATEMENTS CONT'D

<Table>
<Caption>
    MICHIGAN TRUST
    <S>                                       <C>
    -----------------------------------------------------
    Purchases                                 $16,668,903
    Sales                                      15,439,138

<Caption>
    NEW JERSEY TRUST
    <S>                                       <C>
    -----------------------------------------------------
    Purchases                                 $35,583,757
    Sales                                      34,778,532
<Caption>
    NEW YORK TRUST
    <S>                                       <C>
    -----------------------------------------------------
    Purchases                                 $24,687,257
    Sales                                      24,454,525
<Caption>
    OHIO TRUST
    <S>                                       <C>
    -----------------------------------------------------
    Purchases                                 $16,493,926
    Sales                                      16,126,350

<Caption>
    PENNSYLVANIA TRUST
    <S>                                       <C>
    -----------------------------------------------------
    Purchases                                 $20,482,985
    Sales                                      20,014,817
</Table>

6 Federal Income Tax Basis of Investments
-------------------------------------------
   The cost and unrealized appreciation (depreciation) in value of the
   investments owned by each Trust at November 30, 2001, as computed for Federal
   income tax purposes, were as follows:

<Table>
<Caption>
    CALIFORNIA TRUST
    <S>                                       <C>
    ------------------------------------------------------
    AGGREGATE COST                            $153,325,207
    ------------------------------------------------------
    Gross unrealized appreciation             $  5,964,419
    Gross unrealized depreciation               (1,547,419)
    ------------------------------------------------------
    NET UNREALIZED APPRECIATION               $  4,417,000
    ------------------------------------------------------

<Caption>
    FLORIDA TRUST
    <S>                                       <C>
    ------------------------------------------------------
    AGGREGATE COST                            $ 93,638,364
    ------------------------------------------------------
    Gross unrealized appreciation             $  2,588,738
    Gross unrealized depreciation               (1,451,640)
    ------------------------------------------------------
    NET UNREALIZED APPRECIATION               $  1,137,098
    ------------------------------------------------------

<Caption>
    MASSACHUSETTS TRUST
    <S>                                       <C>
    ------------------------------------------------------
    AGGREGATE COST                            $ 55,735,797
    ------------------------------------------------------
    Gross unrealized appreciation             $  2,146,472
    Gross unrealized depreciation                 (988,007)
    ------------------------------------------------------
    NET UNREALIZED APPRECIATION               $  1,158,465
    ------------------------------------------------------

<Caption>
    MICHIGAN TRUST
    <S>                                       <C>
    ------------------------------------------------------
    AGGREGATE COST                            $ 47,216,782
    ------------------------------------------------------
    Gross unrealized appreciation             $  1,498,018
    Gross unrealized depreciation                 (622,805)
    ------------------------------------------------------
    NET UNREALIZED APPRECIATION               $    875,213
    ------------------------------------------------------

<Caption>
    NEW JERSEY TRUST
    <S>                                       <C>
    ------------------------------------------------------
    AGGREGATE COST                            $ 95,198,035
    ------------------------------------------------------
    Gross unrealized appreciation             $  4,272,963
    Gross unrealized depreciation               (1,563,775)
    ------------------------------------------------------
    NET UNREALIZED APPRECIATION               $  2,709,188
    ------------------------------------------------------

<Caption>
    NEW YORK TRUST
    <S>                                       <C>
    ------------------------------------------------------
    AGGREGATE COST                            $113,537,158
    ------------------------------------------------------
    Gross unrealized appreciation             $  5,567,618
    Gross unrealized depreciation               (1,380,816)
    ------------------------------------------------------
    NET UNREALIZED APPRECIATION               $  4,186,802
    ------------------------------------------------------

<Caption>
    OHIO TRUST
    <S>                                       <C>
    ------------------------------------------------------
    AGGREGATE COST                            $ 60,931,999
    ------------------------------------------------------
    Gross unrealized appreciation             $  2,321,292
    Gross unrealized depreciation               (1,367,852)
    ------------------------------------------------------
    NET UNREALIZED APPRECIATION               $    953,440
    ------------------------------------------------------

<Caption>
    PENNSYLVANIA TRUST
    <S>                                       <C>
    ------------------------------------------------------
    AGGREGATE COST                            $ 58,418,464
    ------------------------------------------------------
    Gross unrealized appreciation             $  1,687,390
    Gross unrealized depreciation                 (669,250)
    ------------------------------------------------------
    NET UNREALIZED APPRECIATION               $  1,018,140
    ------------------------------------------------------
</Table>

                                       61
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

NOTES TO FINANCIAL STATEMENTS CONT'D

7 Shares of Beneficial Interest
-------------------------------------------
   Each Declaration of Trust permits the Trustees to issue an unlimited number
   of full and fractional $0.01 par value common shares. Transactions in common
   shares were as follows:

<Table>
<Caption>
                                              CALIFORNIA TRUST
                                              -----------------
                                                 YEAR ENDED
                                                NOVEMBER 30,
                                              -----------------
                                              2001     2000
    <S>                                       <C>      <C>
    -----------------------------------------------------------
    Shares issued pursuant to the Trust's
     dividend reinvestment plan                6,639    38,649
    -----------------------------------------------------------
    NET INCREASE                               6,639    38,649
    -----------------------------------------------------------
<Caption>
                                                FLORIDA TRUST
                                              -----------------
                                                 YEAR ENDED
                                                NOVEMBER 30,
                                              -----------------
                                              2001     2000
    <S>                                       <C>      <C>
    -----------------------------------------------------------
    Shares issued pursuant to the Trust's
     dividend reinvestment plan                   --     4,634
    -----------------------------------------------------------
    NET INCREASE                                  --     4,634
    -----------------------------------------------------------

<Caption>
                                              MASSACHUSETTS TRUST
                                              -------------------
                                                  YEAR ENDED
                                                 NOVEMBER 30,
                                              -------------------
                                              2001      2000
    <S>                                       <C>       <C>
    -------------------------------------------------------------
    Shares issued pursuant to the Trust's
     dividend reinvestment plan                 2,587     26,104
    -------------------------------------------------------------
    NET INCREASE                                2,587     26,104
    -------------------------------------------------------------

<Caption>
                                               NEW JERSEY TRUST
                                              -------------------
                                                  YEAR ENDED
                                                 NOVEMBER 30,
                                              -------------------
                                              2001      2000
    <S>                                       <C>       <C>
    -------------------------------------------------------------
    Shares issued pursuant to the Trust's
     dividend reinvestment plan                    --      6,404
    -------------------------------------------------------------
    NET INCREASE                                   --      6,404
    -------------------------------------------------------------

<Caption>
                                                NEW YORK TRUST
                                              -------------------
                                                  YEAR ENDED
                                                 NOVEMBER 30,
                                              -------------------
                                              2001      2000
    <S>                                       <C>       <C>
    -------------------------------------------------------------
    Shares issued pursuant to the Trust's
     dividend reinvestment plan                    --     17,962
    -------------------------------------------------------------
    NET INCREASE                                   --     17,962
    -------------------------------------------------------------

<Caption>
                                                  OHIO TRUST
                                              -------------------
                                                  YEAR ENDED
                                                 NOVEMBER 30,
                                              -------------------
                                              2001      2000
    <S>                                       <C>       <C>
    -------------------------------------------------------------
    Shares issued pursuant to the Trust's
     dividend reinvestment plan                    --      3,170
    -------------------------------------------------------------
    NET INCREASE                                   --      3,170
    -------------------------------------------------------------
</Table>

   For the years ended November 30, 2001, and 2000 the Michigan and Pennsylvania
   Trusts had no transactions in Common shares.

8 Financial Instruments
-------------------------------------------
   Each Trust regularly trades in financial instruments with off-balance sheet
   risk in the normal course of its investing activities to assist in managing
   exposure to various market risks. These financial instruments include futures
   contracts and may involve, to a varying degree, elements of risk in excess of
   the amounts recognized for financial statement purposes. The notional or
   contractual amounts of these instruments represent the investment a Trust has
   in particular classes of financial instruments and does not necessarily
   represent the amounts potentially subject to risk. The measurement of the
   risks associated with these instruments is meaningful only when all related
   and offsetting transactions are considered.

   A summary of obligations under these financial instruments at November 30,
   2001 is as follows:

<Table>
<Caption>
                                              EXPIRATION                                  NET UNREALIZED
    TRUST                                        DATE          CONTRACTS        POSITION   DEPRECIATION
    <S>                                       <C>         <C>                   <C>       <C>
    ----------------------------------------------------------------------------------------------------
    New York                                      3/02    20 US Treasury Bond   Short        $(11,682)
    Ohio                                          3/02    3 US Treasury Bond    Short        $ (1,752)
</Table>

   At November 30, 2001, the Trusts had sufficient cash and/ or securities to
   cover margin requirements on open future contracts.

                                       62
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

INDEPENDENT AUDITORS' REPORT

TO THE TRUSTEES AND SHAREHOLDERS OF EATON VANCE CALIFORNIA MUNICIPAL INCOME
TRUST, EATON VANCE FLORIDA MUNICIPAL INCOME TRUST, EATON VANCE MASSACHUSETTS
MUNICIPAL INCOME TRUST, EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST, EATON VANCE
NEW JERSEY MUNICIPAL INCOME TRUST, EATON VANCE NEW YORK MUNICIPAL INCOME TRUST,
EATON VANCE OHIO MUNICIPAL INCOME TRUST, AND EATON VANCE PENNSYLVANIA MUNICIPAL
INCOME TRUST:
---------------------------------------------

We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Eaton Vance California Municipal Income Trust,
Eaton Vance Florida Municipal Income Trust, Eaton Vance Massachusetts Municipal
Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New
Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust,
Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal
Income Trust (the Trusts) as of November 30, 2001, the related statements of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the years in the two year period ended November 30, 2001 and for the
period from the start of business, January 29, 1999, to November 30, 1999. These
financial statements and financial highlights are the responsibility of the
Trusts' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. Our
procedures included confirmation of securities held as of November 30, 2001 by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights, referred to
above, present fairly, in all material respects, the financial position of Eaton
Vance California Municipal Income Trust, Eaton Vance Florida Municipal Income
Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan
Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton
Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust,
and Eaton Vance Pennsylvania Municipal Income Trust at November 30, 2001, and
the results of their operations, the changes in their net assets and their
financial highlights for the respective stated periods, in conformity with
accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 4, 2002

                                       63
<Page>
DIVIDEND REINVESTMENT PLAN

Each Trust offers a dividend reinvestment plan (the Plan) pursuant to which
shareholders automatically have dividends and capital gains distributions
reinvested in common shares (the Shares) of the same Trust unless they elect
otherwise through their investment dealer. On the distribution payment date, if
the net asset value per Share is equal to or less than the market price per
Share plus estimated brokerage commissions then new Shares will be issued. The
number of Shares shall be determined by the greater of the net asset value per
Share or 95% of the market price. Otherwise, Shares generally will be purchased
on the open market by the Plan Agent. Distributions subject to income tax (if
any) are taxable whether or not shares are reinvested.

If your shares are in the name of a brokerage firm, bank, or other nominee, you
can ask the firm or nominee to participate in the Plan on your behalf. If the
nominee does not offer the Plan, you will need to request that your shares be
re-registered in your name with each Trust's transfer agent, PFPC, Inc., or you
will not be able to participate.

The Plan Agent's service fee for handling distributions will be paid by each
Trust. Each participant will be charged their pro rata share of brokerage
commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Plan
Agent at the address noted on the following page. If you withdraw, you will
receive shares in your name for all Shares credited to your account under the
Plan. If a participant elects by written notice to the Plan Agent to have the
Plan Agent sell part or all of his or her Shares and remit the proceeds, the
Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from
the proceeds.

If you wish to participate in the Plan and your shares are held in your own
name, you may complete the form on the following page and deliver it to the Plan
Agent.

Any inquires regarding the Plan can be directed to the Plan Agent, PFPC, Inc.,
at 1-800-331-1710.

                                       64
<Page>
APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN

This form is for shareholders who hold their common shares in their own names.
If your common shares are held in the name of a brokerage firm, bank, or other
nominee, you should contact your nominee to see if it will participate in the
Plan on your behalf. If you wish to participate in the Plan, but your brokerage
firm, bank, or nominee is unable to participate on your behalf, you should
request that your common shares be re-registered in your own name which will
enable your participation in the Plan.

The following authorization and appointment is given with the understanding that
I may terminate it at any time by terminating my participation in the Plan as
provided in the terms and conditions of the Plan.

<Table>
<S>                                                   <C>                                     <C>
                                                      ------------------------------------------------------
                                                      Please print exact name on account
                                                      ------------------------------------------------------
                                                      Shareholder signature                   Date
                                                      ------------------------------------------------------
                                                      Shareholder signature                   Date
                                                      Please sign exactly as your common shares are registered.
                                                      All persons whose names appear on the share certificate
                                                      must sign.
</Table>

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND
DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

THIS AUTHORIZATION FORM, WHEN SIGNED, SHOULD BE MAILED TO THE FOLLOWING ADDRESS:

                                  Eaton Vance Municipal Income Trusts
                                  c/o PFPC, Inc.
                                  P.O. Box 8030
                                  Boston, MA 02266-8030
                                  800-331-1710
--------------------------------------------------------------------------------

NUMBER OF EMPLOYEES
Each Trust is organized as a Massachusetts business trust and is registered
under the Investment Company Act of 1940, as amended, as a closed-end,
nondiversified, management investment company and has no employees.

NUMBER OF SHAREHOLDERS
As of November 30, 2001, our records indicate that there are 76, 49, 66, 35, 69,
60, 63 and 59 registered shareholders for California Trust, Florida Trust,
Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio
Trust and Pennsylvania Trust, respectively, and approximately 2,800, 1,900,
1,200, 1,100, 1,900, 2,400, 1,400, and 1,300 shareholders owning the Trust
shares in street name, such as through brokers, banks, and financial
intermediaries for California Trust, Florida Trust, Massachusetts Trust,
Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania
Trust, respectively.

If you are a street name shareholder and wish to receive Trust reports directly,
which contain important information about a Trust, please write or call:

                                  Eaton Vance Distributors, Inc.
                                  The Eaton Vance Building
                                  255 State Street
                                  Boston, MA 02109
                                  1-800-225-6265

AMERICAN STOCK EXCHANGE SYMBOLS

<Table>
<S>                       <C>
California Trust          CEV
Florida Trust             FEV
Massachusetts Trust       MMV
Michigan Trust            EMI
New Jersey Trust          EVJ
New York Trust            EVY
Ohio Trust                EVO
Pennsylvania Trust        EVP
</Table>

                                       65
<Page>
EATON VANCE MUNICIPAL INCOME TRUSTS AS OF NOVEMBER 30, 2001

INVESTMENT MANAGEMENT

EATON VANCE MUNICIPAL INCOME TRUSTS

Officers

Thomas J. Fetter
President and Portfolio Manager
of New York and Ohio Municipal
Income Trusts

James B. Hawkes
Vice President and Trustee

Robert B. MacIntosh
Vice President and Portfolio
Manager of Massachusetts and
New Jersey Municipal Income Trusts

Cynthia J. Clemson
Vice President and Portfolio
Manager of California, Florida and
Pennsylvania Municipal Income Trusts

William H. Ahern, Jr.
Vice President and Portfolio Manager
of Michigan Municipal Income Trust

James L. O'Connor
Treasurer

Alan R. Dynner
Secretary

Trustees

Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners

Donald R. Dwight
President, Dwight Partners, Inc.

Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking Emeritus, Harvard University
Graduate School of Business Administration

Norton H. Reamer
Chairman and Chief Operating Officer,
Hellman, Jordan Management Co., Inc.
President, Unicorn Corporation

Lynn A. Stout
Professor of Law,
UCLA School of Law

Jack L. Treynor
Investment Adviser and Consultant

                                       66
<Page>

INVESTMENT ADVISER AND ADMINISTRATOR OF EATON VANCE MUNICIPAL INCOME TRUSTS
EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
Boston, MA 02109


CUSTODIAN
INVESTORS BANK & Trust Company
200 Clarendon Street
Boston, MA 02116


TRANSFER AGENT AND DIVIDEND DISBURSING AGENT
PFPC, INC.
Attn: Eaton Vance Municipal Income Trusts
P.O. Box 8030
Boston, MA 02266-8030
(800) 331-1710


INDEPENDENT AUDITORS
DELOITTE & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022






                               EATON VANCE FUNDS
                             EATON VANCE MANAGEMENT


                                 PRIVACY NOTICE


The Eaton Vance organization is committed to ensuring your financial privacy.
This notice is being sent to comply with privacy regulations of the Securities
and Exchange Commission. Each of the above financial institutions has in effect
the following policy with respect to nonpublic personal information about its
customers:


- Only such information received from you, through application forms or
  otherwise, and information about your Eaton Vance fund transactions will be
  collected.


- None of such information about you (or former customers) will be disclosed to
  anyone, except as permitted by law (which includes disclosure to employees
  necessary to service your account).


- Policies and procedures (including physical, electronic and procedural
  safeguards) are in place that are designed to protect the confidentiality of
  such information.


           For more information about Eaton Vance's privacy policies,
                              call: 1-800-262-1122


Eaton Vance Municipal Income Trusts
The Eaton Vance Building
255 State Street
Boston, MA 02109

147-1/02                                                             CE-MUNISRC

</TEXT>
</DOCUMENT>
